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MDB Capital Holdings, LLC
MDBHCIK 0001934642NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthFinance ServicesDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-21.25M
Total Assets
$63.74M
Equity
$60.69M
Shares Out
5.14M
Op. Cash Flow
$-5.68M
Business
MDB Capital Holdings, LLC operates as a holding platform that finances and co-founds early-stage technology and life sciences companies, guiding them from inception through public-market transitions. Its primary services include seed and growth financing, broker-dealer underwriting and clearing (through Public Ventures), intellectual property strategy and patent prosecution services (through PatentVest), and a biotech development effort focused on anti-senescence therapeutics (MDB Minnesota One). Key business segments are its holding/partner company platform, the broker-dealer/clearing operations, PatentVest IP law and analytics, and the M1 drug-development subsidiary. MDB distributes opportunities and financings via its Public Ventures broker-dealer, a community of sophisticated investor Members, licensing arrangements, and public-market offerings across U.S. jurisdictions and through global patent analytics.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Unrealized (loss) on investment securities, net from the licensed broker dealer (Notes 1 and 2) | −331,000 | −275,000 | — | — | |
| Unrealized gain on investment securities, net from non-licensed broker dealer (Notes 1 and 2) | 85,000 | — | — | — | |
| Realized gain on investment securities, net from the licensed broker dealer | 14,000 | — | 8 | −7 | |
| Fee income (from our licensed broker dealer) | 4 | 2 | 4 | 1 | |
| Impairment of investment securities | — | −200,000 | −50,000 | — | |
| Other operating income | 861,000 | 411,000 | 308,250 | 88,539 | |
| Total operating income, net | 5 | 2 | 6 | 1 | |
| Compensation | 15 | 20 | 9 | — | |
| Operating expense, related party | 2 | 1 | 1 | — | |
| Professional fees | 2 | 3 | 2 | 2 | |
| Information technology | 1 | 922,000 | 602,393 | 348,621 | |
| Clearing and other charges | 556,000 | 1 | 389,963 | 16,112 | |
| General and administrative-other | 2 | 3 | 2 | 1 | |
| Total general and administrative costs | 23 | 29 | 14 | 7 | |
| Research and development costs, net of grants $0 and $2,003 in 2024 and 2024 | — | 1 | 528,178 | 348,085 | |
| Total operating costs | 23 | 31 | 14 | — | |
| Net operating loss | −18 | −29 | −9 | −6 | |
| Miscellaneous income | 75,000 | 112,000 | — | — | |
| Interest income | 617,000 | 1 | 919,345 | — | |
| Interest expense | — | −72,000 | — | — | |
| Gain related to dilution events | 61,000 | 130,000 | — | — | |
| Gain on deconsolidation of subsidiary | — | 39 | — | — | |
| Net income (loss) before income taxes | −17 | 12 | −8 | −6 | |
| Income taxes | 11,000 | 2,000 | 127,918 | — | |
| Net income (loss) before equity method investee | −17 | 12 | −8 | — | |
| Equity in loss of equity method investee | −4 | −420,000 | — | — | |
| Net income (loss) | −21 | 12 | −8 | −6 | |
| Less net loss attributable to non-controlling interest | −21,000 | −90,000 | −742,900 | −561,013 | |
| Net income (loss) attributable to MDB Capital Holdings, LLC | −21 | 12 | −7 | −5 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2024 2024-10-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 13 | 20 | — | 6 | 5 | |
| Cash segregated in compliance with regulations | 2 | 800,000 | — | 1 | — | |
| Accounts receivable | 124,000 | — | — | — | — | |
| Related party receivables | 13,000 | 64,000 | — | — | — | |
| Clearing deposits | 2 | 2 | — | — | — | |
| Prepaid expenses and other current assets | 433,000 | 513,000 | — | 523,788 | 309,818 | |
| Investment securities, at fair value, held by the licensed broker dealer (Notes 1 and 2) | 7 | 6 | — | — | — | |
| Investment securities, at fair value, held by the non-licensed broker dealer (Notes 1 and 2) | 235,000 | — | — | — | — | |
| Equity method investment | 38 | 42 | 42 | — | — | |
| Deferred costs related to deferred revenue | 14,000 | 27,000 | — | — | — | |
