SQL Server Reporting Services 2012 Internal Server Error 500 when loading in browser

After a recent Windows update, we are unable to access our SQL report server (http://localhost/reports or http://machine-name/reportserver). We are getting internal server error 500. I went through the logs and this is the error being given:

Exception: System.Web.HttpException

Message: Could not load file or assembly 'App_global.asax.9ksvxw40, Version=0.0.0.0, Culture=neutral, PublicKeyToken=null' or one of its dependencies. Access is denied.

StackTrace:    at System.Web.Compilation.BuildManager.ReportTopLevelCompilationException()
   at System.Web.Compilation.BuildManager.EnsureTopLevelFilesCompiled()
   at System.Web.Compilation.BuildManager.CallAppInitializeMethod()
   at System.Web.Hosting.HostingEnvironment.Initialize(ApplicationManager appManager, IApplicationHost appHost, IConfigMapPathFactory configMapPathFactory, HostingEnvironmentParameters hostingParameters)
   at System.Web.Hosting.HostingEnvironment.Initialize(ApplicationManager appManager, IApplicationHost appHost, IConfigMapPathFactory configMapPathFactory, HostingEnvironmentParameters hostingParameters)
   at System.Web.Hosting.ApplicationManager.CreateAppDomainWithHostingEnvironment(String appId, IApplicationHost appHost, HostingEnvironmentParameters hostingParameters)
   at System.Web.Hosting.ApplicationManager.CreateAppDomainWithHostingEnvironmentAndReportErrors(String appId, IApplicationHost appHost, HostingEnvironmentParameters hostingParameters)

InnerException: System.IO.FileLoadException

Message: Could not load file or assembly 'App_global.asax.9ksvxw40, Version=0.0.0.0, Culture=neutral, PublicKeyToken=null' or one of its dependencies. Access is denied.

StackTrace:    at System.Reflection.Assembly._nLoad(AssemblyName fileName, String codeBase, Evidence assemblySecurity, Assembly locationHint, StackCrawlMark& stackMark, Boolean throwOnFileNotFound, Boolean forIntrospection)
   at System.Reflection.Assembly.InternalLoad(AssemblyName assemblyRef, Evidence assemblySecurity, StackCrawlMark& stackMark, Boolean forIntrospection)
   at System.Reflection.Assembly.Load(AssemblyName assemblyRef, Evidence assemblySecurity)
   at System.CodeDom.Compiler.CompilerResults.get_CompiledAssembly()
   at System.Web.Compilation.BaseTemplateBuildProvider.GetGeneratedType(CompilerResults results)
   at System.Web.Compilation.BuildProvider.CreateBuildResult(CompilerResults results)
   at System.Web.Compilation.BuildProvider.GetBuildResult(CompilerResults results)
   at System.Web.Compilation.ApplicationBuildProvider.GetGlobalAsaxBuildResult(Boolean isPrecompiledApp)
   at System.Web.Compilation.BuildManager.CompileGlobalAsax()
   at System.Web.Compilation.BuildManager.EnsureTopLevelFilesCompiled()

InnerException: System.UnauthorizedAccessException

Message: Access is denied. (Exception from HRESULT: 0x80070005 (E_ACCESSDENIED))

StackTrace:

SQL Server is version 2012 and is running on Windows Server 2012. The report server is currently using the NETWORK SERVICE account to run and is apart of an Active Directory Domain.

Any help is greatly appreciated.