Assembly Biosciences, Inc.
ASMBHealthcare|Biotechnology|US
$20.42
+0.42 (+2.10%)
Tangible Book / Share
$16.21
Cash / Share
$16.99
Financials
Financial Snapshot
Market Cap
$415.8M
Enterprise Value
$385.8M
Revenue (TTM)
$74.8M
Net Income (TTM)
-$42.0K
Cash & Investments
$320.4M
Net Cash
$318.0M
Free Cash Flow (TTM)
-$38.6M
Operating CF (TTM)
-$38.5M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$320.4M
Quarterly Burn
$9.6M
Monthly Burn
$3.2M
Est. Runway
~33.3 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $53.0M | $119.9M | $218.1M | $274.0M | $216.4M | $146.6M | $91.6M | $130.2M | $112.1M | $248.1M | $320.4M | |
| Operating Cash Flow | -$34.9M | $1.9M | -$65.0M | -$84.1M | -$63.0M | -$93.4M | -$84.5M | $22.7M | -$51.1M | -$41.1M | -$38.5M | |
| Free Cash Flow | -$35.0M | $995.5K | -$65.3M | -$85.6M | -$65.2M | -$96.5M | -$84.6M | $22.5M | -$51.1M | -$41.2M | -$38.6M | |
| Capital Expenditure | -$146.3K | -$864.6K | -$340.0K | -$1.6M | -$2.2M | -$3.1M | -$102.0K | -$255.0K | -$28.0K | -$66.0K | -$85.0K | |
| Financing Cash Flow | $152.6K | $67.2M | $159.8M | $139.6M | $7.6M | $53.1M | $614.0K | $13.8M | $29.4M | $174.7M | $281.3M |
R&D Spending
R&D (TTM)
$63.7M
R&D Intensity
85.0%
R&D Growth vs Prior
-1.8%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $9.0M | $14.8M | $16.0M | $79.1M | $6.3M | $0.00 | $7.2M | $28.5M | $72.3M | $74.8M | |
| R&D Expense | $33.1M | $44.2M | $72.7M | $85.8M | $106.8M | $68.5M | $70.0M | $48.9M | $55.9M | $64.8M | $63.7M | |
| R&D % of Revenue | — | 490.4% | 491.4% | 537.2% | 135.0% | 1095.7% | — | 682.7% | 196.1% | 89.6% | 85.0% | |
| SG&A | $12.2M | $17.0M | $34.8M | $34.9M | $36.9M | $28.8M | $23.9M | $22.9M | $18.0M | $19.6M | $20.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $9.0M | $14.8M | $16.0M | $79.1M | $6.3M | $0.00 | $7.2M | $28.5M | $72.3M | $74.8M | |
| Cost of Revenue | $80.3K | $44.2M | $72.7M | $85.3M | $101.3M | $0.00 | $69.1M | $48.9M | $55.9M | $129.0K | $16.7M | |
| Gross Profit | -$80.3K | -$35.2M | -$57.9M | -$69.4M | -$22.2M | $6.3M | -$69.1M | -$41.7M | -$27.4M | $72.2M | $58.2M | |
| R&D | $33.1M | $44.2M | $72.7M | $85.8M | $106.8M | $68.5M | $70.0M | $48.9M | $55.9M | $64.8M | $63.7M | |
| SG&A | $12.2M | $17.0M | $34.8M | $34.9M | $36.9M | $28.8M | $23.9M | $22.9M | $18.0M | $19.6M | $20.0M | |
| Operating Income | -$45.3M | -$52.2M | -$92.7M | -$102.7M | -$64.8M | -$132.7M | -$94.1M | -$64.6M | -$45.4M | -$12.1M | -$8.8M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$44.9M | -$51.9M | -$89.7M | -$96.9M | -$62.2M | -$132.4M | -$93.1M | -$61.2M | -$39.8M | -$6.1M | -$42.0K | |
| Net Income | -$44.3M | -$42.8M | -$90.8M | -$97.6M | -$62.2M | -$129.9M | -$93.1M | -$61.2M | -$40.2M | -$6.1M | -$42.0K | |
| EPS (Diluted) | -25.70 | -24.10 | -39.80 | -27.80 | -15.00 | -36.00 | -22.82 | -13.38 | -6.69 | -0.55 | 0.55 | |
| EBITDA | -$44.8M | -$52.0M | -$92.7M | -$103.7M | -$58.4M | -$90.6M | -$92.5M | -$60.7M | -$39.7M | -$6.0M | $68.0K | |
| Shares Out. (M) | 1.72 | 1.78 | 2.28 | 3.51 | 3.97 | 3.61 | 4.03 | 4.58 | 6.00 | 11.21 | 18.85 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.6M | $82.0M | $41.5M | $46.7M | $59.4M | $45.6M | $52.4M | $19.8M | $38.3M | $58.5M | $32.3M | |
