Revenue performance remains highly volatile, evidenced by a 153% year-over-year fluctuation that reflects irregular milestone recognition rather than organic growth.
| 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 |
|---|
| Sales/Revenue | 71.1M | 72.3M | 28.52M | 7.16M | 0 | 6.25M | 79.11M | 15.96M | 14.8M | 9.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 121.11% | 153.52% | 298.16% | - | -100% | -92.09% | 395.55% | 7.83% | 64.15% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 16.18M | 129K | 0 | 48.9M | 69.08M | 0 | 101.34M | 85.32M | 72.74M | 44.23M | 80.25K | 64.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 0.18% | - | 682.67% | - | - | 128.1% | 534.51% | 491.36% | 490.37% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 54.91M | 72.17M | 28.52M | -41.74M | -69.08M | 6.25M | -22.23M | -69.36M | -57.94M | -35.21M | -80.25K | -64.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 77.24% | 99.82% | 100% | -582.67% | - | 100% | -28.1% | -434.51% | -391.36% | -390.37% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 153.06% | 168.33% | 39.58% | -1204.57% | 128.13% | 67.95% | -19.72% | -64.56% | -43770.17% | -23.48% | - | - | - | - | - | - | - | - |
| Operating Expenses | 68.52M | 84.42M | 73.94M | 22.91M | 25.03M | 138.94M | 42.54M | 33.35M | 107.54M | 61.25M | 45.28M | 29.66M | 23.96M | 19.6M | 24.86M | 34M | 4.77M | 3.34M | 7.16M |
| OpEx % of Revenue | - | 116.76% | 259.26% | 319.82% | - | 2221.65% | 53.78% | 208.93% | 726.42% | 679.09% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 19.78M | 19.61M | 18.01M | 22.91M | 23.93M | 28.78M | 36.86M | 34.86M | 34.8M | 17.02M | 12.19M | 11.3M | 13.24M | 4.58M | 5.34M | 8.72M | 2.92M | 397.24K | 1.19M |
| SG&A % of Revenue | - | 27.12% | 63.14% | 319.82% | - | 460.19% | 46.6% | 218.37% | 235.06% | 188.72% | - | - | - | - | - | - | - | - | - |
| Research & Development | 64.86M | 64.81M | 55.93M | 48.9M | 69.98M | 68.52M | 106.82M | 85.76M | 72.74M | 44.23M | 33.09M | 18.36M | 10.72M | 15.03M | 19.51M | 25.28M | 1.85M | 2.94M | 5.98M |
| R&D % of Revenue | - | 89.64% | 196.12% | 682.67% | - | 1095.68% | 135.04% | 537.22% | 491.36% | 490.37% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | -48.9M | -68.88M | 41.64M | -101.14M | -87.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -13.55M | -12.12M | -45.42M | -64.65M | -94.11M | -132.69M | -64.78M | -102.71M | -92.73M | -52.23M | -45.28M | -29.66M | -23.96M | -19.6M | -24.86M | -34M | -4.77M | -3.34M | -7.16M |
| Operating Margin % | -19.05% | -16.76% | -159.26% | -902.5% | - | -2121.65% | -81.89% | -643.44% | -626.42% | -579.09% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 73.32% | 29.74% | 31.31% | 29.07% | -104.84% | 36.94% | -10.76% | -77.56% | -15.35% | -52.68% | -23.79% | -22.2% | 21.13% | 26.9% | -613.39% | -42.69% | 53.38% | - |
| EBITDA | -13.43M | -11.99M | -45.29M | -64.2M | -93.62M | -132.22M | -64.08M | -102.22M | -92.09M | -52.01M | -45.2M | -29.59M | -23.95M | -19.6M | -24.85M | -34M | -4.75M | -3.33M | -7.16M |
| EBITDA Margin % | -18.88% | -16.58% | -158.8% | -896.22% | - | -2114.2% | -81.01% | -640.35% | -622.08% | -576.66% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 69.83% | 73.53% | 29.45% | 31.43% | 29.2% | -106.32% | 37.31% | -11% | -77.07% | -15.07% | -52.74% | -23.58% | -22.18% | 21.14% | 26.91% | -615.19% | -42.64% | 53.45% | - |
| D&A (Non-Cash Add-back) | 122K | 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 |
| EBIT | -11.86M | -12.12M | -45.42M | -64.65M | -93.01M | -91.05M | -59.09M | -104.22M | -92.73M | -52.23M | -44.88M | -29.66M | -23.96M | -19.4M | -24.79M | -46.73M | -13.25M | -3.34M | -7.16M |
| Net Interest Income | 7.16M | 6M | 5.57M | 3.45M | 1.02M | 302K | 2.62M | 4.3M | 3.08M | 983K | 0 | 0 | 0 | 0 | 0 | -40.33K | -10.52M | -1.2M | -1.62M |
| Interest Income | 7.16M | 6M | 5.57M | 3.45M | 1.02M | 302K | 2.62M | 4.3M | 3.08M | 983.21K | 1.54M | 1.23M | 167.65K | 201.02K | 65.07K | 76.33K | 5.73K | 140 | 13.09K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 116.66K | 10.53M | 1.2M | 1.64M |
| Other Income/Expense | 7.16M | 6M | 5.57M | 3.45M | 1.02M | 302K | 2.62M | 5.85M | 3.08M | 368.2K | 398.77K | 1.2M | 167.65K | 201.02K | 65.07K | -342.66K | -15.29T | -1.2M | 0 |
| Pretax Income | -6.38M | -6.12M | -39.85M | -61.2M | -93.09M | -132.39M | -62.15M | -96.86M | -89.65M | -51.86M | -44.88M | -28.45M | -23.79M | -19.4M | -24.79M | -34.34B | -15.29T | 0 | 0 |
| Pretax Margin % | -8.98% | -8.47% | -139.72% | -854.32% | - | -2116.82% | -78.57% | -606.78% | -605.59% | -575.01% | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 330K | 33K | 0 | -2.53M | 0 | 774K | 1.1M | -9.05M | -617.67K | 0 | 0 | 0 | 65.07K | 342.66K | -10.52T | 1.2M | 1.62M |
| Effective Tax Rate % | 0% | 0% | -0.83% | -0.05% | 0% | 1.91% | 0% | -0.8% | -1.23% | 17.45% | 1.38% | 0% | 0% | 0% | -0.26% | -0% | 68.83% | - | - |
