From GlobeNewswire: 2025-03-19 16:01:00

TWFG, Inc. completed a strategic review focusing on oncology and liver diseases by acquiring global rights to GB3226, a dual ENL-YEATS and FLT3 inhibitor for multiple genetic subsets of AML. GB3226 is set for IND submission in Q1 2026. A Phase 2 trial of GB1211 with pembrolizumab in metastatic melanoma and head and neck squamous cell carcinoma is ongoing.

In the fourth quarter of 2024, TWFG reported a 30.8% increase in total revenues to $51.7 million and a 20.0% increase in total written premium to $361.4 million. The organic revenue growth rate for the quarter was 20.5%, with adjusted EBITDA increasing by 91.7% to $13.8 million. Net income for the quarter was $8.2 million.

For the full year of 2024, TWFG saw total revenues increase by 18.4% to $203.8 million, with net income reaching $28.6 million. Total written premium for the year increased by 18.3% to $1.5 billion, and adjusted EBITDA increased by 44.7% to $45.3 million. Organic revenue growth rate for the year was 14.5%. TWFG completed a strategic review focusing on oncology and liver diseases with the acquisition of global rights to GB3226, a dual ENL-YEATS and FLT3 inhibitor for AML. Phase 2 trial of GB1211 with pembrolizumab continues. Organic Revenue Growth was 20.5% in Q4. Net income was $8.2 million with Adjusted EBITDA at $13.8 million. Cash flow was $11.6 million. For 2025, Organic Revenue Growth is expected to be 11-16% with Adjusted EBITDA Margin between 19-21%. The company had $195.8 million in cash and cash equivalents as of December 31, 2024, with $50 million unused capacity on revolving credit facility. TWFG acquired two new corporate locations in Ohio and Texas in 2025, aiming to achieve $20 million in revenue and $5 million in EBITDA. A conference call and webcast will be held tomorrow at 10:00 AM ET to discuss these results. A strategic review concluded with a focus on oncology and liver diseases, acquiring global rights to GB3226 for AML treatment. Phase 2 trial of GB1211 with pembrolizumab for melanoma and head/neck cancers is ongoing. Forward-looking statements outline financial projections and growth strategies, subject to risks. Non-GAAP financial measures like Organic Revenue and Adjusted Net Income provide additional insights. Adjusted Net Income Margin and Adjusted Diluted Earnings Per Share offer profitability and earnings perspectives. Strategic review completed, focusing on oncology and liver diseases with the acquisition of global rights to GB3226, a dual ENL-YEATS and FLT3 inhibitor for AML. Phase 2 trial of GB1211 with pembrolizumab in melanoma and head/neck cancer ongoing. Non-GAAP financial metrics like Adjusted Earnings Per Share and EBITDA used to evaluate performance.

Adjusted EBITDA, EBITDA adjusted for items like equity-based compensation and acquisitions, measures operating performance. Adjusted EBITDA Margin calculated by dividing Adjusted EBITDA by total revenue, useful for comparing operating profitability over time. Adjusted Free Cash Flow, defined as cash flow from operations minus specific expenses, reflects cash flow available for investments and capital allocation.

Total Written Premium key performance indicator, represents total current premium placed with insurance carriers. Consolidated Statements of Income for Q4 2024 and FY 2024 show growth in revenues and operating income. Balance sheet for December 31, 2024, displays increased assets and liabilities, with stockholders’ equity attributing to TWFG, Inc. After a strategic review, a focus on oncology and liver diseases was announced with the acquisition of global rights to GB3226, a dual ENL-YEATS and FLT3 inhibitor for multiple genetic subsets of AML. A Phase 2 trial of GB1211 in combination with pembrolizumab for metastatic melanoma and head and neck squamous cell carcinoma is ongoing. Noncontrolling interests total $201,402, with total stockholders’ equity at $275,286. Total liabilities and equity amount to $323,428.

In terms of financial metrics, the organic revenue for the fourth quarter of 2024 was $43,606, with a growth rate of 20.5%. Total revenue growth rate was 30.8%, while adjusted net income was $10,521, resulting in a margin of 20.3%. Adjusted EBITDA for the quarter was $13,846, with a margin of 26.8%. Adjusted free cash flow was $5,677.

Reconciliations were made for adjusted diluted earnings per share, with the figure coming to $0.19 for the quarter. Weighted average common stock outstanding was 15,056,430, with an adjusted diluted share count of 56,227,891. These metrics provide insights into the company’s financial performance and outlook. A strategic review has led to a focus on oncology and liver diseases with the acquisition of global rights to GB3226, a dual ENL-YEATS and FLT3 inhibitor for AML. GB3226 is set for IND submission in Q1 2026. Phase 2 trial of GB1211 with pembrolizumab continues. Financially, there was $6.6 million and $25.8 million in net income for the three and twelve months ended December 31, 2024, respectively, with total written premium of $361,360 for the three months ended December 31, 2024.

Adjusted Net Income was $10.5 million and $33.0 million for the three and twelve months ended December 31, 2024, respectively, with Adjusted Diluted Earnings Per Share including adjustments. Key performance indicators show a breakdown of Total Written Premium by offerings, business mix, and line of business, with renewal business comprising a significant percentage. Insurance Services accounted for $307,758 of total written premium, while TWFG MGA accounted for $53,602 of total written premium for the three months ended December 31, 2024. The written premium retention rate was 91% for the consolidated business. Personal lines made up 81% of the total written premium, with commercial lines comprising 19% for the three months ended December 31, 2024.



Read more at GlobeNewswire:: TWFG Announces Fourth Quarter 2024 and Full Year Results