The oldest continuously operating bank in the U.S. is getting an upgrade. On Thursday at an internal town hall, BNY CEO Robin Vince unveiled the next-generation version of Eliza, its AI platform that allows employees to create bespoke agents and carry out tasks such as accelerated check processing built on reams of company data. “We think of AI as generating capacity for us,” Vince said at the town hall. According to a BNY spokesperson, 98% of the company’s employees are trained on generative AI, with the ...

Summary of Protalix BioTherapeutics Conference Call Company Overview - Protalix BioTherapeutics is a publicly traded company listed on NYSE American, with a unique technology for expressing complex human proteins through plant cells rather than mammalian cells [4][3] - The company has been operational for approximately 30 years [4] Core Products - Protalix has two FDA-approved drugs: - **El Eliza** for the treatment of Gaucher disease, licensed to Pfizer [8][10] - **El Fabrio** for the treatment of Fabry disease, licensed to Kiesi [8][18] - Both drugs are sold through partnerships, with annual sales to Pfizer and Brazil estimated at $22 to $24 million [13][12] Financial Performance - The manufacturing agreement with Pfizer for El Eliza expires in October 2030, with hopes to renegotiate for potential return of the drug [15] - The market for El Fabrio is expected to grow from $2.2 billion last year to $3.2 billion by the end of the decade, with Protalix potentially earning $100 to $120 million in royalties from Kiesi [17][20] - Protalix is currently well-capitalized with approximately $34 million in cash and zero debt [46] Pipeline and Future Prospects - The most advanced pipeline asset is **PRX-115**, targeting uncontrolled severe gout, with a significant patient population in the U.S. [9][36] - The company is exploring additional dosing regimens for its drugs, including a once-a-month option for El Fabrio, which is under review by the EMA [29][30] - Protalix aims to leverage its core competencies in rare renal diseases and is open to collaborations in this area [44] Market Dynamics - The competitive landscape includes other enzyme replacement therapies (ERTs) like Fabrazyme and Replagal, which require more frequent infusions compared to El Fabrio [27][41] - The agreement with Kiesi includes royalties of 15-40% on U.S. sales and 15-35% on international sales, along with potential milestone payments [18][20] Key Takeaways - Protalix's unique plant-based technology offers cost advantages and manufacturing flexibility [5][6] - The company is focused on maintaining operational stability while exploring growth opportunities in its pipeline [14][46] - Upcoming catalysts include the EMA's decision on the new dosing regimen and the initiation of Phase 2 trials for PRX-115 [53]

Core Insights - The article discusses the historical significance and revival of Eliza, the first chatbot created by Joseph Weizenbaum in the 1960s, highlighting its impact on the development of conversational AI [1][3][11] Group 1: Historical Context - Eliza was inspired by the character Eliza Doolittle from George Bernard Shaw's play "Pygmalion," symbolizing transformation and communication skills [1] - The chatbot operated using a script called DOCTOR, mimicking a Rogerian therapist's approach to engage users in conversation [3][6] Group 2: User Interaction - Users often developed emotional attachments to Eliza, perceiving it as empathetic and understanding, despite its lack of true comprehension [6][9] - The interaction style of Eliza led to a phenomenon where users felt that the chatbot genuinely understood their concerns, showcasing the psychological impact of AI on human interaction [4][6] Group 3: Technical Revival - The original Eliza code was believed to be lost until it was rediscovered in 2021 by researchers at Stanford University and MIT [11] - The revival process involved cleaning and debugging the original code, as well as creating a simulator to run it in an environment similar to the 1960s [11][12] - The restored Eliza, which includes a known bug that causes it to crash when numbers are input, has been made available on GitHub for public use [12]

