MDB Capital Holdings, LLC Class A common Q3 FY2025 earnings call

• MDB has a 28-year history of launching IPOs with a 100% success rate in getting companies public, and 100% of IPOs have traded at 2x the IPO price post-IPO. • Goal is to scale to 3-5 launches per year to build a public venture portfolio. • Unique public venture platform that curates early-stage big ideas, positions them for success, and makes them public ready. • Work with companies like Buda Juice to help them go public faster and more cost-effectively. • Operational expenses of about $5.9 million in the first three quarters, expecting fourth quarter revenue to offset expenses. • Significant equity positions in Paulex Bio and Buda Juice provide big equity upside. • eXoZymes making progress with transformative synthetic biology platform, and HeartBeam near FDA approval for life-changing health care product.

No detailed product segment financial performance with absolute terms and revenue contribution % provided in the transcript.

• Expect to close 3-5 deals per year, covering operating expenses. • Highly likely to close Paulex Bio deal and Buda Juice to be priced soon, potentially doing 2 company launches in one quarter. • Bullish on the Microcap market, expecting more companies to go public due to better valuations compared to private markets. • Anticipate equity positions in launched companies to provide significant upside for shareholders.

• Market cyclicality affecting investor interest in public venture. • Uncertainties with FDA approval processes for companies like HeartBeam. • Potential dilution as companies raise more capital for growth.

Q: Can you give a little of your philosophy on when shareholders could expect to see a dividend?

A: Philosophy is to see the company has a developed market for the stock and clear business model execution; no specific prediction but will distribute when broader ownership and trading volume exist.

Q: If eXoZymes raises money, will MDB shareholders retain the same percentage of ownership?

A: Any time a public venture company raises money, shareholders will be diluted, but efforts are made to minimize dilution.

Q: How do you see HeartBeam's FDA approval playing out and MDB's role?

A: Hoping for FDA approval soon, which would be a game-changer; after approval, it's easier for investors to decide, and MDB's role was in helping position the company.

Q: Why is MDB's stock trading where it is?

A: Microcap market has been bad, perception of whether MDB lost its touch, and tax loss selling.

Q: What makes you bullish on the Microcap market?

A: Profitable and growing Microcap companies trade at higher valuations than private markets, few such companies exist, and private equity/VC markets have issues, leading to investors wanting transparency and liquidity of public markets.

Q: Delineate deep tech vs private equity deals?

A: MDB takes category leaders with moats, like Buda Juice as a new beverage category leader; deep tech has IP moats, while private equity deals may be in less profitable or growing companies.

Q: Clarity on PatentVest spinout?

A: PatentVest spinout could be substantial due to AI disruption in law and federal practice of IP law being a big opportunity.

Q: Does MDB need more investor relations efforts?

A: Yes, need to get out and tell the story more broadly, have been at Microcap conferences and will continue to do so.

Q: Why has eXoZymes taken longer than anticipated and future outlook?

A: Pivot not communicated clearly, but eXoZymes is working on making molecules others can't, with a bright future due to transformative platform and strong team.