ASMB Expands HDV Asset into PBC/PSC, Broadening Pipeline Beyond Viral Disease

Research evidence excerpt

ASMB Expands HDV Asset into PBC/PSC, Broadening Pipeline Beyond Viral Disease

USA | Biotechnology

Assembly Biosciences EquityMayResearch22, 2026

FLASH NOTEASMB Expands HDV Asset into PBC/PSC,

RATING BUYBroadening Pipeline Beyond Viral Disease

PRICE $26.50^

ASMB is expanding '6250 into PBC and PSC, leveraging its NTCP mechanism

to target bile acid–driven liver injury. Early data show clear target engagement, PRICE TARGET | % TO PT $62.00 | +134%

and Phase II studies are planned for Q1:27. We view this as an interesting 52W HIGH-LOW $39.71 - $13.13

addition and a (+) broadening of the pipeline, shifting into indications beyond FLOAT (%) | ADV MM (USD) 60.7% | 3.42

viral disease with greater commercial opportunity. MARKET CAP $447.9M

TICKER ASMB

^Prior trading day's closing price unless otherwise

What happened? ASMB is expanding its HDV asset ABI-6250, into two cholestatic liver diseases noted.

(both PSC and PBC). ABI-6250 is a small molecule inhibitor of sodium NTCP, a membrane protein

selectively expressed on hepatocytes, which is both the entry receptor for HDV and also facilitates

bile uptake, hence would be important for both PSC and PBC where bile accumulation causes liver

inflammation and injury. Building on the completed Phase IA and ongoing development in HDV, a

Phase II in both indications is expected to initiate Q1:27. In our view, this is a (+) step to not only

broaden the pipeline but also shift into indications beyond viral diseases with greater commercial

opportunity - PSC and PBC are both rare diseases and where there has been investor interest as

well as pharma interest with GILD's acquisition of CBAY's PBC drug for $4.3B in 2024.

PSC is a rare, progressive cholestatic liver disease marked by bile duct inflammation and