Summary of The Bank of New York Mellon (BK) 2025 Conference Company Overview - **Company**: The Bank of New York Mellon (BK) - **Segment**: BNY Pershing, the largest business within BNY, focusing on Market and Wealth Services - **Key Metrics**: - Serves approximately 1,300 intermediaries globally - Manages around 8 million client accounts - Total assets under management: $2.7 trillion for Pershing and $3 trillion for BNY globally [15][14] Core Strategic Priorities - **Growth Focus**: The primary strategic priority is growth, with an emphasis on positive operating margins [15][16] - **Client Engagement**: BNY aims to differentiate itself by offering a variety of solutions within its ecosystem to help clients grow [16][17] Key Themes from Insight Financial Advisory Conference - **Event Overview**: The conference had over 2,000 attendees and showcased a broader product set from BNY, including asset servicing, investment management, and treasury services [18][19][21] - **Client-Centric Approach**: The event aimed to demonstrate how BNY can better serve wealth managers by introducing more services [22][23] WOVE Platform - **Launch and Purpose**: WOVE was launched to address advisor productivity challenges, with 60% of advisors frustrated by their current technology [24][25] - **Revenue Generation**: In 2024, WOVE generated an incremental $30 million in revenues, with a target of $60 million to $70 million for 2025 [28][30] - **Modular Design**: The platform is designed to be modular, allowing advisors to select specific applications as needed [26][27] AI Integration - **AI Adoption**: Approximately 90% of BNY employees have signed up for the internal AI platform, Eliza, which enhances operational efficiency [40][41] - **Commercial Applications**: AI is being used to streamline processes such as responding to RFPs and enhancing financial planning tools [42][43] - **Future Potential**: AI is expected to play a significant role in transforming client interactions and operational efficiency [46][48] Industry Dynamics - **RIA Consolidation**: The larger RIA firms are growing faster than smaller firms, with 20% of RIAs driving 80% of the growth [59][60] - **Target Clientele**: BNY focuses on billion-dollar-plus RIA firms, which are seen as optimal clients for their services [60][72] - **Breakaway Business**: The breakaway business model is expected to continue, providing opportunities for BNY to capture new clients [62][63] Product Expansion and Alternatives - **Focus on Alternatives**: BNY is working to improve custodial processes for private assets and alternatives, as demand in this area is increasing [73][75] - **Tokenized Assets**: BNY is prepared to custody tokenized assets, anticipating future demand in this area [80][81] Conclusion - **Positive Outlook**: The consolidation in the RIA market and the focus on large firms positions BNY favorably for future growth [66][70]

Financial Data and Key Metrics Changes - The company reported revenues of $53 million for the fiscal year 2024, indicating a strong cash-generating position for a biotech firm [6][29] - Cash at the end of the last quarter was $34.7 million, with projections to approach cash flow positive by the end of 2024 [29][30] Business Line Data and Key Metrics Changes - The first product, El Eliza, has generated approximately $12 million in Brazil, while global sales through Pfizer are only $50 million out of a $1 billion market, indicating commercialization challenges [9][34] - The second product, El Fabrio, is expected to capture 15% to 20% of a $3.1 billion market, potentially generating $130 million to $150 million in sales for Protalix [13][19] Market Data and Key Metrics Changes - The Fabry market was valued at $2.2 billion last year, with expectations for growth to $3.1 billion by 2030 [12][13] - The gout treatment market is projected to be $5.6 billion with a 6.4% CAGR, highlighting significant potential for the PRX-115 product [25] Company Strategy and Development Direction - The company aims to enhance its platform and explore rare renal diseases, while also focusing on the development of PRX-115 for gout treatment [28][30] - A strategic partnership with Chiesi is crucial, with a tiered royalty agreement that could yield significant revenue based on sales performance [14][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in commercialization for El Eliza but remains optimistic about future partnerships to improve market penetration [10][34] - The company believes that by 2030, total sales could reach between $120 million to $230 million, contingent on successful product launches and market acceptance [35] Other Important Information - The company has no debt and has cleaned its balance sheet, positioning itself for a fresh start [30] - Management noted that the share price drop following the first quarter results was disproportionate and attributed it to market reactions rather than operational failures [31][34] Q&A Session Summary Question: Is it reasonable to liken the competitive advantage of PRX-115 to that of El Fabrio? - Management believes PRX-115 could represent an even stronger competitive advantage due to its potential dosing regimen, which could significantly reduce treatment frequency compared to existing therapies [37] Question: What are the implications of sales fluctuations? - Sales are highly dependent on shipment logistics, and even minor delays can impact revenue recognition, but the company remains optimistic about profitability [38] Question: What are the expected costs for the upcoming trials? - The projected costs for the trials are manageable, estimated at around $24 million over two and a half years, which is significantly lower than previous trials [39]