Assembly Biosciences (NASDAQ: ASMB) Q1 2026 results with $8.2M revenue

Rhea-AI Filing Summary

Assembly Biosciences, Inc. reported first quarter 2026 results that show continued R&D investment alongside a manageable loss and solid cash position. Cash, cash equivalents and marketable securities totaled $226.6 million as of March 31, 2026, which the company believes can fund operations into 2028.

For the quarter, collaboration revenue from its Gilead partnership was $8.2 million, while research and development expenses were $14.9 million and general and administrative expenses were $4.7 million. Net loss attributable to common stockholders was $9.1 million, or $0.54 per share.

Operationally, the company completed Phase 1b studies for herpes candidates ABI-5366 and ABI-1179 and chronic toxicology studies for ABI-6250 in hepatitis delta virus. A Phase 2 study for ABI-6250 is expected to begin in the fourth quarter of 2026, and a decision on opting into a 40% U.S. cost-profit share with Gilead for the herpes program is planned by mid-2026.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Cash and securities: $226.6 million Collaboration revenue: $8.213 million Research and development expenses: $14.900 million +5 more

8 metrics

Cash and securities $226.6 million Cash, cash equivalents and marketable securities as of March 31, 2026

Collaboration revenue $8.213 million Revenue from related-party collaboration for the three months ended March 31, 2026

Research and development expenses $14.900 million Three months ended March 31, 2026

General and administrative expenses $4.683 million Three months ended March 31, 2026

Net loss $9.079 million Net loss for the three months ended March 31, 2026

Total assets $235.508 million Total assets as of March 31, 2026

Weighted average shares 16,900,232 shares Weighted average common shares outstanding, basic and diluted, Q1 2026

Deferred revenue $29.076 million Deferred revenue from a related party as of March 31, 2026

Key Terms

helicase-primase inhibitors, chronic hepatitis delta virus, collaboration revenue, deferred revenue, +2 more

6 terms

helicase-primase inhibitors medical

"Completed Phase 1b studies for ABI-5366 and ABI-1179, helicase-primase inhibitors for recurrent genital herpes"

Helicase-primase inhibitors are experimental or approved antiviral drugs that block two viral molecular machines—helicase and primase—that work together to copy a virus’s DNA, effectively stopping the virus from reproducing. For investors, they matter because successful inhibitors can become new treatments with commercial value, and their progress through clinical trials, patent protection, safety and approval drive company valuation much like a promising product pipeline in any industry.

chronic hepatitis delta virus medical

"ABI-6250, an oral small-molecule entry inhibitor candidate for chronic hepatitis delta virus"

Chronic hepatitis delta virus (HDV) infection is a long‑lasting viral liver infection that can only occur in people who also have hepatitis B; think of HDV as a hitchhiker that needs a host virus to survive. It matters to investors because chronic HDV causes more severe liver damage than hepatitis B alone, creating a clear medical need and potential market for diagnostics, treatments, and regulatory approvals that can drive revenue for companies developing therapies.

collaboration revenue financial

"Collaboration revenue from a related party was $8,213 for the three months ended March 31, 2026"

Payments a company receives from business partners under joint development, commercialization, or licensing agreements—often including upfront fees, milestone payments and a share of product sales—earned as part of a formal collaboration. Investors care because this income can validate a company’s technology, boost cash flow and reduce the cost of bringing products to market, but it is often lumpy and contingent on future milestones and partner performance, so it affects revenue predictability and valuation.

deferred revenue financial

"Deferred revenue from a related party was 29,076 as of March 31, 2026"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

operating lease liabilities financial

"Operating lease liabilities - short-term 590 and long-term 1,901"

Long-term lease payments a company is legally committed to because it rents assets such as offices, factories, or equipment; under modern accounting rules these future rent obligations are recorded on the balance sheet as liabilities. Investors care because operating lease liabilities act like debt that drains future cash, affects measures of leverage and borrowing capacity, and can change profitability and valuation — think of them as a company’s large, ongoing rent payments that limit its financial flexibility.

comprehensive loss financial

"Comprehensive loss was $(9,406) for the three months ended March 31, 2026"

Comprehensive loss measures the total decrease in a company’s value over a reporting period by combining its regular profit-or-loss with other gains or losses that don’t show up on the main income line—things like currency swings, changes in the value of certain investments, or pension adjustments. For investors it matters because it reveals hidden hits to a company’s equity that aren’t reflected in net income, offering a fuller picture of financial health, similar to checking both your bank balance and the value of investments when assessing your net worth.

