PRESS RELEASE AB SCIENCE ANNOUNCES EMA APPROVAL OF MASIVET® SHELF-LIFE EXTENSION TO 4 YEARS Paris, June 9, 2025, 8am CET AB Science SA (Euronext - FR0010557264 - AB) today announced that the European Medicine Agency (EMA) has approved the extension of the shelf-life of its veterinary medicine MASIVET® from 36 months to 48 months. This shelf-life extension applies to the 50mg tablet strength of MASIVET® currently available in the EU. MASIVET® is currently approved for the treatment of non-resectable dog mast ...

Company Overview - AB Science S.A. is a pharmaceutical company founded in 2001, specializing in the research, development, and commercialization of protein kinase inhibitors (PKIs) [5] - The company is headquartered in Paris, France, and is listed on Euronext Paris under the ticker AB [5] - AB Science focuses on diseases with high unmet medical needs, including oncology, neurological diseases, inflammatory diseases, and viral diseases [5] Recent Capital Increase - AB Science announced a capital increase of €1.8 million, which was settled and delivered on May 23, 2025 [1] - This capital increase was subscribed by a limited number of investors and is expected to strengthen the company's cash position [2] Product Development - Masitinib is a novel oral tyrosine kinase inhibitor being developed to target mast cells and macrophages, with potential applications in oncology, inflammatory diseases, and central nervous system diseases [3] - AB8939 is a new synthetic microtubule-destabilizing drug candidate that shows broad anticancer activity and may overcome drug resistance associated with standard chemotherapies [4]

Core Viewpoint - AB Science S.A. successfully completed a private placement raising EUR 1.8 million to finance ongoing activities, particularly focusing on the clinical development of the AB8939 program [1][3]. Group 1: Private Placement Details - The private placement involved the issuance of 1,538,463 new ordinary shares, each with one share warrant attached, without preferential subscription rights [4]. - The issue price of one ABSA was set at EUR 1.17, reflecting a 24.8% discount to the volume-weighted average price over the three trading days prior [6][7]. - The total share capital post-placement will be EUR 661,764.30, comprising 59,368,757 ordinary shares, with potential increases if all BSAs are exercised [11]. Group 2: Use of Proceeds - The net proceeds from the private placement will primarily be allocated to the clinical development of the AB8939 program [3]. Group 3: Shareholder Impact - The issuance of ABSAs will result in a dilution of existing shareholders' stakes, with specific percentages outlined for major shareholders before and after the placement [12][14]. - The theoretical value of each BSA is estimated at EUR 0.4053, based on a volatility of 34.355% [9]. Group 4: Trading and Listing - The new shares are expected to be admitted to trading on Euronext Paris on May 22, 2025, and will be assimilated to existing shares [16]. - The BSAs are anticipated to be listed on Euronext Growth Paris by May 26, 2025 [10]. Group 5: Company Overview - AB Science specializes in the research, development, and commercialization of protein kinase inhibitors, targeting diseases with high unmet medical needs [25]. - The lead compound, masitinib, is being developed for various medical applications, including oncology and inflammatory diseases [25][23].

Core Viewpoint - AB Science has received a Chinese patent for the use of its lead compound masitinib in treating COVID-19, providing intellectual property protection until April 2041 [1][3]. Group 1: Patent and Intellectual Property - The Chinese Patent Office issued a patent for methods of treating SARS-CoV-2 infection with masitinib, ensuring protection until April 2041 [1]. - This patent is based on preclinical data published in the journal Science, demonstrating masitinib's efficacy against SARS-CoV-2 variants [3]. Group 2: Research and Collaboration - AB Science has entered into a collaborative research agreement with the University of Chicago to explore the prevention and treatment of COVID-19 using masitinib and other proprietary drugs [2]. - The agreement includes a royalty-bearing license for any discoveries made, with AB Science paying 1% of net sales on the first registered product and 0.3% on further registered products to the University of Chicago [2]. Group 3: Clinical Results - Positive results from a phase 2 study of masitinib in COVID-19 were recently communicated, confirming its anti-inflammatory activity and potential as a broad antiviral agent [4]. - Professor Olivier Hermine highlighted masitinib's capacity to control activated macrophages and mast cells involved in COVID-19, suggesting its evaluation in future pandemics [4]. Group 4: Company Overview - AB Science, founded in 2001, specializes in the research, development, and commercialization of protein kinase inhibitors targeting diseases with high unmet medical needs [6]. - The company is headquartered in Paris, France, and is listed on Euronext Paris under the ticker AB [7].

