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]

NEW YORK and SEATTLE, May 12, 2025 /PRNewswire/ -- Bernstein Private Wealth Management (Bernstein), a unit of AllianceBernstein L.P. (NYSE: AB), today announced the appointment of Ms. Ashley Velategui as the head of its Wealth Strategies Group, effective May 9, 2025. In her new role, Ms. Velategui will lead a team of experienced professionals advising high net worth and ultrahigh net worth clients nationwide on all areas of financial planning, philanthropy, income and estate tax planning, and the investment ...

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]

Financial Performance - Net income for the three months ended March 31, 2025, was $74,034,000, down from $77,222,000 for the same period in 2024, a decrease of about 4.2%[15] - Comprehensive income for the three months ended March 31, 2025, was $86,805,000, compared to $73,063,000 in Q1 2024, an increase of about 18.8%[18] - Total net income for the three months ended March 31, 2025, was $74.034 million, a decrease of 4.1% from $77.222 million in 2024[46] - Equity in net income attributable to AB unitholders decreased by 4.1%, from $86.281 million in 2024 to $82.753 million in 2025[51] - Total income taxes for the three months ended March 31, 2025, were $8.719 million, a decrease of 3.8% from $9.059 million in 2024[51] Assets and Capital - Total assets decreased from $2,034,632,000 as of December 31, 2024, to $1,997,129,000 as of March 31, 2025, representing a decline of approximately 1.8%[13] - The investment in AB decreased from $2,034,632,000 to $1,996,177,000, a decline of approximately 1.9%[13] - The total partners' capital decreased from $2,031,862,000 as of December 31, 2024, to $1,996,871,000 as of March 31, 2025, a decrease of about 1.7%[13] - Investment in AB as of March 31, 2025, was $1.996 billion, down from $2.034 billion as of December 31, 2024[47] Cash Distributions - Cash distributions to unitholders increased to $116,364,000 in Q1 2025 from $88,566,000 in Q1 2024, reflecting a rise of approximately 31.4%[23] - Cash distributions to unitholders increased by 9.6%, from $0.73 per unit in 2024 to $0.80 per unit in 2025[56] - The General Partner declared a distribution of $0.80 per Unit for the three months ended March 31, 2025, payable on May 22, 2025[39] Operating Activities - Net cash provided by operating activities rose to $115.3 million in 2025, compared to $87.7 million in 2024, primarily due to higher cash distributions received from AB[65] - Total cash paid for repurchases of AB Holding Units was $30.5 million in 2025, significantly higher than $4.3 million in 2024[42] Unit Awards and Repurchases - The number of restricted AB Holding Unit awards granted to employees increased from 0.9 million in 2024 to 1.0 million in 2025[44] - During Q1 2025, AB purchased a total of 813,836 AB Holding Units at an average price of $37.48 per unit[81] - The company retained 114,653 AB Holding Units from employees to meet statutory withholding tax requirements during long-term incentive compensation distribution[81] Market and Risk Factors - AB Holding's cash flow is dependent on quarterly cash distributions from AB, which are influenced by capital market performance[71] - No material changes in market risk were reported for AB Holding in Q1 2025 compared to the previous year[70] - The company has not experienced any material changes to risk factors since the last annual report for the fiscal year ended December 31, 2024[77] - AB Holding's ability to access capital markets may be limited by adverse market conditions and changes in government regulations[71] - Litigation outcomes remain unpredictable, but the company does not expect pending legal proceedings to materially affect its operations[71] Internal Controls and Compensation - No changes in internal control over financial reporting occurred during Q1 2025 that materially affected the company's reporting[74] - The company has determined that adjusted employee compensation expense should not exceed 50% of adjusted net revenues annually[71] Future Plans - The plan for repurchasing AB Holding Units expired on April 23, 2025, with potential for future plans to be adopted[79] - On April 3, 2025, EQH announced a cash tender offer for up to 46,000,000 AB Holding Units at a price of $38.50, totaling an aggregate purchase price of up to $1.8 billion[36] - A total of 19,682,946 AB Holding Units were tendered, equating to a 17.9% economic interest in AB Holding, for an aggregate cost of approximately $757.8 million[36] - The economic interest of EQH and its subsidiaries in AB was approximately 61.9% as of March 31, 2025[32]

Ioanis Jorgali, Investors 629.213.6139 ioanis.jorgali@alliancebernstein.com Carly Symington, Media 629.213.5568 carly.symington@alliancebernstein.com ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FIRST QUARTER RESULTS GAAP Net Income of $0.67 per Unit Adjusted Net Income of $0.80 per Unit Cash Distribution of $0.80 per Unit Nashville, TN, April 24, 2025 - AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today reported financial and operating results for the quarter ended ...