- Will Contribute to Development and Implementation of Long-Term Business Strategy -NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) -- Binah Capital Group, Inc. (“Binah Capital”) (NASDAQ: BCG), a leading financial services enterprise that owns and operates a network of firms empowering independent financial advisors, today welcomed Ryan Marcus as its new Chief Business Development and Engagement Officer. In his new role, Mr. Marcus will work closely with Binah Capital’s broker-dealers, including PKS Investments, Ca ...

Core Insights - The first results from Cohort 4 of the Phase 2b SunRISe-1 study indicate that TAR-200 shows strong disease-free survival rates and bladder preservation potential in patients with high-grade papillary bladder cancer [1][2][3] - Over 95% of patients demonstrated a progression-free survival rate at 9 months, highlighting the effectiveness of TAR-200 in a high-risk patient population [1][2] Company Overview - Janssen-Cilag International NV, a subsidiary of Johnson & Johnson, is focused on innovative treatments for bladder cancer, particularly targeting patients with BCG-unresponsive high-risk non-muscle-invasive bladder cancer (HR-NMIBC) [1][5] - The company aims to provide alternatives to radical cystectomy, which has been the standard treatment for HR-NMIBC patients for over 40 years [1][4] Product Details - TAR-200 is an investigational intravesical gemcitabine releasing system designed for sustained local release of gemcitabine into the bladder, offering a new approach to treating early-stage bladder cancer [3][4] - The product is administered in an outpatient setting without the need for anesthesia, allowing for a more convenient treatment option for patients [2][3] Clinical Study Insights - The interim analysis from Cohort 4 of the SunRISe-1 study reported disease-free survival rates of 85.3% at six months and 81.1% at nine months for patients treated with TAR-200 monotherapy [1][2] - A significant 94.2% of patients avoided radical cystectomy at a median follow-up of 12.8 months, indicating the potential of TAR-200 to provide durable disease control [1][2] Safety Profile - The safety profile of TAR-200 was consistent with previous studies, with most treatment-related adverse events being low grade and resolving quickly [2][3] - Common treatment-related adverse events included dysuria (40.4%), pollakiuria (30.8%), and urinary urgency (26.9%), with no treatment-related deaths reported [2][3]

Core Insights - Binah Capital Group's CFO, David Shane, has been recognized as one of the Top 5 Wealth Management CFOs by Wealth Solutions Report, highlighting his exceptional leadership in the financial services industry [1][2][3] Company Overview - Binah Capital Group operates a network of firms that empower independent financial advisors, specializing as a national broker-dealer aggregator [4] - The company focuses on delivering value through an innovative hybrid-friendly model, providing resources to support advisory practices [4] Leadership and Strategy - David Shane has a three-decade career in financial services, with experience in senior advisory and operational roles, including broker-dealers, RIA firms, and asset managers [2] - Under Shane's leadership, Binah has seen growth and success in its first year as a public company, with a focus on executing long-term growth strategies [2][3]

NEW YORK, April 09, 2025 (GLOBE NEWSWIRE) -- Binah Capital Group, Inc. ("Binah" or “the Company”) (NASDAQ: BCG; BCGWW), a leading financial services enterprise that owns and operates a network of industry-leading firms empowering independent financial advisors, proudly announces that its Chief Financial Officer (“CFO”), David Shane, has been named one of the Top 5 Wealth Management CFOs by Wealth Solutions Report in their annual "CFO 5" list. This prestigious recognition highlights CFOs who have demonstrate ...

