Assembly Biosciences, Inc. (ASMB): Business Model Canvas

Assembly Biosciences (ASMB) steht an der Spitze der medizinischen Innovation und ist Vorreiter bei transformativen Ansätzen in der Mikrobiom- und Virustherapie, die die Art und Weise, wie wir komplexe Krankheiten verstehen und behandeln, revolutionieren könnten. Durch die Nutzung seiner hochentwickelten Forschungsplattformen und bahnbrechenden wissenschaftlichen Methoden ist das Unternehmen in der Lage, ein beispielloses Potenzial bei der Behandlung des Hepatitis-B-Virus und mikrobiombasierten therapeutischen Lösungen zu erschließen und Hoffnung für Forscher, medizinisches Fachpersonal und Patienten zu geben, die sich in herausfordernden medizinischen Landschaften zurechtfinden.

Assembly Biosciences, Inc. (ASMB) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Forschungskooperationen mit akademischen Institutionen

Seit 2024 hat Assembly Biosciences Forschungspartnerschaften mit den folgenden akademischen Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Partnerschaftsjahr
Universität von Kalifornien, San Diego	Mikrobiomtherapeutische Entwicklung	2022
Harvard Medical School	Forschung zu Virustherapeutika	2023

Strategische Allianzen mit Biotechnologie-Entwicklungspartnern

Zu den wichtigsten strategischen Entwicklungspartnerschaften im Bereich Biotechnologie gehören:

• Synlogic, Inc. – Zusammenarbeit im Bereich Mikrobiom-Engineering
• Intrexon Corporation – Forschungspartnerschaft im Bereich der synthetischen Biologie

Mögliche Lizenzvereinbarungen mit Arzneimittelforschungsorganisationen

Aktuelle Lizenzverträge und mögliche Partnerschaften:

Organisation	Einzelheiten zur Lizenzvereinbarung	Geschätzter Wert
Evotec SE	Plattform zur Entdeckung von Mikrobiom-Medikamenten	5,2 Millionen US-Dollar
Janssen Pharmaceuticals	Entwicklung viraler Therapeutika	7,8 Millionen US-Dollar

Verbundforschungsnetzwerke im Bereich Mikrobiom und Virustherapeutika

Kooperationen im Forschungsnetzwerk:

• Internationales Mikrobiom-Konsortium
• Globale Viral Therapeutics Alliance
• Translationales Mikrobiom-Forschungsnetzwerk

Gesamtinvestition der Partnerschaft im Jahr 2024: 13 Millionen US-Dollar

Assembly Biosciences, Inc. (ASMB) – Geschäftsmodell: Hauptaktivitäten

Entwicklung mikrobiomtherapeutischer Arzneimittel

Ab dem vierten Quartal 2023 konzentriert sich Assembly Biosciences auf die Entwicklung mikrobiombasierter Therapeutika mit besonderem Schwerpunkt auf:

• Entwicklung oraler therapeutischer Kandidaten zur Bekämpfung mikrobiombedingter Erkrankungen
• Die aktuelle Pipeline umfasst AYX-P3 zur Behandlung von Colitis ulcerosa
• F&E-Investitionen in Höhe von 34,2 Millionen US-Dollar in die Mikrobiomforschung im Jahr 2023

Präklinische und klinische Forschung für antivirale Behandlungen

Forschungskategorie	Aktive Programme	Investition
Antivirale Hepatitis-B-Forschung	3 aktive Programme im klinischen Stadium	Im Jahr 2023 werden 22,7 Millionen US-Dollar bereitgestellt
Präklinische antivirale Entwicklung	2 Frühphasenprogramme	Forschungsbudget von 15,5 Millionen US-Dollar

Weiterentwicklung der proprietären Plattformtechnologie

Wichtige Plattformtechnologien:

• Mikrobiom-Therapeutische Plattform
• Plattform zur Entdeckung antiviraler Arzneimittel
• Gesamtausgaben für die Technologieentwicklung: 47,6 Millionen US-Dollar im Jahr 2023

Schutz des geistigen Eigentums und Patentanmeldung

Patentkategorie	Anzahl der Patente	Geografische Abdeckung
Patente für Mikrobiom-Technologie	12 erteilte Patente	Vereinigte Staaten, Europa, Japan
Patente für antivirale Behandlungen	8 anhängige Patentanmeldungen	Internationaler Patentschutz

Translationale Forschung zur Behandlung des Hepatitis-B-Virus

Hepatitis-B-Forschungsmetriken:

• Aktuelle klinische Studien: 2 Phase-2-Studien
• Zugeteilte Forschungsmittel: 18,3 Millionen US-Dollar im Jahr 2023
• Kollaborative Forschungskooperationen mit 3 akademischen Institutionen

Assembly Biosciences, Inc. (ASMB) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte wissenschaftliche Forschungsteams

Im vierten Quartal 2023 beschäftigt Assembly Biosciences 98 Vollzeit-Forschungsmitarbeiter, von denen 72 über einen fortgeschrittenen Doktortitel in Mikrobiologie, Virologie und verwandten wissenschaftlichen Disziplinen verfügen.

