diff --git a/src/lib/libemval.js b/src/lib/libemval.js
index f2e1b9e42bf07..eb236709a24c3 100644
--- a/src/lib/libemval.js
+++ b/src/lib/libemval.js
@@ -11,6 +11,7 @@
 var LibraryEmVal = {
   // Stack of handles available for reuse.
   $emval_freelist: [],
+  $emval_destructors: [],
   // Array of alternating pairs (value, refcount).
   // reserve 0 and some special values. These never get de-allocated.
   $emval_handles: [
@@ -80,13 +81,19 @@ var LibraryEmVal = {
     }
   },
 
-  _emval_decref__deps: ['$emval_freelist', '$emval_handles'],
+  _emval_decref__deps: ['$emval_freelist', '$emval_handles', '$emval_destructors'],
   _emval_decref: (handle) => {
     if (handle > {{{ EMVAL_LAST_RESERVED_HANDLE }}} && 0 === --emval_handles[handle + 1]) {
   #if ASSERTIONS
       assert(emval_handles[handle] !== undefined, `Decref for unallocated handle.`);
   #endif
+      var value = emval_handles[handle];
       emval_handles[handle] = undefined;
+      var destructor = emval_destructors[handle];
+      if (destructor) {
+        emval_destructors[handle] = undefined;
+        destructor(value);
+      }
       emval_freelist.push(handle);
     }
   },
@@ -392,37 +399,50 @@ ${functionBody}
     return delete object[property];
   },
 
-  _emval_throw__deps: ['$Emval',
-#if !WASM_EXCEPTIONS
+  $emval_is_cpp_exception__deps: ['$Emval'],
+  $emval_is_cpp_exception: (object) => {
+    object = Emval.toValue(object);
+#if WASM_EXCEPTIONS
+    return object instanceof WebAssembly.Exception;
+#else
+#if EXCEPTION_STACK_TRACES
+    return object instanceof CppException;
+#else
+    return object === object+0; // Check if it is a number
+#endif
+#endif
+  },
+
+  _emval_throw__deps: ['$Emval', '$emval_is_cpp_exception',
+#if !DISABLE_EXCEPTION_THROWING && !WASM_EXCEPTIONS
     '$exceptionLast',
+    '$ExceptionInfo',
+    '$exnToPtr',
+#endif
+#if !DISABLE_EXCEPTION_THROWING || WASM_EXCEPTIONS
+    '$incrementUncaughtExceptionCount',
+#endif
+#if !DISABLE_EXCEPTION_CATCHING || WASM_EXCEPTIONS
+    '$incrementExceptionRefcount',
 #endif
   ],
   _emval_throw: (object) => {
+    var orig_object = object;
     object = Emval.toValue(object);
-#if !WASM_EXCEPTIONS
-    // If we are throwing Emcripten C++ exception, set exceptionLast, as we do
-    // in __cxa_throw. When EXCEPTION_STACK_TRACES is set, a C++ exception will
-    // be an instance of EmscriptenEH, and when EXCEPTION_STACK_TRACES is not
-    // set, it will be a pointer (number).
-    //
-    // This is different from __cxa_throw() in libexception.js because
-    // __cxa_throw() is called from the user C++ code when the 'throw' keyword
-    // is used, and the value thrown is a C++ pointer. When
-    // EXCEPTION_STACK_TRACES is true, we wrap it with CppException. But this
-    // _emval_throw is called when we throw whatever is contained in 'object',
-    // which can be anything including a CppException object, or a number, or
-    // other JS object. So we don't use storeException() wrapper here and we
-    // throw it as is.
-#if EXCEPTION_STACK_TRACES
-    if (object instanceof CppException) {
-      exceptionLast = object;
-    }
-#else
-    if (object === object+0) { // Check if it is a number
+    if (emval_is_cpp_exception(orig_object)) {
+#if !DISABLE_EXCEPTION_THROWING && !WASM_EXCEPTIONS
       exceptionLast = object;
-    }
+      var info = new ExceptionInfo(exnToPtr(object));
+      info.set_caught(false);
+      info.set_rethrown(false);
+#endif
+#if !DISABLE_EXCEPTION_THROWING || WASM_EXCEPTIONS
+      incrementUncaughtExceptionCount();
 #endif
+#if !DISABLE_EXCEPTION_CATCHING || WASM_EXCEPTIONS
+      incrementExceptionRefcount(object);
 #endif
+    }
     throw object;
   },
 
