MDB Capital Holdings, LLC Class A common (MDBH) 21 Nov 242024 Q3 Earnings call transcript

Welcome, everyone, to the MDB Capital Holdings Third Quarter 2024 Financial Results Conference Call. I'm Lou Basenese, President and Chief Market Strategist.

Before we begin today's call, I'd like to make everyone aware of a few things. This event is being recorded.

We will post a replay on our website shortly afterwards.

want we're sure forward-looking going also on you statements. I call, this to Instructions] to that make know [Operator be making Q&A These or inherent in whether and session, the risks forward-looking to are prepared uncertainties. subject statements, during remarks

any our and filed more section Risk as on reflect obligation quarterly with federal November risks our Form on as in to to the by the securities expectations circumstances. disclaims and make contained laws, XX You required with conditions can update SEC otherwise revisions to MDB these latest these herein XX-Q, uncertainties Except as read or filings about Form or changes Factors XX-K. of regards which statements forward-looking well events, elsewhere was those to in

just refer SEC to we again, related to about risks you ask for filings our and kindly company's to these uncertainties information more statements. the forward-looking So

you Co-Founder, on With Welcome, to said, Marlett, introduce want today me Christopher joining and that I this is to CEO Chris. being call. who

Thanks, Lou.

to a off investors conversation mix since we as shareholders, of we frame and why today start this update have overview an and MDB with who is have don't well and potential up MDB community members you and And and longtime a of do. Glad new as shareholders year. what

And hasn't markets. of make public. Thanks, in the since going we've downs an joining think everyone, hard been this It's lots you today couple process amount And of for been to interesting relatively known economy, there's Lou. doing, been us of last years and Thanks, a very looks endeavored Sure. and all you microcap obviously, listening. back sense ultimately, very ups I It's of whole know, on as can everything someone we the long, for progress. in have and elections happening that say, I to global everything be what's which would strip confusing. really we're when But else. enormous made of

If the try statements, we if you it. straightforward and financial at going you to simplify to look and today, very look what try of approach I'm a description it at our do. take

great of investors, stakeholders private. MDB excited as we when is for these about really new what fantastic, first doing of, we companies. this of ideas the and And curating and is MDB group a created big public of years those and up a hopefully we're a people which And this sort XX for process that future. slide then the the can when end we've we've entity, that And -- a really ideas what shareholders big over here private refined pretty this do, our taken by we've into really there's really of And we team indication trained the is front of we great which a into up I XX scale of were we value And been transforming were of a bit. public the transform companies. proud really is to and think meaningful I'm now lot really valuable for years,

does It so And public what we leader. ideas who new can frankly, the the through amount from markets. quickly of enormous in venture taken differentiated be I do of figure this development quite a really enormous amount easy. in to which get really we've market anybody think these hasn't us has an out been thought, process to enables or And of what PatentVest, training,

that now then the leaders new We've of public lot through that. continuing we're we analysts. take market late-stage into sort have ideas. hopefully so getting in can good, to a trained of build really ideas here They're these new get we enables and us really And to not-too-distant And turn future. more

do significant. might year, company could we X be talked If X value shareholders X a the or XX we've a to could about months. year creation every before, do even we As

great And is a ever We're to than so And been. like we're said, bigger I doing continuing it's stuff. job. curate the pipeline great

So.

-- define a ourselves traditional a we the we for is route Chris, definition you being the it's and platform. venture benefit what why venture ventures? don't of just public to explain public don't for everyone, public, believe you preferred us Why as versus why

Sure.

that they does traditional that out. lots that X work approach has leave And XXx better. in where or can different quite XXx companies something think returns I lot all get invest an they failures. And that what is simply that's where or hoping taken of X a the by venture or of

I a very, think get been are the community it's angel so people to very in lucky, that hoping And period. difficult and

was from low created there companies no in this get money sort before, environment, much to funded. can very easy Very interest really which While of these lots companies vintage few them. venture And a data of companies. value XXXX provided is were rate see we've of you

