MDB Capital (symbol: MDBH) primarily operates as an investment banking and asset management firm. In the context of its investment banking services, its major customers are other companies that it advises and helps raise capital for. These client relationships are typically transaction-based rather than long-term recurring relationships from a fixed set of "major customers."

Here are examples of companies MDB Capital has served as clients for their investment banking services, including their symbols if they are public companies:

• Boxed, Inc. (NYSE: BOXD) - MDB Capital served as a financial advisor in their SPAC merger.
• Evolv Technology (NASDAQ: EVLV) - MDB Capital acted as a financial advisor in their SPAC merger.
• Lottery.com Inc. (NASDAQ: LTRY) - MDB Capital acted as a financial advisor in their SPAC merger.
• TransCode Therapeutics, Inc. (NASDAQ: RNAZ) - MDB Capital served as an underwriter for their initial public offering.

• Apex Clearing Corporation

Christopher Marlett, Co-Founder, Chief Executive Officer and Chairman

Mr. Marlett has been the Chief Executive Officer and Chairman of the Board of Directors and a director of MDB Capital Holdings, LLC since its inception on August 10, 2021, and is its Co-Founder. He has also been the Chief Executive Officer and a co-founder of Public Ventures, LLC, operating as MDB Capital, since 1997. With 36 years in the securities industry, he has led numerous financings for venture-stage public companies and has been instrumental in co-founding and developing the commercialization and financing strategy for all companies MDB has taken public. Mr. Marlett has served as a board member for several public companies in their early stages. He developed the first patent services company in Nicaragua, which was subsequently sold to Murgitroyd, an LSE-listed patent attorney and services platform. He is also a co-founder of PatentVest, established in 2003. Currently, he serves as Chairman at eXoZymes, Inc. since 2025.

Jeremy James, Chief Financial Officer

Mr. James has served as the Chief Financial Officer of MDB Capital Holdings LLC since 2024. His previous experience includes serving as Director-Revenue at Orthofix Medical, Inc. from 2016 to 2020. He was also a Manager at CBIZ, Inc. and a Senior Manager at Ernst & Young LLP from 1999 to 2012. Additionally, Mr. James held the position of Vice President & Controller at Cottonwood Financial Ltd. from 2020 to 2022.

Mohammad Hayat, Head of Corporate Development, Chief Legal Officer and Director

Mr. Hayat has served as Head of Corporate Development, Chief Legal Officer, and a director of MDB Capital Holdings, LLC since its inception on August 10, 2021. He also previously held the role of Chief of Entrepreneurship & Operations for the Company. Since April 2019, Mr. Hayat has been the Chief Executive Officer of Invizyne Technologies Inc., transitioning to Executive Chairman and President in August 2022. He founded and has managed Mora Partners Inc., a consulting and investment firm, since September 2006. His prior roles include Chairman & President at eXoZymes, Inc., Associate General Counsel at Hewlett Packard Enterprise, Executive Vice President-Business Development at Fulham Co., Inc., Partner at Raines Feldman Littrell LLP, and Associate at Latham & Watkins LLP.

Anthony DiGiandomenico, Co-Founder, Head of New Venture Discovery and Director

Mr. DiGiandomenico is a Co-Founder, Head of New Venture Discovery, and a Director at MDB Capital Holdings, LLC.

George Brandon, President, Head of Community Development and Director

Mr. Brandon has served as President & Head of Community Development of MDB Capital Holdings, LLC since its inception on August 10, 2021, and as a director since January 14, 2022. He brings 36 years of investment experience, including 12 years with Public Ventures, LLC, operating as MDB Capital. His business focus has been on marketing and strategy development and community building for entrepreneurial start-ups, micro-cap, and small-cap companies. Previously, Mr. Brandon served as a Portfolio Manager at Sawtooth Capital Management, Inc.

