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ASMB Assembly Biosciences Inc

15.21
-0.60 (-3.80%)
21 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Assembly Biosciences Inc NASDAQ:ASMB NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.60 -3.80% 15.21 13.77 16.29 16.2556 15.00 15.70 30,655 05:00:05

Assembly Biosciences Reports Second Quarter 2024 Financial Results and Recent Updates

08/08/2024 9:05pm

GlobeNewswire Inc.


Assembly Biosciences (NASDAQ:ASMB)
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Assembly Biosciences, Inc. (Nasdaq: ASMB), a biotechnology company developing innovative therapeutics targeting serious viral diseases, today reported financial results and recent updates for the second quarter ended June 30, 2024.

“Entering the second half of the year, I’m incredibly proud of our team’s accomplishments on our path to delivering novel therapeutics for individuals living with serious viral diseases,” said Jason Okazaki, chief executive officer and president of Assembly Bio. “We are rapidly progressing toward key inflection points for our clinical development programs and remain on track with the data sets we plan to deliver in 2024. Specifically, in the third quarter, we look forward to sharing interim Phase 1a data for ABI-5366 in healthy participants. The pharmacokinetic data in this study will enable us to assess ABI-5366's ability to reach the target concentrations we have established for antiviral efficacy and to support our once-weekly oral dosing profile, while also informing dose selection in the Phase 1b part of the study in participants with recurrent genital herpes.”

Second Quarter 2024 and Recent Highlights

  • First participants were dosed in two clinical trials:
    • The Phase 1a portion of a Phase 1a/b clinical study of ABI-5366, a long-acting herpes simplex virus (HSV) helicase-primase inhibitor candidate; the Phase 1a portion in healthy participants and the Phase 1b portion to be conducted in participants with recurrent genital herpes
    • A Phase 1b study of ABI-4334, a next-generation, highly potent capsid assembly modulator candidate, in participants with chronic hepatitis B virus (HBV) infection
  • Scientific conference presentations highlighted:
    • Preclinical data for ABI-5366 (poster presentation) and ABI-1179 (poster and oral presentation) featured at the International Herpesvirus Workshop held July 13-17, 2024. ABI-1179 is the long-acting HSV helicase-primase inhibitor candidate contributed by Gilead Sciences, Inc. (Gilead) under the collaboration between Assembly Bio and Gilead
    • Preclinical data for ABI-6250, an oral, small molecule HBV/hepatitis delta virus (HDV) entry inhibitor candidate, featured in a poster presentation at the European Association for the Study of the Liver (EASL) Congress™ 2024 held June 5-8, 2024
    • Preclinical data for ABI-6250 featured in an oral presentation at the Science of HBV Cure Meeting 2024 held July 26-27, 2024
  • Strengthened balance sheet with equity investments that resulted in aggregate gross proceeds to Assembly Bio of approximately $12.6 million, supporting advancement of antiviral portfolio and extending cash runway into Q1 2026

Upcoming Anticipated Milestones

  • ABI-5366 Phase 1a interim clinical data in healthy participants expected in Q3 2024 and interim Phase 1b data in participants with recurrent genital herpes expected in the first half of 2025
  • ABI-4334 Phase 1b interim clinical data expected by the end of 2024
  • Two additional candidates, ABI-1179 and ABI-6250, are anticipated to enter the clinic by the end of 2024

Upcoming Conferences

  • Abstract highlighting preclinical data for ABI-6250 accepted for poster presentation at the International HBV Meeting taking place September 11-15, 2024, in Chicago