So if angel subset small of an have of venture you whether or some it funds, as in be done you invested these, these wouldn't well. very were in a investor

XXth And versus companies, we Invizyne are shows markets. I of company focused. them percentage the and start we a really just we're think rifle-shot of that have gone which what And values when took I that we it's And was you XXX% up public significant. -- very these just contrast public. what that do, think high very they brought do into or public them our reach go public, We that

else at value -- raising I to very capital. venture companies we like companies shots good that where that any other had I'd what were nobody So nobody these have think of would these another don't people is value probably words, else In saw tell saw financed.

really we actually what that's the our And see that take really had venture to and something to Which part importantly, roll company. So means between saw, difference else traditional a does. steps able big big and meaningful what value up were to more a create we but nobody the sleeves necessary be the of creation. we do

segue ask a ventures. favorably great going was very to it's traditional No, our I because stacks you, performance up Yes. to

us it Why seeing that actually don't and markets? don't You where up. you So it turning the how details value others -- about of doing talk into are give some process turning we in proven public that, more standing into value right?

market And do generic great position. us important. not PatentVest is see PatentVest sense. a use IP enables particular that technology everybody doing that enables what deep in And we that very is we tech in quickly. focusing leader. space. enables to see a quickly The establish can thing So is that it on can in these database leadership a with we or become to to It's created companies, that that us whether about that deep us they tech

ideas hundreds So at only to screen through. companies. of doing on It's that you get when we're of numbers, them at we work thousands we look when look to like you of through, hours have not spend a of some all X,XXX couple on those of hours

enables us for very But wheat the that That's the to not separate will. you possible business create no find from chaff PatentVest matter in the the But really unpolished and how us haystack, if many also or more enables -- strategy importantly, hire. the to in analysts companies. those needle quickly the it we gems

better create the strategy. So know is with rational if over business a doing can you think I in that everybody space, better And we've you what time. and gotten

that them ideas effectively we pretty eventually and created I'm public in But the those an of do all think lucky. vertical My it's -- It to enabled I took lot particular So a them Invizyne, leadership of they were a to before get wife X times, to. position X $X -- last I all was companies on wasn't intentional luck. that got the very got a lucky back values billion processes technology that always that -- says whether the to I'm that values. of envelope and were

only role enabling stand that also we serves them, the to can winning up PatentVest a us but important narrative. them so to really that curate And sense not in create of

When a storyteller. to you have be you're big up standing ideas,

able have connect to be really the You dots. to

how you're codevelopment from going to these channel And of So where if you're for partners, that, kind you viability. at get cetera, to you're investors, communicate partners, companies have clearly to et all nowhere. can't understand potential

value that's real so of I think PatentVest. And the

the you it's to I anybody. ability more coming appreciated. think to money our we're to aren't A door. time, valuable And think bring allow And learning I communicate to we of becomes and walks market to how become "Well, of PatentVest. to this least And I don't that's lot But it go, So a it the thing for the think actually come money," over company "Well, companies We really value I by then... bring. just us appreciated leader." in go, actually and we is any fully company that they

said. always we've something that's So

we these stool us end have that fit to equation? do other the think community. of talk into broad Now those about that a didn't always just things self-clearing the a X X-legged How necessarily we broker-dealer and here

the let me with -- the community, start the but communities well, -- me So start let self-clearing broker-dealer. with

become operate the companies happened been combination venture in this companies area microcap venture public most firms to see for clear microcap has it's or are large where arena for the such don't a market and clearing is -- them increasingly as difficult what's So of regulation that in to microcap/public financing companies. of just it profitable dynamics securities

platform a difficult. for have that needed we viable community, And that anybody build is quite think us have and transactions, it, was through to it an be what But us It to with not self-clear It's has it I that own it heavy got saying recognize account you. I really easy -- And regulatory opened we where able was direct could so And clear do. we MDB we be that's operates IPOs, those to very those a used that, to nicely. to our and process. got very think we operational. and

