Assembly Biosciences, Inc.

Assembly Biosciences, Inc. (ASMB) reported collaboration revenue from a related party of $72.3 million for FY 2025, a 154% increase from $28.5 million in FY 2024, driven by $35.0 million from Gilead's HPI program license and recognition of prior $10.0 million amendment payment. Total operating expenses rose 16% to $84.4 million, with R&D at $64.8 million (up from $55.9 million) due to HPI program advancement, and G&A at $19.6 million (up from $18.0 million). Loss from operations was -$12.1 million, improved by $6.0 million interest income, yielding net loss of -$6.1 million or -$1 per basic/diluted share on 11.2 million weighted shares. Balance sheet strengthened with total assets of $257.6 million, including $58.5 million cash equivalents and $189.7 million marketable securities; stockholders' equity $206.8 million. Cash flows showed -$41.1 million operating use, -$113.5 million investing (net securities), offset by $174.7 million financing, netting +$20.1 million cash increase. With $248.2 million liquidity, funds support operations into 2028 amid Gilead HPI license, HDV Phase 2 prep, HBV partnering, and NNPI regulatory studies.

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