Financial Performance - For the year ended December 31, 2024, the company reported a net loss of approximately $4.6 million and total revenue of approximately $168.9 million, compared to a net income of $0.5 million and total revenue of approximately $168.0 million for 2023[166]. - Gross profit for the year ended December 31, 2024, was $32.0 million, reflecting a 0.6% increase from $31.8 million in 2023[169]. - Total revenue from contracts with customers increased to $164.4 million in 2024, up 2.9% from $159.9 million in 2023[179]. - Total commission revenue for the year ended December 31, 2024, was $164.4 million, an increase of 2.8% compared to $159.9 million in 2023[184]. - EBITDA for the year ended December 31, 2024, was $1.9 million, a decrease from $6.8 million in 2023[172]. Asset Management - Total advisory and brokerage assets served were $27.1 billion at December 31, 2024, an increase from $23.9 billion at December 31, 2023[167]. - Advisory assets grew to $2.6 billion in 2024 from $2.1 billion in 2023[188]. - Brokerage assets increased to $24.5 billion in 2024 from $21.8 billion in 2023, with trail-eligible assets rising to $17.9 billion from $15.6 billion[185]. - Advisory assets increased by approximately 21% to $2.5 billion at December 31, 2024, from $2.1 billion at December 31, 2023[168]. Revenue Composition - Sales-based commission revenue decreased by approximately $11.7 million or 15.7% in 2024, while trailing commission revenue increased by approximately $16.2 million or 19.0%[184]. - Advisory fees increased by approximately 15% for the year ended December 31, 2024, driven by positive market impacts[187]. Expenses and Costs - Employee compensation and benefits expenses rose by 16.1% to $15.5 million in 2024, compared to $13.4 million in 2023[179]. - Employee compensation and benefits increased by $2.2 million in 2024 due to additional personnel costs related to the company operating as a public entity[195]. - Professional fees rose by $2.3 million in 2024, linked to transaction costs associated with the Business Combination and refinancing efforts[197]. Cash Flow and Financing - The company reported a net cash used in operating activities of $0.6 million for the year ended December 31, 2024, a decrease of approximately $3.2 million or 124% compared to $2.6 million provided in 2023[225]. - Net cash provided by financing activities was approximately $1.6 million for the year ended December 31, 2024, compared to cash used of $2.7 million in 2023[227]. - The company has total contractual obligations of $30.1 million as of December 31, 2024, with $2.9 million due in less than one year[228]. - The company issued new promissory notes totaling approximately $5.3 million with a maturity date of May 15, 2027, carrying an interest rate of Prime plus 1.00%, but no less than 7.50% per annum[223]. Debt and Interest - As of December 31, 2024, the company had $19.6 million outstanding under its Credit Agreement with Byline Bank[205]. - The effective interest rate on the Term Loan as of December 31, 2024, was 8.3%[207]. - The company has $20.3 million of outstanding debt subject to floating interest rate risk as of December 31, 2024[241]. Dividends and Shareholder Returns - For the year ended December 31, 2024, the company paid approximately $1.1 million in dividends under the Series A PIPE, with $0.56 million paid in cash and $0.55 million paid in-kind[214]. - The company recognized total dividends related to the Series B Convertible Preferred Stock of approximately $0.03 million for the year ended December 31, 2024[219]. Economic Context - The U.S. economy grew by 2.8% in 2024, with an unemployment rate averaging 4.2% in the fourth quarter[176]. Impairment and Valuation - The estimated fair value of the reporting units was approximately 270% greater than its carrying value as of December 31, 2024, indicating no impairment[234].

Financial Performance - Total revenue increased 8% year-over-year to $45 million in Q4 2024[1] - Full year 2024 total revenue rose 1% year-over-year to $169 million[10] - Full year 2024 gross profit increased 1% year-over-year to $32 million[10] - GAAP net loss of $1.1 million in Q4 2024, consistent with the prior year[10] - Net loss for 2024 was $4.6 million, compared to a net income of $0.6 million in 2023[20] - EBITDA for 2024 decreased to $1.9 million from $6.8 million in 2023, representing a decline of approximately 72%[20] - Adjusted EBITDA rose 43% year-over-year to $2.0 million in Q4 2024[10] - Adjusted EBITDA for 2024 was $6.3 million, down from $8.4 million in 2023, reflecting a decrease of about 25%[20] Assets and Liabilities - Assets Under Management (AuM) grew 13% year-over-year to $27 billion[1] - The company had cash and cash equivalents of $8 million and outstanding long-term debt of $25 million as of December 31, 2024[7] Operating Expenses - Total operating expenses increased to $9.6 million from $7.8 million in the prior year, primarily due to refinancing costs[5] - Interest expense decreased from $5.1 million in 2023 to $4.0 million in 2024[20] - The provision for income taxes changed from a benefit of $0.1 million in 2023 to a provision of $1.4 million in 2024[20] - Depreciation and amortization slightly decreased from $1.2 million in 2023 to $1.0 million in 2024[20] - Business combination and refinancing costs increased significantly from $1.6 million in 2023 to $4.4 million in 2024[20] Strategic Focus - The company is focused on a robust acquisition and recruiting pipeline for future growth[2] - The successful refinancing of senior notes resulted in more favorable terms compared to the prior facility[10]