Earnings Snapshot

Collaboration revenue: $8.213 million

Q1 2026

Collaboration revenue $8.213 million

Net loss $9.079 million

R&D expenses $14.900 million

G&A expenses $4.683 million

Understanding 8-K Material Events →

0001426800false00014268002026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2026

Assembly Biosciences, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-35005	20-8729264
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
Two Tower Place, 7th Floor, South San Francisco, California		94080
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (833) 509-4583

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001		ASMB		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 7, 2026, Assembly Biosciences, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information furnished with this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release dated May 7, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Assembly Biosciences, Inc.
Date: May 7, 2026		By:	/s/ John O. Gunderson
			John O. Gunderson
			VP, General Counsel and Corporate Secretary

2

Exhibit 99.1

Assembly Biosciences Reports First Quarter 2026 Financial Results and Recent Highlights

– Completed Phase 1b studies for ABI-5366 and ABI-1179, helicase-primase inhibitors for recurrent genital herpes –

– Completed chronic toxicology studies for ABI-6250, an oral small-molecule entry inhibitor candidate for chronic hepatitis delta virus; Phase 2 initiation anticipated Q4 2026 –

SOUTH SAN FRANCISCO, Calif. – May 7, 2026 – Assembly Biosciences, Inc. (Nasdaq: ASMB), a biotechnology company developing innovative therapeutics targeting serious viral diseases, today reported financial results for the first quarter ended March 31, 2026, and recent highlights.

“The first quarter reflected steady progress across our portfolio as we continue advancing our discovery and development programs,” said Jason Okazaki, chief executive officer and president of Assembly Bio. “As we look ahead, we anticipate receiving Gilead’s development plan and budget for the herpesvirus program and will evaluate our cost and profit share opt-in decision by mid-2026 while continuing to advance ABI-6250 toward Phase 2 in hepatitis delta virus by year-end.”

First Quarter 2026 and Recent Highlights

•Completed follow-up period for all participants in the Phase 1b portion of the studies for ABI-5366 and ABI-1179, reinforcing continued confidence in the safety and efficacy findings previously disclosed for both candidates

•Completed chronic toxicology studies for ABI-6250, establishing support for anticipated phase 2 doses

•Presented an oral presentation and three posters, including one late-breaker, highlighting interim Phase 1b data for ABI-5366 and ABI-1179 at the 2026 Congress of the European Society of Clinical Microbiology and Infectious Diseases (ESCMID) in Munich, Germany

Anticipated Milestones and Events

•By mid-2026, upon receipt of Gilead Sciences, Inc. (Gilead)’s development plan and budget for the helicase-primase inhibitor (HPI) program (ABI-5366 and ABI-1179) for recurrent genital herpes, Assembly Bio to determine whether to opt in to a 40% U.S. cost-profit share, in lieu of receiving U.S. milestones and royalties

•Initiation of a Phase 2 clinical study for ABI-6250 in participants with chronic hepatitis delta virus (HDV) infection expected in the fourth quarter of 2026

Upcoming Conferences

•European Association for the Study of the Liver (EASL) Congress: May 27-30, 2026 – Barcelona, Spain

ABI-5366, ABI-1179 and ABI-6250 are investigational product candidates that have not been approved anywhere globally, and their safety and efficacy have not been established. ABI-5366 and ABI-1179 are exclusively licensed to Gilead under the collaboration between Assembly Bio and Gilead, and Gilead has the sole right and responsibility for further clinical development and commercialization of the HPI program.

First Quarter 2026 Financial Results

•Cash, cash equivalents and marketable securities were $226.6 million as of March 31, 2026, compared to $248.1 million as of December 31, 2025. The company’s cash position is projected to fund operations into 2028.

•Revenue from collaborative research with Gilead was $8.2 million for the three months ended March 31, 2026, compared to $9.4 million for the same period in 2025. The decrease reflects the timing of activities performed and progress toward completion of services under the Gilead Collaboration Agreement.

•Research and development expenses were $14.9 million for the three months ended March 31, 2026, consistent with the same period in 2025, with increases in employee compensation and research and discovery activities offset by decreases in external program expenses due to the completion of clinical trials.

•General and administrative expenses were $4.7 million for the three months ended March 31, 2026, compared to $4.5 million for the same period in 2025, primarily driven by increased stock-based compensation related to performance-based awards.

•Net loss attributable to common stockholders was $9.1 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2026, compared to $8.8 million, or $1.17 per basic and diluted share, for the same period in 2025, reflecting a higher weighted-average share count in 2026.

About Assembly Biosciences

Assembly Biosciences is a biotechnology company dedicated to the development of innovative small-molecule therapeutics designed to change the path of serious viral diseases and improve the lives of patients worldwide. Led by an accomplished team of leaders in virologic drug development, Assembly Bio is committed to improving outcomes for patients struggling with the serious, chronic impacts of herpesvirus, hepatitis B virus (HBV) and hepatitis delta virus (HDV) infections. For more information, visit assemblybio.com.

