Nordicus Partners Corp

Nordicus Partners Corporation is a U.S. publicly listed biotech company specializing in developing breakthrough therapeutics for diseases with unmet medical needs, focusing on acquiring and developing drugs from innovative biotech companies in the Nordics, a region known for its scientists, life sciences ecosystem and drug discoveries and developments. The company's scientific foundation targets inflammation and immune modulation, starting with oral disorders. Nordicus employs a 4-step value creation process: Scout and Accelerate, and Acquire and Exit, targeting early-stage life sciences companies developing drugs or treatments for diseases in high growth markets with significant unmet medical needs, all in potential multibillion USD markets.

The filing does not name specific competitors or provide market share data. Nordicus' stated competitive advantages include its portfolio diversification strategy, which positions it as a stable and resilient company, mitigating risk with significant upside potential, and its focus on the Nordic region's exceptional life science ecosystem. The company's value creation process involves scouting high-impact potential companies, providing capital, resources and expertise to drive critical milestones, acquiring controlling stakes to maximize value creation, and exiting at premium multiples.

Nordicus generates revenue through its business model of acquiring and developing drugs from innovative biotech companies. The company had no revenue relating to consulting income for the year ended March 31, 2026, compared to $5,000 ¹ for the year ended March 31, 2025. The company's primary customer segments are not explicitly described, but its model involves taking portfolio companies' drug developments through Phase I and then considering sale, merger, further development, strategic partnership, or a stand-alone Initial Public Offering. The first three acquisitions are all-stock transactions, with the first two acquisitions (Orocidin A/S and Bio-Convert A/S) having already been completed.

Nordicus' current life sciences portfolio consists of three preclinical biotechnology companies: Orocidin A/S, Bio-Convert A/S, and NoviThera ApS. Orocidin A/S is developing a proprietary first-of-its-kind medical treatment for aggressive periodontitis, with its lead product QR-01. Orocidin has successfully completed a 14-day toxicology study in hamsters and two tests of effectiveness in a Beagle Dog Study and Wistar Rat Study. In the 14-day toxicology study, all animals exhibited high tolerance to the drug, with no adverse reactions or irritation at the buccal application site. The Beagle Dog Study, a 13-day small efficacy study on beagle dogs with clinically confirmed periodontitis, demonstrated consistent improvements across key clinical endpoints including the Gingival Index, the Plaque Index and overall periodontal disease. In the second efficacy study, rats with induced periodontitis treated with QR-01 demonstrated improvements in Probing Depth, Gingival Index, Bleeding on Probing and Plaque Levels, and lower bone loss was demonstrated in treated rats compared to non-treated rats measured by micro-CT scanning. The first Phase IIa clinical trial in patients is anticipated to start in the first half of 2027 at the University of Copenhagen in Denmark.

Bio-Convert A/S is focused on a treatment against oral leukoplakia (OLK), an oral potentially malignant disorder, by developing a novel proprietary mucoadhesive oral topical formulation designed to treat and reduce dysplasia levels. Bio-Convert's QR-02 compound targets oral leukoplakia, which consists of potentially pre-cancerous lesions in the mouth, with up to a 30% ² conversion rate to oral cancer. No approved medical treatment exists for OLK, with surgery the only true alternative. Bio-Convert obtained a toxicity waiver from the Danish Medicine Agency (DKMA) for QR-02 and is currently finalizing its GMP product, expected to be completed by December 2026 in Germany. Bio-Convert anticipates moving into Phase IIa clinical trials in Europe beginning in the first half of 2027. NoviThera ApS, formed in October 2025, is developing a drug for the treatment of psoriasis, an immune-mediated inflammatory disease, with its QR-04 compound aiming to develop a novel monoclonal antibody treatment designed to cure psoriasis or prevent its occurrence. NoviThera recently completed a study in mice and demonstrated biological proof of concept. The companies' oral formulations ensure prolonged adhesion for 12-24 hours ³ and controlled release of the active ingredient.

Significant operational developments during the period include: on August 7, 2025, Henrik Keller resigned from the Board of Directors, the Board increased its size from three to five members, and Torben S. Jensen, Kim T. Mücke and Andrew J. Ritter were appointed to fill the resulting vacancies. The Company executed a director agreement with each of Messrs. Jensen, Mücke and Ritter, under which each will receive an annual cash retainer of $10,000 ⁴, payable in two installments per calendar year. Messrs. Jensen and Mücke also each received options to purchase 25,000 ⁵ shares of the Company's common stock at $1.90 ⁶ per share, and Mr. Ritter received options to purchase 50,000 ⁷ shares of the Company's common stock at $1.90 ⁸ per share. In October 2025, the Company formed NoviThera ApS to research and develop monoclonal antibody therapy for the treatment of psoriasis. In exchange for contributing intellectual property to NoviThera, Alteral Therapeutics received a 49.9% ⁹ ownership interest in NoviThera, and the Company retained a 50.1% ¹⁰ ownership interest. On November 10, 2025, the Board created a Nominating and Corporate Governance Committee, an Audit Committee, and a Compensation Committee, and adopted a Code of Conduct and Ethics, an Insider Trading Policy, a Whistleblower Policy and a Compensation Recovery Policy. On October 1, 2025, the Company repurchased 57,642 ¹¹ shares of common stock from an existing shareholder for $1.36 ¹² per share. In September 2025, the Company applied to uplist to the Nasdaq Capital Market and is awaiting final approval. During the year ended March 31, 2026, the Company issued to private investors a total of 1,850,036 ¹³ restricted shares of common stock, with a purchase price ranging from $1.90-5.00 ¹⁴ per share.

For the fiscal year ended March 31, 2026, the Company had no revenue compared to $5,000 ¹⁵ for the prior year. Net loss attributable to Nordicus Partners Corporation was $4,001,686 ¹⁶ for the year ended March 31, 2026, compared to $2,901,321 ¹⁷ for the year ended March 31, 2025. Total operating expenses were $4,370,998 ¹⁸ for the year ended March 31, 2026, compared to $2,924,365 ¹⁹ for the prior year. The Company recorded $324,194 ²⁰ of other income for the year ended March 31, 2026, compared to $2,085 ²¹ for the prior year, primarily due to changes in fair value of investments. Net cash used in operating activities was $4,324,775 ²² for the year ended March 31, 2026, compared to $1,284,615 ²³ for the prior year.

A key growth vector is the advancement of Orocidin A/S's QR-01 compound for periodontitis. The first Phase IIa clinical trial in patients is anticipated to start in the first half of 2027 at the University of Copenhagen in Denmark. Orocidin has demonstrated efficacy in treating periodontitis in two different animals using two methods, providing a foundation for human trials. Another growth vector is Bio-Convert A/S's QR-02 compound for oral leukoplakia, which has up to a 30% ²⁴ conversion rate to oral cancer and for which no approved medical treatment exists. Bio-Convert obtained a toxicity waiver from the Danish Medicine Agency and is finalizing its GMP product, expected to be completed by December 2026 in Germany, with Phase IIa clinical trials in Europe anticipated to begin in the first half of 2027.

A third growth vector is NoviThera ApS's QR-04 compound for psoriasis, which recently completed a study in mice and demonstrated biological proof of concept. The company's portfolio diversification strategy is described as positioning it as a stable and resilient company, mitigating risk with significant upside potential. The company's value creation process includes scouting the Nordic region for early-stage life sciences companies in potential multibillion USD markets, providing capital, resources and expertise to drive critical milestones, and aiming to take all portfolio companies' drug developments through Phase I, after which options include sale or merger, further development, strategic partnership, or a stand-alone Initial Public Offering.

The filing does not provide specific margin trajectory, cost structure evolution, or efficiency targets with exact figures.

