$ASMB
Assembly Biosciences Inc

2024 Q2 Form 10-Q Financial Statement

#000095017024055680 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $8.533M $5.785M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.477M $4.635M $5.012M
YoY Change -9.92% -7.52% -15.86%
% of Gross Profit
Research & Development $16.26M $11.88M $14.55M
YoY Change 29.83% -18.34% -15.45%
% of Gross Profit
Depreciation & Amortization $32.00K $32.00K $124.0K
YoY Change -74.6% -74.19% 3.33%
% of Gross Profit
Operating Expenses $20.74M $16.51M $19.56M
YoY Change 18.57% -15.57% -15.56%
Operating Profit -$12.20M -$10.73M -$19.56M
YoY Change -30.22% -45.15% -15.56%
Interest Expense $1.457M $1.652M $609.0K
YoY Change 146.95% 171.26% 757.75%
% of Operating Profit
Other Income/Expense, Net $1.457M $1.652M $609.0K
YoY Change 146.11% 171.26% 757.75%
Pretax Income -$10.75M -$9.077M -$18.95M
YoY Change -36.41% -52.1% -17.93%
Income Tax $406.0K
% Of Pretax Income
Net Earnings -$11.15M -$9.077M -$18.95M
YoY Change -34.0% -52.1% -17.93%
Net Earnings / Revenue -130.69% -156.91%
Basic Earnings Per Share -$1.98 -$1.66 -$0.37
Diluted Earnings Per Share -$1.98 -$1.66 -$0.37
COMMON SHARES
Basic Shares Outstanding 5.513M 5.483M 51.95M
Diluted Shares Outstanding 5.643M 5.483M 51.01M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.2M $113.0M $73.02M
YoY Change 82.55% 54.73% -40.64%
Cash & Equivalents $19.21M $18.75M $43.48M
Short-Term Investments $90.01M $94.23M $29.53M
Other Short-Term Assets $3.712M $4.149M $6.011M
YoY Change -5.02% -30.98% -17.12%
Inventory
Prepaid Expenses
Receivables $0.00 $43.00K $717.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $112.9M $117.2M $79.74M
YoY Change 76.23% 46.93% -39.02%
LONG-TERM ASSETS
Property, Plant & Equipment $349.0K $367.0K $619.0K
YoY Change -35.49% -40.71% -90.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $312.0K $312.0K $334.0K
YoY Change -6.02% -6.59% -84.64%
Total Long-Term Assets $2.392M $2.715M $3.372M
YoY Change -4.17% -19.48% -89.45%
TOTAL ASSETS
Total Short-Term Assets $112.9M $117.2M $79.74M
Total Long-Term Assets $2.392M $2.715M $3.372M
Total Assets $115.3M $119.9M $83.12M
YoY Change 73.22% 44.24% -48.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $801.0K $727.0K $1.224M
YoY Change -11.39% -40.6% -13.01%
Accrued Expenses $3.587M $2.051M $3.154M
YoY Change -14.35% -34.97% 26.21%
Deferred Revenue $33.06M $32.77M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.27M $38.75M $9.970M
YoY Change 367.38% 288.7% -6.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $39.37M $48.53M $2.813M
YoY Change 1307.47% 1625.17% -46.21%
Total Long-Term Liabilities $39.37M $48.53M $2.813M
YoY Change 1307.47% 1625.17% -46.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.27M $38.75M $9.970M
Total Long-Term Liabilities $39.37M $48.53M $2.813M
Total Liabilities $80.64M $87.28M $12.78M
YoY Change 593.51% 582.8% -19.8%
SHAREHOLDERS EQUITY
Retained Earnings -$806.0M -$794.8M -$743.5M
YoY Change 6.0% 6.91% 13.59%
Common Stock $841.0M $827.7M $814.3M
YoY Change 3.1% 1.64% 1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.68M $32.60M $70.33M
YoY Change
Total Liabilities & Shareholders Equity $115.3M $119.9M $83.12M
YoY Change 73.22% 44.24% -48.92%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$11.15M -$9.077M -$18.95M
YoY Change -34.0% -52.1% -17.93%
Depreciation, Depletion And Amortization $32.00K $32.00K $124.0K
YoY Change -74.6% -74.19% 3.33%
Cash From Operating Activities -$17.10M -$18.36M -$23.43M
YoY Change 25.49% -21.62% -14.81%
INVESTING ACTIVITIES
Capital Expenditures $14.00K $14.00K $0.00
YoY Change -70.83%
Acquisitions
YoY Change
Other Investing Activities $5.121M $17.29M $10.00M
YoY Change -161.57% 72.86% -69.74%
Cash From Investing Activities $5.107M $17.27M $10.00M
YoY Change -161.05% 72.72% -69.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.45M 0.000 4.492M
YoY Change 9194.03% -100.0%
NET CHANGE
Cash From Operating Activities -17.10M -18.36M -23.43M
Cash From Investing Activities 5.107M 17.27M 10.00M
Cash From Financing Activities 12.45M 0.000 4.492M
Net Change In Cash 459.0K -1.092M -8.936M
YoY Change -102.1% -87.78% -67.51%
FREE CASH FLOW
Cash From Operating Activities -$17.10M -$18.36M -$23.43M
Capital Expenditures $14.00K $14.00K $0.00
Free Cash Flow -$17.12M -$18.38M -$23.43M
YoY Change 25.15% -21.56% -14.81%

