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Assembly Biosciences, Inc.
Assembly Biosciences Reports Second Quarter 2021 Financial Results and Recent Highlights
Aug 5 2021
4 min read

Assembly Biosciences Reports Second Quarter 2021 Financial Results and Recent Highlights

SOUTH SAN FRANCISCO, Calif., Aug. 05, 2021 (GLOBE NEWSWIRE) --  Assembly Biosciences, Inc. (Nasdaq: ASMB), a clinical-stage biotechnology company developing innovative therapeutics targeting hepatitis B virus (HBV), today reported financial results and recent highlights for the second quarter ended June 30, 2021.

“With Assembly Bio’s singular focus to pursue finite and curative treatment regimens for HBV, we continue to advance our clinical programs with urgency. We anticipate reporting further progress from our pipeline in the second half of this year, including interim data from our Phase 2 trial with ABI-H2158 with a focus on safety and on-treatment changes in key viral biomarkers such as pgRNA, HBeAg and HBcrAg, as well as the nomination of a fourth core inhibitor candidate with potential for a best-in-class profile,” said John McHutchison, AO, MD, chief executive officer and president of Assembly Bio. “Over the past three months, we had the opportunity to share additional data at EASL 2021 characterizing our core inhibitor portfolio and have strengthened our leadership team with the promotions of Jason Okazaki to chief operating officer and Michael Samar to chief financial officer and the addition of two esteemed experts in virology, hepatitis and industry to our Board of Directors. These appointments continue to deepen the strategic guidance and experience available to us as we advance our clinical programs.”

Recent Updates

  • Announced the promotions of Jason Okazaki to chief operating officer and Michael Samar to chief financial officer.
  • Announced key appointments to the board of directors with the additions of Nobel Prize Laureate Sir Michael Houghton, PhD, recognized for his contributions to the discovery of hepatitis C, and Lisa Johnson-Pratt, MD, who brings decades of experience in drug development and commercialization.
  • Presented data from Assembly Bio’s three clinical-stage core inhibitor programs, vebicorvir (VBR or ABI-H0731), ABI-H2158 (2158), and ABI-H3733 (3733), in an oral presentation and two poster presentations at EASL 2021.

Anticipated Milestones and Events

  • Nominate a fourth core inhibitor candidate designed for a best-in-class profile in mid 2021.
  • On track to share interim data from Phase 2 study with 2158 in H2 2021.

Upcoming Conferences

Second Quarter 2021 Financial Results

  • Cash, cash equivalents and marketable securities were $199.1 million as of June 30, 2021, compared to $214.9 million as of March 31, 2021. This result includes the $6.0 million of net proceeds from the issuance of common shares under Assembly Bio’s at-the-market (ATM) program. The company’s cash position is projected to fund operations into 2023.
  • Revenues from collaborative research were $0 for the three months ended June 30, 2021, compared to $39.4 million for the same period in 2020. The decrease is due to the termination of the microbiome collaboration agreement with Allergan following AbbVie Inc’s acquisition of Allergan. In Q1 2021 Assembly Bio completed the wind-down of its microbiome program.
  • Research and development expenses were $16.7 million for the three months ended June 30, 2021, compared to $23.3 million for the same period in 2020. The decrease is primarily due to a decrease of $7.6 million in research and development expenses related to the wind-down of the microbiome program. This decrease was partially offset by an increase of $1.0 million in research and development expenses related to the HBV program. Research and development expenses include non-cash stock-based compensation expenses of $0.7 million for the three months ended June 30, 2021 and $3.6 million for the same period in 2020. The decrease is primarily due to a decrease in the fair value of equity grants as well as a decrease in headcount and outstanding awards resulting from the wind-down of the microbiome program.
  • General and administrative expenses were $6.9 million for the three months ended June 30, 2021, compared to $9.5 million for the same period in 2020. General and administrative expenses include non-cash stock-based compensation expenses of $1.2 million for the three months ended June 30, 2021 and $3.5 million for the same period in 2020. The decrease is primarily due to a decrease in the fair value of equity grants.
  • Net income (loss) attributable to common stockholders was ($23.6) million, or ($0.55) per basic and diluted share, for the three months ended June 30, 2021, compared to $7.3 million, or $0.21 per basic and $0.19 per diluted share, for the same period in 2020. The decrease was due to the recognition of the remaining deferred revenue balance when the microbiome agreement with Allergan was terminated in 2020.

About Assembly BiosciencesAssembly Bio is a clinical-stage biotechnology company committed to bringing finite and curative therapies to the 270 million people living with hepatitis B virus (HBV) worldwide. A pioneer in the development of a new class of potent, oral core inhibitor drug candidates, Assembly Bio’s approach aims to break the complex viral replication cycle of HBV to free patients from a lifetime of therapy. Assembly Bio’s strategy toward cure includes a leading portfolio of more potent, next-generation core inhibitors, proof-of-concept combination studies and a research program focused on the discovery of novel HBV targets. For more information, visit assemblybio.com.

