Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Note 6 – Stockholders’ Equity

At-The-Market Offering

In November 2024, the Company entered into a sales agreement under which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $75.0 million through "at-the-market" offerings (the ATM), pursuant to its shelf registration statement on Form S-3 (File No. 333-270760), which became effective in April 2023. The Company did not sell any shares of common stock under the ATM during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company sold 161,645 shares of common stock under the ATM, for which the Company received net proceeds of $1.9 million, after deducting commissions, fees and expenses.

Warrants

The following warrants and pre-funded warrants to purchase shares of the Company's common stock were issued and outstanding:


Issue Date	Exercisable Date	Expiration Date	Exercise Price per Share		March 31, 2026		December 31, 2025
6/16/2024	6/16/2024	6/18/2029	$	17.00		634,500		634,500
6/17/2024	6/17/2024	6/18/2029	$	17.00		179,500		179,500
8/11/2025	8/11/2025	No expiration	$	0.001		1,040,820		1,040,820
8/11/2025	8/11/2025	8/11/2030 (1)	$	21.60		4,209,187		4,209,187
8/11/2025	11/15/2026 (2)	12/31/2026 (2)	$	21.60		4,464,290		4,464,290
						10,528,297		10,528,297

(1)

These Class A warrants will expire 30 days following the public announcement that the Company completed enrollment (of at least 200 patients total) in the Phase 2 clinical study evaluating 5366 versus valacyclovir if prior to August 11, 2030.

(2)

These Class B warrants will be cancelled if the Company publicly announces the receipt of at least $75.0 million in the aggregate of non-dilutive capital in connection with a collaboration agreement prior to November 15, 2026.

The warrants and pre-funded warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of common shares upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, such warrants and pre-funded warrants do not provide any guarantee of value or return.

Holders of all warrants and pre-funded warrants cannot exercise any portion of the warrants to the extent they would beneficially own more than the limits defined in the warrant agreements. The exercise price and number of shares of the Company's common stock issuable upon the exercise of the warrants are subject to adjustment in the event of any stock dividends and distributions, stock splits, stock combinations or stock reclassifications, as described in the
respective warrant agreements. Under certain circumstances, the warrants may be exercised on a “cashless” basis. No warrants were exercised during the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for equity.

+ References

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+ Details

ASSEMBLY BIOSCIENCES, INC. 10-Q