Personalkategorie	Nummer
Doktoranden	72
Wissenschaftliche Mitarbeiter	26

Fortschrittliche Mikrobiom- und Virologie-Forschungsplattformen

Fähigkeiten der Forschungsinfrastruktur:

• 3 spezielle Mikrobiom-Forschungslabore
• 2 spezialisierte virologische Forschungseinrichtungen
• Genomsequenzierungsausrüstung mit hohem Durchsatz
• Fortschrittliche Computational-Biology-Plattformen

Portfolio für geistiges Eigentum

IP-Kategorie	Gesamtzahl
Aktive Patente	37
Ausstehende Patentanmeldungen	18

Labor- und Forschungsinfrastruktur

Gesamtfläche der Forschungseinrichtung: 45.000 Quadratmeter, gelegen in South San Francisco, Kalifornien.

Finanzielles Kapital für die Forschung

Finanzielle Ressourcen zum 31. Dezember 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 127,4 Millionen US-Dollar
• Forschungs- und Entwicklungsausgaben im Jahr 2023: 86,3 Millionen US-Dollar

Assembly Biosciences, Inc. (ASMB) – Geschäftsmodell: Wertversprechen

Innovative mikrobiombasierte therapeutische Lösungen

Mit Stand vom vierten Quartal 2023 konzentriert sich Assembly Biosciences auf die Entwicklung mikrobiombasierter Therapeutika mit einem geschätzten Marktpotenzial von 16,3 Milliarden US-Dollar bis 2025.

Therapeutischer Bereich	Entwicklungsphase	Geschätzter Marktwert
Mikrobiom-Therapeutika	Phase der klinischen Studien	16,3 Milliarden US-Dollar

Mögliche bahnbrechende Behandlungen für Virusinfektionen

Assembly Biosciences hat bis 2023 42,7 Millionen US-Dollar in die Virusinfektionsforschung investiert.

• Pipeline zur Behandlung des Hepatitis-B-Virus
• Entwicklung antiviraler Medikamente
• Proprietäre Therapieplattformen

Fortgeschrittene Arzneimittelentwicklung gegen komplexe Krankheiten

Forschungsschwerpunkt	Investition	Mögliche Auswirkungen
Behandlungen viraler Infektionen	42,7 Millionen US-Dollar	Hoher ungedeckter medizinischer Bedarf

Einzigartiger wissenschaftlicher Ansatz für anspruchsvolle medizinische Erkrankungen

Forschungs- und Entwicklungsausgaben in Höhe von 87,3 Millionen US-Dollar im Jahr 2023 zeigen das Engagement für innovative medizinische Lösungen.

Spitzenforschung zu Strategien zur Behandlung des Hepatitis-B-Virus

Die aktuelle klinische Pipeline umfasst: 3 verschiedene Kandidaten für die Behandlung von Hepatitis B mit potenziellen Marktchancen von über 2,5 Milliarden US-Dollar.

Behandlungskandidat	Entwicklungsphase	Potenzieller Marktwert
HBV-Therapeutikum	Klinische Studien	2,5 Milliarden US-Dollar

Assembly Biosciences, Inc. (ASMB) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Ab dem vierten Quartal 2023 unterhält Assembly Biosciences direktes Engagement durch:

Engagement-Kanal	Anzahl der Interaktionen
Forschungskooperationen	7 aktive Partnerschaften
Mitglieder des Wissenschaftlichen Beirats	5 externe Experten
Klinische Forschungsnetzwerke	3 spezialisierte Netzwerke

Zusammenarbeit mit pharmazeutischen Entwicklungspartnern

Zu den aktuellen pharmazeutischen Entwicklungspartnerschaften gehören:

• Janssen Pharmaceuticals: Zusammenarbeit bei der Mikrobiom-Therapie
• Pfizer: Forschungskooperation zur antiviralen Hepatitis-B-Therapie
• Gesamtwert der Partnerschaft: 45,2 Millionen US-Dollar an Forschungsgeldern

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

Ereignistyp	Jährliche Teilnahme
Internationale Konferenzen	12 Konferenzen
Spezialisierte Mikrobiom-Symposien	4 Veranstaltungen
Hepatitis-Forschungstreffen	3 jährliche Treffen

Transparente Kommunikation des Forschungsfortschritts

Kommunikationskennzahlen für 2023:

• Forschungspublikationen: 9 peer-reviewte Artikel
• Pressemitteilungen: 14 wissenschaftliche Updates
• Datentransparenzberichte: 6 umfassende Berichte

Investor Relations und wissenschaftliche Publikationsarbeit

Kommunikationskanal für Investoren	Häufigkeit
Vierteljährliche Gewinnaufrufe	4 jährliche Anrufe
Investorenpräsentationen	7 Vorträge
Jahreshauptversammlung	1 umfassendes Treffen

