Cash flow generation is negative and deteriorating, with a -115.8% FCF margin in Q2 2026, indicating that the company's cash burn is accelerating relative to its recognized revenue and underscoring the urgency of its clinical milestones.
Assembly Biosciences, Inc. (ASMB) cash flow statement — 18-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | -38.48M | -41.09M | -51.12M | 22.74M | -84.46M | -93.4M | -62.96M | -84.07M | -64.96M | 1.86M | -34.88M | -18.7M | -14.97M | -17.8M | -21.38M | -25.07M | -5.21M | -3.48M | -4.15M |
| Operating CF Margin % | - | -56.83% | -179.23% | 317.51% | - | -1493.38% | -79.59% | -526.64% | -438.79% | 20.62% | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 3612.07% | 19.61% | -324.76% | 126.93% | 9.56% | -48.35% | 25.11% | -29.42% | -3592.21% | 105.33% | -86.56% | -24.87% | 15.86% | 16.76% | 14.72% | -380.76% | -49.67% | 15.99% | - |
| Net Income | -42K | -6.12M | -40.18M | -61.23M | -93.09M | -129.85M | -62.15M | -97.63M | -90.75M | -42.81M | -44.26M | -28.45M | -23.79M | -19.4M | -24.79M | -34.34M | -15.29M | -4.54M | -8.79M |
| Depreciation & Amortization | 110K | 129K | 129K | 450K | 498K | 466K | 691K | 494K | 643K | 219.22K | 80.25K | 64.99K | 10.97K | 6.22K | 4.62K | 3.75K | 12.53K | 7.51K | 4.65K |
| Stock-Based Compensation | 6.66M | 4.68M | 3.12M | 5.12M | 6.59M | 5.24M | 21.85M | 20.56M | 28.48M | 8.6M | 5.02M | 7.88M | 11.32M | 1.71M | 3.17M | 2.98M | 2.36M | 123.76K | 460.82K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -2.53M | 0 | -774K | 1.1M | -9.05M | -617.67K | -7.85M | -679.45K | -1.71M | -3.17M | 328.96K | 2.33M | 116.95K | 692.91K |
| Other Non-Cash Items | -2.16M | -1.5M | -2.24M | 2.06M | 3.66M | 44.69M | 6.96M | 2.82M | -229K | 615.13K | 1.14M | 7.88M | 679.45K | 1.71M | 3.17M | 3.99M | 8.45M | 767.39K | 902.93K |
| Working Capital Changes | -43.05M | -38.28M | -11.95M | 76.34M | -2.12M | -11.4M | -30.31M | -9.53M | -4.21M | 44.28M | 3.75M | 1.79M | -2.51M | -111.49K | 234.93K | 1.97M | -3.07M | 39.88K | 2.58M |
| Change in Receivables | -822K | -974K | 43K | 901K | -608K | 894K | 2.14M | -944K | -156K | -2.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.01M | -601K | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 316K | 586K | 124K | -2.03M | -166K | -1.94M | 2.87M | -1.96M | 1.57M | -244.19K | 1M | 456.1K | -2.48M | -107.4M | 0 | 0 | -3.05T | 0 | 0 |
| Cash from Investing | -234.51M | -113.47M | 40.17M | -69.14M | 90.64M | 26.52M | 68.07M | -50.32M | -135.4M | -15.64M | 36.2M | -64.86M | 277.4K | -6.48K | -3.24K | -11.96K | 0 | -2.57K | -2.88K |
| Capital Expenditures | -85K | -66K | -28K | -255K | -102K | -3.1M | -470K | -1.55M | -340K | -864.56K | -146.33K | -58.26K | -149.96K | -6.48K | -3.24K | -11.96K | 0 | -2.57K | -2.88K |
| CapEx % of Revenue | 0.11% | 0.09% | 0.1% | 3.56% | - | 49.5% | 0.59% | 9.74% | 2.3% | 9.59% | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 1.5M | 1.5M | 0 | -1.74M | -48.88M | -33.18B | -36.2B | 150 | 509.36K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 831K | 2.35M | 0 | 24K | 0 | 857K | -1.75M | 1.74M | 48.88M | 33.18B | 36.2B | 150 | -82K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 281.27M | 174.67M | 29.45M | 13.82M | 614K | 53.06M | 7.6M | 139.65M | 159.79M | 67.24M | 152.64K | 81.57M | 16.73M | 24.37M | 4.9M | 47.49M | 19.7M | 3.55M | 2.5M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.79M | 5.27M | 3.63M | 1.67M |
| Equity Issued (Net) | 281.27M | 174.67M | 29.29M | 13.69M | 325K | 52.81M | 5.45M | 134.66M | 155.43M | 67.24M | 152.64K | 81.01M | 16.73M | 24.37M | 4.17M | 49.99M | 15.18M | 0 | 1.15M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 155K | 129K | 289K | 258K | 2.15M | 4.99M | 4.37M | 0 | 0 | 554.27K | 0 | 0 | 730.32K | 288.73K | -755.09K | -76.46K | -312.85K |
| Net Change in Cash | 8.28M | 20.11M | 18.5M | -32.58M | 6.79M | -13.82M | 12.71M | 5.26M | -40.56M | 53.46M | 1.47M | -1.98M | 2.03M | 6.57M | -16.49M | 22.4M | 14.49M | 65.44K | -1.65M |
| Free Cash Flow | -38.57M | -41.16M | -51.15M | 22.49M | -84.56M | -96.49M | -65.18M | -85.62M | -65.3M | 995.52K | -35.03M | -18.76M | -15.12M | -17.8M | -21.38M | -25.08M | -5.21M | -3.49M | -4.15M |
| FCF Margin % | -51.53% | -56.93% | -179.33% | 313.95% | - | -1542.88% | -82.39% | -536.37% | -441.08% | 11.04% | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 30.94% | 19.52% | -327.43% | 126.59% | 12.36% | -48.05% | 23.88% | -31.12% | -6659.2% | 102.84% | -86.76% | -24.02% | 15.05% | 16.74% | 14.74% | -380.99% | -49.56% | 15.99% | - |
| FCF per Share | -2.05 | -3.67 | -8.52 | 4.91 | -20.96 | -26.75 | -16.43 | -24.41 | -28.64 | 0.56 | -20.33 | -11.94 | -21.61 | -45.90 | -84.01 | -130.44 | -42.06 | -39.17 | -49.20 |
| FCF Conversion (FCF/Net Income) | 918.24x | 6.71x | 1.27x | -0.37x | 0.91x | 0.72x | 1.01x | 0.86x | 0.72x | -0.04x | 0.79x | 0.66x | 0.63x | 0.92x | 0.86x | 0.73x | 0.34x | 0.77x | 0.47x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 421K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ASMB stock.
