Assembly Biosciences, Inc. (ASMB): Business Model Canvas [Dec-2025 Updated]

You're digging into Assembly Biosciences, Inc.'s (ASMB) strategy right now, and frankly, the Business Model Canvas tells a clear story of a high-stakes, clinical-stage biotech. As of late 2025, their engine is fueled by a significant cash position of $232.6 million (as of 9/30/2025) and a crucial partnership, which delivered $10.8 million in collaboration revenue during Q3 2025, even as R&D expenses hit $16.6 million that same quarter. This model hinges on delivering data for their novel antiviral candidates-like the ones targeting HBV and HDV-to unlock future milestone payments from Gilead Sciences, Inc., while they manage the near-term risk of funding trials with capital secured from a recent $175 million gross equity raise. See below for the full nine-block breakdown of how they plan to turn this specialized IP into a cure for chronic viral diseases.

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

You're looking at the core relationships that fuel Assembly Biosciences, Inc.'s engine, especially how they manage the high-stakes, capital-intensive world of virology R&D. The structure here is heavily weighted toward one major player, Gilead Sciences, Inc., which acts as both a strategic partner and a significant financial backer.

Long-term strategic collaboration with Gilead Sciences, Inc. for virology R&D

Assembly Biosciences, Inc. entered into a significant, 12-year partnership with Gilead Sciences, Inc. to advance novel antiviral therapies, initially targeting herpesviruses, Hepatitis B Virus (HBV), and Hepatitis D Virus (HDV). This collaboration is foundational, incorporating Assembly Biosciences, Inc.'s current and future pipeline candidates, plus two of Gilead Sciences, Inc.'s own herpesvirus programs. For instance, the investigational product candidate ABI-1179 was contributed by Gilead Sciences, Inc. under this agreement.

The initial terms established a substantial financial foundation for Assembly Biosciences, Inc.:

• Assembly Biosciences, Inc. received $100 million upfront.
• This included an upfront cash payment of $84.8 million.
• It also included a $15.2 million equity investment from Gilead Sciences, Inc.
• Gilead Sciences, Inc.'s initial equity stake represented 19.9 percent of Assembly Biosciences, Inc.'s outstanding voting stock at closing.

The structure is designed for potential upside for Assembly Biosciences, Inc. should their assets prove successful in later stages:

Gilead's equity investment and accelerated funding for pipeline programs

The partnership has seen further financial reinforcement from Gilead Sciences, Inc. to help fund ongoing clinical work, especially heading into key 2025 data readouts. In December 2024, an amendment to the collaboration agreement provided a direct cash infusion and additional equity.

Here's the quick math on that December 2024 acceleration:

• Accelerated funding received: $10 million under the collaboration agreement.
• Additional equity investment from Gilead Sciences, Inc.: $20.1 million.
• The combined effect of this and other factors was projecting the cash position to fund operations into mid-2026.

This ongoing financial support is critical, as Assembly Biosciences, Inc.'s cash, cash equivalents, and marketable securities stood at $75.0 million as of June 30, 2025. Furthermore, revenue generated directly from the research activities under this partnership was $9.6 million for the three months ended June 30, 2025. Still, Gilead Sciences, Inc. retains the right to opt-in after Phase 1 or 2 completion, which limits Assembly Biosciences, Inc.'s flexibility for alternative partnerships on those specific programs.

Global academic centers and research networks for multi-center clinical trials

While the Gilead Sciences, Inc. relationship is paramount, Assembly Biosciences, Inc. actively engages with the broader scientific community for data dissemination and trial execution. You see this engagement through presentations at major medical congresses throughout 2025, which validates their preclinical and clinical findings to peers.

Key scientific engagements in 2025 included:

• Presenting data at the 2025 Congress of the European Society of Clinical Microbiology and Infectious Diseases (ESCMID) in Vienna, Austria, in April.
• Presenting at the STI & HIV 2025 World Congress in Montreal, Canada, in July.
• Presenting at the 49th Annual International Herpesvirus Workshop in Berlin, Germany, in July.
• An abstract for ABI-6250 was accepted for oral presentation at the International HBV Meeting in September.

The company also presents its strategy and progress directly to the investment community via industry conferences, such as the Jefferies 2025 Global Healthcare Conference in June and the Guggenheim 2nd Annual Healthcare Innovation Conference in November 2025. For clinical trial execution, Assembly Biosciences, Inc. received clearance in June 2025 to expand the Phase 1b study for ABI-1179 into the United States, suggesting the use of US-based clinical research sites.

Institutional investors providing capital through equity financings

To supplement the strategic funding from Gilead Sciences, Inc., Assembly Biosciences, Inc. taps the public markets. In August 2025, the company priced a substantial underwritten, registered offering to bolster its general corporate purposes, including advancing clinical trials. This financing demonstrated strong external confidence in their pipeline.

