Core Insights - AB Science has released initial data on the combination of AB8939 and Venetoclax for treating refractory or relapsed acute myeloid leukemia (AML), showing positive responses in the first three patients with unfavorable genetic profiles [1][2][5] Group 1: Clinical Trial Details - AB8939 is currently in a Phase 1 clinical trial (study AB18001, NCT05211570) targeting refractory and relapsed AML [3][4] - The trial has completed its first two stages, determining the maximum tolerated dose (MTD) at 21.3 mg/m² after 3 and 14 days of monotherapy [4] - The third stage is evaluating the combination of AB8939 and Venetoclax, with initial results showing a 100% disease control rate and a 100% partial response rate among the three patients [5][6] Group 2: Patient Profiles and Responses - The three patients involved in the trial have very difficult-to-treat cytogenetic profiles, including TP53 mutations and complex karyotypes, which are typically associated with poor prognosis [5][6] - Notably, one patient achieved complete remission after the first cycle of treatment, which lasted 14 days [5][6] Group 3: Future Directions - Following the initial encouraging results, the trial will continue with an expansion phase involving about 15 patients with a more homogeneous profile, specifically targeting those in their second or third line of treatment with poor prognostic factors [6] - The ongoing research aims to confirm the initial promising clinical data before initiating a registration clinical trial [6] Group 4: Company Background - AB Science is a pharmaceutical company founded in 2001, specializing in the research, development, and commercialization of protein kinase inhibitors (PKIs) [12][13] - The company focuses on diseases with high unmet medical needs, often lethal or rare, and has developed a proprietary portfolio of molecules [12][13]

Financial and Corporate Situation - AB Science reported a reduced operating deficit of €2.7 million for the first half of 2025, a decrease of 24% compared to €3.6 million in the same period of 2024 [4][3] - The company raised €6.3 million through private placements to support ongoing activities, particularly the clinical development of the AB8939 program [25] - The net loss for the first half of 2025 was €5.2 million, an increase of 15.8% from a loss of €4.5 million in the first half of 2024 [6][7] Clinical Development - AB Science received authorization from several European countries for a Phase 3 confirmatory study with masitinib in amyotrophic lateral sclerosis (ALS) [8] - The FDA and EMA approved a Phase 3 confirmatory study with masitinib in metastatic hormone-resistant prostate cancer [13] - New data indicated the efficacy of masitinib in treating Alzheimer's disease, showing improvements in cognitive and behavioral symptoms in a mouse model [15][16] - The AB8939 molecule received orphan drug designation from the EMA for the treatment of acute myeloid leukemia (AML) [21] - A Canadian patent was granted for AB8939, providing protection until 2036 [23] Financial Results Summary - Operating income was €515 thousand, down from €560 thousand in the first half of 2024, attributed to a temporary decline in sales of veterinary medicine [5][7] - Operating expenses decreased by 21.7%, with administrative expenses down by 31.1% [5] - Financial income for the first half of 2025 was €212 thousand, while financial expenses amounted to €2.7 million [7]

Core Insights - AllianceBernstein L.P. and AllianceBernstein Holding L.P. reported a preliminary increase in assets under management (AUM) to $860 billion in September 2025, up from $844 billion at the end of August, representing a 2% month-over-month growth driven by market appreciation and modest net inflows [1] Summary by Category Assets Under Management - Preliminary AUM reached $860 billion as of September 30, 2025, compared to $844 billion at the end of August 2025 [1] - The increase in AUM was primarily attributed to market appreciation and modest net inflows, despite retail net outflows [1] Net Inflows - For the quarter ended September 2025, preliminary firmwide net inflows totaled approximately $1.8 billion, excluding about $4.0 billion in outflows related to the EQH-RGA reinsurance transaction [1] - Net inflows were observed from Private Wealth and Institutions, which were partially offset by retail net outflows [1] Breakdown of AUM - Total equity AUM was $359 billion, with actively managed equity at $281 billion and passive equity at $78 billion [1] - Total fixed income AUM was $310 billion, with taxable fixed income at $214 billion and tax-exempt fixed income at $86 billion [1] - Alternatives/Multi-Asset solutions accounted for $191 billion in AUM [1] Ownership Structure - As of September 30, 2025, AllianceBernstein Holding owned approximately 30.8% of AllianceBernstein, while Equitable Holdings, Inc. owned an approximate 68.5% economic interest in AllianceBernstein [5]