| Short-Term Investments | $24.4M | $37.9M | $176.6M | $227.3M | $157.0M | $101.0M | $39.2M | $110.4M | $73.7M | $189.7M | $288.1M | |
| Total Current Assets | $53.6M | $123.1M | $222.5M | $282.8M | $224.5M | $154.2M | $97.0M | $133.8M | $115.5M | $254.5M | $328.0M | |
| Total Assets | $98.1M | $169.3M | $268.0M | $347.9M | $283.3M | $191.1M | $101.8M | $136.8M | $119.2M | $257.6M | $330.8M | |
| Total Current Liabilities | $7.1M | $13.5M | $18.5M | $24.4M | $24.4M | $16.1M | $16.3M | $39.2M | $47.8M | $48.8M | $23.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $18.2M | $56.2M | $57.4M | $74.7M | $42.7M | $22.1M | $19.1M | $95.7M | $85.8M | $50.8M | $25.2M | |
| Stockholders' Equity | $79.9M | $113.1M | $210.7M | $273.2M | $240.6M | $168.9M | $82.7M | $41.1M | $33.4M | $206.8M | $305.6M | |
| Retained Earnings | -$208.2M | -$251.0M | -$341.8M | -$439.4M | -$501.6M | -$631.4M | -$724.5M | -$785.7M | -$825.9M | -$832.0M | -$845.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$34.9M | $1.9M | -$65.0M | -$84.1M | -$63.0M | -$93.4M | -$84.5M | $22.7M | -$51.1M | -$41.1M | -$38.5M | |
| Capital Expenditure | -$146.3K | -$864.6K | -$340.0K | -$1.6M | -$2.2M | -$3.1M | -$102.0K | -$255.0K | -$28.0K | -$66.0K | -$85.0K | |
| Free Cash Flow | -$35.0M | $995.5K | -$65.3M | -$85.6M | -$65.2M | -$96.5M | -$84.6M | $22.5M | -$51.1M | -$41.2M | -$38.6M | |
| Investing Cash Flow | $36.2M | -$15.6M | -$135.4M | -$50.3M | $68.1M | $26.5M | $90.6M | -$69.1M | $40.2M | -$113.5M | -$234.5M | |
| Financing Cash Flow | $152.6K | $67.2M | $159.8M | $139.6M | $7.6M | $53.1M | $614.0K | $13.8M | $29.4M | $174.7M | $281.3M | |
| Issuance of Stock | $0.00 | $64.8M | $155.4M | $134.7M | $5.5M | $52.8M | $325.0K | $13.7M | $29.3M | $174.7M | $281.3M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $5.0M | $8.6M | $28.5M | $20.6M | $21.9M | $5.2M | $6.6M | $5.1M | $3.1M | $4.7M | $6.7M | |
| Net Change in Cash | $1.5M | $53.5M | -$40.6M | $5.3M | $12.7M | -$13.8M | $6.8M | -$32.6M | $18.5M | $20.1M | $8.3M |
Dilution Tracker
Shares outstanding grew 182.5% over 5 years — significant dilution
Shares Outstanding
20M
5-Year Share Growth
+182.5%
Stock Issuance (TTM)
$281.3M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.72 | 1.78 | 2.28 | 3.51 | 3.97 | 3.61 | 4.03 | 4.58 | 6.00 | 11.21 | 18.85 | |
| Change vs Prior % | — | 3.0% | 28.4% | 53.9% | 13.1% | -9.1% | 11.9% | 13.5% | 31.2% | 86.7% | 68.2% | |
| Stock Issuance | $0.00 | $64.8M | $155.4M | $134.7M | $5.5M | $52.8M | $325.0K | $13.7M | $29.3M | $174.7M | $281.3M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $5.0M | $8.6M | $28.5M | $20.6M | $21.9M | $5.2M | $6.6M | $5.1M | $3.1M | $4.7M | $6.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | -390.4% | -391.4% | -434.5% | -28.1% | 100.0% | — | -582.7% | -96.1% | 99.8% | 77.7% | |
| Operating Margin % | — | -579.1% | -626.4% | -643.4% | -81.9% | -2121.7% | — | -902.5% | -159.3% | -16.8% | -11.8% | |
| Net Margin % | — | -474.7% | -613.0% | -611.6% | -78.6% | -2076.4% | — | -854.8% | -140.9% | -8.5% | -0.1% | |
