Assembly Biosciences, a biotechnology company, reported collaboration revenue of $8.5 million for the three months ended June 30, 2024, under the Gilead Collaboration Agreement. This marks a significant increase from the same period in 2023, where no revenue was recognized. The company also recognized $14.3 million in collaboration revenue for the six months ended June 30, 2024. Deferred revenue on the balance sheet as of June 30, 2024, included $33.1 million short-term and $38.9 million long-term. Research and development expenses for the three months ended June 30, 2024, were $16.3 million, a 30% increase from $12.5 million in the same period in 2023. This increase was primarily due to the advancement of the company's HBV/HDV entry inhibitor and HSV-1 and HSV-2 programs. General and administrative expenses decreased by 10% to $4.5 million in the second...Show More

Assembly Biosciences, a biotechnology company, reported collaboration revenue of $8.5 million for the three months ended June 30, 2024, under the Gilead Collaboration Agreement. This marks a significant increase from the same period in 2023, where no revenue was recognized. The company also recognized $14.3 million in collaboration revenue for the six months ended June 30, 2024. Deferred revenue on the balance sheet as of June 30, 2024, included $33.1 million short-term and $38.9 million long-term. Research and development expenses for the three months ended June 30, 2024, were $16.3 million, a 30% increase from $12.5 million in the same period in 2023. This increase was primarily due to the advancement of the company's HBV/HDV entry inhibitor and HSV-1 and HSV-2 programs. General and administrative expenses decreased by 10% to $4.5 million in the second quarter of 2024 compared to $5.0 million in the prior year. The company also reported an income tax expense of $0.4 million for the quarter due to estimated taxable income from upfront payments received under the Gilead Collaboration in 2023. Assembly Biosciences continues to develop innovative therapeutics targeting serious viral diseases, with a pipeline that includes two helicase-primase inhibitors for recurrent genital herpes and a clinical stage capsid assembly modulator for hepatitis B virus. The company's future plans include initiating various clinical studies by the end of 2024 and continuing the development of its product candidates under the Gilead Collaboration Agreement.