Forward-Looking Statements

The 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 realize the potential benefits of its collaboration with Gilead, including all financial aspects of the collaboration and equity investments; Assembly Bio’s ability to initiate and complete clinical studies involving its therapeutic product candidates, including studies contemplated by Assembly Bio’s collaboration with Gilead, in the currently anticipated timeframes or at all; safety and efficacy data from clinical or nonclinical studies may not warrant further development of Assembly Bio’s product candidates; clinical and nonclinical data may not differentiate Assembly Bio’s product candidates from other companies’ candidates; Assembly Bio’s ability to maintain financial resources and secure additional funding necessary to continue its research activities, clinical studies, and other business operations; potential effects of changes in government regulation; results of nonclinical studies may not be representative of disease behavior in a clinical setting and may not be predictive of the outcomes of clinical studies; 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.

Contacts:

Investors:

Patrick Till

Meru Advisors

(484) 788-8560

investor_relations@assemblybio.com

Media:

Sam Brown LLC

Jamie Strachota

(703) 819-7647

ASMBMedia@sambrown.com

ASSEMBLY BIOSCIENCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands except for share amounts and par value)

		March 31,				December 31,
		2026				2025
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	31,120			$	58,450
Marketable securities			195,481				189,656
Accounts receivable from collaboration with a related party			451				974
Prepaid expenses and other current assets			5,561				5,469
Total current assets			232,613				254,549
Property and equipment, net			214				221
Operating lease right-of-use assets			2,369				2,508
Other assets			312				312
Total assets		$	235,508			$	257,590
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	1,129			$	1,171
Accrued research and development expenses			1,538				2,387
Other accrued expenses			2,664				7,749
Deferred revenue from a related party			29,076				36,904
Operating lease liabilities - short-term			590				569
Total current liabilities			34,997				48,780
Operating lease liabilities - long-term			1,901				2,059
Total liabilities			36,898				50,839
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; 150,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 15,892,353 and 15,855,329 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively			16				16
Additional paid-in capital			1,040,088				1,038,823
Accumulated other comprehensive loss			(368	)			(41	)
Accumulated deficit			(841,126	)			(832,047	)
Total stockholders' equity			198,610				206,751
Total liabilities and stockholders' equity		$	235,508			$	257,590

ASSEMBLY BIOSCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands except for share and per share amounts)

(Unaudited)

		Three Months Ended March 31,
		2026				2025
Collaboration revenue from a related party		$	8,213			$	9,419
Operating expenses
Research and development			14,900				14,851
General and administrative			4,683				4,509
Total operating expenses			19,583				19,360
Loss from operations			(11,370	)			(9,941	)
Other income
Interest and other income, net			2,291				1,123
Total other income			2,291				1,123
Net loss		$	(9,079	)		$	(8,818	)
Other comprehensive loss
Unrealized loss on marketable securities			327				42
Comprehensive loss		$	(9,406	)		$	(8,860	)
Net loss per share, basic and diluted		$	(0.54	)		$	(1.17	)
Weighted average common shares outstanding, basic and diluted			16,900,232				7,506,321

FAQ

How did Assembly Biosciences (ASMB) perform financially in Q1 2026?

Assembly Biosciences reported Q1 2026 collaboration revenue of $8.2 million, primarily from its Gilead partnership. The company recorded a net loss of $9.1 million, or $0.54 per share, reflecting ongoing investment in its antiviral development pipeline.

What is Assembly Biosciences’ cash position and runway after Q1 2026?

Assembly Biosciences ended March 31, 2026 with $226.6 million in cash, cash equivalents and marketable securities. The company states this cash position is projected to fund operations into 2028, supporting continued clinical development of its herpes and hepatitis delta programs.

How did Assembly Biosciences’ Q1 2026 expenses compare to last year?

Research and development expenses were $14.9 million, roughly in line with Q1 2025, as higher compensation and discovery costs offset lower external trial spending. General and administrative expenses were $4.7 million, slightly above the prior year due to stock-based compensation.

What progress did Assembly Biosciences report for its herpes programs ABI-5366 and ABI-1179?

Assembly Biosciences completed the Phase 1b follow-up period for ABI-5366 and ABI-1179, helicase-primase inhibitors for recurrent genital herpes. The company said results reinforced confidence in previously disclosed safety and efficacy, and presented interim data at the 2026 ESCMID Congress.

What are the next milestones for Assembly Biosciences’ ABI-6250 hepatitis delta candidate?

The company completed chronic toxicology studies for ABI-6250, supporting anticipated Phase 2 dosing. It expects to initiate a Phase 2 clinical study in chronic hepatitis delta virus during the fourth quarter of 2026, advancing its HDV development portfolio.

What decision is Assembly Biosciences considering in its Gilead collaboration?

By mid-2026, Assembly Biosciences expects to receive Gilead’s development plan and budget for the herpes helicase-primase inhibitor program. At that point, it plans to determine whether to opt into a 40% U.S. cost-profit share instead of receiving U.S. milestones and royalties.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 206.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 30.0 KB