a our be a seamless in a for trying We're really these securities transact community way It's relatively build able customer in great way. to experience. to good to

of I have dealt any our with think people. you

-- reaching of we've all lot now our out to shareholders. been of a shareholders think I our

team We have our reaching to everybody. out

high licensed communicative We've approach. our to plan have all going we people, of getting so they calls start to very connected. start you're can So all a getting now new and high -- phone touch,

industry. excited very everybody It's we're to doing. And is that about what so of very aspect the counter we're doing in what

people that able to -- and us here is to that And talked and that and has I sets that we I've used so apart. this I were it people been with work you, get what to surprised have we've to think everybody known really think point.

community aspect But of it door of many so we're it important members. the experience. backed I a of opportunity could through that us, if idea because do starts the super what a put really builds in new our come they they that community think community in our vouch in that's company been companies by critical the to because it's by opportunity, develop. much new And that new easier member, or comes all here, mean because for that's somebody that brought together community as that what And to as so we value see now can is us that via are someone somebody, to coming potential

lot very community so that a role. also a becomes companies of these community plays the And We're important critical. the finding absolutely in

Our get these behind community members companies.

facilitate help new facilitate help They partnership They deals. financings.

the helping and we and where of various scientists has host give our our could in community you really are whole our that for of We have and a companies companies. now, what right you stories enabled community physicians success have

all together, put when become I as a on, that everyone. package. think that So will apparent that goes really to very And it's time potent you

Yes.

we this. bit different. makes little us want of platform the -- process, to I a on performance, how people, ourselves, differentiate not covered So that time we spend

I ]? You you're the a shareholders I reality in a been to of reality bit where too we quickly understand different. our and market charts from more then slightly on know market see focus realistic. of here, let's the are But detriment, current talk investors, [ because and result people then as and difficult. it's do what's more let's what all optimistic, probably But little I'm my about

are we've and it it's anybody after just been been difficult venture been through stock about? Magnificent ugly really And in other you invested difficult. the dropped really been obviously IPO into It's it's that's also it in been but has So great things years. traditional couple couple start public crying in fact, One, a that our really market." to stocks or hurt are bought that just IPO, the a like the testify -- anyone the anything. and makes us been or our It's a of venture, last charts know can of ways. a a also Seven crypto "What period. it's I a But saying, indicate really microcap great in not financings

financing our was so And volume down.

in value, the that So And market but is is we're where we under that quite... companies They right? right? what XXXX really pretty down, which we million guess tallest weren't it number, shows It's public the XX%, is which we're $XXX a average, went the midget, I like were guess that segment did I in. in bad, market on staggering

if the volumes don't probably were that's a yes, setting and then I we know it use, analogy should was down. the but tough

time of be a -- opportunities but... timing now, going many is to good But or in lot there's it's been public ways a horrible because

That's a good transition.

had conversations is we the now this. is what I are you have and think backdrop. this market the I about seeing? So reality What of

this as it's I hear well. everyone important to think else for

Yes.

great glut in And decade. venture for not made companies traditional funds, have venture what's people is a last funds of over who are money investing there's the looking stage really, So the that financing. venture

very think, so want don't done -- I but and industry. venture some large, very, not few. well, And to by that the have I funds There's obviously indict whole

but of a companies venture time been funding. finding a are number difficult there having have are So that financed

-- trade I is seeing they're very to at down these it's difficult. those they're markets, look saw, a lot valuations it in in very that the happening because half of financed right premium We're reality. of were at really and were these venture is at they because at they're trading time venture-backed and having And like at. guys market But difficult now. trading sometimes a many today, think you last the value if what's to private funded It the interesting companies of come

companies opportunities public going I to can level, number we're think and a these and but having so been them them. with And help take I funds really do A of value VCs. VCs. lot the become we next companies back struggling the number good some a there's provide by have conversations -- the the to of are to of think get where

so And it not on VC hasn't we that just it think Also that. money the when stuff crazy makes pretty I'm excited bunch been a around. that just find I financed, traditional easier about of there's

