Assembly Biosciences Reports Second Quarter 2023 Financial Results and Recent Updates

August 09, 2023

SOUTH SAN FRANCISCO, Calif., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Assembly Biosciences, Inc. (Nasdaq: ASMB), a biotechnology company developing innovative antiviral therapeutics targeting serious viral diseases, today reported financial results and recent updates for the second quarter ended June 30, 2023.

“We are excited about the advancement of 5366, our long-acting helicase-primase inhibitor targeting high-recurrence genital herpes, into GLP toxicology studies and are working quickly to begin clinical trials for this candidate in the first half of next year,” said Jason Okazaki, chief executive officer and president of Assembly Bio. “In parallel, our research organization continues to progress towards a second development candidate nomination, which we expect later this year. We are pleased with the progress of our expanded virology pipeline, for which strong preclinical data from multiple programs were highlighted at recent scientific meetings.”

Second Quarter 2023 and Recent Updates

Anticipated Milestones and Events

Upcoming Conferences

Second Quarter 2023 Financial Results

About Assembly Biosciences
Assembly Biosciences is a biotechnology company dedicated to the development of innovative small-molecule antiviral therapeutics designed to change the path of serious viral diseases and improve the lives of patients worldwide. Led by an accomplished team of leaders in virologic drug development, Assembly Bio is committed to improving outcomes for patients struggling with the serious, chronic impacts of herpesvirus, hepatitis B virus (HBV) and hepatitis delta virus (HDV) infections. 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 maintain financial resources necessary to continue its clinical studies and fund business operations; Assembly Bio’s ability to initiate and complete clinical studies involving its therapeutic product candidates, including studies contemplated by Assembly Bio’s collaboration agreements, in the currently anticipated timeframes; safety and efficacy data from clinical or nonclinical 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; results of nonclinical studies may not be representative of disease behavior in a clinical setting and may not be predictive of the outcomes of clinical studies; 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: 
Shannon Ryan 
SVP, Investor Relations, Corporate Affairs and Alliance Management 
(415) 738-2992

Sam Brown Inc.
Hannah Hurdle
(805) 338-4752 

(In thousands except for share amounts and par value)
    June 30,   December 31,
      2023       2022  
Current assets        
Cash and cash equivalents   $ 21,623     $ 52,418  
Marketable securities     38,208       39,192  
Accounts receivable from collaboration     342       944  
Prepaid expenses and other current assets     3,908       4,413  
Total current assets     64,081       96,967  
Property and equipment, net     541       743  
Operating lease right-of-use (ROU) assets     1,623       3,195  
Other assets     332       889  
Total assets   $ 66,577     $ 101,794  
Current liabilities        
Accounts payable   $ 904     $ 2,493  
Accrued research and development expenses     2,037       3,122  
Other accrued expenses     4,188       7,317  
Operating lease liabilities - short-term     1,702       3,364  
Total current liabilities     8,831       16,296  
Deferred revenue     2,733       2,733  
Operating lease liabilities - long-term     64       101  
Total liabilities     11,628       19,130  
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; 150,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 52,450,731 and 48,894,973 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively     52       49  
Additional paid-in capital     815,588       807,938  
Accumulated other comprehensive loss     (325 )     (803 )
Accumulated deficit     (760,366 )     (724,560 )
Total stockholders' equity     54,949       82,624  
Total liabilities and stockholders' equity   $ 66,577     $ 101,794  
(In thousands except for share and per share amounts)
    Three Months Ended June 30,   Six Months Ended June 30,
      2023       2022       2023       2022  
Operating expenses                
Research and development     12,523       17,792       27,070       34,997  
General and administrative     4,965       6,781       9,977       12,738  
Total operating expenses     17,488       24,573       37,047       47,735  
Loss from operations     (17,488 )     (24,573 )     (37,047 )     (47,735 )
Other income                
Interest and other income, net     592       112       1,201       183  
Total other income     592       112       1,201       183  
Net loss   $ (16,896 )   $ (24,461 )   $ (35,846 )   $ (47,552 )
Other comprehensive loss                
Unrealized gain (loss) on marketable securities     188       (90 )     478       (579 )
Comprehensive loss   $ (16,708 )   $ (24,551 )   $ (35,368 )   $ (48,131 )
Net loss per share, basic and diluted   $ (0.32 )   $ (0.51 )   $ (0.69 )   $ (0.99 )
Weighted average common shares outstanding, basic and diluted     52,260,088       48,293,495       51,638,928       48,208,735  


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