| EBITDA Margin % | — | -576.7% | -626.4% | -649.8% | -73.8% | -1448.4% | — | -848.0% | -139.3% | -8.3% | 0.1% | |
| FCF Margin % | — | 11.0% | -441.1% | -536.4% | -82.4% | -1542.9% | — | 313.9% | -179.3% | -56.9% | -51.5% | |
| ROE % | -55.4% | -37.8% | -43.1% | -35.7% | -25.8% | -76.9% | -112.6% | -149.0% | -120.4% | -3.0% | -0.0% | |
| ROA % | -45.1% | -25.3% | -33.9% | -28.1% | -21.9% | -68.0% | -91.5% | -44.7% | -33.7% | -2.4% | -0.0% | |
| ROIC % | -49.1% | -27.7% | -37.2% | -31.4% | -24.7% | -73.1% | -105.9% | -65.4% | -63.2% | -5.8% | -2.9% | |
| R&D / Revenue % | — | 490.4% | 491.4% | 537.2% | 135.0% | 1095.7% | — | 682.7% | 196.1% | 89.6% | 85.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 64.1% | 7.8% | 395.6% | -92.1% | -100.0% | 0.0% | 298.2% | 153.5% | |
| Gross Profit | -23.5% | -43770.2% | -64.6% | -19.7% | 67.9% | 128.1% | -1204.6% | 39.6% | 34.3% | 363.3% | |
| Operating Income | -52.7% | -15.3% | -77.6% | -10.8% | 36.9% | -104.8% | 29.1% | 31.3% | 29.7% | 73.3% | |
| Net Income | -55.6% | 3.3% | -112.0% | -7.6% | 36.3% | -108.9% | 28.3% | 34.2% | 34.4% | 84.8% | |
| EPS (Diluted) | -42.0% | 6.2% | -65.1% | 30.2% | 46.0% | -140.0% | 36.6% | 41.4% | 50.0% | 91.8% | |
| Operating Cash Flow | -86.6% | 105.3% | -3592.2% | -29.4% | 25.1% | -48.3% | 9.6% | 126.9% | -324.8% | 19.6% | |
| Free Cash Flow | -86.8% | 102.8% | -6659.2% | -31.1% | 23.9% | -48.0% | 12.4% | 126.6% | -327.4% | 19.5% | |
| R&D Expense | 80.3% | 33.6% | 64.5% | 17.9% | 24.6% | -35.9% | 2.1% | -30.1% | 14.4% | 15.9% | |
| SG&A Expense | 7.9% | 39.7% | 104.4% | 0.2% | 5.7% | -21.9% | -16.8% | -4.3% | -21.4% | 8.9% | |
| Total Assets | -26.6% | 72.5% | 58.3% | 29.8% | -18.6% | -32.5% | -46.7% | 34.4% | -12.9% | 116.2% | |
| Book Value / Share | -38.7% | 37.5% | 45.0% | -15.7% | -22.2% | -22.7% | -56.3% | -56.2% | -38.1% | 232.0% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -17.4% | -36.1% | -46.5% | -32.4% | 31.9% | -14.9% | |
| Diluted Shares | 9.7% | 3.0% | 28.4% | 53.9% | 13.1% | -9.1% | 11.9% | 13.5% | 31.2% | 86.7% |
Valuation
P/E (TTM)37.13
P/S5.55
10Y Low / Med / High3.32 / 16.12 / 106.87
P/B1.26
10Y Low / Med / High0.60 / 2.84 / 8.52
EV/EBITDA5673.93
EV/Revenue5.16
10Y Low / Med / High2.09 / 9.86 / 97.78
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$16.21
Net Current Assets / Share
$14.87
Graham Net-Net
$15.69
Cash / Share
$16.99
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -5.67 | -22.53 | -6.82 | -8.83 | -4.84 | -0.78 | -0.68 | -0.74 | -2.36 | -61.84 | 37.13 | |
| P/S Ratio | 0.00 | 106.87 | 41.81 | 53.96 | 3.64 | 16.12 | 0.00 | 6.29 | 3.32 | 5.27 | 5.55 | |
| P/B Ratio | 3.14 | 8.52 | 2.94 | 3.15 | 1.20 | 0.60 | 0.76 | 1.10 | 2.84 | 1.84 | 1.26 | |
| EV/EBITDA | -4.97 | -16.96 | -6.23 | -7.97 | -4.09 | -0.68 | -0.15 | -0.45 | -1.50 | -54.31 | 5673.93 | |
| EV/Revenue | 0.00 | 97.78 | 39.00 | 51.80 | 3.02 | 9.86 | 0.00 | 3.85 | 2.09 | 4.50 | 5.16 |
Analyst Estimates & Quality
Altman Z-Score
7.66
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $63.4M | $42.6M | $68.2M |
| Net Income | -$7.1M | -$57.4M | -$21.4M |
| EPS | $-0.61 | $-3.05 | $-1.95 |
| # Analysts (EPS) | 3 | 3 | 3 |