Assembly Biosciences Secures $115M as Gilead and Top Funds Back Expanded Liver Pipeline

Oversubscribed offering led by Gilead and other funds funds Phase 2 trials for ABI-6250 in hepatitis D and cholestatic diseases; stock up 104% over 12 months.

The institutional vote of confidence in Assembly Biosciences’ pipeline has been loud and clear. A syndicate featuring Gilead Sciences, Commodore Capital, Farallon Capital Management, and seven other healthcare-focused funds oversubscribed a public offering that ultimately brought in gross proceeds of approximately $115 million — well above the original $100 million target. The full exercise of the greenshoe option confirmed the strong demand, with underwriters Guggenheim Securities, UBS Investment Bank, and Mizuho managing the placement alongside lead manager H.C. Wainwright & Co.

The offering comprised 3.92 million common shares at $26.50 each and 415,000 pre-funded warrants priced at $26.499 per warrant, the latter issued to an existing investor. The fresh capital is earmarked for ongoing clinical programs and general corporate purposes, removing the overhang of fundraising uncertainty that had lingered through the first quarter. The SEC declared the shelf registration for the securities effective on March 27, 2026, smoothing the path for the transaction.

Assembly Bio’s pipeline centers on ABI-6250, an oral small-molecule inhibitor of the sodium-taurocholate cotransporting polypeptide (NTCP) — a membrane protein on liver cells that shuttles bile acids and also serves as the entry receptor for the hepatitis delta virus. This dual mechanism gives the drug candidate a potential foothold in both viral and cholestatic liver indications. The company is now planning a Phase 2 study for chronic hepatitis D infection in the fourth quarter of 2026, followed by a Phase 2 basket trial targeting primary biliary cholangitis and primary sclerosing cholangitis in the first quarter of 2027, both subject to regulatory feedback. A recent pre-IND meeting with the FDA yielded constructive guidance that supports the planned development path.

Before those larger studies begin, the market will get an early readout at the EASL congress in 2026, where Assembly Bio intends to present Phase 1a topline safety and pharmacokinetic data for ABI-6250. Positive results would open the door to Phase 1b and Phase 2 trials. The company has been gaining financial traction as well: in the first quarter of 2026, it beat consensus earnings-per-share estimates by $0.11.

Shares currently trade around $28.75, roughly 25% below the 52-week high of $38.50 set in November 2025. The stock has risen 104% over the past twelve months, though it has slipped about 15% year-to-date. Analysts remain bullish: H.C. Wainwright’s Patrick Trucchio reaffirmed a Buy rating with a $50 price target, while the consensus from three analysts sits at $48.75 with a “Strong Buy” designation. With the balance sheet strengthened and two Phase 2 starts on the horizon, the focus now shifts squarely to the clinical data that will determine ABI-6250’s fate.