So we're stuff really reasonable at able valuations. to find

about we ever we're that looking have much around. so And to I And of that time now larger we've it's had. like a universe great be a companies said, really excited

of it is And increased we've I part capabilities. think it's our --

I just that think other part the of it is it's your market environment.

our I And hard and It was it as -- frankly, our firm clearing of we've It operating. think so -- that lot just and we now strengthened got quite capacity, was to operations see we've We what operating. the was be a But deal going operating. our work. at this everything have up a operations how than underestimated seems We're and took onboarding in Everything It's thought. it's everything new to least be. and year at point. longer operating really I accounts, don't real we working. holes didn't any

this markets and giving are the increased us we've capacity stuff. So got

think think, MDB. I'm pretty you're yields, a excited greater So deal seen than used just to volume I I much with have that

Yes.

how So there's some let's talk all for here. know have that excitement some newer practical translate people I very could about things but we that shareholders. this, understand people into

environment after come shareholders may some opportunity-rich to increased this So ways that sledding? what realize we value out are as the tough

Yes.

to that [ or think financings we've know a big been a real listen, this, have financings having to market but the last for or So years people or access of IDF wasn't benefit. bad known in while I ] who couple company IPOs, us basically, pre-IPO

enables I think being does you I think get seat. but turn, to and front-row -- the so shareholder a tide a And

idea it that ability large company financings all do the we company like law doing doing know we'll get but on lot we preference things the how and don't the financings big we of our You Invizyne, I of. do, enterprise like all which to public curated face to numbers. us of the enable will be of. And value. And a more more significant with create adds be ultimately, more many value

up pile can't cash. We

we thought big qualify And -- think to because I put going or were thing. we all said we've going can't companies, of of is QSBS. have As our going democratic and to needing administration make just but that a of still we all pay that a not tax money be is we'll higher to what's our is nice valuable companies QSBS part possibly and taxes, gains are as before, many stock to distributions work. to for virtually for us -- capital the that most And cash having value, to much create are we

-- are it's market that really from a getting segment may for that interest and It's never of to people attractive mean? than traditional public talked does see tons before venture what value venture. as result. much really to venture how a it we've We're new They of great look So more just investors. the public

Yes.

some people work. press Let's really might that talk of been I but to we've hasn't busy a know know say there ton -- been we at releases,

to I progress slide we with areas couple But value that focus recently? a leading public highlights lot made actually a some think the just we'll Invizyne of of the create. that value look of And on going of don't indicators has this are then information. looking in to you we key of at move why on that

Yes.

degrees. that analysts are analysts America. and training a them Latin are -- see it. is been -- of analyst iceberg but that that's water, again, it's formalized the we the been of iceberg sort might -- below this the all and you the So of developed so that advanced like have hiring the Most of only And these in we've -- we've below sort surface program, of tip training

people full ability people the together. for work us MDB very through for us help that we've us Very get training for And for work of -- and rapidly. put both have the to We've We also time. proud are to some PatentVest. internally program trained these do companies these have

gotten you of of have Some it. a glimpse

family participate members your it program, or really had participate You've analyst glimpse works. kids how good our in a of training get you

really training of love in we've age But their program. a and or a that it great because anybody we minded, we amazing X you the if saying, people." And that college make on there's were It's "Well, universe or sure I getting X it's don't kids I referred the would and really really than are any relatives meaning -- X-week have been phenomenal we're this our many have big achieving -- scouring can any better doing now. different right ideas it's how friends It's members of comb feel like do get that by reach, science I think are planet community invite the universe. They program. training or having program. now you kids amazing potential we're companies now that's us

