Assembly Biosciences, Inc. reported significant financial developments in its latest 10-Q filing for the third quarter of 2024. As of September 30, 2024, the company had cash and cash equivalents of $28.5 million, an increase from $19.8 million at the end of 2023. However, total current assets decreased to $98.2 million from $133.8 million, and total assets fell to $100.3 million from $136.8 million over the same period. The company’s total liabilities decreased to $74.3 million from $95.7 million, while total stockholders' equity dropped to $26.0 million from $41.1 million.
In terms of revenue, Assembly Biosciences recognized collaboration revenue of $6.8 million for Q3 2024, attributed to its collaboration with Gilead, compared to no revenue in Q3 2023. For the first nine months of 2024, collaboration revenue totaled $21.2 million, a stark contrast to the previous year’s figure of zero. The company reported a net loss of $9.6 million for Q3 2024, an improvement from a net loss of $14.4 million in Q3 2023. For the nine-month period, the net loss was $29.8 million, down from $50.3 million in the same period of 2023.
Operating expenses for Q3 2024 were $17.8 million, up from $15.0 million in Q3 2023, with research and development expenses increasing to $13.5 million from $10.8 million, primarily due to external costs associated with advancing its pipeline. General and administrative expenses remained relatively stable at $4.3 million compared to $4.2 million in the prior year.
The company’s weighted average shares outstanding increased to 6.4 million in Q3 2024 from 4.4 million in Q3 2023, reflecting the impact of a reverse stock split executed in February 2024. The net loss per share improved to $(1.51) for Q3 2024 from $(3.29) in Q3 2023.
Strategically, Assembly Biosciences has focused on its collaboration with Gilead, which includes exclusive licensing of its helicase-primase inhibitor (HPI) and novel nucleoside analog programs. Gilead holds approximately 19.9% of the company’s outstanding shares and has the option to increase its stake to 29.9%. The collaboration agreement includes potential milestone payments and royalties, which could significantly impact future revenues.
The company continues to face operational risks, including the need for additional funding to support ongoing research and development, which may necessitate cost reductions or staff layoffs if funding is not secured.
About ASSEMBLY BIOSCIENCES, INC.
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