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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0
CY2024Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
3714000
CY2023Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
0
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
17272000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
10000000
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4492000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4492000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1092000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8936000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19841000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
52418000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
18749000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
43482000
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024Q1 asmb Number Of Approved Products
NumberOfApprovedProducts
0
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant estimates inherent in the preparation of the accompanying unaudited condensed consolidated financial statements include estimates for revenue recognition and costs incurred but not yet invoiced for research and development accruals.</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible these external factors could have an effect on the Company’s estimates and could cause actual results to differ materially from those estimates and assumptions.</span></p>
CY2024Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
In January 2024, the Company's stockholders approved a reverse stock split of its common stock at a range of ratios between 1-for-7 to 1-for-17, and the Company's board of directors approved the implementation of the reverse stock split at a ratio of 1-for-12 (the Reverse Stock Split). The Reverse Stock Split was effective as of February 9, 2024 and the Company regained compliance with the minimum bid price requirement in February 2024.
CY2024Q1 asmb Stock Outstanding During Period Shares Reverse Stock Splits
StockOutstandingDuringPeriodSharesReverseStockSplits
65800000
CY2024Q1 asmb Stock Outstanding During Period Shares Reverse Stock Splits
StockOutstandingDuringPeriodSharesReverseStockSplits
5500000
CY2024Q1 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
0
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-9077000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-18950000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5483313
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5483313
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4251037
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4251037
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.66
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.66
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.46
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.46
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1137993
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1027122
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
18110000
CY2024Q1 asmb Cash And Cash Equivalent Gross Unrealized Gain
CashAndCashEquivalentGrossUnrealizedGain
0
CY2024Q1 asmb Cash And Cash Equivalent Gross Unrealized Loss
CashAndCashEquivalentGrossUnrealizedLoss
0
CY2024Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
18110000
CY2024Q1 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
94193000
CY2024Q1 asmb Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax Current
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTaxCurrent
43000
CY2024Q1 asmb Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax Current
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTaxCurrent
9000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
94227000
CY2024Q1 asmb Cash Equivalents At Carrying Value And Available For Sale Debt Securities Amortized Cost
CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesAmortizedCost
112303000
CY2024Q1 asmb Cash Equivalents At Carrying Value And Available For Sale Debt Securities Gross Unrealized Gain
CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesGrossUnrealizedGain
43000
CY2024Q1 asmb Cash Equivalents At Carrying Value And Available For Sale Debt Securities Gross Unrealized Loss
CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesGrossUnrealizedLoss
9000
CY2024Q1 asmb Cash Equivalents At Carrying Value And Available For Sale Debt Securities Estimated Fair Value
CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesEstimatedFairValue
112337000
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
18982000
CY2023Q4 asmb Cash And Cash Equivalent Gross Unrealized Gain
CashAndCashEquivalentGrossUnrealizedGain
0
CY2023Q4 asmb Cash And Cash Equivalent Gross Unrealized Loss
CashAndCashEquivalentGrossUnrealizedLoss
0
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
18982000
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
110214000
CY2023Q4 asmb Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax Current
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTaxCurrent
195000
CY2023Q4 asmb Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax Current
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTaxCurrent
3000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
110406000
CY2023Q4 asmb Cash Equivalents At Carrying Value And Available For Sale Debt Securities Amortized Cost
CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesAmortizedCost
129196000
CY2023Q4 asmb Cash Equivalents At Carrying Value And Available For Sale Debt Securities Gross Unrealized Gain
CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesGrossUnrealizedGain
195000
CY2023Q4 asmb Cash Equivalents At Carrying Value And Available For Sale Debt Securities Gross Unrealized Loss
CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesGrossUnrealizedLoss
3000
CY2023Q4 asmb Cash Equivalents At Carrying Value And Available For Sale Debt Securities Estimated Fair Value
CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesEstimatedFairValue
129388000
CY2024Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2023Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2023Q4 asmb Accured Interest Receivable
AccuredInterestReceivable
300000
CY2024Q1 asmb Accured Interest Receivable
AccuredInterestReceivable
300000
CY2024Q1 asmb Fair Value Assets Between Levels Transfers Amount
FairValueAssetsBetweenLevelsTransfersAmount
0
CY2023Q4 asmb Fair Value Assets Between Levels Transfers Amount
FairValueAssetsBetweenLevelsTransfersAmount
0
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1727000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5484000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
324000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
260000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2051000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5744000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
739000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1835000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
4200000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M24D
CY2024Q1 asmb Share Based Compensation Arrangement Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementFairValueAssumptionsExercisePrice
13.3
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0416
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
86294000
CY2024Q1 asmb Contract With Customer Liability In Additions
ContractWithCustomerLiabilityInAdditions
0
CY2024Q1 asmb Contract With Customer Liability In Deduction
ContractWithCustomerLiabilityInDeduction
5785000
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
80509000
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5785000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0
CY2024Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0
CY2023Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0
CY2024Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
800000
CY2024Q1 asmb Milestone Payment Diligence Maintenance Fees
MilestonePaymentDiligenceMaintenanceFees
100000
CY2023Q1 asmb Milestone Payment Diligence Maintenance Fees
MilestonePaymentDiligenceMaintenanceFees
100000

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