Xueqing Peng

Brian Ondov, Chia-Hsuan Chang, Weipeng Zhou et al.

High-dimensional biomedical data, such as cell-by-gene matrices, are increasingly generated temporally. However, Manifold Learning algorithms, like t-SNE and UMAP, cannot incorporate time-ordering in their layouts, obfuscating the dynamics of cell types or other classes. As a solution, we present IRIS, a new Manifold Learning algorithm that structures layouts both chronologically and by manifold topology. IRIS can visualize a wide range of dynamic biomedical data, including scRNA-seq, comparative metagenomics, and literature.

Haohang Li, Yupeng Cao, Yangyang Yu et al. · utoronto

Recent advancements have underscored the potential of large language model (LLM)-based agents in financial decision-making. Despite this progress, the field currently encounters two main challenges: (1) the lack of a comprehensive LLM agent framework adaptable to a variety of financial tasks, and (2) the absence of standardized benchmarks and consistent datasets for assessing agent performance. To tackle these issues, we introduce \textsc{InvestorBench}, the first benchmark specifically designed for evaluating LLM-based agents in diverse financial decision-making contexts. InvestorBench enhances the versatility of LLM-enabled agents by providing a comprehensive suite of tasks applicable to different financial products, including single equities like stocks, cryptocurrencies and exchange-traded funds (ETFs). Additionally, we assess the reasoning and decision-making capabilities of our agent framework using thirteen different LLMs as backbone models, across various market environments and tasks. Furthermore, we have curated a diverse collection of open-source, multi-modal datasets and developed a comprehensive suite of environments for financial decision-making. This establishes a highly accessible platform for evaluating financial agents' performance across various scenarios.

Yan Hu, Qingyu Chen, Jingcheng Du et al.

Objective: This study quantifies the capabilities of GPT-3.5 and GPT-4 for clinical named entity recognition (NER) tasks and proposes task-specific prompts to improve their performance. Materials and Methods: We evaluated these models on two clinical NER tasks: (1) to extract medical problems, treatments, and tests from clinical notes in the MTSamples corpus, following the 2010 i2b2 concept extraction shared task, and (2) identifying nervous system disorder-related adverse events from safety reports in the vaccine adverse event reporting system (VAERS). To improve the GPT models' performance, we developed a clinical task-specific prompt framework that includes (1) baseline prompts with task description and format specification, (2) annotation guideline-based prompts, (3) error analysis-based instructions, and (4) annotated samples for few-shot learning. We assessed each prompt's effectiveness and compared the models to BioClinicalBERT. Results: Using baseline prompts, GPT-3.5 and GPT-4 achieved relaxed F1 scores of 0.634, 0.804 for MTSamples, and 0.301, 0.593 for VAERS. Additional prompt components consistently improved model performance. When all four components were used, GPT-3.5 and GPT-4 achieved relaxed F1 socres of 0.794, 0.861 for MTSamples and 0.676, 0.736 for VAERS, demonstrating the effectiveness of our prompt framework. Although these results trail BioClinicalBERT (F1 of 0.901 for the MTSamples dataset and 0.802 for the VAERS), it is very promising considering few training samples are needed. Conclusion: While direct application of GPT models to clinical NER tasks falls short of optimal performance, our task-specific prompt framework, incorporating medical knowledge and training samples, significantly enhances GPT models' feasibility for potential clinical applications.

Yan Hu, Xu Zuo, Yujia Zhou et al.

Backgrounds: Information extraction (IE) is critical in clinical natural language processing (NLP). While large language models (LLMs) excel on generative tasks, their performance on extractive tasks remains debated. Methods: We investigated Named Entity Recognition (NER) and Relation Extraction (RE) using 1,588 clinical notes from four sources (UT Physicians, MTSamples, MIMIC-III, and i2b2). We developed an annotated corpus covering 4 clinical entities and 16 modifiers, and compared instruction-tuned LLaMA-2 and LLaMA-3 against BERT in terms of performance, generalizability, computational resources, and throughput to BERT. Results: LLaMA models outperformed BERT across datasets. With sufficient training data, LLaMA showed modest improvements (1% on NER, 1.5-3.7% on RE); improvements were larger with limited training data. On unseen i2b2 data, LLaMA-3-70B outperformed BERT by 7% (F1) on NER and 4% on RE. However, LLaMA models required more computing resources and ran up to 28 times slower. We implemented "Kiwi," a clinical IE package featuring both models, available at https://kiwi.clinicalnlp.org/. Conclusion: This study is among the first to develop and evaluate a comprehensive clinical IE system using open-source LLMs. Results indicate that LLaMA models outperform BERT for clinical NER and RE but with higher computational costs and lower throughputs. These findings highlight that choosing between LLMs and traditional deep learning methods for clinical IE applications should remain task-specific, taking into account both performance metrics and practical considerations such as available computing resources and the intended use case scenarios.