@@ -463,7 +483,12 @@ ${functionBody}
     }));
   },
 
-  _emval_from_current_cxa_exception__deps: ['$Emval', '__cxa_rethrow'],
+  _emval_from_current_cxa_exception__deps: ['$Emval', '__cxa_rethrow', '$emval_destructors',
+#if !DISABLE_EXCEPTION_THROWING || WASM_EXCEPTIONS
+    '$decrementUncaughtExceptionCount',
+    '$decrementExceptionRefcount',
+#endif
+  ],
   _emval_from_current_cxa_exception: () => {
     try {
       // Use __cxa_rethrow which already has mechanism for generating
@@ -472,7 +497,16 @@ ${functionBody}
       // with metadata optimised out otherwise.
       ___cxa_rethrow();
     } catch (e) {
-      return Emval.toHandle(e);
+#if !DISABLE_EXCEPTION_THROWING || WASM_EXCEPTIONS
+      // ___cxa_rethrow incremented uncaughtExceptionCount.
+      // Since we caught it in JS, we need to manually decrement it to balance.
+      decrementUncaughtExceptionCount();
+#endif
+      var handle = Emval.toHandle(e);
+#if !DISABLE_EXCEPTION_THROWING || WASM_EXCEPTIONS
+      emval_destructors[handle] = decrementExceptionRefcount;
+#endif
+      return handle;
     }
   },
 };
diff --git a/src/lib/libexceptions.js b/src/lib/libexceptions.js
index fd84b2e8114b6..368d21a57461f 100644
--- a/src/lib/libexceptions.js
+++ b/src/lib/libexceptions.js
@@ -284,7 +284,7 @@ var LibraryExceptions = {
   },
 
 #endif
-#if WASM_EXCEPTIONS || !DISABLE_EXCEPTION_CATCHING
+#if WASM_EXCEPTIONS || !DISABLE_EXCEPTION_THROWING
   $getExceptionMessageCommon__deps: ['__get_exception_message', 'free', '$stackSave', '$stackRestore', '$stackAlloc'],
   $getExceptionMessageCommon: (ptr) => {
     var sp = stackSave();
@@ -341,6 +341,16 @@ var LibraryExceptions = {
     return ___thrown_object_from_unwind_exception(unwind_header);
   },
 
+  $incrementUncaughtExceptionCount__deps: ['__cxa_increment_uncaught_exception'],
+  $incrementUncaughtExceptionCount: () => {
+    ___cxa_increment_uncaught_exception();
+  },
+
+  $decrementUncaughtExceptionCount__deps: ['__cxa_decrement_uncaught_exception'],
+  $decrementUncaughtExceptionCount: () => {
+    ___cxa_decrement_uncaught_exception();
+  },
+
   $incrementExceptionRefcount__deps: ['__cxa_increment_exception_refcount', '$getCppExceptionThrownObjectFromWebAssemblyException'],
   $incrementExceptionRefcount: (ex) => {
     var ptr = getCppExceptionThrownObjectFromWebAssemblyException(ex);
@@ -359,7 +369,7 @@ var LibraryExceptions = {
     return getExceptionMessageCommon(ptr);
   },
 
-#elif !DISABLE_EXCEPTION_CATCHING
+#elif !DISABLE_EXCEPTION_THROWING
   // When EXCEPTION_STACK_TRACES is set, the exception is an instance of
   // CppException, whereas EXCEPTION_STACK_TRACES is unset it is a raw pointer.
   $exnToPtr: (exn) => {
@@ -371,6 +381,16 @@ var LibraryExceptions = {
     return exn;
   },
 
+  $incrementUncaughtExceptionCount__deps: ['$uncaughtExceptionCount'],
+  $incrementUncaughtExceptionCount: () => {
+    uncaughtExceptionCount++;
+  },
+
+  $decrementUncaughtExceptionCount__deps: ['$uncaughtExceptionCount'],
+  $decrementUncaughtExceptionCount: () => {
+    uncaughtExceptionCount--;
+  },
+
   $incrementExceptionRefcount__deps: ['$exnToPtr', '__cxa_increment_exception_refcount'],
   $incrementExceptionRefcount: (exn) => ___cxa_increment_exception_refcount(exnToPtr(exn)),
 
diff --git a/system/lib/libcxxabi/src/cxa_exception_js_utils.cpp b/system/lib/libcxxabi/src/cxa_exception_js_utils.cpp
index 05d908d45577d..a01629e8ddbf4 100644
--- a/system/lib/libcxxabi/src/cxa_exception_js_utils.cpp
+++ b/system/lib/libcxxabi/src/cxa_exception_js_utils.cpp
@@ -123,6 +123,17 @@ char* __get_exception_terminate_message(void* thrown_object) {
   free(type);
   return result;
 }
+
+#ifdef __WASM_EXCEPTIONS__
+void __cxa_increment_uncaught_exception() throw() {
+  __cxa_get_globals()->uncaughtExceptions += 1;
+}
+
+void __cxa_decrement_uncaught_exception() throw() {
+  __cxa_get_globals()->uncaughtExceptions -= 1;
+}
+#endif
+
 } // extern "C"
 