Forward-Looking StatementsThe information in this press release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to materially differ. These risks and uncertainties include:  Assembly Bio’s ability to initiate and complete clinical studies involving its HBV therapeutic product candidates, including studies contemplated by Assembly Bio’s clinical collaboration agreements, in the currently anticipated timeframes; safety and efficacy data from clinical studies may not warrant further development of Assembly Bio’s product candidates; clinical and nonclinical data presented at conferences may not differentiate Assembly Bio’s product candidates from other companies’ candidates; continued development and commercialization of Assembly Bio’s HBV product candidates, if successful, in the China territory will be dependent on, and subject to, Assembly Bio’s collaboration agreement governing its activity in the China territory; Assembly Bio’s ability to maintain financial resources necessary to continue its clinical studies and fund business operations; any impact that the COVID-19 pandemic may have on Assembly Bio’s business and operations, including initiation and continuation of its clinical studies or timing of discussions with regulatory authorities; and other risks identified from time to time in Assembly Bio’s reports filed with the U.S. Securities and Exchange Commission (the SEC). You are urged to consider statements that include the words may, will, would, could, should, might, believes, hopes, estimates, projects, potential, expects, plans, anticipates, intends, continues, forecast, designed, goal or the negative of those words or other comparable words to be uncertain and forward-looking. Assembly Bio intends such forward-looking statements to be covered by the safe harbor provisions contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. More information about Assembly Bio’s risks and uncertainties are more fully detailed under the heading “Risk Factors” in Assembly Bio’s filings with the SEC, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Except as required by law, Assembly Bio assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

ContactsInvestor and Corporate:Lauren GlaserSenior Vice President, Investor Relations and Corporate Affairs(415) 521-3828lglaser@assemblybio.com

Media:Sam Brown Inc. Audra Friis (917) 519-9577 ASMBMedia@sambrown.com

 ASSEMBLY BIOSCIENCES, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands except for share amounts and par value)
     
   June 30, 2021   December 31, 2020 
  (Unaudited)  
 ASSETS   
 Current assets   
 Cash and cash equivalents$59,517  $59,444 
 Marketable securities 139,560   156,969 
 Accounts receivable from collaborations 297   1,230 
 Prepaid expenses and other current assets 6,184   6,850 
 Total current assets 205,558   224,493 
     
 Property and equipment, net 1,359   1,600 
 Operating lease right-of-use (ROU) assets 7,488   9,131 
 Other assets 6,093   6,392 
 Indefinite-lived intangible asset 29,000   29,000 
 Goodwill 12,638   12,638 
 Total assets$ 262,136  $ 283,254 
     
 LIABILITIES AND STOCKHOLDERS' EQUITY   
 Current liabilities   
 Accounts payable$2,866  $4,598 
 Accrued clinical expenses 3,676   4,444 
 Other accrued expenses 4,320   11,987 
 Operating lease liabilities - short-term 3,048   3,404 
 Total current liabilities 13,910   24,433 
     
 Deferred tax liabilities 2,531   2,531 
 Deferred revenue 8,987   8,987 
 Operating lease liabilities - long-term 4,914   6,725 
 Total liabilities 30,342   42,676 
     
 Commitments and contingencies   
     
 Stockholders' equity   
 Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding —   — 
 Common stock, $0.001 par value; 100,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 43,779,059 and 34,026,680 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively 44   34 
 Additional paid-in capital 784,391   742,387 
 Accumulated other comprehensive loss (273)  (270)
 Accumulated deficit (552,368)  (501,573)
 Total stockholders' equity 231,794   240,578 
 Total liabilities and stockholders' equity$ 262,136  $ 283,254 
     
  
     

 ASSEMBLY BIOSCIENCES, INC. 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME  
 (In thousands except for share and per share amounts) 
 (Unaudited) 
           
   Three Months Ended June 30, Six Months Ended June 30, 
    2021   2020  2021   2020  
 Collaboration revenue $—  $39,376 $—  $43,457  
           
 Operating expenses:         
 Research and development  16,749   23,327  35,303   46,373  
 General and administrative  6,917   9,470  15,621   18,199  
 Total operating expenses  23,666   32,797  50,924   64,572  
 (Loss) income from operations  (23,666)  6,579  (50,924)  (21,115) 
           
 Other income:         
 Interest and other income, net  71   691  129   1,730  
 Total other income  71   691  129   1,730  
 Net (loss) income $ (23,595) $ 7,270 $ (50,795) $ (19,385) 
           
 Other comprehensive (loss) income         
 Unrealized (loss) gain on marketable securities  (2)  190  (3)  305  
 Comprehensive (loss) income  $ (23,597) $ 7,460 $ (50,798) $ (19,080) 
           
 Net (loss) income per share, basic $(0.55) $0.21 $(1.23) $(0.55) 
 Weighted average common shares outstanding, basic  42,876,268   35,307,669  41,286,831   35,229,570  
 Net (loss) income per share, diluted $(0.55) $0.19 $(1.23) $(0.55) 
 Weighted average common shares outstanding, diluted  42,876,268   37,291,474  41,286,831   35,229,570  
           

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Source: Assembly Biosciences, Inc.