ASMB

MKT CAP:$442M

Assembly Biosciences, Inc.

Market Cap

$442M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$28.42-$5.32 (-15.77%)

Apr 23, 2026

Company Details

Assembly Biosciences, Inc., a clinical-stage biotechnology company, discovers and develops therapeutic candidates for the treatment of hepatitis B virus (HBV) infection in the United States. The company's lead product candidate is Vebicorvi...

CEO

Jason A. Okazaki

IPO Date

Dec 17, 2010

Website

www.assemblybio.com

Key Metrics TTM

Revenue

$72M

+153.5% YoY

Net Income

-$6M

EPS (Diluted)

-$1.21

Free Cash Flow

-$41M

Revenue / Share

$6.45

Gross Margin

77.7%

Operating Margin

-16.8%

Net Margin

-8.5%

FCF Margin

-56.9%

P/S

6.1x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 19, 2026

$72M+153.5%EPS -$0.55

Q4 2025

Mar 19, 2026

$42M+477.3%EPS $2.49

Q3 2025

Nov 10, 2025

$11M+57.6%EPS -$1.20

Q2 2025

Aug 6, 2025

$10M+12.8%EPS -$1.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$17M	-$23M
Q2 22	$0	-$17M	-$25M
Q3 22	$0	-$17M	-$23M
Q4 22	$0	-$17M	-$23M
Q1 23	$0	-$15M	-$20M
Q2 23	$0	-$13M	-$17M
Q3 23	$0	-$11M	-$15M
Q4 23	$7M	$7M	-$13M
Q1 24	$6M	$6M	-$11M
Q2 24	$9M	$9M	-$12M
Q3 24	$7M	$7M	-$11M
Q4 24	$7M	-$7M	-$12M
Q1 25	$9M	$9M	-$10M
Q2 25	$10M	-$6M	-$11M
Q3 25	$11M	$11M	-$11M
Q4 25	$42M	$42M	$20M

Valuation

Quarter	P/S	P/E
Q1 22	201.3x	—
Q2 22	202.9x	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	7.8x	—
Q1 24	5.6x	—
Q2 24	3.5x	—
Q3 24	3.0x	—
Q4 24	3.6x	—
Q1 25	1.8x	—
Q2 25	4.1x	—
Q3 25	5.1x	—
Q4 25	3.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$28M	-$28M
Q2 22	-$18M	-$18M
Q3 22	-$20M	-$20M
Q4 22	-$19M	-$19M
Q1 23	-$23M	-$23M
Q2 23	-$14M	-$14M
Q3 23	-$14M	-$14M
Q4 23	$74M	$74M
Q1 24	-$18M	-$18M
Q2 24	-$17M	-$17M
Q3 24	-$15M	-$15M
Q4 24	-$407.0K	-$407.0K
Q1 25	-$23M	-$23M
Q2 25	-$17M	-$17M
Q3 25	-$15M	-$15M
Q4 25	$14M	$14M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$102.0K
Q4 22	$0
Q1 23	$0
Q2 23	$48.0K
Q3 23	$136.0K
Q4 23	$71.0K
Q1 24	$14.0K
Q2 24	$14.0K
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$42.0K
Q4 25	$24.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	-15.0%
Q2 22	—	+3.8%
Q3 22	-100.0%	-6.9%
Q4 22	—	-63.5%
Q1 23	—	-15.6%
Q2 23	—	-28.8%
Q3 23	—	-35.7%
Q4 23	—	-14.2%
Q1 24	—	-15.6%
Q2 24	—	+18.6%
Q3 24	—	+18.3%
Q4 24	+2.7%	-4.2%
Q1 25	+62.8%	+17.2%
Q2 25	+12.8%	-0.1%
Q3 25	+57.6%	+21.7%
Q4 25	+477.3%	+20.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	—
Q2 22	$2M	—
Q3 22	$2M	—
Q4 22	$2M	—
Q1 23	$2M	—
Q2 23	$1M	—
Q3 23	$1M	—
Q4 23	$959.0K	13.4%
Q1 24	$739.0K	12.8%
Q2 24	$833.0K	9.8%
Q3 24	$797.0K	11.6%
Q4 24	$751.0K	10.2%
Q1 25	$712.0K	7.6%
Q2 25	$834.0K	8.7%
Q3 25	$2M	15.5%
Q4 25	$1M	3.4%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$17M	$6M
Q2 22	$18M	$6M
Q3 22	$18M	$5M
Q4 22	$17M	$6M
Q1 23	$15M	$5M
Q2 23	$13M	$5M
Q3 23	$11M	$4M
Q4 23	$11M	$9M
Q1 24	$12M	$5M
Q2 24	$16M	$4M
Q3 24	$14M	$4M
Q4 24	$14M	$5M
Q1 25	$15M	$5M
Q2 25	$16M	$5M
Q3 25	$17M	$5M
Q4 25	$17M	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$51M	$72M	$123M
Q2 22	$43M	$74M	$117M
Q3 22	$55M	$54M	$109M
Q4 22	$52M	$39M	$92M
Q1 23	$43M	$30M	$73M
Q2 23	$22M	$38M	$60M
Q3 23	$27M	$20M	$46M
Q4 23	$20M	$110M	$130M
Q1 24	$19M	$94M	$113M
Q2 24	$19M	$90M	$109M
Q3 24	$28M	$67M	$95M
Q4 24	$38M	$74M	$112M
Q1 25	$23M	$68M	$91M
Q2 25	$24M	$51M	$75M
Q3 25	$23M	$210M	$233M
Q4 25	$58M	$190M	$248M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	5M	+5.6%	+21.3%
Q2 22	5M	+0.4%	+12.6%
Q3 22	5M	+0.3%	+6.3%
Q4 22	4M	-16.1%	-10.8%
Q1 23	4M	+4.6%	-11.7%
Q2 23	4M	+2.4%	-9.8%
Q3 23	4M	+0.6%	-9.6%
Q4 23	5M	+25.2%	+34.8%
Q1 24	5M	+0.0%	+29.0%
Q2 24	6M	+2.9%	+29.6%
Q3 24	6M	+12.6%	+45.0%
Q4 24	7M	+3.6%	+20.0%
Q1 25	8M	+14.1%	+36.9%
Q2 25	8M	+2.0%	+35.7%
Q3 25	8M	0.0%	+20.5%
Q4 25	11M	+46.4%	+70.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	102
Q2 22	$0	102
Q3 22	$0	102
Q4 22	$0	68
Q1 23	$0	68
Q2 23	$0	68
Q3 23	$0	68
Q4 23	$110.2K	65
Q1 24	$89.0K	65
Q2 24	$131.3K	65
Q3 24	$105.3K	65
Q4 24	$100.8K	73
Q1 25	$129.0K	73
Q2 25	$131.9K	73
Q3 25	$147.8K	73
Q4 25	$581.8K	73

Revenue / Employee