A to It's to that other not but or up going it We're It's capability. we call -- spending us -- fortune you underneath of see be money we're the And so of very not are really analysts, there. that It's really don't iceberg ocean interns do associate it's that the a scaling them light. it. grow. whether these capital people former that's work for for be going PatentVest. lot only doing to what contract are

Okay.

creation. I on mean, here. leads to think Let's all this I value move of

that the quickly on item line is public a Invizyne big proves process and can idea there. see now investment the outcomes and is the that really you point the how think impact I going

about works to model expectations why Invizyne of spend we this? moment why continuing demonstrates a do good don't and you to heading then forward the So talk how have how

Yes.

going be financial number from I There's swings stock-based are our because to of So our well Invizyne. messy very of a in what as as swings of would consolidation call statements perspectives. compensation

actually of so idea be We're ago, -- numbers. be sort -- have X of going of public, the investor now what sort which an idea the is Invizyne is and to enterprise toolkit quarters calls we that we're And going we going calculation to breaking referenced or and of performance. those X decomplicates of value out the is and when preview as also This our the it We'll we a public, look operating those at an sort a net if look numbers. is $XX.X about today basis. doing you But million. of be after at on basically of at whole, what X/XX we numbers you MDB equivalents, -- have cash if look you versus really, Invizyne it ago,

That's after all liabilities.

sort include represent very trying do that's like -- And -- only the and to there opportunities. earned cash. the the how which we like sheet, idea the that where leases, -- cash But doesn't to that HeartBeam broker-dealer, but back of we've net-net those also is in invest to the new much So big venture not ClearSign. of operations with are actually. are and securities, equity have not on positions balance operating we've Public securities

million I And investments so at the operating just Invizyne. about at that's and model power another going idea Invizyne ID the of current is that going we the to are invested the to at big if And those of $XX current then you the we our -- million represent $X.X be carrying completely give market, look you volatile. That idea Invizyne of our to if was Invizyne now, number current at But super -- volatile. valued shares securities. had into value create is is can be realize market. so

big investments. There another be So then we'll we very company Invizyne, this create these swinging ID -- one if much. around out balance won't can

hope a And or we is companies along X portfolio financings. securities the from so public venture earned public have with company that get more X our we to once start in there, we

another you market Invizyne value. means getting $XX ability and create price of the caveats a our credit with We're if MDB the And that basically take is shareholder with any effectively ability not credit for it that. in getting enterprise not value all of for outstanding, come any sort if to sort million-ish that not see the at And to we're value shares so you negative, that -- can of that. is meaning create -- our stock

unfortunately, that saying ugly clients does always to what that come value Well, He being "Chris, management." there's said of said, me. so with an our plays So And don't said... mean? that one

think know you're or what. Well, I yourself have the share? is indicting point if we value don't good I

hopefully, what "Oh, only ones created saying need and looking that washed of Well, do They it don't methodology that better trying ones, -- saying, and the people I'm to to that's X got in went start last laugh reasonable so -- I'm that we to better. them. And And billion We're $X giving shortly. I it's I'm to values. -- that mirror lately. those why -- what right? is what got able public all is, it's going that's what we -- there's go more didn't a business, other -- to I here know I'm And And I our do is we've of saying, prove we'll to it, job faith took have be think they're though, but up. -- for -- always for tell that we in securities It they..." listen, me the done you think prove to people people anywhere. and that that

that's a Well, fair point.

bunch next of covered these you've a this slides think I already. really --

these like -- to want don't I that really developments the have are happened. So

the to a You've be points, these it that it website. of spoken load lot we available to will when

interest keep the we tank-type in of shark venture do the that a let's time, talking the are that the ideas, pitches almost have I the companies -- think about securities those in public portfolio. of public

and technology and their market So for in why you so ahead tell why people the excited potential don't those category? go securities leadership you're about

Yes.