Core Insights - Masitinib demonstrates neuroprotective effects by lowering serum neurofilament light chain (NfL), a key biomarker for neurodegenerative disorders such as multiple sclerosis, amyotrophic lateral sclerosis, and Alzheimer's disease [1][4][6] Group 1: Research Findings - The study published in PLOS One shows that masitinib can significantly reduce serum NfL levels, indicating its potential neuroprotective effects [1][3] - At Day 8, masitinib treatment reduced NfL levels by 43% at a dosage of 50 mg/kg/day and by 60% at 100 mg/kg/day, demonstrating a dose-dependent response [5][11] - Absolute serum NfL concentrations were approximately 25% lower in both masitinib treatment groups compared to the EAE control group at Day 8, with further reductions observed at Day 15 [5][6] Group 2: Mechanism of Action - Masitinib targets the innate neuroimmune system, specifically mast cells and microglia, which are implicated in the pathophysiology of neurodegenerative diseases [4][7] - The drug has shown clinical benefits in previous trials for progressive multiple sclerosis, ALS, and mild-to-moderate Alzheimer's disease, reinforcing its therapeutic promise [4][6] Group 3: Functional Performance - Masitinib treatment improved grip strength in EAE mouse models, with treated mice recovering to baseline levels by Day 15, indicating a protective effect on motor function [11] - Both treatment groups exhibited significantly less relative deterioration in grip strength compared to the EAE control group (p < 0.001) [11]

Financial and Corporate Situation - AB Science reported an operating deficit of €6.1 million as of December 31, 2024, a decrease of 55% compared to €13.4 million in 2023 [6][26] - The cash position stood at €8.0 million as of December 31, 2024 [6] - Operating income increased by 10% to €1.072 million in 2024 from €0.970 million in 2023 [27] - Operating expenses decreased by 50%, amounting to €7.244 million less than in 2023 [27][28] Clinical Development - AB Science provided updates on the AB8939 microtubule program, which targets relapsed/refractory acute myeloid leukaemia (AML) [3][4] - The Phase 1 study of AB8939 included 28 patients, assessing the maximum tolerated dose after 3 consecutive days of treatment, with a second stage nearing completion for 14 consecutive days [4][5] - AB8939 showed a 50% response rate against the MECOM gene rearrangement, which is associated with poor prognosis in AML [7][8] Masitinib Platform - Positive results were reported from the Phase 2 study of masitinib in COVID-19, with an odds ratio of 2.4 in favor of the treatment arm after 15 days [16][18] - The European Medicines Agency (EMA) issued a negative opinion for the conditional marketing authorization of masitinib in ALS [19] - A new confirmatory study for masitinib in ALS will be launched, targeting the best responders [21] Intellectual Property Developments - AB Science secured intellectual property rights for AB8939 in AML until 2036 and potentially until 2044 for specific chromosomal abnormalities [8] - New patents were granted for masitinib in the treatment of severe systemic mastocytosis, sickle cell disease, and other indications, extending protection until 2041 or 2042 [23][25][24] Capital Increase and Financial Strategy - A capital increase of €5 million was announced through the issuance of 5,368,725 new ordinary shares [31][34] - The proceeds from the capital increase will support AB Science's activities over the next twelve months [36] - The company has engaged in a Term Capital Increase Program (PACT) with Alpha Blue Ocean, which has provided additional funding [37] Market Position and Analyst Coverage - AB Science has received coverage initiation from DNA Finance and In Extenso Finance, with strong buy opinions indicating a compelling investment opportunity in the biotech sector [41][42]