Assembly Biosciences, Inc. (ASMB) generated $-41.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Assembly Biosciences, Inc. (ASMB) reported negative free cash flow of $41.2M in 2025, indicating capital requirements exceeded cash from operations.
Assembly Biosciences, Inc. (ASMB) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Clinical pipeline execution risk
Metrics are mathematically derived from official filings.
Milestone Revenue Distorts Conversion Quality
The relationship between net income and operating cash flow is highly volatile, driven by the timing of collaboration milestone recognition rather than underlying operational performance, as evidenced by the OCF/NI ratio swinging from 0.04 in Q4 2024 to 4.02 in Q2 2026.
The Q2 2026 OCF/NI ratio of 4.02 suggests that operating cash outflows significantly exceeded the reported net loss, indicating that the recognized revenue was largely non-cash or offset by substantial working capital outflows. This pattern, seen across multiple quarters, confirms that the company's cash conversion is not driven by earnings quality but by the lumpy, non-recurring nature of partnership payments. Investors should monitor the working capital line, as large negative swings (e.g., -$13.5M in Q2 2026) appear to be the primary driver of the divergence between net income and cash burn.
FCF Trajectory Reflects Finite Cash Runway
Free cash flow has been consistently negative, with the FCF margin deteriorating to -115.8% in Q2 2026, indicating that the company's cash burn is accelerating relative to its recognized revenue and underscoring the urgency of its clinical milestones.
The trajectory shows a persistent negative FCF profile, with only one quarter (Q4 2025) showing a positive FCF of $14.2M, which was driven by a large net income figure likely from a milestone payment. Excluding that outlier, the underlying FCF margin has trended from approximately -2% to -174% over the past two years, suggesting that the operational burn rate is not being offset by sustainable revenue. This trajectory implies that the company's current cash position of $58.45M is being consumed at an accelerating pace, making the timeline for achieving a value-inflecting clinical readout critical.
Working Capital Swings Drive Cash Volatility
Working capital changes have been the dominant driver of operating cash flow volatility, with a $9.4M positive swing in Q4 2024 followed by consistent negative outflows, suggesting that the timing of receivables and payables is masking the true operational cash burn.
The Q4 2024 positive working capital change of $9.4M was a significant one-time event that temporarily reduced the operating cash outflow to just -$407K, despite a net loss of $10.3M. In contrast, the subsequent quarters show consistent negative working capital changes, ranging from -$6.0M to -$15.1M, which appear to represent the normalization of receivables from prior milestone payments. This pattern indicates that the company's cash flow is highly sensitive to the timing of partner payments and the settlement of related receivables, making it difficult to assess the underlying operational efficiency.
Capital Deployment Focused on Survival
Capital deployment is minimal and entirely focused on preserving cash for R&D, with zero dividends, buybacks, or acquisitions reported, and capital expenditures consistently below $50K per quarter, reflecting the company's pre-commercial, asset-light model.
The absence of any shareholder returns or strategic investments underscores that all available capital is being directed toward clinical development. The negligible CapEx (e.g., $0 in Q2 2026) confirms that the company's operations are not capital-intensive in a traditional sense, with its primary 'asset' being intellectual property and clinical data. This deployment profile is typical for a clinical-stage biotech, but it also means that the company's value creation is entirely dependent on the success of its pipeline, with no financial buffer from operational cash generation.
Cash Flow Obscures True Burn Rate
The cash flow statement obscures the true operational burn rate by including non-cash items like stock-based compensation, which totaled $2.4M in Q2 2026, and by failing to distinguish between cash received from partners and cash generated from operations.
Stock-based compensation is a significant non-cash add-back that inflates operating cash flow relative to the net loss, masking the extent to which the company is using equity to fund its operations. Furthermore, the operating cash flow line includes the receipt of collaboration payments, which are not recurring revenue but rather advances against future milestones. This makes it difficult to assess the company's ability to fund its operations from its core business, as the cash inflows are tied to external partnerships rather than internal commercial activity. Investors should focus on the net cash burn (FCF) as a more accurate measure of the company's consumption of its cash reserves.