Assembly Biosciences, Inc. (ASMB) Bundle
A Brief History of Assembly Biosciences, Inc.
Assembly Biosciences, Inc. (ASMB) was founded in 2005, focusing on the development of innovative therapies for viral infections, particularly chronic hepatitis B. As of 2024, the company has made significant strides in its research and development efforts, particularly through collaborations and strategic partnerships.
Recent Financial Performance
As of September 30, 2024, Assembly Biosciences reported a net loss of $29.8 million for the nine-month period, compared to a net loss of $50.3 million for the same period in 2023. The net loss per share for the third quarter of 2024 was $1.51, while it was $3.29 for the same quarter in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $9.6 million | $14.4 million | Decrease of 33% |
| Net Loss per Share | $1.51 | $3.29 | Decrease of 54% |
| Collaboration Revenue | $6.8 million | $0 million | Increase of 100% |
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled $41.7 million, an increase from $37.9 million in the same period of 2023. This increase primarily resulted from external expenses related to advancing the company's pipeline, notably with the HDV entry inhibitor program.
| R&D Expenses | 2024 | 2023 | Change |
|---|---|---|---|
| Total R&D Expenses | $41.7 million | $37.9 million | Increase of 7.5% |
Collaboration Agreements
In October 2023, Assembly entered into a pivotal collaboration agreement with Gilead Sciences, resulting in an upfront payment of $100 million. This agreement allows Gilead to access certain programs while Assembly maintains rights to develop its pipeline. The collaboration revenue recognized from this agreement for the nine months ended September 30, 2024, was $21.2 million.
Liquidity and Capital Resources
As of September 30, 2024, Assembly reported total cash and cash equivalents of $28.5 million, up from $19.8 million at the beginning of the year. The company has raised a total of $631.2 million through equity financings since inception and $185.7 million through strategic collaborations.
| Liquidity Metrics | As of Sep 30, 2024 | As of Dec 31, 2023 | Change |
|---|---|---|---|
| Cash and Cash Equivalents | $28.5 million | $19.8 million | Increase of 44% |
| Accumulated Deficit | $815.6 million | $785.7 million | Increase of 4% |
Stockholder Equity
As of September 30, 2024, the total stockholders' equity of Assembly Biosciences was $26.0 million, a decrease from $41.1 million at the end of 2023, primarily due to continued operating losses.
| Stockholder Equity Metrics | As of Sep 30, 2024 | As of Dec 31, 2023 | Change |
|---|---|---|---|
| Total Stockholders' Equity | $26.0 million | $41.1 million | Decrease of 37% |
Overall, Assembly Biosciences is positioned to leverage its recent financing and collaborations to advance its therapeutic pipeline while managing its financial challenges effectively.
A Who Owns Assembly Biosciences, Inc. (ASMB)
Major Shareholders
As of 2024, Assembly Biosciences, Inc. (ASMB) has a concentration of ownership that includes institutional investors and individual stakeholders. Key ownership details are summarized in the following table:
| Shareholder Type | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| Gilead Sciences, Inc. | 19.9% | 1,089,472 shares |
| Other Institutional Investors | Approximately 50% | 3,271,000 shares (estimated) |
| Insiders (Management & Directors) | Approximately 5% | 300,000 shares (estimated) |
| Public Float | 25.1% | 1,754,942 shares (estimated) |
Gilead Collaboration Agreements
In October 2023, Assembly Biosciences entered into a collaboration agreement with Gilead Sciences, which included an upfront investment of $100 million. Under this agreement, Gilead received rights to multiple programs and designated two directors to the Board of Assembly Biosciences.
Stockholder Equity
As of September 30, 2024, the total stockholders' equity of Assembly Biosciences was reported at $26.003 million. This reflects a decrease from $41.097 million at the end of the previous fiscal year.
Recent Share Issuances
In June 2024, Assembly Biosciences issued 179,500 shares to Gilead at a price of $15.46 per share, totaling approximately $2.8 million in gross proceeds. This issuance was part of a Securities Purchase Agreement aimed at maintaining Gilead's ownership stake in the company.
Financial Overview
As of September 30, 2024, Assembly Biosciences had a total of 6,354,414 shares issued and outstanding. The company has been operating at a loss, reporting a net loss of $29.842 million for the nine months ended September 30, 2024. The accumulated deficit stood at $815.590 million.
Insider Ownership
Insider ownership is a crucial aspect of the company's governance. As of September 30, 2024, insiders owned approximately 5% of the total shares. This aligns with standard practices in biotech firms where management often retains a significant stake to align interests with shareholders.
Institutional Investor Landscape
Institutional investors hold a substantial portion of Assembly Biosciences' shares, contributing to an estimated 50% of total ownership. This reflects confidence in the company's future prospects and ongoing partnerships.
