Summary by Moomoo AI
Assembly Biosciences reported Q3 2024 financial results, with collaboration revenue of $6.8 million from the Gilead partnership, compared to no revenue in Q3 2023. Research and development expenses increased 25% to $13.5 million, primarily due to pipeline advancement and expansion. The company ended the quarter with $94.9 million in cash, cash equivalents and marketable securities.The company made significant clinical progress across its pipeline, including positive interim Phase 1a data for ABI-5366 in recurrent genital herpes showing a favorable safety profile and ~20-day half-life supporting weekly dosing. The Phase 1b portion was initiated in Q3. Additionally, Assembly advanced ABI-4334 for HBV into Phase 1b and expects to begin Phase 1 studies for ABI-6250 and ABI-1179 by year-end.Management believes current funds will support operations into 2026. The Gilead collaboration continues to progress, with Gilead maintaining approximately 19.9% ownership stake and potential to increase up to 29.9%. The company completed a $12.6 million financing in June 2024 through a registered direct offering and private placement to strengthen its cash position.
