Equity Method Investment |
3 Months Ended | ||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||
| Equity Method Investment | 5. Equity Method Investment
On November 14, 2024, eXoZymes underwent an initial public offering in which MDB’s ownership interest in eXoZymes decreased from 60% to 47%. MDB and eXoZymes deconsolidated the financial statements as the investment in eXoZymes fell below 50% majority ownership.
The fair value of the equity method investment was determined based on the number of eXoZymes shares held by MDB and the market price of eXoZymes stock on the deconsolidation date. This valuation also included the estimated fair value of warrants held in eXoZymes, along with an assessment of the investment for any potential impairment.
The Company’s portion of the net loss for the three-months ended March 31, 2025 was $872,518. As of March 31, 2025, MDB owned shares of eXoZymes shares, representing a 47% ownership of eXoZymes.
The following summarizes the Company’s equity method investment:
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