Assembly Biosciences (ASMB) Q2 2026 earnings summary

Executive summary

• Advanced multiple clinical-stage therapies for viral and liver diseases, including programs for recurrent genital herpes, hepatitis delta virus (HDV), cholestatic liver diseases (CLD), and hepatitis B virus (HBV).

• Expanded ABI-6250 clinical development into cholestatic liver diseases, with Phase 2 studies in PBC and PSC planned for early 2027.

• Transitioned HPI program for genital herpes to Gilead, with 1179 (GS-1179) selected for Phase 2 study by end of 2026; 5366 development paused.

• Completed $115 million gross financing, extending funding beyond planned Phase 2 studies and into 2029.

Financial highlights

• Collaboration revenue rose 39% year-over-year to $13.4 million for Q2 2026, driven by Gilead collaboration and a $5.1 million catch-up adjustment.

• Net loss for Q2 2026 was $3.9 million ($0.20 per share), a significant improvement from $10.2 million ($1.33 per share) in Q2 2025.

• Research and development expenses decreased 7% year-over-year to $14.9 million for Q2 2026, reflecting lower external program costs.

• General and administrative expenses increased 5% year-over-year to $4.8 million, mainly due to higher stock-based compensation.

• Cash, cash equivalents, and marketable securities totaled $320.4 million as of June 30, 2026.

Outlook and guidance

• Cash runway expected to fund operations into late 2028, and into 2029 with anticipated $75 million extension fee from Gilead in Q4 2026.

• Phase 2 studies for ABI-6250 in HDV and CLD planned for Q4 2026 and Q1 2027, respectively.

• Gilead to initiate Phase 2 study of 1179 (GS-1179) for genital herpes by end of 2026.

• Decision on 40% U.S. cost-profit share for HSV HPI program expected by year-end 2026.

• No plans to advance 4334 (HBV candidate) without a partner after Gilead declined its option.