Assembly Biosciences, Inc.

Worth knowing

• Profitable, but burning cash. Reports a profit, but free cash flow is negative.

  Assembly Biosciences reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

• Shareholders being diluted. Shares outstanding up 400% from December 2022 to August 2026.

  Assembly Biosciences had 400% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Assembly Biosciences had 400% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Operating loss narrowing. Operating margin -17% in 2025, the smallest loss relative to revenue of the last 5 years.

  Assembly Biosciences still lost money on operations in 2025 (margin -17%), but that was its smallest operating loss relative to revenue in the 5 years of filings we have.

• Valuation signals disagree. Cheaper than 79% of peers on earnings, but only 0% on operating cash profit (EBITDA).Cheaper than 79% of peers on earnings, but only 0% on operating cash profit.

  Relative to its earnings, Assembly Biosciences looks cheaper than 79% of peers; relative to its operating cash profit (EBITDA), cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its earnings, Assembly Biosciences looks cheaper than 79% of peers; relative to its operating cash profit, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.