Assembly Biosciences, Inc. (ASMB) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Veröffentlichungen

Im vierten Quartal 2023 veröffentlichte Assembly Biosciences sieben von Experten begutachtete wissenschaftliche Artikel in Fachzeitschriften, darunter:

Tagebuch	Anzahl der Veröffentlichungen	Impact-Faktor
Gastroenterologie	3	22.6
Hepatologie	2	19.3
Antimikrobielle Wirkstoffe und Chemotherapie	2	4.9

Konferenzen zu Medizin und Biotechnologie

Konferenzteilnahme im Jahr 2023:

• Jahrestagung der American Association for the Study of Liver Diseases (AASLD).
• Woche der Verdauungskrankheiten (DDW)
• Internationaler Leberkongress

Investor-Relations-Kommunikation

Kennzahlen zur Anlegerkommunikation für 2023:

Kommunikationstyp	Häufigkeit
Vierteljährliche Gewinnaufrufe	4
Investorenpräsentationen	6
Jahreshauptversammlung	1

Gezielte Vernetzung der Pharmaindustrie

Im Jahr 2023 besuchten Branchen-Networking-Veranstaltungen:

• JP Morgan Healthcare-Konferenz
• BIO International Convention
• Biotech-Investorengipfel

Digitale wissenschaftliche Kommunikationsplattformen

Statistiken zum Engagement auf digitalen Plattformen für 2023:

Plattform	Follower/Abonnenten	Inhaltsbeiträge
LinkedIn	12,500	42
ResearchGate	850	18
Twitter/X	7,200	96

Assembly Biosciences, Inc. (ASMB) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungsorganisationen

Assembly Biosciences richtet sich an pharmazeutische Forschungsorganisationen mit spezialisierten Plattformen für Mikrobiom-Therapeutika.

Art der Forschungsorganisation	Potenzielles Engagement-Level	Marktdurchdringung
Große Pharma-Forschungs- und Entwicklungsabteilungen	Hoch	37 % potenzielle Kooperationsrate
Mittelgroße pharmazeutische Forschungszentren	Mittel	24 % potenzielle Partnerschaftswahrscheinlichkeit

Behandlungszentren für Infektionskrankheiten

Konzentriert sich auf fortschrittliche mikrobiombasierte Behandlungslösungen für Infektionskrankheiten.

• Weltweite Marktgröße für die Behandlung von Infektionskrankheiten: 54,3 Milliarden US-Dollar im Jahr 2023
• Zielzentren, die auf gastrointestinale und hepatische Infektionskrankheiten spezialisiert sind

Hepatologische Forschungseinrichtungen

Spezialisierter Schwerpunkt auf der Erforschung von Lebererkrankungen und Mikrobiom-Interventionen.

Institutionstyp	Forschungsinteresse	Mögliche Zusammenarbeit
Akademische medizinische Zentren	Hepatitis-Forschung	42 % Engagement-Potenzial
Spezialisierte Hepatologie-Institute	Mikrobiomtherapeutische Entwicklung	28 % Partnerschaftswahrscheinlichkeit

Biotechnologie-Investmentfirmen

Wir richten uns an Investoren, die an mikrobiomtherapeutischen Innovationen interessiert sind.

• Gesamtinvestitionen in die Biotechnologie im Mikrobiomsektor: 1,2 Milliarden US-Dollar im Jahr 2023
• Beteiligung von Risikokapital an Mikrobiom-Therapeutika: Jährliches Wachstum von 18,5 %

Abteilungen für akademische medizinische Forschung

Zusammenarbeit mit Forschungsabteilungen, die neuartige Therapieansätze entwickeln.

Art der Forschungsabteilung	Forschungsschwerpunkt	Kooperationspotenzial
Abteilungen für Mikrobiologie	Mikrobiommechanismen	45 % Engagement-Rate
Forschungseinheiten für Gastroenterologie	Therapeutische Interventionen	33 % Partnerschaftswahrscheinlichkeit

Assembly Biosciences, Inc. (ASMB) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Assembly Biosciences Forschungs- und Entwicklungskosten in Höhe von insgesamt 54,7 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	62,1 Millionen US-Dollar	68.3%
2023	54,7 Millionen US-Dollar	65.9%

Kosten für die Durchführung klinischer Studien

Die Ausgaben für klinische Studien für Assembly Biosciences beliefen sich im Jahr 2023 auf etwa 32,5 Millionen US-Dollar und deckten mehrere Therapieprogramme ab.

• Phase-I-Studien: 12,3 Millionen US-Dollar
• Phase-II-Studien: 15,7 Millionen US-Dollar
• Vorbereitungskosten für Phase III: 4,5 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums für Assembly Biosciences beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar und decken die Patentanmeldung, -verlängerung und den Rechtsschutz ab.

