Assembly Biosciences (ASMB) Corporate presentation summary

Pipeline and clinical development

• Multiple clinical-stage investigational therapies targeting high unmet medical needs, including hepatitis D, cholestatic liver diseases, genital herpes, and hepatitis B.

• Three Phase 2 studies are set to initiate across the portfolio in late 2026 and early 2027.

• GS-1179, a long-acting helicase-primase inhibitor for recurrent genital herpes, showed strong Phase 1b antiviral activity and is advancing to Phase 2.

• ABI-6250, an oral NTCP inhibitor, is progressing in parallel for hepatitis D and cholestatic liver diseases, with Phase 2 trials planned for late 2026 and early 2027.

• ABI-4334, a next-generation capsid assembly modulator for hepatitis B, demonstrated potent antiviral activity in Phase 1b and is positioned for further development.

Strategic partnerships and financials

• Collaboration with Gilead provides funding, expertise, and late-stage development/commercialization support.

• Gilead holds opt-in rights at the end of Phase 1 or 2; exercised option on the HSV program with a 40% U.S. profit/cost share.

• Future economics include $75M collaboration extension payments due in 2026, 2028, and 2030, plus up to ~$330M milestones per program.

• Cash runway extends into 2029, supported by a $320.4M cash position as of June 2026 and upcoming Gilead payments.

Market opportunities and unmet needs

• Recurrent genital herpes affects millions in the US/EU, with current therapies offering limited efficacy and high pill burden; GS-1179 targets superior efficacy and weekly dosing.

• Hepatitis D and cholestatic liver diseases represent significant unmet needs, with ABI-6250 aiming to simplify and improve treatment.

• PBC and PSC markets estimated at over $3B combined U.S. peak-year revenue, with substantial patient populations and high unmet need.

• Hepatitis B remains a major global health issue, with ABI-4334 aiming to address the need for finite and curative therapies.