Assembly Biosciences is developing innovative antiviral therapies targeting recurrent genital herpes, hepatitis delta virus (HDV), hepatitis B virus (HBV), and transplant-related herpesviruses. Key clinical milestones in 2025 include positive Phase 1a/b results for long-acting helicase-primase inhibitors (HPIs) and the licensing of the HPI program to Gilead Sciences in December 2025. The company continues to invest heavily in R&D, reflected in ongoing operating losses and negative cash flow. With cash reserves supporting operations into 2028 and equity growth from recent financings, Assembly is positioned to advance late-stage trials, including Phase 2 initiation for its HDV candidate in late 2026 and regulatory filing-enabling studies for its broad-spectrum NNPI candidate.