MDB Capital Holdings, LLC

What they do

MDB Capital Holdings operates through two reportable segments: broker dealer & intellectual property services and technology development. The broker-dealer, Public Ventures, LLC (d/b/a MDB Capital), focuses on micro and small-cap financings ($5M-$60M) and select IPOs ($20M-$50M). PatentVest, Inc. provides IP validation and strategy services. MDB Minnesota One, Inc. is developing an anti-senescence pharmaceutical platform based on licensed Mayo technology. The company also maintains a minority equity method investment in eXoZymes Technologies, Inc. after its November 2024 IPO.

Revenue drivers

• Fee income from broker-dealer — Generated $4.282M in 2025, up from $2.221M in 2024, comprising the largest operating income component.
• Other operating income — Totaled $861K in 2025, up from $411K in 2024, including miscellaneous fees and services.
• Investment securities gains/losses — Net unrealized and realized gains/losses from securities held by the licensed and non-licensed broker dealers were a net loss of $232K in 2025 (unrealized loss $331K + unrealized gain $85K + realized gain $14K).

Recent performance

For the year ended December 31, 2025, MDB reported a net operating loss of $17.7M, compared to a net operating loss of $28.6M in 2024, but net income swung to $-21.2M in 2025 from $11.7M in 2024, primarily due to a $39.3M non-cash gain on deconsolidation of eXoZymes in 2024. Total operating income increased to $4.9M in 2025 from $2.2M in 2024, while total operating costs declined to $22.6M from $30.8M, largely due to reduced compensation. As of June 30, 2026, the company had cash and equivalents of $9.6M, total assets of $50.8M, and minimal liabilities of $1.3M. The balance sheet shows a $33.1M equity method investment (eXoZymes) as of June 30, 2026.

Strategy

MDB's strategy centers on its 'Big Idea Pipeline,' which scouting ~250 technologies annually, narrowing to about 50 active 'Big Idea Companies,' and advancing roughly 10 to deeper evaluation, with two currently in active negotiations. The company focuses on six investment criteria: tech leadership potential, platform technology, early inflection point, clear market insertion, large market potential, and strong IP position. Through Public Ventures, it aims to finance companies from $5M to $60M and facilitate IPOs in the $20M-$50M range. MDB Minnesota One is developing a small-molecule anti-senescence platform targeting senescent cells to treat age-related diseases, based on patents from Mayo. The company also continues to support eXoZymes as a minority equity method investment.

Risks

• Tax liability without distributions — As a partnership for U.S. federal income tax purposes, shareholders may owe taxes on allocable income even if MDB makes no cash distributions.
• Concentration in early-stage investments — Investments in pre-IPO and early-stage companies carry high risk of failure and illiquidity, as evidenced by periodic impairments.
• Dependence on key personnel — Public Ventures is managed by Christopher A. Marlett, a founder, and the loss of his services could materially affect operations.
• Broker-dealer regulatory risks — As a self-clearing broker-dealer, Public Ventures is subject to FINRA and SEC rules, and violations or capital requirements could disrupt operations.

Outlook

Management indicates the Big Idea Pipeline is active, with two companies in advanced negotiations as of the 10-K filing date. The company expects continued investment in its platform and pipeline, but does not provide specific forward-looking financial guidance. The deconsolidation of eXoZymes reduced revenue scale, but fee income from the broker-dealer more than doubled in 2025, suggesting growth in that segment.