Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.3
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-4.2%
ROE
$425M
Market cap
ASSEMBLY BIOSCIENCES, INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.3, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+213.9%Accruals ratio.Net operating assets grew +213.9% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by +49% of net operating assets.
-6%Return on invested capital.Return on invested capital is -6% and rising from -225% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+59.3%/yrShare-count dilution.Diluted share count changed +178% over the last 3 years to FY2025 (+59.3%/yr). A reversal: the count shrank earlier (net -18.5%/yr since FY2021) but the company has SWUNG to issuing stock — recent holders are now being diluted, not rewarded. That's ~59.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~178%.
5d DSOReceivables vs revenue.Days sales outstanding moved from 0 to 5 days FY2024→FY2025. Receivables are creeping up relative to sales — watch the trend.
$13MGoodwill impairments.Took $13M of goodwill writedowns across 1 year(s) (FY2021 ($13M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-8.5%
Debt / Equity0.00x
Free Cash Flow$-41.2M
Latest Revenue$72.3M
Return on Equity-3.0%
Revenue Growth YoY+153.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on ASSEMBLY BIOSCIENCES, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ASMB's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown