Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-18

Assembly Biosciences (ASMB)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,482,987
Jason Okazaki total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
99.95%
Say-on-pay support, latest vote
Companies that benchmark against ASMB
2 companies name ASMB as a compensation peer

Each company listed discloses ASMB in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ASMB in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jason Okazaki$647,500$0$661,671$573,574$585,000$0$15,242$2,482,987
Chief Executive Officer and President
William Delaney511,3250236,274199,263302,800015,2421,264,904
Chief Scientific Officer
Anuj Gaggar502,8630236,274189,104303,000014,8101,246,051
Chief Medical Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jason Okazaki$2,482,987
William Delaney1,264,904
Anuj Gaggar1,246,051

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
GILEAD SCIENCES, INC.Greater-than-10% holder2026-05-26A471,698$27$12,499,997CommonForm 4 ↗
John G. McHutchisonDirector2026-06-04A8,00000Derivative, Class A CommonForm 4 ↗
Gina ConsylmanDirector2026-06-04A8,00000Derivative, Class A CommonForm 4 ↗
Lisa Johnson-PrattDirector2026-06-04A8,00000Derivative, Class A CommonForm 4 ↗
Michael HoughtonDirector2026-06-04A8,00000Derivative, Class A CommonForm 4 ↗
Anthony E. AltigDirector2026-06-04A8,00000Derivative, Class A CommonForm 4 ↗
Susan MahonyDirector2026-06-04A8,00000Derivative, Class A CommonForm 4 ↗
Jeanette M. BjorkquistPFO and PAO2026-06-17D2923674CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Anuj GaggarOPTION$189,104
Jason OkazakiRSU661,671
William DelaneyOPTION199,263
Anuj GaggarRSU236,274
Jason OkazakiOPTION573,574
William DelaneyRSU236,274
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Anuj Gaggar$236,274$0$189,1040.0%
Jason Okazaki661,6710573,5740.0%
William Delaney236,2740199,2630.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jason OkazakiOption12,23910.68
Jason OkazakiRSU65122,141
Jason OkazakiOption65127.6
Jason OkazakiOption36,56313.3
William DelaneyPSU13,705466,107
Anuj GaggarPSU13,705466,107
Anuj GaggarOption24,20010.62
William DelaneyPSU2,08370,843
Jason OkazakiPSU2,60488,562
Jason OkazakiOption3,47224.12
William DelaneyOption11,25013.3
William DelaneyRSU52017,685
William DelaneyOption51927.6
William DelaneyOption3,64610.68
Jason OkazakiPSU38,3801,305,304
Jason OkazakiOption71,10010.62
William DelaneyOption25,50010.62
Anuj GaggarOption19,95610.2
William DelaneyOption2,77624.12
05

Incentive-plan design — the Compensation Discussion & Analysis

Our Compensation Philosophy is to Provide Competitive Overall Compensation That Attracts, Retains and Motivates Superior Performers.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantAlpine Rewards, LLC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0411,293,0615,40118,37999.95%Passed
20252025-06-052,975,064784,52218,72379.13%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0499.95%a
20252025-06-0579.13%b

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not considered votes cast and will have no effect on the vote for these proposals.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not considered votes cast and will have no effect on the vote for these proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
William R. Ringo, JrIndependent · Board Chair · Audit · Compensation · Nominating and Governance (Chair) · Not standing for re-election$112,500$0$39,465$0$0$151,965
Anthony E. AltigIndependent · Audit (Chair) · Nominating and Governance70,000039,46500109,465
Susan Mahony, Ph.DIndependent · Compensation (Chair) · Science and Technology65,000039,46500104,465
Gina ConsylmanIndependent · Audit · Compensation62,500039,46500101,965
Lisa R. Johnson-Pratt, M.DIndependent · Nominating and Governance · Science and Technology55,000039,4650094,465
John G. McHutchison, A.O., M.DIndependent · Nominating and Governance · Science and Technology55,000039,4650094,465
