Core Viewpoint - The article discusses the launch of PFMBench, a comprehensive benchmarking tool for evaluating protein foundation models (PFMs) across various tasks, addressing the need for standardized assessments in the rapidly evolving field of protein science driven by AI advancements [2][3][24]. Summary by Sections Introduction to Protein Science and AI - Proteins are essential for life activities, and understanding them is crucial for disease treatment and new drug development. The AI wave is revolutionizing protein science, with models like ESM-2 and ProtT5 emerging to predict protein structures and functions [2]. The Need for Benchmarking - The protein model field faces challenges similar to comparing students taking different exams, leading to difficulties in assessing model performance. Existing benchmarks are either too limited in tasks or overlook multimodal models, resulting in fragmented evaluation results [7][8]. PFMBench Development - PFMBench was developed by West Lake University and BioMap, encompassing 38 tasks and 17 models across eight protein science domains, serving as a "final exam" for protein models [10]. Core Design of PFMBench - PFMBench is designed with modularity and efficiency in mind, integrating tasks, models, and tuning methods into a unified framework. It includes: 1. **Task Library**: 38 tasks categorized into eight types, covering the entire protein lifecycle [12]. 2. **Model Library**: 17 top models categorized into four types, with 12 core models selected based on performance benchmarks [14]. 3. **Tuning Protocols**: Supports parameter-efficient fine-tuning methods, allowing for quick adaptation to new tasks [15]. Key Findings from PFMBench - The analysis revealed four critical conclusions: 1. Task relevance allows for focusing on 11 representative tasks instead of testing all 38 [18]. 2. Multimodal models outperform pure sequence models, with ProTrek achieving a 75% win rate compared to ESM-2's 50% [19]. 3. Zero-shot evaluations may mislead developers, emphasizing the need for supervised tasks [20]. 4. The cost-effectiveness of model scaling is low, with DoRA fine-tuning emerging as a superior method [21]. Significance of PFMBench - PFMBench is a milestone in the industry, providing a standardized evaluation framework that promotes innovation and guides future research directions. It aims to accelerate biopharmaceutical applications by offering reliable assessments that shorten development cycles [24][25].

Summary of Bio Techne Conference Call Company Overview - **Company**: Bio Techne - **Analyst**: Matt Sykes, Goldman Sachs - **CFO**: Jim Hipple - **Head of IR**: David Claire Key Highlights from Fiscal Q3 Results - **Overall Growth**: Achieved 6% organic growth in Q3 despite macroeconomic headwinds [5][6] - **Protein Sciences Segment**: Notable 7% growth, driven by widespread demand across core reagents and instrument platforms [5][6] - **Large Pharma Market**: Contributed significantly to growth, accounting for 30% of total revenue, with double-digit growth observed [6][7] U.S. Academic Market Insights - **Revenue Contribution**: U.S. academic customers represent approximately 12% of total revenue [12] - **Market Volatility**: Academic market has been volatile due to budget cuts and NIH funding fluctuations, but core reagents remain stable [10][11] - **International Exposure**: Academic markets outside the U.S., particularly in Europe, have shown robust growth, helping to stabilize overall academic revenue [14] Tariff Exposure and Mitigation - **Manufacturing Resilience**: Most products manufactured in the U.S., with core reagents exempt from tariffs, minimizing exposure [16][17] - **Mitigation Strategies**: Ability to ramp up production in non-China facilities to avoid tariff impacts [18] China Market Performance - **Revenue Impact**: China accounts for about 8% of total revenue, with recent quarters showing negative mid-single-digit growth [20][21] - **Customer Sentiment**: A slight shift towards optimism among customers in China, indicating potential for future growth [22][23] Biopharma Market Dynamics - **Market Segmentation**: Distinction between large pharma and biotech, with large pharma showing more stability and less volatility [26][27] - **R&D Budgets**: Anticipated increases in R&D budgets for large pharma in 2025, despite recent caution due to external factors [28][30] Instrumentation and Consumables - **Growth in Instrumentation**: Achieved upper single-digit growth in instrumentation, driven by strong consumable pull-through [43][44] - **Competitive Advantage**: Unique product offerings with minimal direct competition in key instrument platforms [45][46] GMP Reagents and Cell & Gene Therapy - **Revenue Dynamics**: Growth in GMP reagents is lumpy due to reliance on clinical trial purchases, but reflects progress in customer development [50][52] - **Wilson Wolf Acquisition**: Bio Techne owns 20% of Wilson Wolf, with plans to acquire the remaining 80% based on performance metrics, enhancing growth potential in cell therapy [62][65] Spatial Biology and Diagnostics - **Market Position**: Bio Techne is a leading player in spatial biology, with a focus on translational applications and a profitable business model [67][68] - **COMET Platform**: New automated solution for spatial biology, capable of multi-omic detection, enhancing reagent pull-through [69][70] Financial Outlook - **Q4 Expectations**: Anticipating low single-digit growth due to continued market challenges, particularly in large pharma [73][75] - **Margin Projections**: Expected decline in operating margins due to tariff impacts, but viewed as a temporary issue [76][77] Capital Allocation Strategy - **Share Repurchase Plan**: Announced a $500 million share repurchase plan, indicating confidence in company valuation and a tactical approach to capital allocation [78][81] - **M&A Strategy**: Continued focus on M&A as a key growth strategy, particularly targeting private companies [80][82]