Full Press Release Details
Assembly Biosciences
Announces First Quarter 2018 Financial Results
INDIANAPOLIS and SAN FRANCISCO, May 7, 2018 - Assembly
Biosciences, Inc. (NASDAQ: ASMB), a clinical-stage biotechnology company advancing a new class of oral therapeutics for the treatment
of hepatitis B virus (HBV) infection and novel oral synthetic live biotherapeutics for disorders associated with the microbiome,
today reported financial results for the first quarter ended March 31, 2018.
"Thanks to the strength of our science, product platforms
and our talented and growing team, we've had a very strong start to 2018 and are on target to continue to execute on our
plan to achieve our goals this year and beyond," said Derek Small, president and chief executive officer. "Last
month at the European Association for the Study of the Liver (EASL) conference, we reported positive interim Phase 1b data for
ABI-H0731 our lead Core protein Allosteric Modifier (CpAM), and we are excited to be hosting our first investor and analyst day
in June where we will be sharing details about our upcoming two Phase 2a studies. Our microbiome program also continues to make
significant progress internally and in collaboration with Allergan."
Upcoming Milestones and Events
First Quarter Financial Results
About Assembly Biosciences
Assembly Biosciences, Inc. is a clinical-stage public biotechnology
company developing two innovative platform programs: an HBV program advancing a new class of oral therapeutics for the treatment
of hepatitis B virus (HBV) infection and a microbiome program developing novel oral synthetic live biotherapeutics for disorders
associated with the microbiome. Assembly's HBV-cure program is advancing multiple drug candidates with the aim of increasing
cure rates in patients with chronic HBV. TAssembly's microbiome program consists of a fully integrated platform that includes a
robust strain identification and selection process, methods for strain isolation and growth under current Good Manufacturing Practices
and a patented delivery system, GEMICEL , which allows for targeted oral delivery of live biologic and conventional
therapies to the lower gastrointestinal tract. For more information, visit assemblybio.com.
Forward-Looking Statements
in this press release contains forward-looking statements regarding future events, including statements about the clinical and
therapeutic potential of ABI-H0731 and Assembly's development programs, the results of earlier nonclinical studies and clinical
trials may not be predictive of future clinical trial results, the initiation, progress and results of Assembly's ongoing
and planned clinical studies and the timing of these events and our estimates and projections regarding expenses, use of cash,
cash equivalents and marketable securities, future revenue, capital requirements and financing requirements. Certain forward-looking
statements may be identified by reference to a future period or periods or by use of forward-looking terminology such as "expected,"
"anticipated," "designed" or "developing." Assembly 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. Actual results or developments may differ materially from those projected
or implied in these forward-looking statements. More information about the risks and uncertainties faced by Assembly are more
fully detailed under the heading "Risk Factors" in Assembly's Annual Report on Form 10-K for the year ended December
31, 2017 and Assembly's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 each filed with the Securities
and Exchange Commission. Except as required by law, Assembly assumes no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
| Assembly Biosciences, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| March 31, | December 31, | |||||||
| 2018 | 2017 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 66,926,630 | $ | 82,033,209 | ||||
| Marketable securities, at fair value | 42,232,348 | 37,914,482 | ||||||
| Accounts receivable from collaboration | 2,263,556 | 2,273,421 | ||||||
| Prepaid expenses and other current assets | 1,803,066 | 897,400 | ||||||
| Total current assets | 113,225,600 | 123,118,512 | ||||||
| Long-term assets | ||||||||
| Marketable securities, at fair value | - | 3,347,213 | ||||||
| Property, plant and equipment, net | 731,500 | 860,026 | ||||||
| Security deposits | 425,592 | 339,558 | ||||||
| Intangible assets | 29,000,000 | 29,000,000 | ||||||
| Goodwill | 12,638,136 | 12,638,136 | ||||||
| Total long-term assets | 42,795,228 | 46,184,933 | ||||||
| Total assets | $ | 156,020,828 | $ | 169,303,445 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,372,874 | $ | 2,123,939 | ||||
| Accrued expenses | 4,647,472 | 6,139,000 | ||||||
| Deferred revenue - short-term | 5,159,587 | 5,229,227 | ||||||
| Total current liabilities | 12,179,933 | 13,492,166 | ||||||
| Long-term liabilities | ||||||||
| Deferred tax liabilities | 2,135,802 | 2,135,802 | ||||||
| Deferred revenue - long-term | 39,323,844 | 40,555,708 | ||||||
| Total long-term liabilities | 41,459,646 | 42,691,510 | ||||||
| Total liabilities | 53,639,579 | 56,183,676 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | - | - | ||||||
| Common stock, $0.001 par value; 50,000,000 shares authorized; 20,386,736 and 20,137,974 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively | 20,387 | 20,138 | ||||||
| Additional paid-in capital | 370,104,986 | 364,528,037 | ||||||
| Accumulated other comprehensive loss | (459,350 | ) | (392,391 | ) | ||||
| Accumulated deficit | (267,284,774 | ) | (251,036,015 | ) | ||||
| Total stockholders' equity | 102,381,249 | 113,119,769 | ||||||
| Total liabilities and stockholders' equity | $ | 156,020,828 | $ | 169,303,445 |
| Assembly Biosciences, Inc. | ||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2018 | 2017 | |||||||
| Collaboration revenue | $ | 3,565,060 | $ | 684,369 | ||||
| Operating expenses: | ||||||||
| Research and development | 14,541,174 | 10,573,739 | ||||||
| General and administrative | 5,696,035 | 4,040,459 | ||||||
| Total operating expenses | 20,237,209 | 14,614,198 | ||||||
| Loss from operations | (16,672,149 | ) | (13,929,829 | ) | ||||
| Other income (expenses) | ||||||||
| Interest and other income | 446,406 | 136,484 | ||||||
| Realized loss from marketable securities | (23,016 | ) | (137,248 | ) | ||||
| Total other income (expense) | 423,390 | (764 | ) | |||||
| Net loss | $ | (16,248,759 | ) | $ | (13,930,593 | ) | ||
| Other comprehensive (loss) income | ||||||||
| Unrealized loss recognized in accumulated other comprehensive loss before reclassification | (89,975 | ) | (61,156 | ) | ||||
| Reclassification adjustment of unrealized loss included in net loss | 23,016 | 137,248 | ||||||
| Comprehensive loss | $ | (16,315,718 | ) | $ | (13,854,501 | ) | ||
| Net loss per share, basic and diluted | $ | (0.80 | ) | $ | (0.81 | ) | ||
| Weighted average common shares outstanding, basic and diluted | 20,231,804 | 17,268,280 |