Assembly Biosciences Reports Second Quarter 2021 Financial Results and Recent Highlights

August 05, 2021

SOUTH SAN FRANCISCO, Calif., Aug. 05, 2021 (GLOBE NEWSWIRE) --  Assembly Biosciences, Inc. (Nasdaq: ASMB), a clinical-stage biotechnology company developing innovative therapeutics targeting hepatitis B virus (HBV), today reported financial results and recent highlights for the second quarter ended June 30, 2021.

“With Assembly Bio’s singular focus to pursue finite and curative treatment regimens for HBV, we continue to advance our clinical programs with urgency. We anticipate reporting further progress from our pipeline in the second half of this year, including interim data from our Phase 2 trial with ABI-H2158 with a focus on safety and on-treatment changes in key viral biomarkers such as pgRNA, HBeAg and HBcrAg, as well as the nomination of a fourth core inhibitor candidate with potential for a best-in-class profile,” said John McHutchison, AO, MD, chief executive officer and president of Assembly Bio. “Over the past three months, we had the opportunity to share additional data at EASL 2021 characterizing our core inhibitor portfolio and have strengthened our leadership team with the promotions of Jason Okazaki to chief operating officer and Michael Samar to chief financial officer and the addition of two esteemed experts in virology, hepatitis and industry to our Board of Directors. These appointments continue to deepen the strategic guidance and experience available to us as we advance our clinical programs.”

Recent Updates

Anticipated Milestones and Events

Upcoming Conferences

Second Quarter 2021 Financial Results

About Assembly Biosciences
Assembly Bio is a clinical-stage biotechnology company committed to bringing finite and curative therapies to the 270 million people living with hepatitis B virus (HBV) worldwide. A pioneer in the development of a new class of potent, oral core inhibitor drug candidates, Assembly Bio’s approach aims to break the complex viral replication cycle of HBV to free patients from a lifetime of therapy. Assembly Bio’s strategy toward cure includes a leading portfolio of more potent, next-generation core inhibitors, proof-of-concept combination studies and a research program focused on the discovery of novel HBV targets. For more information, visit

Forward-Looking Statements
The information in this press release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to materially differ. These risks and uncertainties include:  Assembly Bio’s ability to initiate and complete clinical studies involving its HBV therapeutic product candidates, including studies contemplated by Assembly Bio’s clinical collaboration agreements, in the currently anticipated timeframes; safety and efficacy data from clinical studies may not warrant further development of Assembly Bio’s product candidates; clinical and nonclinical data presented at conferences may not differentiate Assembly Bio’s product candidates from other companies’ candidates; continued development and commercialization of Assembly Bio’s HBV product candidates, if successful, in the China territory will be dependent on, and subject to, Assembly Bio’s collaboration agreement governing its activity in the China territory; Assembly Bio’s ability to maintain financial resources necessary to continue its clinical studies and fund business operations; any impact that the COVID-19 pandemic may have on Assembly Bio’s business and operations, including initiation and continuation of its clinical studies or timing of discussions with regulatory authorities; and other risks identified from time to time in Assembly Bio’s reports filed with the U.S. Securities and Exchange Commission (the SEC). You are urged to consider statements that include the words may, will, would, could, should, might, believes, hopes, estimates, projects, potential, expects, plans, anticipates, intends, continues, forecast, designed, goal or the negative of those words or other comparable words to be uncertain and forward-looking. Assembly Bio intends such forward-looking statements to be covered by the safe harbor provisions contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. More information about Assembly Bio’s risks and uncertainties are more fully detailed under the heading “Risk Factors” in Assembly Bio’s filings with the SEC, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Except as required by law, Assembly Bio assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.


Investor and Corporate:
Lauren Glaser
Senior Vice President, Investor Relations and Corporate Affairs
(415) 521-3828

Sam Brown Inc.
Audra Friis
(917) 519-9577

  (In thousands except for share amounts and par value)
     June 30, 2021     December 31, 2020 
  Current assets      
  Cash and cash equivalents $ 59,517     $ 59,444  
  Marketable securities   139,560       156,969  
  Accounts receivable from collaborations   297       1,230  
  Prepaid expenses and other current assets   6,184       6,850  
  Total current assets   205,558       224,493  
  Property and equipment, net   1,359       1,600  
  Operating lease right-of-use (ROU) assets   7,488       9,131  
  Other assets   6,093       6,392  
  Indefinite-lived intangible asset   29,000       29,000  
  Goodwill   12,638       12,638  
  Total assets $ 262,136     $ 283,254  
  Current liabilities      
  Accounts payable $ 2,866     $ 4,598  
  Accrued clinical expenses   3,676       4,444  
  Other accrued expenses   4,320       11,987  
  Operating lease liabilities - short-term   3,048       3,404  
  Total current liabilities   13,910       24,433  
  Deferred tax liabilities   2,531       2,531  
  Deferred revenue   8,987       8,987  
  Operating lease liabilities - long-term   4,914       6,725  
  Total liabilities   30,342       42,676  
  Commitments and contingencies      
  Stockholders' equity      
  Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding          
  Common stock, $0.001 par value; 100,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 43,779,059 and 34,026,680 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively   44       34  
  Additional paid-in capital   784,391       742,387  
  Accumulated other comprehensive loss   (273 )     (270 )
  Accumulated deficit   (552,368 )     (501,573 )
  Total stockholders' equity   231,794       240,578  
  Total liabilities and stockholders' equity $ 262,136     $ 283,254  

  (In thousands except for share and per share amounts)  
      Three Months Ended June 30,   Six Months Ended June 30,  
        2021       2020     2021       2020    
  Collaboration revenue   $     $ 39,376   $     $ 43,457    
  Operating expenses:                  
  Research and development     16,749       23,327     35,303       46,373    
  General and administrative     6,917       9,470     15,621       18,199    
  Total operating expenses     23,666       32,797     50,924       64,572    
  (Loss) income from operations     (23,666 )     6,579     (50,924 )     (21,115 )  
  Other income:                  
  Interest and other income, net     71       691     129       1,730    
  Total other income     71       691     129       1,730    
  Net (loss) income   $ (23,595 )   $ 7,270   $ (50,795 )   $ (19,385 )  
  Other comprehensive (loss) income                  
  Unrealized (loss) gain on marketable securities     (2 )     190     (3 )     305    
  Comprehensive (loss) income   $ (23,597 )   $ 7,460   $ (50,798 )   $ (19,080 )  
  Net (loss) income per share, basic   $ (0.55 )   $ 0.21   $ (1.23 )   $ (0.55 )  
  Weighted average common shares outstanding, basic     42,876,268       35,307,669     41,286,831       35,229,570    
  Net (loss) income per share, diluted   $ (0.55 )   $ 0.19   $ (1.23 )   $ (0.55 )  
  Weighted average common shares outstanding, diluted     42,876,268       37,291,474     41,286,831       35,229,570    

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