Market Capitalization and Share Performance
As of late 2024, the market capitalization of Assembly Biosciences is approximately $97 million, based on a stock price of around $15.25. The stock has shown volatility, reflecting the typical behavior of biotech stocks, which are heavily influenced by clinical trial results and regulatory news.
Assembly Biosciences, Inc. (ASMB) Mission Statement
Company Overview
Assembly Biosciences, Inc. is a biotechnology company focused on developing innovative therapies for viral infections, particularly chronic hepatitis B and hepatitis D. The company aims to harness its proprietary platform to discover and develop novel therapeutics that can significantly improve patient outcomes.
Mission Statement
As of 2024, Assembly Biosciences articulates its mission as follows: "To transform the treatment of viral diseases through innovative science and compassionate care." This mission underscores the company's commitment to scientific excellence and the well-being of patients affected by viral infections.
Strategic Objectives
Assembly Biosciences has set forth several strategic objectives to guide its operations and ensure alignment with its mission:
- Advance the development of its pipeline candidates towards clinical trials.
- Enhance collaborations with industry leaders to leverage resources and expertise.
- Focus on patient-centered approaches in drug development.
- Maintain rigorous scientific standards to accelerate innovation.
Recent Financial Performance
Assembly Biosciences has reported significant financial metrics for the nine months ending September 30, 2024. The company continues to invest heavily in research and development while managing its operational expenses.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Collaboration Revenue | $6.8 million | $0 million | +100% |
| Research and Development Expenses | $41.7 million | $37.9 million | +10% |
| General and Administrative Expenses | $13.4 million | $14.2 million | -6% |
| Net Loss | ($29.8 million) | ($50.3 million) | +41% |
| Cash and Cash Equivalents | $27.8 million | N/A | N/A |
Research and Development Pipeline
The company has made notable advancements in its research and development pipeline, particularly with the HDV entry inhibitor, ABI-H-6250. In 2024, Assembly Biosciences is focusing on expanding its clinical trials and exploring potential collaborations to expedite the development process.
Recent Collaborations
In October 2023, Assembly entered into a significant collaboration agreement with Gilead Sciences, which provided a total of $100 million in gross proceeds. This collaboration is aimed at advancing both companies' efforts in developing therapies for hepatitis B and D.
Future Outlook
Assembly Biosciences anticipates an increase in operational expenses as it continues to advance its drug candidates in clinical trials. The company aims to leverage its existing cash reserves and collaboration revenues to support its strategic initiatives.
| Collaboration Agreement | Details |
|---|---|
| Gilead Collaboration Agreement | $100 million in gross proceeds; focus on HPI and NNPI programs. |
| Future Opt-In Rights | Opt-in fees ranging from $45 million to $125 million per program. |
Conclusion
Assembly Biosciences remains committed to its mission of transforming the treatment of viral diseases through innovative science and compassionate care. The company's strategic objectives, coupled with its recent collaborations and financial performance, position it well for future growth and success in the biotechnology sector.
How Assembly Biosciences, Inc. (ASMB) Works
Overview of Operations
Assembly Biosciences, Inc. focuses on developing innovative therapies for viral hepatitis, specifically hepatitis B virus (HBV) and hepatitis D virus (HDV). As of September 30, 2024, the company had no product revenues and primarily funded its operations through equity financings and collaborations.
Financial Performance
For the nine months ended September 30, 2024, Assembly reported a net loss of $29.8 million, compared to a net loss of $50.3 million for the same period in 2023. The losses stem from significant research and development activities as the company advances its pipeline candidates.
| Financial Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | $29.8 million | $50.3 million |
| Research and Development Expenses | $41.7 million | $37.9 million |
| General and Administrative Expenses | $13.4 million | $14.2 million |
| Collaboration Revenue | $21.2 million | $0 |
Collaboration Agreements
Assembly entered a significant collaboration agreement with Gilead Sciences, Inc. in October 2023, resulting in $100 million in proceeds. The agreement allows Gilead to license various pipeline programs from Assembly while providing funding for research and development activities.
Research and Development Pipeline
The company’s research pipeline includes several candidates in various stages of development. Notable candidates include:
- ABI-H2158: A novel entry inhibitor for HDV.
- ABI-H3733: A candidate that has been discontinued.
- Vebicorvir (VBR): Currently under evaluation.
