MDB Capital Holdings (MDBH) Q3 2025 earnings summary

Executive summary

• The platform is scaling to increase company launches from one every 18 months to three to five per year, aiming to build a diversified public venture portfolio and drive stakeholder value.

• Maintains a 28-year track record with a 100% IPO success rate, with all launched companies trading at a premium to IPO price.

• Two company launches (Pollex/Paulex Bio and Buda Juice) are expected to close soon, marking the first time two launches occur in one quarter.

• Expanded pipeline of early-stage, disruptive companies and broadened investor base with new investors from TCA Venture Group and Keiretsu Forum MST.

• Operates two main segments: broker dealer & intellectual property services, and technology development, with a shift in 2025 after deconsolidating eXoZymes post-IPO.

Financial highlights

• Operating expenses for the first three quarters totaled $5.9 million; net cash used in operational activities was approximately $5.9 million through the first three quarters of 2025.

• Net loss attributable to members was $19.5M for the nine months ended September 30, 2025.

• Anticipated closings of Paulex Bio private placement ($16.8M) and Buda Juice IPO ($20M) expected to generate positive cash and add to equity holdings.

• Equity in exoZymes Inc. (NASDAQ: EXOZ) valued at $38.7M GAAP, with a mark-to-market value of $59.2M as of September 30, 2025.

• Cash and cash equivalents at September 30, 2025, were $15.1M, down from $20.4M at year-end 2024.

Outlook and guidance

• Management expects a strong fourth quarter and anticipates achieving three to five company launches in the next year, with a robust pipeline and four to five companies in late-stage negotiations.

• Management is monitoring macroeconomic risks, including potential recession and government policy changes, and may adjust business and financing plans as needed.

• No specific forward-looking financial guidance provided.

• PatentVest spin-out and potential strategic opportunities for the clearing platform expected in 2026.