Sir Michael Houghton, Ph.DIndependent · Science and Technology50,000039,4650089,465
Robert D. Cook IINot independent000000
Tomas Cihlar, Ph.DNot independent000000
Jason A. OkazakiEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$45,000
Annual equity retainer$39,465
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$470,000
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$470,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Assembly Biosciences names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Assembly Biosciences.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Terns Pharmaceuticals, Inc.2024Amy Burroughs$563,701$807,750$6,476,968$375,000$8,240,502
2Arbutus Biopharma Corporation2025Michael McElhaugh109,658582,3301,855,49503,578,150
3aTyr Pharma, Inc.2025Sanjay Shukla638,97702,595,200210,8623,456,253
4Atea Pharmaceuticals, Inc.2025Jean-Pierre Sommadossi703,4901,315,800962,368422,0943,403,752
5Enanta Pharmaceuticals, Inc.2025Jay Luly803,300128,5501,223,975591,6652,769,548
6Assembly Biosciences2025Jason Okazaki647,500661,671573,574585,0002,482,987
7Gossamer Bio, Inc.2025Faheem Hasnain649,64901,392,006254,8002,300,455
8Black Diamond Therapeutics, Inc.2025Mark Velleca667,400189,0001,006,030348,7172,234,919
9Precision Biosciences, Inc.2025Michael Amoroso650,8751,025,086002,189,467
10Invivyd, Inc.2025William Duke485,000483,000905,44502,141,222
11Caribou Biosciences, Inc.2025Rachel Haurwitz667,534192,818654,54101,840,965
12AN2 Therapeutics, Inc.2025Eric Easom603,750164,133275,539332,0631,382,985
Adverum Biotechnologies, Inc.not in coverage universe
CytomX Therapeutics, Inc.not in coverage universe
Aligos Therapeutics, Inc.not in coverage universe
Spero Therapeutics, Inc.not in coverage universe
Vaxart, Inc.not in coverage universe
Hookipa Pharma Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Assembly Biosciencesnot disclosedOptions 100NoAlpine Rewards, LLC
Adverum Biotechnologies, Inc.not disclosednot disclosednot disclosednot disclosed
Aligos Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
AN2 Therapeutics, Inc.not disclosednot disclosednot disclosedAon
Arbutus Biopharma Corporationnot disclosednot disclosednot disclosedRadford
Atea Pharmaceuticals, Inc.not disclosednot disclosedNoAon (Aon plc, Human Capital Solutions Practice)
aTyr Pharma, Inc.60% (Committee lowered payout from 75% achievement to 60% given EFZO-FIT study results)%Options 100not disclosedRadford (Aon plc Rewards Solutions)
Black Diamond Therapeutics, Inc.95%not disclosednot disclosedAon Human Capital Solutions (Aon plc)
Caribou Biosciences, Inc.85%not disclosednot disclosedAlpine Rewards, LLC
CytomX Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Enanta Pharmaceuticals, Inc.not disclosedOptions 80 · PSU 10 · MSU 10NoAlpine Rewards LLC
Gossamer Bio, Inc.65%not disclosedNoAlpine Rewards
Hookipa Pharma Inc.not disclosednot disclosednot disclosednot disclosed
Invivyd, Inc.132%not disclosednot disclosedAlpine Rewards
Precision Biosciences, Inc.115%RSU 100not disclosedAon
Spero Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Terns Pharmaceuticals, Inc.120%not disclosedNoAlpine Rewards
Vaxart, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jason OkazakiDEF 14A2026-04-220001193125-26-170417Section “Summary Compensation Table” · page 54. As printed: 2,482,987. Filing ↗machine: t38 · r2 · c25 · span 1134174–1134183
2Section 01, William DelaneyDEF 14A2026-04-220001193125-26-170417Section “Summary Compensation Table” · page 54. As printed: 1,264,904. Filing ↗machine: t38 · r4 · c25 · span 1153355–1153364
3Section 01, Anuj GaggarDEF 14A2026-04-220001193125-26-170417Section “Summary Compensation Table” · page 54. As printed: 1,246,051. Filing ↗machine: t38 · r6 · c25 · span 1172517–1172526
4Section 03, Anuj Gaggar OPTIONDEF 14A2026-04-220001193125-26-170417Section “THE BOARD OF DIRECTORS RECOMMENDSVOTE &” · grants of plan-based awards table. Filing ↗machine: t38 · r6 · c13 · span 1168339–1168346