really backs the HeartBeam analyst that in, doesn't -- underwriter, out was when I looks their like is had card the well our very different with any were I've out it's a -- this cardiac like, look has seen power against and team And came They around first said, And But have doing you carry They little almost anything before work, They team simple. money. heart. in in what they credit process. And your I to worked us. me. AI them. best is than gone for acquisition ever did this our They wall, the is the of cardiac for were amazing. personal single came to really data a could company wow, HeartBeam -- care." "Wow, trusted our is had to trusted is and not a that got thing device monitoring. a the So transform public high-resolution small

you to look And seeing we're uses heart. what a so signal that whatever not that now which is XX only doctor a is can into lead, convert at

those I be it signals More importantly, I doctors. -- because I believe say upsets this have to careful how

can not. it's if a bad that because your to think around all to you'll job die them. to die it the little it quality heart published detail. can't health that -- to dumb of I does prevent a the all you. a of that for This attack, greater not or really get the to going has doesn't has everybody seen away, which first in good I friends around do and your it going costs you stuff ignore problem better which a deaths. explain got a to AI developing care in of And you've is life which right you heart. that's is the change and power what whether that. have life. with debilitates really is family, quality all has your prevent as And going of either proving -- the with carry to or way wait is problem with already It's And see device capability out studies, diagnosing we've a patient got real a video ever that to I'm that This

great the toward getting is any the It's hope really of acceptance. It's end for getting But that all is you most that, this really hopeful, morass gotten FDA behind. one important we've a to that think going We're they're I of companies luck. the been studies sort they've works. at published KOL with it while. look working. I in ever be of the good news can

think to extraordinary be going I it's company. an

really a in position have We company. the nice

million and We shares million have X.X warrants. X.X

stock every goes -- for million the make effectively, up, million. $X.X So we $X.X point or

gotten this And excited think we've I ever be companies so the super greatest behind, really one could of about it.

move them? ClearSign million April, secondary Let's $XX We raising on the in a floor about for did company.

funded a say because do but -- and that idea I'm the company Anthony. I going the my partner, -- -- So don't came and ago, this this Lou is door, right? I'll over Lou even decade is our big in you know, great great started And let story it to I'll story let we with getting was behind this really a back intro really

they're it. closer much so And to

you Lou, gave story. So the

to listen, in about awareness, age that this today's and Yes. of where subsidies worked. XX-plus is technologies XX% way demonstrate to percent, it to one NOx ESG, need day of in to reduce economical. a emissions, a push one which from It's any actually climate are XX% didn't day we those No, a It's or talk precursor smog political upwards indications. certain by

gaining out growth came in financing product a traction, us the So and of the is shift here in management, get opportunity was that focus an last strategic them to was back stage breakeven. change to seen since to as the that to play and April. fund beauty this we've There very

they seeing orders expanding look yesterday's press then just the start releases reported really in a at you'll revenue. call product the new lines. company, And was the record very regular new of where the verticals, quarterly conference you If capstone from a latest cadence into

So fruition. it's coming things to all these

potentially of a as thought we're really was the market partners, X we continue the out to believe to now strategic around seeing process early disruptive. play with Zeeco, in technology biggest $XXX team is a where is up increasingly opportunity, in that million $X year their billion unique that point on a the this sales, burner is the market, the X identified PatentVest to and initiatives to which that support manufacturers And very I now So so, co a ramping ClearSign. sales in

Chris, for the let I'll but A near obviously, like different you have most this and actually not So was meaningful is about dear here, as space, you headroom lot this there think, into win industrial well. the $X.XX that one. completely a excited run just device, a up one This and which today, Invizyne, to HeartBeam. ownership know and stock recent I is up, us. technology one which med that of

Yes.