The key risks to MDB Capital's business, which operates as a public venture platform focused on launching early-stage technology companies and as a broker-dealer, include the inherent uncertainties of its operational model, the volatility associated with its equity investments, and stringent regulatory oversight.

1. Operational Risks and Capital Dependence: MDB Capital's business model, centered on the success of its "partner company model" and investments in early-stage technology companies, carries significant operational risks. There is no assurance that past successes will continue, and the company's limited operating history as a reorganized holding company contributes to this uncertainty. Furthermore, MDB Capital may require additional capital to fund its operations and growth, and there is no guarantee that such capital will be available on favorable terms, potentially hindering its ability to pursue business opportunities. Recent financial updates indicate significant financial headwinds, including negative earnings per share and revenue loss, with cash burn remaining a concern.
2. Market Risks from Equity Investments: The company is exposed to substantial market risks due to fluctuations in the value of its significant equity investments, such as its stake in eXoZymes. The performance of these publicly traded companies, which are often early-stage and disruptive technology ventures, is subject to high market volatility. This volatility can materially impact MDB Capital's financial position and operating results.
3. Regulatory Risks: As a broker-dealer, MDB Capital's subsidiary, Public Ventures, is subject to extensive regulation by bodies such as the SEC and FINRA. Non-compliance with these regulations could lead to significant fines and restrictions on its business activities. Additionally, the partner companies that MDB Capital supports, particularly those in highly regulated sectors like pharmaceuticals and medical devices, also face their own set of regulatory challenges.

MDB Capital Holdings (NASDAQ: MDBH) operates in two primary segments: Broker-Dealer & Intellectual Property Service and Technology Development.

Broker-Dealer & Intellectual Property Service Segment

This segment encompasses investment banking, public venture capital, and intellectual property (IP) services through its subsidiary, PatentVest.

• Global Investment Banking Market: The global investment banking market was valued at approximately USD 110.12 billion in 2025 and is projected to grow to USD 214.90 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 7.80%. Other estimates place the global market size at USD 129.13 billion in 2025, with a projection to reach USD 301.52 billion by 2035 at a CAGR of 8.85%.
• U.S. Investment Banking Market: The North American market, which includes the U.S., dominated the global investment banking market with a valuation of USD 44.72 billion in 2025 and USD 47.76 billion in 2026. The U.S. investment banking market is expected to grow from USD 54.74 billion in 2025 to USD 67.47 billion by 2031, at a CAGR of 3.55%. Another report values the U.S. investment banking market at approximately USD 135 billion.
• Global Venture Capital Investment Market: The global venture capital investment market was valued at USD 396.7 billion in 2025 and is estimated to reach USD 1,590.6 billion by 2034, demonstrating a CAGR of 16.68%. Another projection indicates a market size of USD 503.27 billion in 2025, growing to USD 2,669.87 billion by 2034 with a CAGR of 20.5%.
• U.S. Venture Capital Investment Market: The U.S. venture capital investment market reached USD 154.0 billion in 2025 and is expected to reach USD 409.6 billion by 2034, with a CAGR of 11.48%. Another source states the U.S. venture capital market size reached USD 1.31 trillion in 2025 and is forecast to reach USD 1.46 trillion by 2030.
• Global Intellectual Property Services Market: The global intellectual property services market is estimated at approximately USD 5.42 billion in 2026, with a projection to reach USD 9.59 billion by 2035, expanding at a CAGR of 6.2%. Other data suggests the global IP services market was valued at USD 4.2 billion in 2024 and is projected to reach USD 14.3 billion by 2035, expanding at a CAGR of 11.8%.
• North America Intellectual Property Services Market: North America is a dominant region in the intellectual property services market, holding approximately 40% of the global share. In 2024, North America held the largest revenue share of 37.4%.
• Global Intellectual Property Legal Services Market: This market was valued at USD 17.2 billion in 2025 and is projected to reach USD 36.0 billion by 2035, reflecting a CAGR of 7.7%.
• Global Intellectual Property Support Services Market: Valued at USD 32.8 billion in 2025, this market is forecast to reach USD 64.5 billion by 2035, expanding at a CAGR of 7.0%.

