0001193125-26-115992
SEC filingAssembly 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.
Assembly Biosciences reported FY 2025 collaboration revenue from a related party of $72.3M, up 154% from $28.5M in 2024, primarily from $35.0M Gilead HPI license fee and $10.0M prior amendment recognition. Operating expenses totaled $84.4M, with R&D $64.8M (up 16% from $55.9M due to HPI Phase 1b costs) and G&A $19.6M (up 9% from $18.0M on patents and PSUs). Loss from operations -$12.1M. Interest income $6.0M (up 8% from $5.6M) led to pre-tax loss -$6.1M; no tax expense vs. $0.3M in 2024. Net loss -$6.1M or -$1 per basic/diluted share (11.2M weighted shares). Total assets $257.6M, equity $206.8M, accumulated deficit -$832.0M.
Revenue solely from Gilead collaboration: $72.3M vs. $28.5M prior year. Increase driven by HPI program exclusive license transfer ($35.0M opt-in fee, net of prior credit) and R&D services recognition post-amendments. No other revenue sources. Related party accounts receivable $974K, short-term deferred revenue $36.9M (down from changes), long-term $0.
No gross profit as pre-revenue biotech. Operating loss -$12.1M on $72.3M revenue reflects high R&D intensity (90% of op ex). Stock-based comp $4.7M in cash flow adj. Loss before tax -$6.1M offset by interest. Comprehensive loss -$6.0M after $170K unrealized securities gain.
Operating cash use -$41.1M (net loss -$6.1M, adj. stock comp $4.7M, deferred rev -$36.1M change). Investing -$113.5M (marketables net -$113.4M, equip -$66K). Financing $174.7M (underwritten $123.6M, related private $42.8M, warrants $5.5M, ATM/ESPP/options $2.7M). Net cash +$20.1M to $58.5M equiv + $19.8M end-year note. Total liquidity $248.2M. Liabilities $50.8M, current $48.8M; leases $2.7M.
Cash funds into 2028. Gilead controls HPI post-Phase 1b (positive shedding reductions 76-98%); opt-in profit-share decision mid-2026. HDV ABI-6250 Phase 2 Q4 2026. HBV ABI-4334 partnering process, no advance without partner. NNPI ABI-7272 regulatory filing-enabling. Research ongoing. Extension fees $75M at years 3/5/7 from Gilead collab.