ASSEMBLY BIOSCIENCES Business Summary

Assembly Biosciences, Inc. (ASMB) is a clinical-stage biopharmaceutical company specializing in the development of next-generation small-molecule antiviral therapeutics for chronic viral diseases, including hepatitis B (HBV), hepatitis delta (HDV), and herpesviruses (HSV). The company generates revenue primarily through strategic collaborative research and development agreements, most notably a landmark 12-year partnership with Gilead Sciences initiated in 2023 and expanded in late 2024. This model provides Assembly with significant non-dilutive funding, equity investments, and potential milestone payments while leveraging its proprietary platform to target viral replication and assembly. In the competitive landscape, Assembly operates alongside firms such as Enanta Pharmaceuticals, Vir Biotechnology, and Aligos Therapeutics, distinguishing itself through a multi-pronged "functional cure" strategy that utilizes capsid assembly modulators and entry inhibitors to address unmet needs in chronic infection management. The company is led by President and CEO Jason Okazaki, a veteran of Gilead Sciences who succeeded John McHutchison in early 2023. The executive team features a high pedigree of virology expertise, including Chief Scientific Officer William Delaney, PhD, and Chief Medical Officer Anuj Gaggar, MD, PhD, both of whom held senior leadership roles at Gilead prior to joining Assembly. The firm was co-founded by Derek Small and Uri Lopatin, MD, and its board of directors includes notable figures such as Chairman William Ringo and Nobel laureate Sir Michael Houghton. As of February 2026, Gilead Sciences remains a cornerstone investor with a nearly 30% equity stake, underscoring the company's deep integration with major industry players to accelerate its clinical pipeline.