Assembly Biosciences (ASMB) Q4 2025 earnings summary

Executive summary

• Licensed helicase-primase inhibitor program for recurrent genital herpes to Gilead after positive Phase 1b data, receiving a $35 million option fee.

• Initiated process to find a partner for ABI-4334 after Gilead declined its option.

• Cash position at year-end 2025 was $248.1 million, projected to fund operations into 2028.

Financial highlights

• Revenue from collaborative research was $72.3 million for 2025, up from $28.5 million in 2024, reflecting increased collaboration funding.

• Research and development expenses rose to $64.8 million in 2025 from $55.9 million in 2024, mainly due to increased spending on the HPI program.

• General and administrative expenses increased to $19.6 million in 2025 from $18.0 million in 2024, driven by higher professional fees and stock-based compensation.

• Net loss attributable to common stockholders was $6.1 million ($0.55 per share) in 2025, a significant improvement from $40.2 million ($6.69 per share) in 2024.

Outlook and guidance

• Decision on whether to opt in to a 40% U.S. cost-profit share for the herpesvirus HPI program expected by mid-2026, pending Gilead's development plan.

• Phase 2 clinical study for ABI-6250 in chronic hepatitis delta virus anticipated by end of 2026.