Assembly Biosciences Q2 2024 Financial Results and Updates

Assembly Biosciences, Inc., a biotechnology company focused on developing treatments for serious viral diseases, announced their financial results and recent progress for the second quarter ending June 30, 2024. The company's advancements in clinical trials and research were highlighted by Jason Okazaki, CEO and President, who expressed pride in the team's accomplishments heading into the latter half of the year. Key milestones are anticipated in their clinical development programs, with interim Phase 1a results for ABI-5366 expected in Q3 2024 and Phase 1b data in the first half of 2025.

During the second quarter of 2024, Assembly Biosciences initiated dosing in two clinical trials. The first was the Phase 1a portion of a Phase 1a/b study of ABI-5366, an inhibitor candidate targeting herpes simplex virus (HSV). This Phase 1a study involves healthy participants while the Phase 1b part will include individuals with recurrent genital herpes. The second trial was a Phase 1b study of ABI-4334, a potent capsid assembly modulator candidate, in participants with chronic hepatitis B virus (HBV) infection.

Recent scientific conferences featured presentations on Assembly Biosciences' preclinical data. The International Herpesvirus Workshop showcased a poster presentation on ABI-5366 and both a poster and oral presentation on ABI-1179, another HSV inhibitor contributed by Gilead Sciences under a collaboration. At the European Association for the Study of the Liver (EASL) Congress 2024, a poster presentation on ABI-6250, an oral small molecule entry inhibitor candidate for HBV/hepatitis delta virus (HDV), was highlighted. Additionally, an oral presentation on ABI-6250 was featured at the Science of HBV Cure Meeting 2024.

Financially, the company strengthened its balance sheet with equity investments, resulting in gross proceeds of approximately $12.6 million. This financial boost supports the advancement of their antiviral portfolio and extends their cash runway into Q1 2026. As of June 30, 2024, Assembly Biosciences reported cash, cash equivalents, and marketable securities totaling $109.2 million, a slight decrease from $113.0 million as of March 31, 2024.

Revenue for the three months ended June 30, 2024, was $8.5 million, up from no revenue in the same period in 2023. This revenue was recognized under a collaboration with Gilead Sciences. Research and development expenses for the quarter were $16.3 million, up from $12.5 million in 2023, primarily due to having more candidates in development. General and administrative expenses decreased slightly to $4.5 million from $5.0 million, largely due to a reduction in non-cash stock-based compensation expenses. The net loss attributable to common stockholders for the quarter was $11.2 million, down from $16.9 million in the same period in 2023.

Looking ahead, Assembly Biosciences anticipates several important milestones. The interim clinical data for ABI-5366 in healthy participants is expected in Q3 2024, with further data for participants with recurrent genital herpes expected in the first half of 2025. The interim clinical data for ABI-4334 is expected by the end of 2024. Additionally, two more pipeline candidates, ABI-1179 and ABI-6250, are projected to enter clinical trials by the end of the year.

Upcoming conferences will further highlight Assembly Biosciences' research, including a poster presentation on ABI-6250 at the International HBV Meeting in September 2024 in Chicago.

In summary, Assembly Biosciences is making significant strides in developing treatments for serious viral diseases, supported by a strong financial position and upcoming key clinical milestones. The company's commitment to advancing their pipeline and achieving their clinical goals positions them well for future success.