Assembly Biosciences (ASMB) Q3 2026 earnings summary

Executive summary

• Q3 collaboration revenue was $3.0M and net loss was $20.3M as R&D investment increased with ABI-6250 trial starts and pipeline expansion.

• ABI-6250 Phase 2 dosing began for chronic HDV; FDA clearance was received for a planned PBC/PSC Phase 2 study, and ABI-8914 was nominated as a respiratory-virus candidate.

• The $75.0M Gilead extension payment received in November, together with available cash and marketable securities, is projected to fund operations into 2029.

Financial highlights

• Q3 collaboration revenue was $3.0M versus $10.8M YoY; 9M revenue was $24.5M versus $29.8M.

• Q3 net loss was $20.3M, or $0.93 per share, versus $9.2M, or $0.72, YoY; 9M net loss was $33.2M versus $28.2M.

• Q3 R&D expense rose 22% to $20.2M and G&A rose 21% to $6.1M; operating expenses were $26.4M versus $21.7M YoY.

• 9M R&D expense increased 5% to $50.1M and G&A increased 10% to $15.6M; interest and other income rose 114% to $7.9M.

Outlook and guidance

• ABI-6250 PBC/PSC Phase 2 initiation is expected in Q1 2027; HDV Phase 2 and hepatic impairment studies began in October 2026.

• Gilead is expected to advance GS-1179 into Phase 2 for recurrent genital herpes by year-end 2026.

• ABI-7272 continues regulatory filing-enabling studies, while ABI-8914 advances into such studies; ABI-4334 will not advance without a partner.

• Future operating expenses are expected to rise as candidates advance and the pipeline expands; actual cash use may exceed estimates.