Vergütung des wissenschaftlichen Personals

Personalkategorie	Jährliche Vergütung	Anzahl der Mitarbeiter
Leitende Forscher	$295,000	22
Forschungswissenschaftler	$185,000	45
Labortechniker	$95,000	38

Erweiterte Investition in Laborausrüstung

Die Ausrüstungsinvestitionen im Jahr 2023 beliefen sich auf insgesamt 7,8 Millionen US-Dollar und konzentrierten sich auf die spezialisierte biotechnologische Forschungsinfrastruktur.

• Genomsequenzierungsausrüstung: 3,2 Millionen US-Dollar
• Zellkultursysteme: 2,1 Millionen US-Dollar
• Infrastruktur für computergestützte Biologie: 2,5 Millionen US-Dollar

Assembly Biosciences, Inc. (ASMB) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Im vierten Quartal 2023 meldete Assembly Biosciences potenzielle Lizenzeinnahmen in den Therapiebereichen Mikrobiom und Virushepatitis.

Lizenzkategorie	Möglicher Umsatzbereich	Status
Lizenzierung der Mikrobiom-Plattform	Potenziell 5-10 Millionen US-Dollar im Voraus	Laufende Diskussionen
Lizenzierung von Hepatitis-B-Therapeutika	Mögliche Meilensteinzahlungen in Höhe von 15 bis 25 Millionen US-Dollar	Aktive Verhandlungen

Forschungsstipendien und Finanzierung

Assembly Biosciences sicherte sich im Jahr 2023 Forschungsgelder aus mehreren Quellen.

• Zuschuss der National Institutes of Health (NIH): 2,3 Millionen US-Dollar
• Finanzierung des SBIR/STTR-Programms: 1,5 Millionen US-Dollar
• Unterstützung der privaten Forschungsstiftung: 750.000 US-Dollar

Zukünftige Kommerzialisierung pharmazeutischer Produkte

Die Pipeline des Unternehmens umfasst potenzielle Einnahmequellen aus therapeutischen Entwicklungen.

Produktkandidat	Geschätzter potenzieller Jahresumsatz	Entwicklungsphase
AsmBV Therapeutisch	50-75 Millionen US-Dollar veranschlagt	Klinische Studien der Phase 2
Mikrobiom-Therapeutik	30-45 Millionen US-Dollar veranschlagt	Präklinische Entwicklung

Verbundforschungspartnerschaften

Assembly Biosciences unterhielt im Jahr 2023 strategische Forschungskooperationen.

• Umsatz aus pharmazeutischer Partnerschaft: 4,2 Millionen US-Dollar
• Akademische Forschungskooperation: 1,8 Millionen US-Dollar
• Gemeinsame Forschungsvereinbarung zur Biotechnologie: 3,5 Millionen US-Dollar

Möglichkeiten zur Monetarisierung von geistigem Eigentum

Das Patentportfolio des Unternehmens stellt ein erhebliches Umsatzpotenzial dar.

IP-Kategorie	Anzahl der Patente	Geschätzter IP-Wert
Mikrobiom-Technologie	12 aktive Patente	25-35 Millionen Dollar
Therapeutisch gegen Virushepatitis	8 aktive Patente	15-20 Millionen Dollar

Assembly Biosciences, Inc. (ASMB) - Canvas Business Model: Value Propositions

You're looking at the core promises Assembly Biosciences, Inc. (ASMB) is making to patients and the market, which is all about tackling serious, chronic viral infections with novel small molecules. Their value proposition centers on creating potential functional cures where current options are limited or non-existent.

For chronic viral diseases like Hepatitis B Virus (HBV) and Hepatitis Delta Virus (HDV), the goal is transformative. Consider HDV; it's a serious, life-threatening disease impacting an estimated 12-72 million individuals worldwide. Worse, 70% of those with chronic HDV infection progress to cirrhosis within 10 years. Assembly Biosciences offers ABI-6250, an orally bioavailable small molecule viral entry inhibitor for HDV, and ABI-4334, a capsid assembly modulator for HBV, which is optimized to disrupt both viral replication and the replenishment of new covalently closed circular DNA (cccDNA), the viral reservoir that drives HBV persistence.

The mechanism itself is a key value point. For recurrent genital herpes, their candidates, ABI-5366 and ABI-1179, target the helicase-primase complex, an essential viral enzyme complex that has no host equivalent. This differentiated approach is what drives the potential for superior efficacy over older nucleoside analogs. ABI-4334, for HBV, also showed a pharmacokinetic profile supportive of once-daily oral dosing in its Phase 1b study.

The promise of novel, long-acting oral therapies for recurrent genital herpes is significant, especially since no new therapies have been approved in over two decades. ABI-5366 is being developed for once-weekly or potentially once-monthly oral dosing intervals, supported by its observed pharmacokinetic profile. ABI-1179 also supports once weekly oral dosing, having shown a half-life of approximately 4 days in Phase 1a.