| Net Income | -6.38M | -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 |
| Net Margin % | -8.98% | -8.47% | -140.87% | -854.78% | - | -2076.35% | -78.57% | -611.63% | -613.02% | -474.66% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 84.01% | 84.76% | 34.38% | 34.23% | 28.31% | -108.93% | 36.34% | -7.58% | -111.99% | 3.28% | -55.56% | -19.61% | -22.6% | 21.73% | 27.82% | -124.61% | -236.84% | 48.34% | - |
| Net Income (Continuing) | -6.38M | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.38 | -0.55 | -6.69 | -13.38 | -22.82 | -36.00 | -15.00 | -27.80 | -39.80 | -24.10 | -25.70 | -18.10 | -34.00 | -50.00 | -97.40 | -178.60 | -123.33 | -51.00 | -104.17 |
| EPS Growth % | 90.91% | 91.78% | 50% | 41.37% | 36.61% | -140% | 46.04% | 30.15% | -65.15% | 6.23% | -41.99% | 46.76% | 32% | 48.67% | 45.46% | -44.81% | -141.82% | 51.04% | - |
| EPS (Basic) | - | -0.55 | -6.69 | -13.38 | -22.82 | -36.00 | -15.00 | -27.80 | -39.80 | -24.10 | -25.70 | -18.10 | -34.00 | -50.00 | -97.40 | -178.60 | -123.33 | -51.00 | -104.17 |
| Diluted Shares Outstanding | 16.9M | 11.21M | 6M | 4.58M | 4.03M | 3.61M | 3.97M | 3.51M | 2.28M | 1.78M | 1.72M | 1.57M | 699.89K | 387.87K | 254.53K | 192.28K | 123.98K | 89.01K | 84.34K |
| Basic Shares Outstanding | 16.9M | 11.21M | 6M | 4.58M | 4.03M | 3.61M | 3.97M | 3.51M | 2.28M | 1.78M | 1.72M | 1.57M | 699.89K | 387.87K | 254.53K | 192.28K | 123.98K | 89.01K | 84.34K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial failure risk
As reported in financial statements, ASMB's revenue trajectory remains highly volatile, characterized by a 153% year-over-year fluctuation that reflects the irregular timing of milestone payments rather than organic commercial growth, leaving the firm's top-line performance entirely dependent on the successful execution of strategic partnership agreements.
The revenue profile is essentially non-recurring, as the company lacks a commercialized product to generate consistent sales. Investors should interpret these inflows as capital infusions rather than operational success, as the absence of a stable revenue base makes future growth projections highly speculative and contingent on external collaboration milestones.
Based on recent SEC filings, the company's cost structure is heavily concentrated in R&D, which consistently consumes the majority of operating resources, suggesting that management's primary focus remains on clinical development rather than achieving operational efficiency or scaling a sustainable, cost-effective business model in the near term.
The persistent R&D spend, often exceeding $14 million per quarter, highlights the capital-intensive nature of the firm's pipeline development. This expense discipline is secondary to the necessity of funding clinical trials, which may continue to pressure the bottom line until a viable therapeutic candidate reaches regulatory approval.
According to historical income statement data, the reported net income is frequently skewed by non-operating items and revenue recognition nuances, such as the 2025Q4 profit spike, which appears to be an accounting artifact rather than a reflection of underlying operational profitability or sustainable earnings power.
The volatility in EPS, ranging from significant losses to temporary gains, warrants caution for analysts attempting to model future performance. Investors should look past these headline figures to focus on the underlying cash burn, as the current earnings quality is insufficient to support long-term valuation without continued external funding.
Financial data suggests that ASMB's reliance on milestone-based revenue creates a precarious financial position, as the company lacks a commercial floor to mitigate the impact of potential clinical setbacks or the termination of key strategic partnerships, which could rapidly accelerate the depletion of existing cash reserves.
Short-term observers may focus on the high gross margins, but this metric is misleading in a pre-commercial context where COGS is minimal. The real risk lies in the company's inability to generate self-sustaining cash flow, making it highly vulnerable to equity market conditions and the ongoing success of its next-generation capsid inhibitors.
Quick answers to the most common questions about buying ASMB stock.
For fiscal year 2025, Assembly Biosciences, Inc. (ASMB) reported total revenue of $72.3M.
Assembly Biosciences, Inc. (ASMB) reported a net loss of $6.1M for the fiscal year ending 2025.
Assembly Biosciences, Inc. (ASMB) reported an operating income of $-12.1M, resulting in an operating profit margin of -16.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Assembly Biosciences, Inc. (ASMB) generated $72.2M in gross profit for the year, representing a gross profit margin of 99.8%. This demonstrates the company's core pricing power and production efficiency.