 } // namespace __cxxabiv1
diff --git a/test/codesize/test_minimal_runtime_code_size_hello_embind.json b/test/codesize/test_minimal_runtime_code_size_hello_embind.json
index 6f8026cfbadb0..a76340ae3eb55 100644
--- a/test/codesize/test_minimal_runtime_code_size_hello_embind.json
+++ b/test/codesize/test_minimal_runtime_code_size_hello_embind.json
@@ -1,10 +1,10 @@
 {
   "a.html": 548,
   "a.html.gz": 371,
-  "a.js": 7262,
-  "a.js.gz": 3324,
+  "a.js": 7314,
+  "a.js.gz": 3347,
   "a.wasm": 7099,
   "a.wasm.gz": 3257,
-  "total": 14909,
-  "total_gz": 6952
+  "total": 14961,
+  "total_gz": 6975
 }
diff --git a/test/codesize/test_minimal_runtime_code_size_hello_embind_val.json b/test/codesize/test_minimal_runtime_code_size_hello_embind_val.json
index 1140b98f22baa..7126e080feb41 100644
--- a/test/codesize/test_minimal_runtime_code_size_hello_embind_val.json
+++ b/test/codesize/test_minimal_runtime_code_size_hello_embind_val.json
@@ -1,10 +1,10 @@
 {
   "a.html": 548,
   "a.html.gz": 371,
-  "a.js": 5353,
-  "a.js.gz": 2524,
+  "a.js": 5406,
+  "a.js.gz": 2544,
   "a.wasm": 5741,
   "a.wasm.gz": 2690,
-  "total": 11642,
-  "total_gz": 5585
+  "total": 11695,
+  "total_gz": 5605
 }
diff --git a/test/embind/test_embind_throw_val_uncaught_and_refcount.cpp b/test/embind/test_embind_throw_val_uncaught_and_refcount.cpp
new file mode 100644
index 0000000000000..c4e3baa0c88ec
--- /dev/null
+++ b/test/embind/test_embind_throw_val_uncaught_and_refcount.cpp
@@ -0,0 +1,47 @@
+#include <emscripten/val.h>
+#include <exception>
+#include <iostream>
+
+using namespace emscripten;
+
+int main() {
+  val error = val::null();
+  try {
+    throw std::runtime_error("test exception");
+  } catch (const std::exception& e) {
+    // Capture the exception
+    error = val::take_ownership(
+      emscripten::internal::_emval_from_current_cxa_exception());
+  }
+
+  std::cout << "Captured exception." << std::endl;
+
+  int uncaught_before = std::uncaught_exceptions();
+  std::cout << "Uncaught before throw 1: " << uncaught_before << std::endl;
+
+  // First throw
+  try {
+    std::cout << "Throwing 1..." << std::endl;
+    error.throw_();
+  } catch (const std::exception& e) {
+    std::cout << "Caught 1: " << e.what() << std::endl;
+    int uncaught_during = std::uncaught_exceptions();
+    std::cout << "Uncaught during catch 1: " << uncaught_during << std::endl;
+  }
+
+  int uncaught_between = std::uncaught_exceptions();
+  std::cout << "Uncaught between throws: " << uncaught_between << std::endl;
+
+  // Second throw - if refcount was messed up, this might fail/crash
+  try {
+    std::cout << "Throwing 2..." << std::endl;
+    error.throw_();
+  } catch (const std::exception& e) {
+    std::cout << "Caught 2: " << e.what() << std::endl;
+    int uncaught_during = std::uncaught_exceptions();
+    std::cout << "Uncaught during catch 2: " << uncaught_during << std::endl;
+  }
+
+  std::cout << "Done." << std::endl;
+  return 0;
+}
diff --git a/test/embind/test_embind_throw_val_uncaught_and_refcount.out b/test/embind/test_embind_throw_val_uncaught_and_refcount.out
new file mode 100644
index 0000000000000..eb2c80ecbc4e3
--- /dev/null
+++ b/test/embind/test_embind_throw_val_uncaught_and_refcount.out
@@ -0,0 +1,10 @@
+Captured exception.
+Uncaught before throw 1: 0
+Throwing 1...
+Caught 1: test exception
+Uncaught during catch 1: 0
+Uncaught between throws: 0
+Throwing 2...
+Caught 2: test exception
+Uncaught during catch 2: 0
+Done.
diff --git a/test/test_core.py b/test/test_core.py
index 7f2766fb1464e..9976eec64e153 100644
--- a/test/test_core.py
+++ b/test/test_core.py
@@ -7778,6 +7778,10 @@ def test_embind_wasm_workers(self):
   def test_embind_throw_cpp_exception(self):
     self.do_run_in_out_file_test('embind/test_embind_throw_cpp_exception.cpp', cflags=['-lembind', '-std=c++20'])
 
+  @with_all_eh_sjlj
+  def test_embind_throw_val_uncaught_and_refcount(self):
+    self.do_run_in_out_file_test('embind/test_embind_throw_val_uncaught_and_refcount.cpp', cflags=['-lembind', '-std=c++20'])
+
   @parameterized({
     '': ('DEFAULT', False),
     'all': ('ALL', False),