Core Insights - AB Science announced new data from its phase 3 trial of masitinib in amyotrophic lateral sclerosis (ALS), which will be presented at the ENCALS annual meeting in June 2025, indicating masitinib's potential as a disease modifier [1][2] - The clinical benefit of masitinib is particularly pronounced in a subgroup of ALS patients prior to complete loss of function, supporting the rationale for a phase 3 confirmatory study [2] Company Overview - AB Science, founded in 2001, specializes in the research, development, and commercialization of protein kinase inhibitors (PKIs) targeting diseases with high unmet medical needs [3][4] - The company's lead compound, masitinib, is already registered for veterinary use and is being developed for human medicine across various fields including oncology and neurological diseases [4] Clinical Findings - New analyses show that masitinib reduces serum neurofilament light chain (NfL) levels, suggesting a decrease in neuronal damage and supporting its disease-modifying potential in ALS [1][2] - Subgroup analyses indicate significant treatment effects in ALS patients before complete loss of function, with notable improvements in clinical endpoints and a +12-month survival benefit [2]

Company Announcement - AB Science SA has postponed the publication of its 2024 annual financial report from April 30, 2025, to May 9, 2025, to allow auditors to complete their work [1][2] Company Overview - AB Science, founded in 2001, is a pharmaceutical company focused on the research, development, and commercialization of protein kinase inhibitors (PKIs) targeting diseases with high unmet medical needs [3] - The company's lead compound, masitinib, is registered for veterinary medicine and is being developed for human medicine in areas such as oncology, neurological diseases, inflammatory diseases, and viral diseases [4] Additional Information - AB Science is headquartered in Paris, France, and is listed on Euronext Paris under the ticker AB [4] - Further information can be found on the company's website [5]

Financial Data and Key Metrics Changes - Adjusted earnings per unit for Q1 2025 were 80¢, up 10% year-over-year, reflecting strong markets and organic growth [47] - Net revenues for Q1 2025 were $838 million, down 5% year-over-year but up 6% on a like-for-like basis [48] - Base management fees increased by 8% year-over-year, while performance fees rose to $39 million, an increase of $12 million from the prior year [49] Business Line Data and Key Metrics Changes - Firm-wide active net inflows reached $2.7 billion, with all three distribution channels showing organic growth [10] - Fixed income strategies generated $1 billion in active inflows, despite $1.4 billion in taxable outflows [11] - Retail tax-exempt AUM grew to $46 billion, more than doubling since 2020, with a 19% annualized growth rate [12] Market Data and Key Metrics Changes - Institutional sales inflows rebounded to the highest level since Q4 2022, driven by alternative deployments [37] - Retail channel saw its seventh consecutive quarter of positive net flows, with strong demand for tax-exempt strategies [33] - Active equity outflows moderated to $2.5 billion, with retail flows turning positive [13] Company Strategy and Development Direction - The company is expanding its private market platform and aims to grow private market AUM to $90 billion to $100 billion by 2027 [22] - Focus on diversifying growth avenues and deepening partnerships, particularly in private credit and asset-based finance [14] - The company emphasizes a diversified asset mix to provide downside protection against market volatility [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for fixed income despite current market volatility [77] - The company anticipates continued strength in its tax-exempt franchise and growing ETF offerings [73] - Management remains cautious about potential impacts from policy changes regarding municipal bonds but believes in the resilience of the muni market [95] Other Important Information - The effective tax rate for Q1 2025 was 6.2%, in line with full-year guidance [54] - The company maintains a guidance of $600 to $625 million for full-year 2025 non-compensation expenses [53] - Adjusted operating margin reached 33.7%, up 340 basis points year-over-year, reflecting improved operational leverage [62] Q&A Session Summary Question: Asset allocation trends in the second quarter - Management noted volatility and uncertainty affecting retail channel flows, particularly in taxable fixed income, but expects long-term support from tax-exempt strategies [70][72] Question: Equitable dynamics and structural benefits - Management emphasized the independence of AllianceBernstein and the strategic advantages of being a public company, with no anticipated changes in Equitable's engagement [82][90] Question: Retail municipal SMA flows and potential headwinds - Management believes that while there may be a short-term shock if tax exemptions are altered, the fundamental need for income will sustain demand for municipal bonds [96][98] Question: Expense guidance and flexibility - Management confirmed the guidance for non-compensation expenses remains unchanged, with some flexibility to adjust spending based on market conditions [104][105] Question: Private markets fee expectations - Management revised performance fee expectations upward due to strong public market performance, with private markets remaining a significant contributor [129]

