10-Q · May 7, 2026
Assembly Biosciences reported a significant increase in revenue of 513% from the previous quarter, reaching $42 million in Q4 2025, with an EPS of 2.48, a stark contrast from -1.51 in Q4 2024. However, despite the…
Earnings analysis · 10-Q
ASMB earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Assembly Biosciences reported Q2 2026 revenue of $13.4 million and diluted EPS of -$0.20, with revenue rising approximately 67.5% sequentially and 34.0% year over year while losses narrowed materially. Liquidity was…
Read full summary
Assembly Biosciences reported Q2 2026 revenue of $13.4 million and diluted EPS of -$0.20, with revenue rising approximately 67.5% sequentially and 34.0% year over year while losses narrowed materially. Liquidity was strengthened by a $115 million financing, and management projects funding into 2029 including a $75 million Gilead payment due in Q4 2026. However, the company remains dependent on clinical success, regulatory approvals and the Gilead collaboration, including after Gilead declined the 4334 option in March 2026; no formal revenue or EPS guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.2
- Segment
- Collaboration revenue: $13.4 million; no additional segment breakdown was provided in the available filing text.
What stood out
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Revenue Increased Sequentially and YoY
Q2 2026 revenue was $13.4 million, up from $8 million in Q1 2026 and $10 million in Q2 2025, increases of approximately 67.5% sequentially and 34.0% year over year.
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Loss Narrowed Materially
Diluted EPS improved to -$0.20 from -$0.54 in Q1 2026 and -$1.33 in Q2 2025, indicating materially narrower losses both sequentially and year over year.
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Liquidity and Runway Improved
A $115 million financing strengthened liquidity, while management projects that cash, including a $75 million Gilead extension payment due in Q4 2026, will fund operations into 2029.
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Gilead HPI Option Exercised
Gilead exercised its option for the HPI program in December 2025, supporting continued collaboration economics and development funding potential.
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Controls Remained Effective
Disclosure controls and procedures were concluded effective at the reasonable assurance level as of June 30, 2026, and there were no material changes in internal control over financial reporting during the quarter.
What to watch
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No Approved Products or Near-Term NDA
The company has no approved products and states that it has not submitted an NDA and does not expect to be in a position to do so in the near future, leaving future value dependent on clinical and regulatory execution.
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Gilead Concentration and Control Risk
Gilead owned approximately 25.1% of outstanding common stock as of June 30, 2026 and may acquire shares up to 35% ownership, creating substantial governance influence and potential dependence on one partner.
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Gilead May Decline Further Programs
Gilead declined in March 2026 to exercise or defer its option to license 4334, highlighting the risk that additional programs may not receive partner funding, development support or commercialization resources.
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Future Financing and Capital Access
Management states that additional financing may be required and warns that adverse macroeconomic conditions, interest-rate changes, inflation, military conflicts and tariffs could impair capital access.
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FDA Staffing and Review Delays
The filing identifies potential regulatory delays from efforts to downsize the HHS and eliminate FDA positions, which could affect inspections, reviews and approvals; the company has no approved products to offset such delays.
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Data Privacy and Cybersecurity Exposure
The filing states that EU GDPR fines can reach €20 million or 4% of global revenue, whichever is greater, adding material compliance and cybersecurity exposure as clinical and health data processing expands.
Management's outlook
No numeric revenue or EPS guidance was provided. Management's liquidity outlook indicates cash, including a $75 million Gilead extension payment due in Q4 2026, is projected to fund operations into 2029.
Earlier filings 4
10-Q · May 8, 2025
Q1 2025 results show collaboration revenue growth (driven by the Gilead collaboration) and a modest reduction in net loss per share versus Q1 2024. Revenue rose to $9.419 million, R&D spend increased but operating loss…
10-K · March 20, 2025
Assembly Biosciences (ASMB) is an early-stage antiviral biotech advancing multiple clinical-stage programs (HPIs for genital herpes, an HDV entry inhibitor, a next-generation HBV CAM and a broad-spectrum NNPI) and…
10-Q · May 8, 2024
Assembly Biosciences recognized $5.785M of collaboration revenue in Q1 2024 under its Gilead collaboration, narrowing net loss to $9.077M (−$1.66 per share) from $18.95M (−$4.46) in Q1 2023. Operating loss improved to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.