MDB Capital Holdings, LLC (MDBH) is a financial services holding company operating a licensed broker-dealer (Public Ventures/MDB Capital) and a patent intelligence subsidiary (PatentVest), with an equity method investment in eXoZymes (47% ownership as of December 31, 2025) and a majority-owned early-stage biotech subsidiary (MDB Minnesota One/M1). Under a liquidation lens as of December 31, 2025, recovery to equity is heavily dependent on the realization value of the eXoZymes equity method investment, which at $37.5M carrying value constitutes approximately 59% of total reported assets of $63.7M. This carrying value is mark-to-market based on eXoZymes' public share price at deconsolidation and subsequently reduced by MDBH's proportionate share of eXoZymes' losses ($4.3M in 2025). eXoZymes had zero revenue and a $5.9M net loss in 2024; the 2025 proportionate loss was $4.3M. Under liquidation lens, this investment would be valued at the then-current market price of 3.93M eXoZymes shares — the filing does not disclose eXoZymes' share price as of December 31, 2025, creating recovery uncertainty. The second-largest asset class is cash and cash equivalents of $13.2M (100% recovery) plus cash segregated under federal regulations of $2.3M, plus clearing deposits of approximately $2.0M. Investment securities at fair value (broker-dealer-held) of approximately $4.5M (XBRL tag CashEquivalentsAtCarryingValue appears to capture money market/short-term equivalents in the broker-dealer; the filing also references investment securities separately but the distinct securities line is not separately broken out in TAG_CONTEXT beyond this figure). Total liabilities are modest at $3.2M, consisting primarily of operating lease liabilities ($609K), accounts payable ($267K), payables to customers (broker-dealer operations, not separately tagged at consolidated level in TAG_CONTEXT but disclosed in prior filing at ~$835K), and accrued liabilities ($95K). The liability stack is structurally light relative to asset scale. The broker-dealer carries $13.2M in subordinated loans from the parent plus $1.0M accrued interest, which are treated as members' equity for net capital purposes and do not appear as consolidated liabilities — this is an intra-entity elimination. Compared to the Q3 2025 interim (prior filing), total assets declined from approximately $61.5M to $63.7M at year-end (increase driven by stock-based compensation of $11.8M added to paid-in capital, partially offset by continued operating losses). Accumulated deficit deepened from approximately ($18.1M) at Q3 2025 to ($19.8M) at year-end. The entity generated a consolidated net loss of $21.3M in 2025 versus net income of $11.7M in 2024 (2024 income was driven by the $39.3M one-time gain on eXoZymes deconsolidation). Operating cash outflow was $5.7M in 2025. Full-year 2025 general and administrative expense was $22.6M, dominated by labor ($15.0M) and stock-based compensation ($11.8M non-cash). The filing discusses milestone payment obligations under the M1/Mayo Clinic license agreement (up to $8.75M in contingent milestone payments across Phase II/III clinical trials and NDA filings) in MD&A but these contingent obligations are not separately XBRL-tagged in TAG_CONTEXT beyond the PaymentForLicensedProducts custom tags. The broker-dealer's net capital of $8.7M at December 31, 2025 (down from $10.7M at December 31, 2024) remains comfortably above the $5.25M DTCC-required threshold ($5.0M excess over $250K minimum), but the downward trajectory warrants monitoring given operating cash burn.
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