MDB Capital меняет стратегию: фокус на монетизации активов и отказ от привлечения нового капитала

MDB Capital (NASDAQ:MDBH) is shifting its emphasis toward monetizing and advancing four core assets while reducing operating costs, as management cited a difficult environment for microcap companies and said it does not intend to raise additional capital or dilute shareholders. During an investor call, Chief Executive Officer, Chairman and Co-founder Chris Marlett said the firm is concentrating on Public Ventures, PatentVest, eXoZymes and Paulex Bio. The company plans to take a more selective approach to launching new companies until market conditions improve. Microcap backdrop drives more selective strategy Marlett described the market for companies with market capitalizations below $200 million as neglected relative to larger public companies and AI-focused private investments. He said the top 20 U.S. public companies account for more than half of total U.S. equity market value, while smaller public companies represent a disproportionately small share of market capitalization. He also said that roughly 70% of funding has been directed toward AI-focused companies, though MDB sees an opportunity for certain AI-enabled portfolio companies to benefit from that trend. MDB had previously discussed increasing its launch pace from roughly one company every 18 months to three to five launches annually. Marlett said the company now intends to use a “rifle shot approach,” pursuing only the opportunities it considers most compelling while the financing and IPO environment remains challenging. “The timing is just not right,” he said regarding the earlier plan to scale launches. “Right now, we don’t need to do more. We just need to monetize and leverage the ones that we’ve done.” Marlett said MDB aims to operate on approximately $5 million to $6 million annually in operating expenses. He said the company expects that spinning out PatentVest and partnering or selling its Public Ventures clearing operations could help reduce its cost base to about $6 million. The company completed two transactions during the first half, according to Marlett, including participation in the Ticket Plus IPO, which closed after the end of the second quarter. He said MDB may complete two transactions in the second half, potentially including Paulex Bio’s IPO, and is also working on a fee transaction that could be significant. Public Ventures partnership or sale discussions underway Marlett said MDB has been evaluating alternatives for Public Ventures, its self-clearing and investment banking platform. The company spent about five years building the platform and created a Latin American back-office operation to support it, he said. Because MDB is not currently launching several companies each year, management believes the clearing platform could have greater value with a larger partner. Marlett said the company has held discussions with four or five parties and has received letters of intent involving potential partnerships or a sale of the platform. “We want to try and get something wrapped up in the next quarter,” Marlett said, adding that he sees a “very good chance” of reaching an agreement with parties currently in discussions. MDB owns 100% of Public Ventures and said it is seeking a transaction that would enable the firm to retain access to a strong platform for future company launches while focusing its own resources on venture creation. PatentVest to seek outside financing MDB has changed its strategy for PatentVest in response to rapid developments in artificial intelligence, Marlett said. The company is positioning PatentVest as an AI-enabled patent law platform and has formed what Marlett described as an alternative business structure, or ABS, law firm in Arizona. He said the platform is intended to handle workflow functions such as associate work, paralegal work and foreign filings, allowing patent lawyers to focus on higher-value legal work. Marlett said patent law’s federal-only nature makes it particularly suited to the proposed structure. MDB plans to finance PatentVest as an independent entity, with outside investors funding its development rather than MDB continuing to do so. Marlett said MDB would give investors an opportunity to participate directly in the growth of PatentVest. The company cited investments and valuations in legal-technology businesses as evidence of investor interest in the sector, but did not provide a valuation target or timeline for the PatentVest financing. Portfolio companies approach potential inflection points Marlett said eXoZymes has made progress toward scaling manufacturing, an issue he identified as a major obstacle for synthetic biology companies. He said eXoZymes has expanded beyond its NCT program to several additional molecules and may be close to establishing a relationship with a contract manufacturer or strategic manufacturing partner. According to Marlett, the ability to demonstrate scalable manufacturing could support more commercial discussions and partnerships. He said eXoZymes is expected to discuss additional molecules and developments during its own conference call the following week. MDB holds 4.1 million eXoZymes shares, plus warrants, Marlett said. Paulex Bio is nearing the filing of its IPO registration statement, according to Marlett. The company is developing a drug intended to promote beta-cell expansion and insulin production in type 1 and type 2 diabetes. Marlett said the program could have potential applications alongside GLP-1 therapies and other diabetes and obesity treatments. He said Paulex Bio expects early clinical data to begin emerging in early 2027 and that an IPO could occur in the fourth quarter of the current year. MDB owns approximately 7.1 million Paulex Bio shares and warrants, according to Marlett. Marlett also addressed HeartBeam, saying MDB continues to believe in the company’s ECG technology. He said HeartBeam has moved toward a partnership-focused commercialization strategy rather than trying to independently launch its product, which he characterized as a more capital-efficient path that could reduce dilution. Marlett said MDB is dedicating more time to helping portfolio companies secure commercial relationships, communicate complex technologies to investors and identify potential partners. He acknowledged that MDB’s operating results may remain “lumpy” while the company completes fewer new launches, but said management believes its existing assets can provide significant leverage if they reach commercial and valuation milestones. About MDB Capital (NASDAQ:MDBH) MDB Capital Holdings, LLC, through its subsidiaries, primarily operates as a broker-dealer. The company operates through two segments, Broker Dealer & Intellectual Property Service, and Technology Development. The Broker Dealer & Intellectual Property Service segment operates as a full-service broker dealer that focuses on conducting private and public securities offerings, as well as providing research services for investment banking due diligence. The Technology Development segment engages in the synthetic biology technology development business.