Qianqian Xie, Qingyu Chen, Aokun Chen et al.

Recent advancements in large language models (LLMs) like ChatGPT and LLaMA show promise in medical applications, yet challenges remain in medical language comprehension. This study presents Me-LLaMA, a new medical LLM family based on open-source LLaMA models, optimized for medical text analysis and diagnosis by leveraging large-scale, domain-specific datasets. The Me-LLaMA family, including foundation models Me-LLaMA 13/70B and their chat-enhanced versions, was developed through continued pre-training and instruction tuning with 129B tokens and 214K samples from biomedical and clinical sources. Training the 70B models required over 100,000 A100 GPU hours. Me-LLaMA's performance was evaluated across six medical text analysis tasks using 12 benchmark datasets and complex clinical case diagnosis, with automatic and human evaluations. Results indicate Me-LLaMA outperforms LLaMA and other open-source medical LLMs in zero-shot and supervised settings. Task-specific tuning further boosts performance, surpassing ChatGPT on 7 of 8 datasets and GPT-4 on 5 of 8. For complex clinical cases, Me-LLaMA achieves performance comparable to ChatGPT and GPT-4. This work underscores the importance of domain-specific data in developing medical LLMs and addresses the high computational costs involved in training, highlighting a balance between pre-training and fine-tuning strategies. Me-LLaMA models are now accessible under user agreements, providing a valuable resource for advancing medical AI.

Qingyu Chen, Yan Hu, Xueqing Peng et al.

The rapid growth of biomedical literature poses challenges for manual knowledge curation and synthesis. Biomedical Natural Language Processing (BioNLP) automates the process. While Large Language Models (LLMs) have shown promise in general domains, their effectiveness in BioNLP tasks remains unclear due to limited benchmarks and practical guidelines. We perform a systematic evaluation of four LLMs, GPT and LLaMA representatives on 12 BioNLP benchmarks across six applications. We compare their zero-shot, few-shot, and fine-tuning performance with traditional fine-tuning of BERT or BART models. We examine inconsistencies, missing information, hallucinations, and perform cost analysis. Here we show that traditional fine-tuning outperforms zero or few shot LLMs in most tasks. However, closed-source LLMs like GPT-4 excel in reasoning-related tasks such as medical question answering. Open source LLMs still require fine-tuning to close performance gaps. We find issues like missing information and hallucinations in LLM outputs. These results offer practical insights for applying LLMs in BioNLP.

Yiming Li, Xueqing Peng, Jianfu Li et al.

In acupuncture therapy, the accurate location of acupoints is essential for its effectiveness. The advanced language understanding capabilities of large language models (LLMs) like Generative Pre-trained Transformers (GPT) present a significant opportunity for extracting relations related to acupoint locations from textual knowledge sources. This study aims to compare the performance of GPT with traditional deep learning models (Long Short-Term Memory (LSTM) and Bidirectional Encoder Representations from Transformers for Biomedical Text Mining (BioBERT)) in extracting acupoint-related location relations and assess the impact of pretraining and fine-tuning on GPT's performance. We utilized the World Health Organization Standard Acupuncture Point Locations in the Western Pacific Region (WHO Standard) as our corpus, which consists of descriptions of 361 acupoints. Five types of relations ('direction_of,' 'distance_of,' 'part_of,' 'near_acupoint,' and 'located_near') (n= 3,174) between acupoints were annotated. Five models were compared: BioBERT, LSTM, pre-trained GPT-3.5, fine-tuned GPT-3.5, as well as pre-trained GPT-4. Performance metrics included micro-average exact match precision, recall, and F1 scores. Our results demonstrate that fine-tuned GPT-3.5 consistently outperformed other models in F1 scores across all relation types. Overall, it achieved the highest micro-average F1 score of 0.92. This study underscores the effectiveness of LLMs like GPT in extracting relations related to acupoint locations, with implications for accurately modeling acupuncture knowledge and promoting standard implementation in acupuncture training and practice. The findings also contribute to advancing informatics applications in traditional and complementary medicine, showcasing the potential of LLMs in natural language processing.

