Assembly Biosciences Reports Third Quarter 2023 Financial Results and Recent Updates

November 08, 2023

SOUTH SAN FRANCISCO, Calif., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Assembly Biosciences, Inc. (Nasdaq: ASMB), a biotechnology company developing innovative antiviral therapeutics targeting serious viral diseases, today reported financial results for the third quarter ended September 30, 2023, and recent corporate updates.

“The Assembly Bio team has made exceptional progress in building a portfolio of promising antiviral candidates for herpesviruses, hepatitis B and hepatitis D,” said Jason Okazaki, chief executive officer and president of Assembly Bio. “With our new long-term partnership with Gilead, a pioneer in virology, we are excited by the opportunity to accelerate progress on our antiviral pipeline to bring next-generation therapeutics to individuals living with serious viral infections. We believe that the financial and scientific resources provided by the collaboration position us well to reach critical short- and long-term milestones and deliver value for patients and our shareholders. We are also pleased to announce the addition of Dr. Anuj Gaggar to our leadership team as chief medical officer as we look ahead to having multiple antiviral candidates in the clinic next year.”

Third Quarter 2023 and Recent Updates

Anticipated Milestones

Assembly Bio anticipates having four candidates in clinical studies by the end of 2024:

Upcoming Conferences

Third 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 realize the potential benefits of its collaboration with Gilead, including all financial aspects of the collaboration and equity investments; Assembly Bio’s ability to initiate and complete clinical studies involving its therapeutic product candidates, including studies contemplated by Assembly Bio’s collaboration with Gilead, in the currently anticipated timeframes or at all; the occurrence of any event, change or other circumstance that could give rise to the termination of Assembly Bio’s collaboration with Gilead; 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)
    September 30,   December 31,
      2023       2022  
Current assets        
Cash and cash equivalents   $ 26,656     $ 52,418  
Marketable securities     19,554       39,192  
Accounts receivable from collaboration           944  
Prepaid expenses and other current assets     3,462       4,413  
Total current assets     49,672       96,967  
Property and equipment, net     561       743  
Operating lease right-of-use assets     844       3,195  
Other assets     552       889  
Total assets   $ 51,629     $ 101,794  
Current liabilities        
Accounts payable   $ 758     $ 2,493  
Accrued research and development expenses     1,619       3,122  
Other accrued expenses     3,886       7,317  
Operating lease liabilities - short-term     869       3,364  
Total current liabilities     7,132       16,296  
Deferred revenue     2,733       2,733  
Operating lease liabilities - long-term     50       101  
Total liabilities     9,915       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 September 30, 2023 and December 31, 2022; 52,614,194 and 48,894,973 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively     53       49  
Additional paid-in capital     816,722       807,938  
Accumulated other comprehensive loss     (275 )     (803 )
Accumulated deficit     (774,786 )     (724,520 )
Total stockholders' equity     41,714       82,664  
Total liabilities and stockholders' equity   $ 51,629     $ 101,794  
(In thousands except for share and per share amounts)
    Three Months Ended September 30,   Nine Months Ended September 30,
      2023       2022       2023       2022  
Operating expenses                
Research and development   $ 10,824     $ 18,130     $ 37,894     $ 53,127  
General and administrative     4,224       5,271       14,201       18,009  
Total operating expenses     15,048       23,401       52,095       71,136  
Loss from operations     (15,048 )     (23,401 )     (52,095 )     (71,136 )
Other income                
Interest and other income, net     628       256       1,829       439  
Total other income     628       256       1,829       439  
Net loss   $ (14,420 )   $ (23,145 )   $ (50,266 )   $ (70,697 )
Other comprehensive loss                
Unrealized gain (loss) on marketable securities     50       (1 )     528       (580 )
Comprehensive loss   $ (14,370 )   $ (23,146 )   $ (49,738 )   $ (71,277 )
Net loss per share, basic and diluted   $ (0.27 )   $ (0.48 )   $ (0.97 )   $ (1.46 )
Weighted average common shares outstanding, basic and diluted     52,565,333       48,448,399       51,951,123       48,289,501  

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