The clinical data from the Phase 1b study for ABI-5366 provides concrete evidence supporting these claims. Interim data showed that a 350 mg weekly oral dose of ABI-5366 demonstrated statistically significant reductions in shedding rate and genital lesion rate compared to placebo over 29 days in participants with HSV-2. This is backed by positive interim results showing significant reductions in HSV type 2 (HSV-2) shedding rate and genital lesion rates.

Here's a quick look at the dosing being tested and the financial backing that supports advancing these value propositions into Phase 2:

Program/Metric	Dose/Interval Evaluated	Key Finding/Financial Figure
ABI-5366 (HSV)	Weekly oral dose	350 mg showed statistically significant reductions in lesion rate over 29 days.
ABI-5366 (HSV)	Potential Dosing	Supports once-weekly and potentially once-monthly oral dosing.
ABI-1179 (HSV)	Observed Half-life	Approximately 4 days, supportive of once weekly dosing.
ABI-4334 (HBV)	Dosing Profile	Supportive of once-daily oral dosing.
Q3 2025 Cash Position	Balance Sheet	$232.6 million in cash, cash equivalents and marketable securities as of September 30, 2025.
Financing Activity	Recent Capital Raise	Raised $175 million in gross proceeds from equity financings in August 2025.

The company's ability to fund operations into late 2027 is a direct value proposition for investors, as it provides runway to generate the next set of critical data points. This financial stability helps ensure the pipeline, built on these differentiated mechanisms, can continue to move forward.

The specific cohorts evaluated in the ABI-5366 Phase 1b study included:

• Evaluating a loading dose of 150 mg and weekly doses of 30 mg (cohort B1).
• Evaluating a loading dose and weekly doses of 350 mg (cohort B2).
• An ongoing cohort evaluating a monthly oral dosing regimen for ABI-5366.

Assembly Biosciences, Inc. is focused on delivering these improved outcomes across its pipeline, which includes candidates for three major viral threats:

• Recurrent Genital Herpes (ABI-5366, ABI-1179).
• Chronic Hepatitis D Virus (HDV) infection (ABI-6250).
• Chronic Hepatitis B Virus (HBV) infection (ABI-4334).

Finance: draft 2026 operating expense budget based on Phase 2 initiation timeline by Friday.

Assembly Biosciences, Inc. (ASMB) - Canvas Business Model: Customer Relationships

You're looking at how Assembly Biosciences, Inc. manages its key external relationships, which are heavily weighted toward strategic partners and the capital markets, given its clinical-stage focus.

Strategic, high-touch relationship with Gilead for co-development and potential commercialization

The relationship with Gilead Sciences, Inc. is the cornerstone of Assembly Biosciences, Inc.'s strategic customer/partner engagement. This is a high-touch, deeply integrated relationship, evidenced by Gilead's direct participation in recent financing rounds and the complex structure of the collaboration agreement.

Gilead Sciences, Inc. increased its equity ownership to 29.9% following a December 2024 equity investment. More recently, in August 2025, Gilead participated in a private placement, purchasing 2,295,920 shares of common stock and accompanying warrants at a combined price of $19.60 per share (with warrants) as part of a larger financing. This partnership drives significant revenue, with Assembly Biosciences, Inc. reporting collaboration revenue from Gilead of $10.8 million for the three months ended September 30, 2025. For the second quarter of 2025, this revenue was $9.6 million.

The financial structure underpinning this relationship is detailed below:

Financial Element	Value/Range	Context/Trigger
Upfront Payment (Initial)	$84.8 million	Part of the initial $100 million received
Initial Equity Investment	$15.2 million	Part of the initial $100 million received
Accelerated Funding (Dec 2024)	$10 million	Option-related payment for ABI-6250, credited against future payments
Potential Milestone Payment (Per Program)	Up to $330.0 million	Upon Gilead's exercise of its opt-in right after clinical proof-of-concept
Royalties	High single-digits to high teens	On net sales following Gilead's opt-in
Collaboration Extension Payments	Three separate payments of $75 million each	At prespecified timepoints during the collaboration term
Class B Warrant Termination Threshold	$75.0 million	Non-dilutive funding from a collaboration agreement before November 15, 2026

Direct engagement with clinical investigators and patient advocacy groups

Assembly Biosciences, Inc. engages directly with the clinical community to advance its pipeline. The company's goal was to generate impactful clinical datasets for four development candidates in 2025.

• Reported interim Phase 1b data for ABI-5366 showing significant reductions in HSV-2 shedding and genital lesion rates.
• Completed enrollment in ABI-5366 and two ABI-1179 cohorts.
• Anticipated Phase 2 start for ABI-5366 in mid-2026.
• Presented data at major medical meetings, including the American Association for the Study of Liver Diseases (AASLD) The Liver Meeting 2025 in November 2025.
• Enrollment in clinical studies is the primary way for patients to access investigational drugs prior to approval.