| Property and equipment, net | 117,000 | 90,000 | — | 866,490 | 624,644 | |
| Operating lease right-of-use asset, net | 547,000 | 641,000 | — | 2 | 1 | |
| Total assets | 64 | 72 | — | 43 | 26 | |
| Accounts payable | 267,000 | 324,000 | — | 578,214 | 698,782 | |
| Accrued expenses | 95,000 | 72,000 | — | 1 | 254,745 | |
| Related party payables | 1,000 | 23,000 | — | — | — | |
| Payables to customers | 2 | 773,000 | — | — | — | |
| Operating lease liabilities | 609,000 | 711,000 | — | 2 | 1 | |
| Total liabilities | 3 | 2 | — | 6 | 3 | |
| Commitments and Contingencies (Note 10) | — | — | — | — | — | |
| Preferred shares, 10,000,000 authorized shares at no par value; 0 issued and outstanding | — | — | — | — | — | |
| Additional paid-in-capital | 80 | 69 | — | 49 | 28 | |
| Accumulated income (deficit) | −20 | 1 | — | −12 | −5 | |
| Total MDB Capital Holdings, LLC equity | 61 | 70 | — | 37 | 23 | |
| Non-controlling interest | −111,000 | −90,000 | — | 7,250 | 468,665 | |
| Total equity | 61 | 70 | — | 37 | 23 | |
| Total liabilities and equity | 64 | 72 | — | 43 | 26 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Unrealized loss on investment securities, net | 246,000 | 275,000 | — | — | |
| Accretion of investments at amortized cost (U.S Treasury Bills) | — | −534,000 | −710,584 | — | |
| Stock-based compensation | 12 | 14 | 4 | 218,355 | |
| Effect of deconsolidation of subsidiary | — | 7 | — | — | |
| Depreciation of property and equipment | 22,000 | 230,000 | 196,938 | 147,750 | |
| Deferred costs related to revenue | 13,000 | 49,000 | −75,328 | — | |
| Dilution of deferred grant reimbursement | — | −41,000 | −38,880 | — | |
| Gain on deconsolidation | — | −39 | — | — | |
| Portion of loss from equity investment | 4 | 420,000 | — | — | |
| Warrants issued as part of an investment banking deal | — | 297,000 | 165,087 | — | |
| Income recognized from warrants received | −2 | −659,000 | −3 | — | |
| Impairment of investment securities | — | 200,000 | 50,000 | — | |
| Deferred revenue | — | −20,000 | 20,000 | — | |
| Change in ROU Asset | 95,000 | 2 | — | — | |
| Change in lease liability | −103,000 | −2 | — | — | |
| Grants receivable | — | 882,000 | −72,787 | −341,179 | |
| Accounts receivable | −100,000 | — | — | — | |
| Related party receivables | 51,000 | −64,000 | — | — | |
| Prepaid expenses and other current assets | 55,000 | 11,000 | −473,970 | −67,130 | |
| Clearing deposits | −262,000 | −1 | — | — | |
| Accounts payable | 58,000 | −252,000 | −120,786 | — | |
| Accrued expenses | 22,000 | −1 | 850,333 | 224,995 | |
| Related party payables | −22,000 | 23,000 | — | — | |
| Payables to customers | 1 | 772,000 | — | — | |
| Payables to non-customers | — | −1 | 1 | — | |
| Net cash used in operating activities | −6 | −9 | −7 | −7 | |
| Purchases of investment securities, at amortized cost (U.S. Treasury Bills) | — | −18 | — | — | |
| Proceeds from payments and maturities of investment securities, at amortized cost (U.S. Treasury Bills) | — | 43 | — | — | |
| Accretion of equity investments | — | −3 | — | — | |
| Deferred grant reimbursement | — | −100,000 | −35,415 | — | |
| Purchases of property and equipment | −49,000 | 546,000 | −438,784 | — | |
| Net cash provided by (used in) investing activities | −49,000 | 23 | −8 | −16 | |
| Acquisition of non-controlling interest | — | 69,000 | −69,303 | — | |
| Net cash provided by financing activities | — | 69,000 | 18 | 22 | |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | −6 | 14 | 2 | −1 | |
| Income taxes | 11,000 | 2,000 | 127,918 | — | |
| Warrants received as part of an investment banking deal | — | 657,000 | 2 | — | |
| Relinquishment of deferred costs of initial public offering from prior year | — | 323,000 | 323,224 | — | |
| Investment securities, at cost less impairment, received in lieu of cash payment | — | 100,000 | 100,000 | — | |
| Issuance of warrants to purchase Class A stock related to the initial public offering closed on September 20, 2023 | — | 65,000 | 65,411 | — |
Filings
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