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

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 net loss for the quarter was $9.1 million, and it ended the period with $80.5 million in deferred revenue. Assembly Biosciences expects to fund its operations into the second half of 2025 with its existing cash, cash equivalents, and marketable securities. The company's pipeline includes several programs targeting viral diseases, with clinical studies expected to initiate in 2024 for four of its programs. Assembly Biosciences has entered into significant collaboration agreements, including with Gilead Sciences, which has provided an upfront cash payment and equity investment, and retains opt-in rights to Assembly's pipeline programs. The company also concluded an agreement with Arbutus Biopharma and terminated a license agreement with Indiana University following the discontinuation of a development program.