Technology Development Segment

This segment focuses on synthetic biology technology, including a small molecule senescence platform.

• Global Synthetic Biology Market: The global synthetic biology market size was estimated at USD 18.94 billion in 2025 and is projected to reach USD 69.18 billion by 2033, growing at a CAGR of 17.7%. Other estimates place the market size at USD 21.90 billion in 2025, expected to reach USD 90.73 billion by 2032, growing at a CAGR of 22.5%.
• North America Synthetic Biology Market: North America held the largest share of 42.10% of the global market in 2025. It is projected to have the largest market share at 42.3% in 2025.
• U.S. Synthetic Biology Market: The U.S. synthetic biology market was valued at USD 8.6 billion in 2025 and is estimated to grow to almost USD 43.1 billion by 2035. It was estimated at USD 6,132 million in 2024 and is projected to be worth around USD 30,760 million by 2034, growing at a CAGR of 17.50%.
• Global Small Molecule Drug Discovery Market: The global small molecule drug discovery market size is estimated at USD 95.63 billion in 2025 and is predicted to increase to approximately USD 204.06 billion by 2035, expanding at a CAGR of 7.87%. Other reports project growth from USD 61.93 billion in 2025 to USD 103.06 billion by 2031 at an 8.86% CAGR.
• North America Small Molecule Drug Discovery Market: North America dominated the market in 2025. North America is estimated to dominate the global small molecule drug discovery market with an estimated market share of 40.8% in 2024.

MDB Capital Holdings (MDBH) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from its public venture platform strategy and strategic initiatives:

1. Increased Public Company Launches (IPOs): MDB Capital aims to significantly scale its operations, targeting the launch of 3 to 5 new companies into the public market per year, an increase from its historical rate of one every 18 months. This expansion of initial public offerings (IPOs) is a core component of its growth strategy.
2. Growth and Monetization of Portfolio Company Equity Holdings: A substantial portion of MDB Capital's future revenue is expected to come from its significant equity positions in the companies it launches. The success and value appreciation of these portfolio companies, such as the anticipated IPO of Buda Juice and private placement for Paulex Bio, are crucial for generating equity upside.
3. Strategic Expansion into New Market Sectors and Profitable Ventures: MDB Capital is strategically shifting its focus to include profitable companies with established revenue streams, moving beyond solely early-stage life sciences. This includes identifying and supporting opportunities within sectors like metabolic health, which is projected to be a multi-billion dollar market.
4. Leveraging the PatentVest Platform and Intellectual Property Services: The company utilizes its PatentVest platform for intellectual property (IP) intelligence, strategy consulting, and due diligence. This platform not only enhances MDB Capital's ability to curate promising "Big Idea" companies but also serves as a direct revenue stream through increased client engagements.

Share Repurchases

• MDB Capital Holdings, LLC did not make any equity repurchases during the period covered by its March 31, 2025, 10-K report.

Share Issuance

• The company completed an Initial Public Offering (IPO) in 2023, raising $19,999,992.
• In 2024, MDB Capital issued 5 common shares through its Common Stock Dividend Reinvestment Program, generating net proceeds of $86.
• Shares outstanding increased by 61.08% in one year, as of March 5, 2026.

Inbound Investments

• MDB Capital entered into a subordinated loan agreement for $7.3 million with its parent company, which enhanced its net capital position.

Outbound Investments

• MDB Capital operates as a public venture platform, focusing on launching innovative early-stage companies into the public market.
• The company launched a private offering for Paulex Bio, a firm that develops an oral medication for diabetes.
• MDB Capital plans to spin out PatentVest as an independent public company in 2026 and announced plans for an IPO of Buda Juice.

Capital Expenditures

• In the 12 months leading up to March 5, 2026, capital expenditures amounted to $74,523.