Core Viewpoint - AB Science has successfully completed a private placement raising EUR 2.8 million to finance the clinical development of its drug candidate AB8939 for acute myeloid leukemia (AML) [2][4]. Use of Proceeds - The net proceeds from the private placement will primarily be used to complete phase 1 of the AB8939 program and to initiate an expansion study involving approximately 15 AML patients [4][5]. Financial Impact - The private placement strengthens the company's cash position, allowing it to meet its financing needs for 2025 and beyond [5]. Private Placement Details - The private placement involved the issuance of 2,477,877 new ordinary shares, each accompanied by a share warrant (BSA), without preferential subscription rights [6][7]. - The issue price of one ABSA is set at EUR 1.13, reflecting a 24.99% discount to the volume-weighted average price over the preceding three trading days [8][9]. Shareholding Structure - Post-private placement, the company's total share capital will amount to EUR 729,474.72, consisting of 66,184,793 ordinary shares, with potential dilution from the exercise of BSAs [13][15]. Trading Information - The new shares are expected to be admitted to trading on Euronext Paris on October 22, 2025, and will be assimilated to existing shares [18]. 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 already registered for veterinary use and is being developed for human medicine across various disease areas [25]. Drug Candidate Information - AB8939 is a synthetic microtubule-destabilizing drug candidate with broad anticancer activity, showing potential to overcome drug resistance commonly seen in chemotherapy [24].

Core Insights - AB Science SA has provided initial Phase 1 data for the combination of AB8939 with Venetoclax for treating refractory or relapsed acute myeloid leukemia (AML) [1] Group 1: Clinical Data and Efficacy - Early data indicates that AB8939, either as monotherapy or in combination, shows significant activity in high-risk subtypes of AML [2] - The combination of AB8939 and Venetoclax has demonstrated a disease control rate of 100% (3/3) and a partial response rate of 100% (3/3), including one patient achieving complete remission after the first treatment cycle [5][9] - AB8939 has shown activity in MECOM, with long overall survival benefits, and is effective in cell lines resistant to standard treatments [10][8] Group 2: Mechanism of Action - AB8939 operates through a dual mechanism: disrupting microtubules to block leukemia cell proliferation and targeting leukemia stem cells by inhibiting ALDH [10][11] - The combination with Venetoclax is expected to enhance apoptosis in cancer cells, as AB8939 destabilizes microtubules while Venetoclax inhibits the BCL2 pathway, which is crucial for AML resistance [11] Group 3: Market Potential - The addressable market for AB8939 in relapsed/refractory AML is estimated to exceed EUR 2 billion annually [13] - The total incidence of AML cases is approximately 90,200 globally, with significant relapse rates, indicating a persistent unmet medical need [14] Group 4: Next Steps and Development Plans - The next steps include completing Phase 1 in combination therapy and launching an expansion study involving around 15 AML patients eligible for AB8939 + Venetoclax [12] - Discussions with regulatory bodies such as the FDA and EMA are ongoing regarding potential registrational studies for AB8939 [13] Group 5: Intellectual Property - AB8939's intellectual property rights in AML are secured until 2036, with potential extensions until 2044 for specific genetic abnormalities [18]

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].