issues right for sticking thank so IPO. So companies this all to had that stuck development And want now. for was talk I nothing deal. We backed manipulated many the We've I of like these it And was were thank all up. -- shareholders there. -- both listen, you in any there One, the had with you so little looked really crazy, to in -- really regulatory We was believed It's public bit we really and stage lots which Invizyne, really And taking in that we a and you in NASDAQ, actually, want were our had behind we substantive. just, never total to a us, and SEC us. environment, in believed I'm appreciate there IPOs there. I we've And false thing number you nobody faith going was lifetime fits when know doing think the because there's were about in it, there a and were IPOs IPOs that many Chinese starts the NASDAQ. done a of had many of I with standing were so But starts. amateurs with what, slog. this had and there

super to And I through think easily. companies development to stage they've these been just get hesitant allow get -- to very

don't not regulatory a of us, anything in the has it say scrutiny statements so And to with than And that, be experienced that any to which Gary with of do to that the never has we I'm going political totally I seen today, history we is do to existence. Gensler resigning level SEC. making the believe other saw our news, we've head The great the backdrop. is of

venture -- be I tide turning, a market. side think don't different has see. the a public of marketplace. the there's bear I that very going And the think environment. really think Regulation I be this regulatory been could of we'll real the really our segment good to in I think may for that be

changes. do I be going think there's to But

that, invest public will I the easier to positive. make And it going think I be they're marketplace. in much that venture to think

The It's do. Biology demonstrated it's of drugs. Cell-free real lot kilos believe doesn't -- That feasible. important. Synbio on can is much of very demonstrated We billion we've with kilos We're that not, make works. those We've all All not Invizyne, is you [ Whether doesn't ]. chemical So Syndic A were -- cells of dollars biology important. it is of climate trying at using sustainability. that companies. Synthetic dollars it super or We value of matter. benefits. simple. of ecologically it. make change people Billions is really to all-in Europe approach. companies can vaporized reason the chemicals. tens resonating with to went able manufacture

so guys doing. is billions these between dollars the Invizyne that very are Invizyne have -- companies raised doing what they of -- we're the difference And what see and

so about And it. very excited we're

-- been we company Heltzen of really And ]. position Michael start valuable Wasn't team excited large nothing our about team, been easy These great He's proud as but a that CEO. has a something me very created it. very We're a easy, scientific great not are cofounders super to get [ largely is. phenomenal not recognized it's -- They world-class. doing there experience. that again, we from managed as on really phenomenal. something done academia. the -- Don't in have sitting Obviously, another own hard job. job. in are was really sitting The But being a Very it's wrong, up. valuable the yet

company shortly. company, progress are to an and that here for is hopefully, this things and of destined the going we'll extraordinary think and see great material I evidence be

Okay.

an have along it's share about Let's clarify like came this up. stress your that. I But that one valuation big about focus know to be you we could the another said process. earlier you to point when Mayo yet. find this why through them. because evidence in Invizyne, This we this is market and Disclaim of of think finish if example proven something got not it's that's that, -- don't of We've I idea and Clinic. want because what's opportunity that in available we

Sure.

to that -- as commercialize our how at business again, people works. think think way model us obvious it's look I to don't But their I technology. a universities great

have had -- big wins historically. companies off If started at you look of we've universities

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I questions I've one in. that submit Chris, built questions. top. just everyone came point, off this comes Zoom already Q&A additional a to function into open for got encourage use call that the let's At answers. few the to the up Sure. and

cetera, just you et it's a generalized. Can that are the said med are companies even private those mentioned of Biotech, device, if in? X in what market -- diligence. You of breakdown give you areas there late-stage

Yes.

