Assembly Biosciences(ASMB) - 2025 Q1 - Quarterly Results

Company Overview and Pipeline Update This section outlines the company's strategic focus and clinical pipeline updates, including key milestones and data readouts Pipeline Progress and Anticipated Milestones Assembly Biosciences reports strong progress in its antiviral portfolio, with four clinical studies on track for key data readouts in 2025 - The company is on track to deliver key clinical data sets for four candidates in 2025, reinforcing progress in its antiviral portfolio[1][2] - Key upcoming data readouts include: - Recurrent Genital Herpes (ABI-5366 & ABI-1179): Interim efficacy, safety, and PK data from Phase 1b studies are expected in fall 2025[5] - Hepatitis D Virus (HDV - ABI-6250): Data from a Phase 1a study in healthy participants is anticipated in Q3 2025[9] - Hepatitis B Virus (HBV - ABI-4334): Efficacy, safety, and PK data from the 400 mg cohort in a Phase 1b study are expected in the first half of 2025[7] Financial Results This section details Q1 2025 financial performance, covering revenue, expenses, net loss, and the company's cash and funding outlook Q1 2025 Financial Performance Q1 2025 saw collaboration revenue increase by 62% to $9.4 million, with a net loss of $8.8 million, an improvement from the prior year Q1 2025 vs Q1 2024 Statement of Operations Highlights (in millions, except per share data) | Financial Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Collaboration Revenue | $9.4 | $5.8 | +62.1% | | R&D Expenses | $14.9 | $11.9 | +25.2% | | G&A Expenses | $4.5 | $4.6 | -2.2% | | Net Loss | $(8.8) | $(9.1) | Improvement | | Net Loss Per Share | $(1.17) | $(1.66) | Improvement | - The increase in collaboration revenue reflects higher R&D activity and increased funding from the amended Gilead agreement[10] - The rise in R&D expenses was largely driven by increased spending on the ABI-6250 (HDV) and ABI-5366 (herpes) programs[10] Financial Position and Outlook As of March 31, 2025, the company held $91.0 million in cash and marketable securities, projected to fund operations into mid-2026 - The company's cash, cash equivalents, and marketable securities totaled $91.0 million as of March 31, 2025[10] - Management projects the current cash position will fund operations into mid-2026[10] Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $23,413 | $38,344 | | Marketable securities | $67,615 | $73,735 | | Total Cash & Marketable Securities | $91,028 | $112,079 | | Total Assets | $99,017 | $119,168 | | Total Liabilities | $71,884 | $85,809 | | Total Stockholders' Equity | $27,133 | $33,359 | Financial Statements This section presents the unaudited condensed consolidated financial statements, including balance sheets and statements of operations Condensed Consolidated Balance Sheets This section presents the unaudited condensed consolidated balance sheets as of March 31, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (In thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | ASSETS | | | | Total current assets | $95,527 | $115,503 | | Total assets | $99,017 | $119,168 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Total current liabilities | $46,631 | $47,803 | | Total liabilities | $71,884 | $85,809 | | Total stockholders' equity | $27,133 | $33,359 | | Total liabilities and stockholders' equity | $99,017 | $119,168 | Condensed Consolidated Statements of Operations and Comprehensive Loss This section provides the unaudited condensed consolidated statements of operations and comprehensive loss for Q1 2025 and Q1 2024 Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except per share data) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | 2025 | 2024 | | Collaboration revenue from a related party | $9,419 | $5,785 | | Total operating expenses | $19,360 | $16,514 | | Loss from operations | $(9,941) | $(10,729) | | Net loss | $(8,818) | $(9,077) | | Comprehensive loss | $(8,860) | $(9,235) | | Net loss per share, basic and diluted | $(1.17) | $(1.66) | | Weighted average common shares outstanding | 7,506,321 | 5,483,313 |