Preheat oven to 400 degrees F. Foil-line a baking sheet. Lightly grease 1-quart casserole or 8 x 8-inch baking dish.
Place bread cubes on baking sheet. Bake 10 minutes until golden brown. Remove from oven.
Meanwhile heat oil in large skillet over medium heat. Add onions and garlic; cook, stirring occasionally, for 2 minutes. Add asparagus and red pepper; cook, stirring occasionally, for 3 minutes until just tender.
Combine eggs, milk, 3/4 cup cheese, salt and pepper in large bowl. Add bread cubes and vegetable mixture; stir gently until combined. Pour mixture into prepared baking dish. Sprinkle with remaining 1/4 cup cheese.
Bake 30 to 35 minutes or until set and lightly browned.