Assembly Biosciences Reports 13% Revenue Growth in Q2 2025, Net Loss of $10.2 Million

Assembly Biosciences, Inc. reported its financial results for the second quarter of 2025, revealing a collaboration revenue of $9.6 million, a 13% increase from $8.5 million in the same period last year. For the first half of 2025, collaboration revenue reached $19.0 million, up 33% from $14.3 million in the first half of 2024. The increase in revenue is attributed to higher costs incurred under the Gilead Collaboration Agreement and additional funds received following amendments to the agreement. Despite the revenue growth, the company continues to operate at a loss, reporting a net loss of $10.2 million for the second quarter, slightly improved from a loss of $11.2 million in the prior year.

In terms of expenses, Assembly's total operating expenses for the second quarter were $20.7 million, nearly unchanged from $20.7 million in the same quarter of 2024. Research and development expenses were $16.1 million, a marginal decrease from $16.3 million, primarily due to reduced external program expenses for one of its product candidates, ABI-6250. General and administrative expenses remained stable at $4.6 million. The company’s accumulated deficit as of June 30, 2025, stood at $844.9 million, reflecting ongoing investments in its clinical pipeline.

Assembly Biosciences has made significant strides in its clinical programs, including the advancement of multiple investigational therapies targeting serious viral diseases. The company has initiated Phase 1a and Phase 1b studies for its helicase-primase inhibitors (HPIs) aimed at treating recurrent genital herpes, as well as a Phase 1a study for its hepatitis delta virus entry inhibitor, ABI-6250. The company also reported positive interim results from these studies, which support the continuation of their development.

As of June 30, 2025, Assembly held cash, cash equivalents, and marketable securities totaling $75.0 million. However, the company expressed substantial doubt about its ability to continue as a going concern, as its current financial resources are not expected to fund operations beyond mid-2026. Management plans to seek additional funding through public or private equity financings and potential payments from Gilead under their collaboration agreement. The company emphasized that its future capital requirements will depend on various factors, including the success of its clinical programs and the ability to secure additional funding.

Looking ahead, Assembly Biosciences remains focused on advancing its clinical pipeline while navigating the challenges of funding and operational sustainability. The company is actively working to mitigate risks associated with its financial outlook and is committed to exploring all avenues for securing the necessary resources to continue its research and development efforts.