Financial Data and Key Metrics Changes - First quarter adjusted earnings were 80¢ per unit, up 10% year-over-year, benefiting from strong markets, sustained organic growth, and solid margin expansion [47][48] - First quarter net revenues were $838 million, down 5% year-over-year but up 6% on a like-for-like basis, excluding Bernstein Research [48] - Total operating expenses for the first quarter were $555 million, a decline of 10% year-over-year, reflecting lower occupancy costs and a lower compensation ratio [50][52] Business Line Data and Key Metrics Changes - All three distribution channels experienced organic growth, generating $2.7 billion in firm-wide active net inflows [10] - Active fixed income inflows were $1 billion in Q1 2025, despite $1.4 billion in taxable outflows, while tax-exempt strategies generated $2.4 billion in inflows [11][12] - Retail tax-exempt AUM reached $46 billion, more than doubling since 2020, with a 19% annualized growth rate [12][33] Market Data and Key Metrics Changes - Institutional sales inflows rebounded to the highest level since Q4 2022, driven by alternative deployments [37] - The pipeline grew to $13.5 billion in Q1 2025, up $2.8 billion sequentially, reaching its highest levels in seven quarters [38] - Retail posted its seventh consecutive quarter of positive net flows, with strong demand for tax-exempt and multi-asset strategies [33] Company Strategy and Development Direction - The company is expanding its private market platform and aims to grow private market AUM to $90 billion to $100 billion by 2027 [22] - The focus remains on enhancing operational efficiency and maintaining a durable fee rate, which has held steady over the years [19][55] - The company is leveraging its relationship with Equitable to scale higher fee, longer-dated private alternative strategies [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fixed income market despite volatility, highlighting attractive yields compared to long-term equity returns [77][78] - The company anticipates continued strength in its tax-exempt franchise and growing ETF offerings, despite short-term challenges [73] - Management remains cautious about market volatility and is prepared to adjust expenses as needed [53][54] Other Important Information - The company reported a solid margin expansion with an adjusted operating margin of 33.7%, up 340 basis points year-over-year [62] - Performance fees for the first quarter totaled $39 million, reflecting sustained alpha generation from specific strategies [49][58] - The company is focused on investing in growth while maintaining expense discipline amid market uncertainties [63] Q&A Session Summary Question: Asset allocation trends in the second quarter - Management noted volatility and uncertainty affecting retail channels, particularly in taxable fixed income, but expressed confidence in long-term prospects [68][72] Question: Equitable's role in management - Management confirmed that Equitable continues to operate independently and there are no restrictions on acquiring more units [90][91] Question: Impact of potential changes to municipal bond tax exemptions - Management believes full repeal is unlikely but acknowledges potential short-term market reactions if changes occur [95][96] Question: Performance fee outlook - Management revised performance fee expectations to $90 to $105 million, up from previous projections, due to strong public market performance [59][129] Question: Private markets activity and investment-grade focus - Investment-grade private credit is a significant growth area, particularly within insurance, and management is expanding capabilities in this sector [134]