- Grew Total Revenue 8% Year-over-Year to $45 Million in the Fourth Quarter 2024 - "Looking ahead, we are off to a strong start in 2025, with a robust acquisition and recruiting pipeline. We continue to uncover many significant opportunities to onboard additional new businesses as we execute on our external growth strategy. Moreover, our hybrid-friendly business model, coupled with the favorable market for opportunities in our sector, we believe positions us well to deliver profitable, long-term growth as w ...

Core Points - Johnson & Johnson has submitted a New Drug Application for TAR-200 to the U.S. FDA for treating BCG-unresponsive high-risk non-muscle-invasive bladder cancer (HR-NMIBC) [1][2] - The submission is supported by Phase 2b SunRISe-1 study data, which demonstrated an 83.5% complete response rate and durable responses in patients [2][4] - TAR-200 is an innovative intravesical drug releasing system designed for sustained local delivery of gemcitabine into the bladder [2] Company Overview - Johnson & Johnson aims to address critical treatment needs for patients with limited therapeutic alternatives, particularly those facing radical cystectomy [2] - The company combines expertise in innovative medicine and medical devices to transform bladder cancer treatment [2][6] - The FDA granted Breakthrough Therapy Designation to TAR-200, highlighting its potential significance in treating adult patients with HR-NMIBC [3] Industry Context - High-risk non-muscle-invasive bladder cancer (HR-NMIBC) represents 15-44% of NMIBC cases and is characterized by high recurrence and progression rates [5] - Current treatment options for patients failing BCG therapy are limited, often leading to radical cystectomy, which may not be suitable for older patients [5] - The introduction of TAR-200 could provide a less invasive alternative, potentially improving patient outcomes and quality of life [2][5]

Group 1 - Binah Capital Group has been recognized for its significant role in four impactful financial transactions of 2024, highlighting its leadership in the financial advisory sector [1][2] - The transactions involved include Americana Partners, Merit Financial Advisors, Wentworth Management Services, and Perigon Wealth Management, showcasing Binah's expertise in partnerships and market expansion [1] - CEO Craig Gould emphasized the company's commitment to empowering independent advisory firms and driving innovation in a consolidating industry [2] Group 2 - Binah Capital Group operates as a national broker-dealer aggregator, providing a platform for independent financial advisors to navigate the complex financial landscape [3] - The company focuses on delivering value through an innovative model, offering resources that help advisors manage and execute their business effectively [3] - Binah positions itself as a trusted ally for Registered Investment Advisors (RIAs), providing the necessary structure and solutions to succeed in a competitive marketplace [3]

Core Insights - Binah Capital Group's CEO, Craig Gould, has been recognized by the InvestmentNews Hot List for his leadership and contributions to the financial services sector [1][2][3] - Under Mr. Gould's leadership, Binah has achieved significant milestones, including a successful public listing and the establishment of a robust network of broker-dealers and advisory firms [2][4] - The company focuses on empowering independent financial advisors, providing them with the necessary resources and support to operate effectively in a competitive marketplace [4] Company Achievements - Binah Capital Group has successfully gone public earlier this year, marking a significant milestone in its growth trajectory [2] - The company has developed a strong network of industry-leading firms, enhancing its position as a trusted partner in wealth management [2][4] - Binah's innovative model is designed to deliver value to registered investment advisors (RIAs), helping them navigate the complexities of the financial landscape [4] Leadership Recognition - Craig Gould's recognition on the InvestmentNews Hot List reflects the collective efforts of the Binah team in striving for excellence in financial services [3] - The acknowledgment highlights Mr. Gould's strategic vision and commitment to innovation, which are pivotal in driving the company's success [2][3] - The recognition serves as a testament to Binah's commitment to independence and advisor success within the financial services industry [3]