Second Quarter 2024 Financial Results

  • Cash, cash equivalents and marketable securities were $109.2 million as of June 30, 2024, compared to $113.0 million as of March 31, 2024. Assembly Bio’s cash position is projected to fund operations into Q1 2026.
  • Revenue from collaborative research was $8.5 million for the three months ended June 30, 2024. There was no revenue recognized for the same period in 2023. Revenue for the three months ended June 30, 2024, consists of amounts recognized under the collaboration with Gilead.
  • Research and development expenses were $16.3 million for the three months ended June 30, 2024, compared to $12.5 million for the same period in 2023. The increase is attributable to having more candidates in development in 2024.
  • General and administrative expenses were $4.5 million for the three months ended June 30, 2024, compared to $5.0 million for the same period in 2023. The decrease is primarily due to a decrease in non-cash stock-based compensation expense.
  • Net loss attributable to common stockholders was $11.2 million, or $1.98 per basic and diluted share, for the three months ended June 30, 2024, compared to $16.9 million, or $3.88 per basic and diluted share, for the same period in 2023.

The investigational products and investigational product candidates referenced here have not been approved anywhere globally, and their safety and efficacy have not been established.

About Assembly BiosciencesAssembly Biosciences is a biotechnology company dedicated to the development of innovative small-molecule 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 assemblybio.com.

Forward-Looking StatementsThe 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 Sciences, Inc., 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; 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. 

Contacts  Investor and Corporate: Shannon Ryan SVP, Investor Relations, Corporate Affairs and Alliance Management (415) 738-2992 investor_relations@assemblybio.com

Media: Sam Brown Inc.Hannah Hurdle(805) 338-4752ASMBMedia@sambrown.com 

ASSEMBLY BIOSCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except for share amounts and par value)
      
 June 30,  December 31, 
 2024  2023 
 (Unaudited)    
ASSETS     
Current assets     
Cash and cash equivalents$19,208  $19,841 
Marketable securities90,011  110,406 
Accounts receivable from collaboration  43 
Prepaid expenses and other current assets3,712  3,497 
Total current assets112,931  133,787 
      
Property and equipment, net349  385 
Operating lease right-of-use assets1,731  2,339 
Other assets312  312 
Total assets$115,323  $136,823 
      
LIABILITIES AND STOCKHOLDERS' EQUITY     
Current liabilities     
Accounts payable$801  $461 
Accrued research and development expenses2,531  885 
Other accrued expenses3,587  5,744 
Deferred revenue from a related party - short-term33,060  30,915 
Operating lease liabilities - short-term1,295  1,220 
Total current liabilities41,274  39,225 
      
Deferred revenue from a related party - long-term38,916  55,379 
Operating lease liabilities - long-term451  1,122 
Total liabilities80,641  95,726 
      
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, 2024 and December 31, 2023; 6,345,561 and 5,482,752 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively6  5 
Additional paid-in capital840,946  826,921 
Accumulated other comprehensive loss(293) (81)
Accumulated deficit(805,977) (785,748)
Total stockholders' equity34,682  41,097 
Total liabilities and stockholders' equity$115,323  $136,823 

 

ASSEMBLY BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands except for share and per share amounts)
(Unaudited)
 
 Three Months Ended June 30,  Six Months Ended June 30, 
 2024  2023  2024  2023 
Collaboration revenue from a related party$8,533  $  $14,318  $ 
            
Operating expenses           
Research and development16,259  12,523  28,138  27,070 
General and administrative4,477  4,965  9,112  9,977 
Total operating expenses20,736  17,488  37,250  37,047 
Loss from operations(12,203) (17,488) (22,932) (37,047)
            
Other income           
Interest and other income, net1,457  592  3,109  1,201 
Total other income1,457  592  3,109  1,201 
Loss before income taxes(10,746) (16,896) (19,823) (35,846)
            
Income tax expense406    406   
Net loss$(11,152) $(16,896) $(20,229) $(35,846)
            
Other comprehensive loss           
Unrealized (loss) gain on marketable securities(54) 188  (212) 478 
Comprehensive loss$(11,206) $(16,708) $(20,441) $(35,368)
            
Net loss per share, basic and diluted$(1.98) $(3.88) $(3.64) $(8.33)
Weighted average common shares outstanding, basic and diluted5,642,752  4,355,007  5,563,033  4,303,244 
            

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