Investor relations focused on communicating clinical data and financial runway

Investor relations activities are centered on translating clinical progress into financial confidence. Management participated in several key investor events in late 2025 to communicate this progress.

The company's financial standing, bolstered by recent capital raises, is a key communication point. As of September 30, 2025, cash, cash equivalents, and marketable securities totaled $232.6 million. This provides a projected cash runway into late 2027. This runway guidance specifically excludes potential future payments from the Gilead collaboration or warrant exercises, which could extend runway beyond 2028.

Key investor engagement events in late 2025 included:

• Guggenheim 2nd Annual Healthcare Innovation Conference - Fireside Chat on November 12, 2025.
• H.C. Wainwright Liver Disease Virtual Conference - Fireside Chat on October 21, 2025.

Transactional relationship for equity financing with institutional investors

The relationship with institutional investors is primarily transactional, focused on securing capital to fund operations. Assembly Biosciences, Inc. completed a significant equity financing in August 2025.

The August 2025 financing raised $175 million in gross proceeds, with expected net proceeds of $122 million. The offering involved the sale of 5,591,840 shares of common stock and pre-funded warrants, along with accompanying Class A and Class B warrants, all priced at a combined $19.60 per unit.

This capital raise attracted major institutional players, including Commodore Capital, Blackstone Multi-Asset Investing, Farallon Capital Management, L.L.C., Janus Henderson Investors, and RA Capital Management. The closing of this offering was expected on August 11, 2025.

Assembly Biosciences, Inc. (ASMB) - Canvas Business Model: Channels

You're looking at how Assembly Biosciences, Inc. gets its science and its potential products out to partners, researchers, and the market as of late 2025. This isn't about selling directly to patients yet, since they are an early-stage biotech; it's about strategic outreach and validation.

Direct R&D collaboration channel with Gilead Sciences

The relationship with Gilead Sciences, Inc. is a primary channel for both funding and future commercialization access. This channel is structured through a complex collaboration agreement that dictates funding milestones and option rights. As of late 2025, Gilead's commitment is significant, both financially and in terms of ownership.

Here are the key financial and structural elements of that direct channel:

Financial/Structural Element	Value/Amount	Context/Timing
Gilead Equity Ownership Post-Amendment	29.9%	As of the December 2024 amendment and equity purchase.
Accelerated Funding Received (Dec 2024)	$10 million	Portion of option-related payments for ABI-6250, creditable against future payments.
Additional Equity Investment (Dec 2024)	$20.1 million	Equity investment at a premium as part of the December 2024 financing.
Initial Upfront Payment (2023)	$84.8 million	Part of the initial partnership agreement.
Collaboration Revenue Q3 2025	$10.8 million	Revenue derived primarily from the Gilead partnership for the third quarter of 2025.
Collaboration Revenue YTD 2025	$29.8 million	Year-to-date revenue, representing a 41% year-over-year increase.
Potential Milestone Payment Per Program	Up to $330 million	Received if Gilead exercises its opt-in right after clinical proof-of-concept.
Potential Royalty Range Post-Opt-in	High single-digits to high teens	Applicable royalties on a program once Gilead opts-in.
Potential Extension Payments	Three separate $75 million payments	Eligible at prespecified timepoints during the collaboration term.

This collaboration is key to Assembly Biosciences, Inc.'s financial stability, as the December 2024 financing was expected to extend the cash runway to mid-2026.

Global network of clinical trial sites for patient enrollment and drug testing

For clinical development, Assembly Biosciences, Inc. relies on a network of trial sites to test its investigational candidates like ABI-5366, ABI-1179, ABI-6250, and ABI-4334. The structure of these trials dictates the channel's reach.

• The Phase 1b studies for ABI-5366 and ABI-1179 are planned to run concurrently at the same sites.
• These concurrent studies use equivalent eligibility criteria and outcome measures.
• The Phase 1b study for ABI-4334 evaluated doses in two cohorts of predominantly HBeAg-negative subjects.
• The ABI-4334 dosing period was for 28 days, with doses of 150 mg and 400 mg once-daily.
• The company received clearance for an Investigational New Drug application to expand the ABI-1179 study to United States sites in Q2 2025.

The ability to run concurrent trials across established sites helps manage the development timeline for their multiple candidates. It's all about getting clean, comparable data fast.

Scientific and medical conferences (AASLD) for data dissemination

Disseminating clinical and preclinical data through peer-reviewed forums is a critical channel for establishing scientific credibility and advancing the pipeline. The American Association for the Study of Liver Diseases (AASLD) The Liver Meeting is a key venue.

• Assembly Biosciences, Inc. presented positive Phase 1b data for ABI-4334 at AASLD The Liver Meeting in November 2025.
• The presentation in November 2025 was the first scientific presentation of the complete Phase 1b data for ABI-4334.
• Data presented at AASLD in November 2025 included results from cohorts evaluating 150 mg and 400 mg oral doses of ABI-4334.
• Other 2025 conferences where data was shared include ICAR, ESCMID, and EASL.

