Summary by Futu AI
Assembly Biosciences, a biotechnology company, has reported collaboration revenue of $5.8 million for the first quarter ended March 31, 2024, under its Gilead Collaboration Agreement. This marks a significant milestone as there was no revenue in the same period the previous year. The company recognized this revenue over time using a cost-based input method, reflecting the transfer of services to Gilead. The total transaction price of the Gilead Collaboration Agreement was determined to be $90.7 million. Assembly Biosciences also reported a decrease in research and development expenses to $11.9 million, down from $14.5 million in the previous year, primarily due to the discontinuation of certain programs. General and administrative expenses also decreased to $4.6 million, a reduction from $5.0 million in the prior year. The company's...Show More