The August 2025 financing details were:

This August 2025 capital raise saw participation from several notable institutional names, signaling broad investor belief in the company's trajectory. These partners are definitely key to the financial stability needed to reach those Gilead milestone decision points.

• Commodore Capital
• Blackstone Multi-Asset Investing
• Farallon Capital Management, L.L.C.
• Janus Henderson Investors
• RA Capital Management

These investors joined existing ones, supporting the company's focus on advancing therapeutics for herpesvirus, HBV, and HDV infections. Finance: draft 13-week cash view by Friday.

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

You're looking at the engine room of Assembly Biosciences, Inc. (ASMB) right now, focusing on what they actually do to move their science forward, especially given the recent capital injection. The key activities are all about execution in the clinic and managing that crucial partnership.

Research and clinical development of novel antiviral small molecules.

Assembly Biosciences, Inc. is actively pushing four investigational product candidates through the clinic as of late 2025. This involves integrating medicinal chemistry, structural biology, and translational virology to advance candidates targeting serious viral diseases. The R&D expenses for the third quarter ended September 30, 2025, were $16.6 million.

The pipeline focus includes:

• Developing core protein allosteric modulators (CpAMs) for HBV.
• Advancing prenylation inhibitors for HDV.
• Progressing helicase-primase inhibitors for HSV.

Conducting Phase 1b/2 clinical trials for HSV, HDV, and HBV candidates.

Clinical trial execution is a major activity, with specific milestones hit or anticipated around the end of 2025. The positive interim results from the Phase 1b study for ABI-5366 in recurrent genital herpes are a key output of this activity.

Here's a snapshot of the late 2025 clinical status:

The company anticipates additional interim Phase 1b data readouts from the HSV program by the end of the year.

Managing the Gilead collaboration and achieving contractual milestones.

The relationship with Gilead Sciences, Inc. is central to funding and advancing specific pipeline assets, notably ABI-1179, which was contributed by Gilead. Managing this partnership involves executing research activities that trigger revenue recognition.

Financial performance tied directly to this activity for the third quarter ended September 30, 2025, was:

• Collaboration revenue recognized: $10.8 million (or $10.79 million).
• This revenue was up from $6.8 million in the same period in 2024.

The management team is definitely focused on hitting the contractual milestones that unlock these payments.

Securing capital and managing investor relations for continued operations.

Ensuring the lights stay on and funding the next set of trials requires active capital management. Assembly Biosciences, Inc. successfully reset its balance sheet in August 2025.

The liquidity position as of September 30, 2025, was:

• Cash, cash equivalents and marketable securities: $232.6 million.
• This followed a $175 million gross equity financing completed in August 2025.
• This financing extends the projected cash runway into late 2027, potentially beyond 2028 when factoring in potential future payments from the Gilead collaboration.

The net loss for the quarter was $9.2 million.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that power Assembly Biosciences, Inc.'s ability to execute its strategy in the antiviral space. These aren't just line items; they are the tangible and intangible elements driving near-term value and future optionality.

The most immediate resource is the balance sheet strength following recent capital activity. As of September 30, 2025, Assembly Biosciences, Inc. held $232.6 million in cash, cash equivalents, and marketable securities. This liquidity position, significantly bolstered by a $175 million gross proceeds equity financing completed in August 2025, is projected to fund operations into late 2027. That runway extends beyond 2028 if potential future payments from the Gilead collaboration or warrant exercises are included. Honestly, that cash buffer gives the team breathing room to hit critical clinical milestones without immediate financing pressure.

The foundation of Assembly Biosciences, Inc.'s value rests heavily on its intellectual property portfolio. This IP covers differentiated mechanisms across its key therapeutic areas:

• Helicase-primase inhibitors (HPI) targeting Herpes Simplex Virus (HSV).
• Next-generation capsid assembly modulators (CAM) for Hepatitis B Virus (HBV).
• Oral entry inhibitors for Hepatitis D Virus (HDV).
• Preclinical programs, including a pan-herpes polymerase inhibitor and an IFNAR agonist.

This specialized IP is being advanced through a long-term partnership with Gilead Sciences, Inc., which includes opt-in rights on current and future programs after clinical proof-of-concept is achieved.

The clinical pipeline represents the most critical near-term assets, translating the IP into potential human benefit. Here's a look at the four key investigational candidates as of late 2025:

The human capital-the specialized R&D team-is another core resource. This team possesses deep expertise in antiviral drug development. To be fair, this isn't just academic knowledge; the collective team track record includes over 15 approved drugs in viral diseases, including hepatitis. That experience is invaluable when navigating the complexities of clinical trials for novel mechanisms.

The pipeline progress is tied to specific near-term catalysts. You should be tracking these developments closely:

• Interim Phase 1b data readout for the HSV program (ABI-5366 and ABI-1179) expected by the end of the year.
• Initiation of a Phase 2 clinical study for ABI-5366 anticipated in mid-2026.
• Collaboration revenue from Gilead was $10.8 million for the three months ended September 30, 2025.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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.

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:

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:

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.