Revenue is highly volatile and non-recurring, as evidenced by the swing from -12.8% growth in Q1 2026 to 38.9% in Q2 2026, while the reported 99.9% gross margin is an accounting artifact that obscures the company's -47.4% operating margin and high fixed-cost structure.
Assembly Biosciences, Inc. (ASMB) annual income statement — 18-year revenue, gross profit & net income history
| 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 | 74.84M | 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 % | 125.12% | 153.52% | 298.16% | - | -100% | -92.09% | 395.55% | 7.83% | 64.15% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 16.66M | 129K | 55.93M | 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% | 196.12% | 682.67% | - | - | 128.1% | 534.51% | 491.36% | 490.37% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 58.18M | 72.17M | -27.41M | -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 % | 77.73% | 99.82% | -96.12% | -582.67% | - | 100% | -28.1% | -434.51% | -391.36% | -390.37% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 363.28% | 34.32% | 39.58% | -1204.57% | 128.13% | 67.95% | -19.72% | -64.56% | -43770.17% | -23.48% | - | - | - | - | - | - | - | - |
| Operating Expenses | 67.04M | 84.42M | 18.01M | 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% | 63.14% | 319.82% | - | 2221.65% | 53.78% | 208.93% | 726.42% | 679.09% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 19.99M | 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 | 63.65M | 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 | -1.02M | 0 | -55.93M | -48.9M | -68.88M | 41.64M | -101.14M | -87.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.8M | -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 % | -11.76% | -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 | -8.69M | -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 % | -11.61% | -16.58% | -158.8% | -896.22% | - | -2114.2% | -81.01% | -640.35% | -622.08% | -576.66% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 79.98% | 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) | 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 |
| EBIT | -42K | -6.12M | -39.85M | -61.2M | -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 | 8.76M | 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 | 8.76M | 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 | 8.76M | 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 | -42K | -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 % | -0.06% | -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 | -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 |
| Net Margin % | -0.06% | -8.47% | -140.87% | -854.78% | - | -2076.35% | -78.57% | -611.63% | -613.02% | -474.66% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 99.89% | 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) | -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 |
| 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) | -0.00 | -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 % | 109.6% | 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 | 18.85M | 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 | 18.85M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Clinical pipeline execution risk
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Burn
ASMB's revenue growth is highly erratic, swinging from 153.5% YoY in Q2 2026 to -12.8% in Q1 2026, reflecting the lumpy recognition of collaboration milestones rather than sustainable commercial traction.
The revenue trajectory is defined by large, non-recurring inflows, such as the $42.5M in Q4 2025, which likely represents a significant milestone payment from a partner like Gilead. This pattern indicates that top-line growth is a function of partnership events, not product demand, making it an unreliable indicator of operational progress. Investors should focus on the underlying R&D and SG&A spend as the true measure of operational activity, as the revenue line provides no visibility into future cash flows.
Artificial Gross Margin Obscures Operational Reality
The reported 99.9% gross margin in Q2 2026 is an accounting artifact of recognizing collaboration revenue without associated cost of goods sold, a common feature for pre-commercial biotech firms.
This margin profile is meaningless for assessing pricing power or cost efficiency, as it stems from the nature of ASC 606 revenue recognition for upfront payments. The true margin story is the persistent negative operating margin, which was -47.4% in Q2 2026, indicating that collaboration inflows are insufficient to cover the fixed cost base of R&D and corporate overhead. A sustainable margin inflection would only occur with a transition to a commercial model, which would introduce significant new cost lines.
Negative Operating Leverage Persists
Operating losses have remained substantial despite revenue volatility, with Q2 2026 operating income at -$6.3M, suggesting the company's cost structure is not yet scalable with its partnership-driven revenue model.
The company's operating leverage is currently negative, as R&D expenses ($14.9M in Q2 2026) consistently exceed total revenue in most quarters, creating a high fixed-cost base. The slight improvement in operating margin from -138.4% in Q1 2026 to -47.4% in Q2 2026 was driven solely by a revenue spike, not by any meaningful reduction in the underlying expense run-rate. This indicates that without a significant and sustained increase in partnership revenue or a strategic reduction in R&D spend, operating losses will continue to erode cash reserves.
EPS Volatility Driven by Non-Operational Items
The Q2 2026 EPS beat of -$0.20 versus an estimated -$0.64 appears driven by favorable non-operational items, as the underlying operating loss remained significant at -$6.3M.
The quality of reported earnings is low, as net income is heavily influenced by the timing of collaboration revenue recognition and likely non-cash items. The swing from a net loss of -$9.1M in Q1 2026 to -$3.9M in Q2 2026, despite similar R&D and SG&A levels, underscores this volatility. Stock-based compensation, which was $2.4M in Q2 2026, also dilutes shareholders without impacting cash, further complicating the assessment of true economic earnings.
R&D Dominates a High-Fixed-Cost Structure
R&D expenses consistently represent over 100% of revenue in most quarters, highlighting that the company's primary cost driver is the clinical development of its pipeline candidates.
The cost structure is heavily weighted toward R&D, which was $14.9M in Q2 2026, reflecting the capital-intensive nature of running clinical trials for next-generation HBV therapies. SG&A expenses are relatively stable at around $4.5M-$5.4M per quarter, suggesting a lean corporate overhead. Management's expense discipline appears focused on maintaining the R&D engine, but the lack of revenue diversification means any increase in trial costs or delays would directly accelerate cash burn.
Sustainability of Collaboration Revenue in Question
The strongest challenge to ASMB's income statement narrative is that its revenue is non-recurring and dependent on partner milestones, making the current cash position of $58.45M a finite runway for a high-burn operation.
Short-sellers would focus on the fact that the company's positive operating quarters (like Q4 2025) are exceptions driven by large, one-time payments, not a sustainable business model. The underlying operational burn rate, as evidenced by the consistent negative operating margins in quarters without major milestones, suggests the company will require additional financing or a new partnership before its next-generation candidates can generate meaningful data. The risk is that the market is pricing ASMB based on peak revenue potential from a pipeline that has yet to demonstrate clinical proof-of-concept.