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we think opportunities a in see care. health -- I lot And of that

health to care is be So I think going transformed. unbelievably

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I that couple X think And of a that biotech. into category. say, in sort kind or that of fit we I that I'd we have, X have think

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flavor of talk get of little Lou. that's do big, and later, about I this can super a And so in And it a super more is call we bit guess detail organized and stuff some a that stuff more and maybe exciting.

big investments have Holdings that do to you the has? a impact a can of view $X are question is at get as X billion Yes. long that impacting at Capital of What how overlap. hopeful last public to questions had brought plan ideas be we that MDB We our have But secondary similar least We've those then opportunities Invizyne valuation. you track And companies, we gone that that is, that the your the sensitive of hold How to performance? do negotiations. MDB? to things we are into to some as in we couple of obviously No, it's definitely. active A record bring can specifics. bear

that's that, a simple So I think pretty question.

goal our investors we formation needs. to those companies have So they to distribute these be that fast capital mindful are public to own their as is the and companies, as possible. But have

for be there an active the want You stock. market to

the distribute company be would You that don't want to just -- public, if disruptive stock to that, just it just -- you it itself. -- the went wouldn't

resources We earned operating basis, to operating cash Hopefully, have get sort as investment the to other recharge make to But manage transactions on also of broker-dealer breakeven. go PatentVest, of cash ID does and side tanks we've the portfolio our investments. big cash. to an MDB. we at We, the more goal the our develop through is through

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with have. a we more disadvantage the are we at distinct so money And

back So shareholders. we give to have to it

that So you. just I'm my like of shareholder, from money perspective. to hold I think it's people counterintuitive. like generate Most on a to it all

as the do, -- back is it as in shareholders' money you So I thing same to want hands possible. see see I want and back want I that to the which soon

XXXX? XXXX? the potential -- of follow-up shares but is on is continues potential mean, in question pipeline I might the it part this something cash? of based do variables, is continues, and direction that a a there again, that's dividend there's is, that this So parcel -- when a in to you there's think or is do if lot you distribution it Invizyne or

say be is of modest-sized would say and have you don't know, wake go we And position. to distribution. if it's say very a now, the be there'll parabolic. our it's happened I up we us you. I tell do, the too just say stocks position, would hard times that I the -- one -- happened too it's many If some companies we're broke large ordinary because they world it's day think to And I surprised. day it where don't and There we've seen next one isn't times would I whole to HeartBeam to then But want to a -- are many predict. become right that sometimes changes. to

so And to no there's way it. predict

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this how passive are a team. I to people referenced everyone a to of another deals shareholder want this that question community. see just the to notes being not of shareholder ask but We the its that member participate, sure pipeline about building There's There's a ordinary want shareholder? understands want I of a couple end active the thanking Yes. an this. on to into make There's company. is as that are this, community. and part just that here for a not the being I'm a many because community I value avenue of for here coming

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really appreciate us whoever so any it. of you it to going And bring from encourage in. them go we financially of if any obviously, ideas benefit them to do to We And really brings these forward, is significantly.

become as yes, successful So it's the shareholder. important. become more that they say -- the a super you engaged we I our and become, community is more would

simple. it And very Yes. we make

to you website, the the see process. mdb.com go you If on side upper our a website, right-hand an of starts button, And can that the idea. submit

I that. So you're looking go to that to that like anyone and would through things the has it process encourage and run ahead do at

today I closing participating as thank I remarks. appreciate everyone Chris for to kind We just over of shareholders. you want to turn before for it

are accessible. There shareholders. We are about X,XXX

to time make to So you but give will touch. it closing those us we calls, be a little for leave to Chris, in remarks.

tough. expect the MDB. at public than through market money. our I This done which been But MDB years. to at as Super, But that through shareholder money your own lose well, thanks, before. you, we've we've a we've money way. it it times -- my first with been tough start own money, -- tough rather is the can we've look I'll tell I'd everyone. It's shareholder -- It's been not never market didn't at first X you tough always been we've really this It's company, we man, had I been been I really a through tough internally, tell money. much

sure at making XXX% XXX% that committed. committed we And so I'm Everybody to is do best. our MDB

tell But We're going die shareholders. our about you, do could end, we not you best. come And could world to the care can trying. an luck to can run our all up. mean as to dry, going I is give I we're we whatever. All

appreciate we So you.

you, right. All Thank everyone.

Thanks.