Assembly Biosciences (ASMB) Registration filing summary

Company overview and business model

• Focuses on developing innovative therapeutics for serious viral diseases, with a pipeline including clinical-stage therapies for genital herpes, hepatitis delta virus, hepatitis B, and transplant-related herpesviruses.

• Pipeline includes long-acting helicase-primase inhibitors, an HDV entry inhibitor, a next-generation capsid assembly modulator, and a broad-spectrum non-nucleoside polymerase inhibitor.

• Entered a collaboration with Gilead Sciences, which exercised its option to license the HPI program for recurrent genital herpes in December 2025.

• Corporate headquarters and research facilities are located in South San Francisco, California.

Financial performance and metrics

• As of December 31, 2025, net tangible book value was approximately $206.8 million, or $13.04 per share, with 15,855,329 shares outstanding.

• After a $100 million offering at $27.52 per share, as adjusted net tangible book value would be $304.5 million, or $15.62 per share, resulting in immediate dilution of $11.90 per share to new investors.

• Outstanding securities include options, warrants, RSUs, and PSUs, with significant potential for further dilution.

Use of proceeds and capital allocation

• Net proceeds from the offering will be used for general corporate purposes, including financing operations, potential repayment of indebtedness, and possible business acquisitions.

• Management has broad discretion in the application of proceeds, and may invest in short-term instruments pending use.