Core Insights - Bernstein Private Wealth Management has launched the Bernstein PEP, a pooled employer plan aimed at enhancing retirement benefit options for small to mid-sized businesses and private equity firms [1][2] - The new plan simplifies management, reduces costs, and provides greater investment access, addressing the gaps in governance and administrative efficiency that many small businesses face [2][3] Group 1: Product Offering - The Bernstein PEP is designed to provide a streamlined and cost-effective retirement solution, allowing employers to offer competitive benefits without the complexities of traditional 401(k) plans [1][2] - The plan combines institutional quality investments with intuitive participant engagement tools and simplified oversight, enhancing the overall experience for both employers and employees [2][4] Group 2: Market Context - Pooled employer plans (PEPs) were introduced by the SECURE Act in 2019, allowing multiple unrelated employers to participate in a single retirement plan managed by a third-party provider, thus reducing administrative and compliance burdens [3] - The SECURE Act aims to close the retirement savings gap for U.S. employees who lack employer-sponsored plans, making it easier for small to mid-sized employers to offer retirement benefits [3] Group 3: Company Background - Bernstein, as part of AllianceBernstein, manages over $142.2 billion in defined contribution assets and provides institutional caliber advice and pricing for employer-sponsored retirement plans [4][5] - The firm focuses on delivering value to businesses and their employees through effective retirement benefits, supported by dedicated defined contribution specialists [4]

Core Viewpoint - Investors in the Financial - Investment Management sector should consider AllianceBernstein (AB) and Cohen & Steers Inc (CNS) as potential undervalued stocks [1] Valuation Metrics - Both AB and CNS currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and an improving earnings outlook for both companies [3] - AB has a forward P/E ratio of 11.53, while CNS has a forward P/E of 21.84, suggesting that AB may be more undervalued [5] - AB's PEG ratio is 1.23, compared to CNS's PEG ratio of 2.05, indicating that AB has a better valuation relative to its expected earnings growth [5] - AB's P/B ratio is 2.14, significantly lower than CNS's P/B of 6.26, further supporting AB's position as a more attractive value option [6] - Based on these valuation metrics, AB is rated with a Value grade of A, while CNS has a Value grade of D, highlighting the relative undervaluation of AB [6][7]

Core Insights - AllianceBernstein has launched the AB California Intermediate Municipal ETF (CAM), an actively managed ETF designed to meet client demand for state-specific investment options in municipal bonds [1][2][3] Company Overview - AllianceBernstein is a leading global investment management firm with over 30 years of experience in municipal bond capabilities, managing over $82 billion in municipal assets [3] - As of August 2025, AllianceBernstein had $844 billion in assets under management, providing diversified investment services to institutional investors, individuals, and private wealth clients [4] Product Details - The CAM ETF aims to provide safety of principal and maximize total return for California residents after accounting for federal and state taxes [2] - The ETF is part of a broader strategy to offer versatile investment vehicles that can serve both as long-term investments and liquidity sleeves within municipal portfolios [2]

Core Points - AllianceBernstein L.P. and AllianceBernstein Holding L.P. will release their Third Quarter 2025 financial and operating results on October 23, 2025, before market opens [1] - A teleconference will be held at 9:00 am (CT) to discuss the results, hosted by key executives including the President and CEO, CFO, and Head of Global Client Group and Private Wealth [1] - The presentation for the conference call will be available on the Investor Relations website shortly after the results release [2] Company Overview - AllianceBernstein is a leading global investment management firm providing diversified investment services to institutional investors, individuals, and private wealth clients across major world markets [3] - As of June 30, 2025, AllianceBernstein Holding owned approximately 37.5% of AllianceBernstein, while Equitable Holdings, Inc. held an approximate 68.6% economic interest in AllianceBernstein [4]

Core Viewpoint - AB Science has announced a slight delay in the publication of its half-year financial report for 2025, which is now scheduled for October 10, 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 has developed a proprietary portfolio of molecules, with its lead compound, masitinib, registered for veterinary medicine and under development for human medicine in various fields including oncology and neurological diseases [4].

Core Insights - Bernstein Private Wealth Management has been awarded the Financial Advisor Team of the Year at the 2025 STEP Private Client Awards for the second time, recognizing its expertise in cross-border wealth management for ultra-high-net-worth clients [1][2][4] Group 1: Award Recognition - The award highlights Bernstein's commitment to addressing complex wealth needs of ultra-high-net-worth clients, showcasing its skill in navigating cross-border challenges [1][2] - The firm was selected for its next-generation education, bespoke offshore investment platforms, and ethical practices, emphasizing long-term client relationships [2][3] Group 2: Team Expertise - The Global Families team at Bernstein specializes in managing complex cross-border issues, including global tax planning and multijurisdictional governance [3] - The team provides integrated advice, modeling, and reporting across US and international platforms, serving both US and international families [3] Group 3: Company Overview - As of June 30, 2025, Bernstein manages $144 billion in assets, part of AllianceBernstein, which has over $829 billion in assets under management [5][6] - Bernstein is recognized for its holistic approach to wealth management, focusing on navigating life's transitions with innovative research and sophisticated modeling [6]

Group 1 - Bernstein Private Wealth Management received the "Wealthies" award for its effective service to the complex needs of the world's wealthiest families and family offices [1]