Guojun Xiong, Zhiyang Deng, Keyi Wang et al.

Large language models (LLMs) fine-tuned on multimodal financial data have demonstrated impressive reasoning capabilities in various financial tasks. However, they often struggle with multi-step, goal-oriented scenarios in interactive financial markets, such as trading, where complex agentic approaches are required to improve decision-making. To address this, we propose \textsc{FLAG-Trader}, a unified architecture integrating linguistic processing (via LLMs) with gradient-driven reinforcement learning (RL) policy optimization, in which a partially fine-tuned LLM acts as the policy network, leveraging pre-trained knowledge while adapting to the financial domain through parameter-efficient fine-tuning. Through policy gradient optimization driven by trading rewards, our framework not only enhances LLM performance in trading but also improves results on other financial-domain tasks. We present extensive empirical evidence to validate these enhancements.

Xueqing Peng, Triantafillos Papadopoulos, Efstathia Soufleri et al.

Despite Greece's pivotal role in the global economy, large language models (LLMs) remain underexplored for Greek financial context due to the linguistic complexity of Greek and the scarcity of domain-specific datasets. Previous efforts in multilingual financial natural language processing (NLP) have exposed considerable performance disparities, yet no dedicated Greek financial benchmarks or Greek-specific financial LLMs have been developed until now. To bridge this gap, we introduce Plutus-ben, the first Greek Financial Evaluation Benchmark, and Plutus-8B, the pioneering Greek Financial LLM, fine-tuned with Greek domain-specific data. Plutus-ben addresses five core financial NLP tasks in Greek: numeric and textual named entity recognition, question answering, abstractive summarization, and topic classification, thereby facilitating systematic and reproducible LLM assessments. To underpin these tasks, we present three novel, high-quality Greek financial datasets, thoroughly annotated by expert native Greek speakers, augmented by two existing resources. Our comprehensive evaluation of 22 LLMs on Plutus-ben reveals that Greek financial NLP remains challenging due to linguistic complexity, domain-specific terminology, and financial reasoning gaps. These findings underscore the limitations of cross-lingual transfer, the necessity for financial expertise in Greek-trained models, and the challenges of adapting financial LLMs to Greek text. We release Plutus-ben, Plutus-8B, and all associated datasets publicly to promote reproducible research and advance Greek financial NLP, fostering broader multilingual inclusivity in finance.

Yan Wang, Lingfei Qian, Xueqing Peng et al.

The evaluation of ranking tasks remains a significant challenge in natural language processing (NLP), particularly due to the lack of direct labels for results in real-world scenarios. Benchmark datasets play a crucial role in providing standardized testbeds that ensure fair comparisons, enhance reproducibility, and enable progress tracking, facilitating rigorous assessment and continuous improvement of ranking models. Existing NLP ranking benchmarks typically use binary relevance labels or continuous relevance scores, neglecting ordinal relevance scores. However, binary labels oversimplify relevance distinctions, while continuous scores lack a clear ordinal structure, making it challenging to capture nuanced ranking differences effectively. To address these challenges, we introduce OrdRankBen, a novel benchmark designed to capture multi-granularity relevance distinctions. Unlike conventional benchmarks, OrdRankBen incorporates structured ordinal labels, enabling more precise ranking evaluations. Given the absence of suitable datasets for ordinal relevance ranking in NLP, we constructed two datasets with distinct ordinal label distributions. We further evaluate various models for three model types, ranking-based language models, general large language models, and ranking-focused large language models on these datasets. Experimental results show that ordinal relevance modeling provides a more precise evaluation of ranking models, improving their ability to distinguish multi-granularity differences among ranked items-crucial for tasks that demand fine-grained relevance differentiation.

Lingfei Qian, Weipeng Zhou, Yan Wang et al.