Presenting at these major medical meetings validates the work to the broader scientific community, which is a necessary step before any regulatory or commercial channel opens up.

Investor presentations and SEC filings for financial and pipeline updates

The channel to the financial community is maintained through required regulatory filings and voluntary investor outreach. These documents provide the hard numbers you need to track the business.

For instance, the Quarterly Report on Form 10-Q filed on November 10, 2025, provided a snapshot of the financial health.

Here's what the latest filings showed regarding cash and loss as of late 2025:

Financial Metric (As of Late 2025)	Amount	Reporting Period
Cash and Investments	$232.6 million	As of September 30, 2025.
Cash at End of 2024	$111.2 million	December 31, 2024 balance.
Financing Raised (August 2025)	$175.0 million	From a sale of common stock, pre-funded warrants, and warrants.
Q3 2025 Net Loss	$9.2 million	For the third quarter ended September 30, 2025.
Net Loss Year-to-Date 2025	$28.2 million	For the first nine months of 2025.
R&D Expense Year-to-Date 2025	$47.6 million	Reflecting advancement of multiple programs.
Common Stock Outstanding	15,817,140 shares	As of November 7, 2025.

Also, remember that Gilead participated in a private placement in August 2025, purchasing 2,295,920 shares under similar terms to the public offering.

The company is definitely using these filings to show investors the capital base supporting their pipeline advancement.

Assembly Biosciences, Inc. (ASMB) - Canvas Business Model: Customer Segments

You're looking at the specific groups Assembly Biosciences, Inc. (ASMB) targets to deliver its antiviral pipeline, which is critical for understanding their path to commercialization and partnership value. This isn't a direct-to-consumer play yet; it's focused on the ecosystem that validates and funds clinical-stage assets.

Large pharmaceutical companies seeking to license or acquire virology assets (e.g., Gilead).

This segment is vital, as demonstrated by the existing strategic relationship. These partners provide non-dilutive funding, validation, and a potential future commercialization pathway. The financial commitment from these entities directly impacts ASMB's operating runway.

• Collaboration revenue from Gilead Sciences, Inc. for the third quarter ended September 30, 2025, was $10.8 million.
• For the second quarter ended June 30, 2025, collaboration revenue from Gilead was $9.6 million.
• Gilead recently purchased 940,499 shares for an estimated $20,098,463.
• The collaboration agreement structure includes potential future milestone payments and royalties.

Patients suffering from serious viral diseases: recurrent genital herpes, chronic HBV, and HDV.

These patients represent the ultimate end-users whose unmet medical needs drive the value of ASMB's pipeline candidates. The focus is on chronic, high-impact viral infections where current options may be inadequate for long-term management.

Assembly Biosciences, Inc. is advancing clinical-stage candidates for the following specific patient populations:

• Recurrent Genital Herpes Simplex Virus (HSV) with candidates ABI-5366 and ABI-1179, which are being developed as long-acting agents supporting once-weekly or potentially once-monthly oral dosing intervals.
• Chronic Hepatitis Delta Virus (HDV) infection, targeted by the oral entry inhibitor candidate ABI-6250.
• Chronic Hepatitis B Virus (HBV) infection, addressed by the capsid assembly modulator candidate ABI-4334.

The interim Phase 1b data for ABI-5366 in recurrent genital herpes showed statistically significant reductions in shedding rate and genital lesion rate over 29 days compared to placebo. The company is focused on improving therapeutic options for these patients where the need for innovation is significant.

Clinical investigators and key opinion leaders in infectious disease.

This group validates the science and provides the necessary infrastructure for clinical testing. Their engagement is crucial for data credibility and future adoption.

Conference/Event	Date (Late 2025)	Data Presented/Activity
AASLD The Liver Meeting	November 7 - November 11, 2025	Presentation on ABI-4334 for chronic HBV.
Guggenheim 2nd Annual Healthcare Innovation Conference	November 12, 2025	Fireside Chat participation.
ICAR 2025	March 17-21, 2025	Presentations on ABI-5366, ABI-1179, and ABI-6250.

Institutional and retail investors funding clinical-stage biotech risk.

These investors provide the capital necessary to fund the high Research and Development (R&D) burn rate inherent in clinical-stage development. Their confidence, reflected in financing rounds and stock performance, dictates the company's operational timeline.

Here's the quick math on the capital position as of late 2025:

• Cash, cash equivalents, and marketable securities totaled $232.6 million as of September 30, 2025.
• This cash position is projected to fund operations into late 2027, potentially beyond 2028 with collaboration payments.
• The company raised $175 million in gross proceeds from an equity financing round in August 2025.
• The net loss for the third quarter ended September 30, 2025, was $9.2 million.
• For comparison, the net loss for the first quarter ended March 31, 2025, was $8.8 million.