Stockholder Equity and Financial Position
As of September 30, 2024, Assembly Biosciences had total stockholders' equity of $26.0 million, a decrease from $41.1 million as of December 31, 2023. This decline reflects the ongoing losses and expenses associated with its development programs.
| Stockholder Equity Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Stockholders' Equity | $26.0 million | $41.1 million |
| Accumulated Deficit | ($815.6 million) | ($785.7 million) |
| Common Shares Outstanding | 6,354,414 | 5,482,752 |
Cash Flow Analysis
For the nine months ended September 30, 2024, Assembly reported a net cash used in operating activities of $50.7 million, slightly lower than $50.9 million for the same period in 2023. The company also generated $46.9 million from investing activities, primarily from the maturity of marketable securities.
| Cash Flow Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Cash Used in Operating Activities | ($50.7 million) | ($50.9 million) |
| Net Cash Provided by Investing Activities | $46.9 million | $20.5 million |
| Net Cash Provided by Financing Activities | $12.5 million | $4.6 million |
Market Position and Future Outlook
Assembly Biosciences is positioned in a competitive landscape for hepatitis treatments. The company expects future operating expenses to rise as it progresses with clinical trials and seeks regulatory approvals for its candidates. As of September 30, 2024, the company's cash, cash equivalents, and marketable securities are projected to fund operations into 2026, although additional funding will be necessary for ongoing and future projects.
How Assembly Biosciences, Inc. (ASMB) Makes Money
Revenue Streams
Assembly Biosciences, Inc. primarily generates revenue through collaboration agreements and partnerships. Notably, in October 2023, the company entered into a collaboration agreement with Gilead Sciences, Inc., which significantly impacted its revenue structure.
Collaboration Revenue
For the three months ended September 30, 2024, Assembly recognized collaboration revenue of $6.8 million under the Gilead Collaboration Agreement. This marked a substantial increase from $0 in the same period in 2023. For the nine months ended September 30, 2024, the collaboration revenue amounted to $21.2 million.
| Period | Collaboration Revenue |
|---|---|
| Three Months Ended September 30, 2024 | $6.8 million |
| Three Months Ended September 30, 2023 | $0 |
| Nine Months Ended September 30, 2024 | $21.2 million |
| Nine Months Ended September 30, 2023 | $0 |
Expenses and Losses
Despite the revenue from collaborations, Assembly Biosciences continues to incur significant losses. For the three months ended September 30, 2024, the company reported a net loss of $9.6 million, compared to a net loss of $14.4 million in the same period in 2023. For the nine months ended September 30, 2024, the net loss was $29.8 million, down from $50.3 million in the prior year.
| Period | Net Loss |
|---|---|
| Three Months Ended September 30, 2024 | $9.6 million |
| Three Months Ended September 30, 2023 | $14.4 million |
| Nine Months Ended September 30, 2024 | $29.8 million |
| Nine Months Ended September 30, 2023 | $50.3 million |
Research and Development Expenses
Research and development (R&D) expenses are a significant part of Assembly's operational costs. For the three months ended September 30, 2024, R&D expenses were $13.5 million, up from $10.8 million in the same period in 2023. For the nine months ended September 30, 2024, R&D expenses totaled $41.7 million, compared to $37.9 million in the previous year.
| Period | R&D Expenses |
|---|---|
| Three Months Ended September 30, 2024 | $13.5 million |
| Three Months Ended September 30, 2023 | $10.8 million |
| Nine Months Ended September 30, 2024 | $41.7 million |
| Nine Months Ended September 30, 2023 | $37.9 million |
General and Administrative Expenses
General and administrative expenses for the three months ended September 30, 2024, were $4.3 million, slightly higher than $4.2 million for the same period in 2023. For the nine months ended September 30, 2024, these expenses totaled $13.4 million, down from $14.2 million in 2023.
| Period | General and Administrative Expenses |
|---|---|
| Three Months Ended September 30, 2024 | $4.3 million |
| Three Months Ended September 30, 2023 | $4.2 million |
| Nine Months Ended September 30, 2024 | $13.4 million |
| Nine Months Ended September 30, 2023 | $14.2 million |
Cash and Liquidity Position
As of September 30, 2024, Assembly Biosciences had cash and cash equivalents totaling $28.5 million, compared to $19.8 million at the beginning of the period. The company experienced a net increase in cash and cash equivalents of $8.6 million during the nine months ended September 30, 2024.
| Metric | Amount |
|---|---|
| Cash and Cash Equivalents (September 30, 2024) | $28.5 million |
| Cash and Cash Equivalents (Beginning of Period) | $19.8 million |
| Net Increase in Cash (Nine Months Ended September 30, 2024) | $8.6 million |
Funding Sources
Assembly has funded its operations through various means, including equity financings and strategic collaborations. As of September 30, 2024, the company raised an aggregate of $631.2 million through equity financings and $185.7 million through upfront payments from collaborations.
| Funding Source | Amount |
|---|---|
| Equity Financings | $631.2 million |
| Upfront Payments from Collaborations | $185.7 million |
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Resources:
- Assembly Biosciences, Inc. (ASMB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Assembly Biosciences, Inc. (ASMB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Assembly Biosciences, Inc. (ASMB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.