As the fundamental capability behind decision-making in finance, financial reasoning poses distinct challenges for LLMs. Although reinforcement learning (RL) have boosted generic reasoning, the progress in finance is hindered by the absence of empirical study of building effective financial chain-of-thought (CoT) corpus, a systematic comparison of different RL methods, and comprehensive benchmarks. To address these gaps, we introduce FinCoT, the first open high-fidelity CoT corpus for finance, distilled from seven QA datasets by a novel three-stage pipeline that incorporates domain supervision, iterative LLM refinement, and difficulty-aware filtering. Based on FinCoT, we develop Fin-o1, the first open financial reasoning models trained via supervised fine-tuning and GRPO-based RL. Our models outperform existing financial reasoning models and SOTA general models such as GPT-o1, DeepSeek-R1, and GPT-4.5. We also investigate the effectiveness of three different RL methods in improving domain-specific reasoning, offering the first such empirical study. We finally propose FinReason, the first financial reasoning benchmark covering multi-table analysis, long-context reasoning, and equation-based tasks, and evaluate 29 LLMs. Our extensive experiments reveal general reasoning models excel on standard benchmarks yet exhibit obvious performance degradation in financial contexts; even finance-tuned models like Dianjin-R1 and FinR1 degrade on lengthy documents. In contrast, our Fin-o1 models consistently outperform their backbones and larger GPT-o1 and DeepSeek-R1, confirming the effectiveness of our data building and model training strategy. Our study further shows that GRPO yields reliable gains whereas PPO and DPO do not, highlighting the need for targeted data and optimisation rather than scale alone.

Yan Wang, Keyi Wang, Shanshan Yang et al.

The complexity of the Generally Accepted Accounting Principles (GAAP) and the hierarchical structure of eXtensible Business Reporting Language (XBRL) filings make financial auditing increasingly difficult to automate and verify. While large language models (LLMs) have demonstrated strong capabilities in unstructured text understanding, their ability to reason over structured, interdependent, and taxonomy-driven financial documents remains largely unexplored. To fill this gap, we introduce FinAuditing, the first taxonomy-aligned, structure-aware, multi-document benchmark for evaluating LLMs on financial auditing tasks. Built from real US-GAAP-compliant XBRL filings, FinAuditing defines three complementary subtasks, FinSM for semantic consistency, FinRE for relational consistency, and FinMR for numerical consistency, each targeting a distinct aspect of structured auditing reasoning. We further propose a unified evaluation framework integrating retrieval, classification, and reasoning metrics across these subtasks. Extensive zero-shot experiments on 13 state-of-the-art LLMs reveal that current models perform inconsistently across semantic, relational, and mathematical dimensions, with accuracy drops of up to 60-90% when reasoning over hierarchical multi-document structures. Our findings expose the systematic limitations of modern LLMs in taxonomy-grounded financial reasoning and establish FinAuditing as a foundation for developing trustworthy, structure-aware, and regulation-aligned financial intelligence systems. The benchmark dataset is available at Hugging Face.

Yan Wang, Yang Ren, Lingfei Qian et al.

Accurately understanding numbers from financial reports is fundamental to how markets, regulators, algorithms, and normal people read the economy and the world, yet even with XBRL (eXtensible Business Reporting Language) designed to tag every figure with standardized accounting concepts, mapping thousands of facts to over 10,000 U.S. GAAP concepts remains costly, inconsistent, and error-prone. Existing benchmarks define tagging as flat, single-step, extreme classification over small subsets of US-GAAP concepts, overlooking both the taxonomy's hierarchical semantics and the structured nature of real tagging, where each fact must be represented as a contextualized multi-field output. These simplifications prevent fair evaluation of large language models (LLMs) under realistic reporting conditions. To address these gaps, we introduce FinTagging, the first comprehensive benchmark for structure-aware and full-scope XBRL tagging, designed to evaluate LLMs' ability to extract and align financial facts through numerical reasoning and taxonomy alignment across text and tables. We define two subtasks: FinNI for numeric identification, which extracts numerical entities and their types from XBRL reports, and FinCL for concept linking, which maps each extracted entity to the corresponding concept in the full US-GAAP taxonomy. Together, these subtasks produce a structured representation of each financial fact. We evaluate diverse LLMs under zero-shot settings and analyze their performance across both subtasks and overall tagging accuracy. Results show that LLMs generalize well in numeric identification but struggle with fine-grained concept linking, revealing current limitations in structure-aware reasoning for accurate financial disclosure. All code and datasets are available on GitHub and Hugging Face.