5Section 03, Jason Okazaki RSUDEF 14A2026-04-220001193125-26-170417Section “THE BOARD OF DIRECTORS RECOMMENDSVOTE &” · grants of plan-based awards table. Filing ↗machine: t38 · r2 · c9 · span 1128603–1128610
6Section 03, William Delaney OPTIONDEF 14A2026-04-220001193125-26-170417Section “THE BOARD OF DIRECTORS RECOMMENDSVOTE &” · grants of plan-based awards table. Filing ↗machine: t38 · r4 · c13 · span 1149177–1149184
7Section 03, Anuj Gaggar RSUDEF 14A2026-04-220001193125-26-170417Section “THE BOARD OF DIRECTORS RECOMMENDSVOTE &” · grants of plan-based awards table. Filing ↗machine: t38 · r6 · c9 · span 1166946–1166953
8Section 03, Jason Okazaki OPTIONDEF 14A2026-04-220001193125-26-170417Section “THE BOARD OF DIRECTORS RECOMMENDSVOTE &” · grants of plan-based awards table. Filing ↗machine: t38 · r2 · c13 · span 1129996–1130003
9Section 03, William Delaney RSUDEF 14A2026-04-220001193125-26-170417Section “THE BOARD OF DIRECTORS RECOMMENDSVOTE &” · grants of plan-based awards table. Filing ↗machine: t38 · r4 · c9 · span 1147784–1147791
10Section 07, pay ratio10-K2026-03-190001193125-26-115992Section “CEO Pay Ratio”. As printed: —. Filing ↗
11Section 08, William R. Ringo, JrDEF 14A2026-04-220001193125-26-170417Section “Director Compensation”. As printed: 151,965. Filing ↗machine: t24 · r2 · c11 · span 633573–633580
12Section 08, Anthony E. AltigDEF 14A2026-04-220001193125-26-170417Section “Director Compensation”. As printed: 109,465. Filing ↗machine: t24 · r3 · c11 · span 638198–638205
13Section 08, Susan Mahony, Ph.DDEF 14A2026-04-220001193125-26-170417Section “Director Compensation”. As printed: 104,465. Filing ↗machine: t24 · r9 · c11 · span 665956–665963
14Section 08, Gina ConsylmanDEF 14A2026-04-220001193125-26-170417Section “Director Compensation”. As printed: 101,965. Filing ↗machine: t24 · r5 · c11 · span 647450–647457
15Section 08, Lisa R. Johnson-Pratt, M.DDEF 14A2026-04-220001193125-26-170417Section “Director Compensation”. As printed: 94,465. Filing ↗machine: r10 · c11 · span 670595–670601
16Section 08, John G. McHutchison, A.O., M.DDEF 14A2026-04-220001193125-26-170417Section “Director Compensation”. As printed: 94,465. Filing ↗machine: t24 · r10 · c11 · span 670595–670601
17Section 08, Sir Michael Houghton, Ph.DDEF 14A2026-04-220001193125-26-170417Section “Director Compensation”. As printed: 89,465. Filing ↗
18Section 08, Robert D. Cook IIDEF 14A2026-04-220001193125-26-170417Section “Director Compensation”. As printed: 0. Filing ↗machine: t24 · r6 · c11 · span 651923–651924
19Section 08, Tomas Cihlar, Ph.DDEF 14A2026-04-220001193125-26-170417Section “Director Compensation”. As printed: 0. Filing ↗machine: t24 · r4 · c11 · span 642672–642673
20Section 08, Jason A. OkazakiDEF 14A2026-04-220001193125-26-170417Section “Director Compensation”. As printed: 0. Filing ↗
21Section 02, GILEAD SCIENCES, INC. 2026-05-26Form 42026-05-270001123292-26-000751Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, John G. McHutchison 2026-06-04Form 42026-06-050001193125-26-259855Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Gina Consylman 2026-06-04Form 42026-06-050001193125-26-259742Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Lisa Johnson-Pratt 2026-06-04Form 42026-06-050001193125-26-259808Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Michael Houghton 2026-06-04Form 42026-06-050001193125-26-259776Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Anthony E. Altig 2026-06-04Form 42026-06-050001193125-26-259697Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Susan Mahony 2026-06-04Form 42026-06-050001193125-26-259822Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Jeanette M. Bjorkquist 2026-06-17Form 42026-06-180001193125-26-275804Insider equity transaction reported since the proxy statement. Filing ↗
29Section 06, 2026 voteForm 8-K2026-06-050001193125-26-259481Item 5.07 · say-on-pay result. As reported: 99.95% (votes for as printed: 11,293,061). Filing ↗
30Section 06, 2025 voteForm 8-K2025-06-090000950170-25-083830Item 5.07 · say-on-pay result. As reported: 79.13% (votes for as printed: 2,975,064). Filing ↗
31Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
32Section 09b board cost (computed)ComputedcomputedCash 470,000 + equity 0 + all other 0 = 470,000, summed across the director compensation table rows.machine: formula: Σ = 470,000
33Terns Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2025-04-290000950170-25-060138CEO total compensation as printed in Terns Pharmaceuticals, Inc.'s own proxy. As printed: 8,240,502. Filing ↗machine: t5 · r3 · c26 · span 385759–385768
34Arbutus Biopharma Corporation, Section 10b CEO totalDEF 14A2026-04-140001140361-26-014623CEO total compensation as printed in Arbutus Biopharma Corporation's own proxy. As printed: 3,578,150. Filing ↗machine: t100 · r6 · c24 · span 395795–395804
35aTyr Pharma, Inc., Section 10b CEO totalDEF 14A2026-03-260001339970-26-000021CEO total compensation as printed in aTyr Pharma, Inc.'s own proxy. As printed: 3,456,253. Filing ↗machine: t11 · r2 · c21 · span 533754–533763
36Atea Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-270001193125-26-182293CEO total compensation as printed in Atea Pharmaceuticals, Inc.'s own proxy. As printed: 3,403,752. Filing ↗machine: r3 · c22 · span 1526943–1526952
37Enanta Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-01-260001193125-26-022558CEO total compensation as printed in Enanta Pharmaceuticals, Inc.'s own proxy. As printed: 2,769,548. Filing ↗machine: r2 · c16 · span 830357–830366
38Assembly Biosciences (subject), Section 10b CEO totalDEF 14A2026-04-220001193125-26-170417CEO total compensation as printed in Assembly Biosciences's own proxy. As printed: 2,482,987. Filing ↗machine: t38 · r2 · c25 · span 1134174–1134183
39Gossamer Bio, Inc., Section 10b CEO totalDEF 14A2026-04-240001728117-26-000027CEO total compensation as printed in Gossamer Bio, Inc.'s own proxy. As printed: 2,300,455. Filing ↗machine: r2 · c48 · span 378559–378568
40Black Diamond Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-290001104659-26-051474CEO total compensation as printed in Black Diamond Therapeutics, Inc.'s own proxy. As printed: 2,234,919. Filing ↗machine: r1 · c41 · span 370031–370040
41Precision Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-080001140361-26-013757CEO total compensation as printed in Precision Biosciences, Inc.'s own proxy. As printed: 2,189,467. Filing ↗machine: r2 · c19 · span 829996–830005
42Invivyd, Inc., Section 10b CEO totalDEF 14A2026-04-060001193125-26-143783CEO total compensation as printed in Invivyd, Inc.'s own proxy. As printed: 2,141,222. Filing ↗machine: t9 · r2 · c20 · span 501097–501106
43Caribou Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-240001619856-26-000022CEO total compensation as printed in Caribou Biosciences, Inc.'s own proxy. As printed: 1,840,965. Filing ↗machine: r2 · c39 · span 189876–189885
44AN2 Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-220001193125-26-170314CEO total compensation as printed in AN2 Therapeutics, Inc.'s own proxy. As printed: 1,382,985. Filing ↗machine: r2 · c25 · span 352697–352706
45Section 10a, aTyr Pharma, Inc. reciprocityDEF 14A0001339970-26-000021aTyr Pharma, Inc.'s most recent proxy was read; its disclosed peer group does not include Assembly Biosciences. Filing ↗
46Section 10a, Precision Biosciences, Inc. reciprocityDEF 14A0001140361-26-013757Precision Biosciences, Inc.'s most recent proxy was read; its disclosed peer group does not include Assembly Biosciences. Filing ↗
47Section 10a, Enanta Pharmaceuticals, Inc. reciprocityDEF 14A0001193125-26-022558Enanta Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Assembly Biosciences. Filing ↗
48Section 10a, Atea Pharmaceuticals, Inc. reciprocityDEF 14A0001193125-26-182293Atea Pharmaceuticals, Inc. names Assembly Biosciences in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Gossamer Bio, Inc. reciprocityDEF 14A0001728117-26-000027Gossamer Bio, Inc.'s most recent proxy was read; its disclosed peer group does not include Assembly Biosciences. Filing ↗