The filing does not provide specific operational outlook details regarding supply chain posture, manufacturing capacity, technology infrastructure investments, or headcount strategy beyond the formation of NoviThera and the expansion of the Board.

Capital allocation activities during the period include: the Company repurchased 57,642 ²⁵ shares of common stock for $1.36 ²⁶ per share on October 1, 2025, under a share repurchase program authorized by the Board of Directors in August 2025, which permits repurchase of up to an aggregate of 200,000 ²⁷ shares. Following the transaction, 646,979 ²⁸ shares remain authorized for repurchase. The Company issued to private investors a total of 1,850,036 ²⁹ restricted shares of common stock, with proceeds from issuance of common stock of $4,353,842 ³⁰ during the year ended March 31, 2026. The Company also issued 84,000 ³¹ restricted shares for services. The Company has not paid cash or stock dividends and has no present plan to pay any dividends, intending instead to reinvest earnings, if any.

A structural headwind is the company's status as a smaller reporting company and the fact that its shares are subject to Section 15(g) and Rule 15g-9 of the Securities Exchange Act, commonly referred to as the 'penny stock' rule, which defines penny stock as any equity security that has a market price less than $5.00 ³² per share. These rules may restrict the ability of broker-dealers to trade or maintain a market in the common stock and may affect the ability of shareholders to sell their shares. The company has nominal revenue and has incurred losses since inception resulting in an accumulated deficit of $50,786,534 ³³ as of March 31, 2026, which raises substantial doubt about the company's ability to continue as a going concern.

The company's ability to execute its growth plan is subject to risks including the need for additional capital. The company applied to uplist to the Nasdaq Capital Market in September 2025 and is awaiting final approval, and pending the requisite approvals, the Company will endeavor to raise capital through the sale of its common stock on terms available to entities listed on the Nasdaq. The company's operations are subject to foreign currency translation risk, as it recorded a gain of $3,699,514 ³⁴ on foreign currency translation adjustments for the year ended March 31, 2026, primarily driven by the strengthening of the Danish Krone against the U.S. Dollar by approximately 6.15% ³⁵ from March 31, 2025 to March 31, 2026.

The company has nominal revenue and has incurred losses since inception, resulting in an accumulated deficit of $50,786,534 ³⁶ as of March 31, 2026, which raises substantial doubt about its ability to continue as a going concern. The company's shares are subject to the 'penny stock' rule, as the market price has been less than $5.00 ³⁷ per share, which may restrict broker-dealer trading and affect shareholder liquidity. The company's business is dependent on the successful clinical development and regulatory approval of its three preclinical-stage product candidates, none of which have commenced Phase IIa trials; Orocidin's first Phase IIa trial is anticipated to start in the first half of 2027, and Bio-Convert's Phase IIa trials are anticipated to begin in the first half of 2027. The company faces foreign currency translation risk, as a 6.15% ³⁸ strengthening of the Danish Krone against the U.S. Dollar from March 31, 2025 to March 31, 2026 increased the U.S. Dollar value of DKK-denominated net assets, resulting in a $3,699,514 ³⁹ gain on foreign currency translation adjustments. The company's ability to raise additional capital is uncertain and is tied to its pending application to uplist to the Nasdaq Capital Market, for which it is awaiting final approval.

Management's message emphasizes the company's transformation into a U.S. publicly listed biotech company specializing in developing breakthrough therapeutics for diseases with unmet medical needs, with a portfolio of three preclinical biotechnology companies. The strategic priorities emphasized are: advancing Orocidin A/S's QR-01 compound toward the first Phase IIa clinical trial anticipated to start in the first half of 2027 at the University of Copenhagen, advancing Bio-Convert A/S's QR-02 compound toward Phase IIa clinical trials in Europe beginning in the first half of 2027, and developing NoviThera ApS's QR-04 compound for psoriasis, which recently demonstrated biological proof of concept in mice. Management also highlights the company's application to uplist to the Nasdaq Capital Market, pending final approval, and the expansion of the Board and governance structure.