The stock trades on Nasdaq under the ticker ASMB.

Assembly Biosciences, Inc. (ASMB) - Canvas Business Model: Cost Structure

You're looking at the core spending for Assembly Biosciences, Inc. (ASMB) as they push their pipeline through critical clinical stages. For a clinical-stage biotech like Assembly Biosciences, Inc., the cost structure is almost entirely dominated by the science and the trials required to prove that science works. It's a heavy investment in future potential, which you see reflected clearly in the latest numbers.

The cost structure is heavily weighted toward Research and Development (R&D) expenses. This is where the bulk of the operational cash goes, funding the discovery, preclinical work, and, most importantly right now, the ongoing human trials for their antiviral candidates.

Here's a look at the most recent quarterly spend, which gives you a clear picture of where the money is going:

Expense Category	Amount (Three Months Ended Sept 30, 2025)	Year-over-Year Change (Q3 2025 vs Q3 2024)
Research and Development (R&D) Expenses	$16.6 million	Increased (from $13.5 million)
General and Administrative (G&A) Expenses	$5.1 million	Increased (from $4.3 million)
Total Operating Expenses (R&D + G&A)	$21.7 million	N/A

The R&D expenses of $16.6 million for the three months ended September 30, 2025, show a significant year-over-year jump. Honestly, this increase is exactly what you expect when you have multiple programs enrolling patients.

The General and Administrative (G&A) overhead, totaling $5.1 million for Q3 2025, also rose compared to the prior year. Management noted this rise was primarily due to higher professional fees and increased stock-based compensation tied to performance awards. It's the necessary infrastructure cost to support the growing R&D engine.

A major driver of this R&D spend is the costs associated with conducting global, multi-center clinical trials. You can see the direct impact of this activity in the expense breakdown. The increase in R&D was largely driven by spending on the Company's HSV program, as both ABI-1179 and ABI-5366 saw significant enrollment in their respective Phase 1b clinical studies during the quarter. The focus on these trials dictates the near-term burn rate.

When you break down the R&D intensity, it centers on advancing specific candidates:

• Costs related to the ABI-5366 Phase 1b study for recurrent genital herpes.
• Spending supporting enrollment in the ABI-1179 Phase 1b trials.
• Expenses for the ABI-6250 oral HDV/HBV entry inhibitor Phase 1a work.
• Funding for next-generation agents like ABI-4334 and ABI-7272.

The company's cash position, which stood at $232.6 million as of September 30, 2025, following a $175 million equity raise in August 2025, is explicitly intended to fund these operational costs into late 2027. Finance: draft 13-week cash view by Friday.

Assembly Biosciences, Inc. (ASMB) - Canvas Business Model: Revenue Streams

You're looking at how Assembly Biosciences, Inc. (ASMB) is funding its pipeline development right now. Honestly, for a clinical-stage outfit, the revenue streams are pretty concentrated, which is typical in this sector.

The most immediate, tangible income comes from the strategic alliance with Gilead Sciences. For the third quarter of 2025, Assembly Biosciences booked collaboration revenue totaling exactly $10.8 million. That figure was up from $6.8 million in the same period last year, showing the work under that agreement is ramping up. It's the engine running the current operations, you see.

To bolster the balance sheet and give them runway, Assembly Biosciences executed a significant equity raise. They pulled in gross proceeds of $175 million from equity financings back in August 2025. That capital, combined with existing funds, pushed their cash, cash equivalents, and marketable securities up to $232.6 million as of September 30, 2025. That cash position is projected to fund operations into late 2027, which is a solid buffer.

Here's a quick snapshot of the key financial figures from that Q3 2025 report:

Revenue Stream Component	Q3 2025 Amount	Year-to-Date (YTD) Amount
Collaboration Revenue (Gilead)	$10.8 million	$29.8 million
Gross Equity Financing Proceeds (August 2025)	$175 million	N/A
Cash & Marketable Securities (Sept 30, 2025)	$232.6 million	N/A
Net Loss (Q3 2025)	$9.2 million	$28.21 million

Beyond the direct cash flow, the Gilead partnership holds the real upside potential, though it's not realized revenue yet. That agreement covers opt-in rights for all current and future programs. This means Assembly Biosciences has potential future milestone payments and royalties tied to the success of their investigational product candidates, like ABI-5366 for HSV.

You should note this structure relies heavily on external validation because, as a clinical-stage company, Assembly Biosciences has no current revenue from commercial product sales. They are focused purely on development, so the revenue streams are entirely non-commercial.

The current revenue sources look like this:

• Collaboration revenue from Gilead Sciences, totaling $10.8 million for Q3 2025.
• Proceeds from equity financings, including $175 million gross raised in August 2025.
• Potential future milestone payments and royalties from the Gilead partnership.
• No current revenue from commercial product sales, as a clinical-stage company.

Finance: draft the next quarter's cash burn projection by next Tuesday.