Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Assembly Biosciences, Inc. (ASMB)
A forensic read on Assembly Biosciences, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
4.5
Distress distance
Clean
Earnings quality
4
Forensic signals
45.4
P / E (ttm)
-3.0%
ROE
$488M
Market cap
0.00%
Dividend yield
153.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Assembly Biosciences, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 4.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-6.4%
FY2025
Return on invested capital.Return on invested capital is -6.4% in the latest fiscal year, against -65.7% in FY2023, having run between -108.7% and -6.4% across FY2023–FY2025 with no direction held. After-tax operating profit was ($51M) in FY2023 and ($10M) in FY2025, with operating income at -902.5% of revenue in FY2023, -159.3% in FY2024 and -16.8% in FY2025. The capital base behind it grew +93% across FY2023–FY2025, from $78M to $150M, and the return did not fall doing it, so the dollars added over that window earned at least the -65.7% the older base was already earning.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-5.0M to FY2025 $+148.3M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +145% over the last 2 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +56.5%/yr figure isn't a real buyback/dilution read here.
6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 6% of revenue in FY2025 — about $0.42 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 31.2% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$72.3M
Revenue Growth YoY+153.5%
Revenue CAGR (2yr)+217.5%
Net Margin-8.5%
Free Cash Flow-$41.2M
Return on Equity-3.0%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Assembly Biosciences, Inc.'s actual 10-K/10-Q/8-K filings?