OTC: NORD
Nordicus Partners CorpCIK 0001011060 · SIC 8742 · Management Consulting Services
We were founded in 1993, reincorporated in Delaware in 2007, changed our name to AdvanSource Biomaterials Corporation in 2008 and changed our name to EKIMAS Corporation in 2020. About this business →
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Latest financial statements
From 10-K filed Jul 14, 2026 (period ending Mar 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations and Comprehensive Income (Loss)
| Description | Years ended March 31, 2026 | Years ended March 31, 2025 |
|---|---|---|
| Revenue | — | 5,000 |
| Operating expenses: | ||
| Officer compensation | 615,284 | 662,554 |
| Professional fees | 940,727 | 351,773 |
| Consulting expense | 317,960 | 248,878 |
| General and administrative | 890,055 | 331,724 |
| Research and development | 1,606,972 | 1,329,436 |
| Total operating expenses | 4,370,998 | 2,924,365 |
| Loss from operations | (4,370,998) | (2,919,365) |
| Other (expense) income: | ||
| Interest expense | (642) | (200) |
| Change in fair value of warrant liability (related party) | — | (172,715) |
| Change in fair value of investment | 325,000 | 175,000 |
| Other expense | (164) | — |
| Total other (expense) income | 324,194 | 2,085 |
| Loss before provision for income taxes | (4,046,804) | (2,917,280) |
| Provision for income tax | — | — |
| Net loss | (4,046,804) | (2,917,280) |
| Net loss attributable to noncontrolling interests | (45,118) | (15,959) |
| Net loss attributable to Nordicus Partners Corporation | (4,001,686) | (2,901,321) |
| Other comprehensive income (loss): | ||
| Foreign currency translation adjustment | 3,700,073 | 618,233 |
| Comprehensive income (loss) | (301,613) | (2,283,088) |
| Net comprehensive income attributable to noncontrolling interests | 559 | — |
| Comprehensive income (loss) attributable to Nordicus Partners Corporation | (302,172) | (2,283,088) |
| Net loss per share attributable to Nordicus Partners Corporation basic and diluted | (0.22) | (0.32) |
| Weighted average common shares outstanding basic and diluted | 18,121,508 | 9,205,061 |
Consolidated Balance Sheets
| Description | March 31, 2026 | March 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash | 20,878 | 19,914 |
| Prepaid expenses and other current assets | 512,006 | 37,656 |
| Total current assets | 532,884 | 57,570 |
| In-process research and development | 45,506,471 | 42,708,079 |
| Property, plant, and equipment, net | 8,207 | — |
| Goodwill | 27,161,000 | 25,490,751 |
| Investment in Mag Mile Capital, Inc. | 2,250,000 | 1,925,000 |
| Other assets | 4,784 | 64,929 |
| Total assets | 75,463,346 | 70,246,329 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | 1,111,096 | 1,062,661 |
| Note payable | 60,000 | — |
| Total current liabilities | 1,171,096 | 1,062,661 |
| Deferred tax liability | 10,054,367 | 9,318,414 |
| Total liabilities | 11,225,463 | 10,381,075 |
| Commitments and contingencies | — | — |
| Stockholders’ equity: | ||
| Preferred stock, Series A Junior; $0.001 par value; 500,000 shares authorized; no shares issued and outstanding | — | — |
| Preferred stock, undesignated; $0.001 par value; 4,500,000 shares authorized; no shares issued and outstanding | — | — |
| Common Stock; $0.001 par value; 50,000,000 shares authorized; 19,128,896 and 17,252,502 shares issued and outstanding at March 31, 2026 and March 31, 2025, respectively | 19,187 | 17,253 |
| Treasury stock; 57,796 and 154 shares at cost at March 31, 2026 and March 31, 2025, respectively | (108,722) | (30,328) |
| Additional paid-in capital | 110,842,830 | 106,047,792 |
| Accumulated other comprehensive income | 4,314,899 | 615,385 |
| Accumulated deficit | (50,786,534) | (46,784,848) |
| Total equity attributed to the parent | 64,281,660 | 59,865,254 |
| Non-controlling interest | (43,777) | — |
| Total stockholders’ equity | 64,237,883 | 59,865,254 |
| Total liabilities and stockholders’ equity | 75,463,346 | 70,246,329 |
Consolidated Statements of Cash Flows
| Description | Years ended March 31, 2026 | Years ended March 31, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (4,046,804) | (2,917,280) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Shares issued for services | 304,800 | 138,979 |
| Stock-based compensation | 137,544 | 527,625 |
| Change in fair value of warrant liability (related party) | — | 172,715 |
| Loss on sale of assets | 163 | — |
| Change in fair value of investment | (325,000) | (175,000) |
| Non-cash expense of IPR&D | 1,559 | — |
| Amortization of website costs | 5,198 | 5,174 |
| Changes in assets and liabilities: | ||
| Prepaid expenses and other current assets | (403,553) | (8,784) |
| Other assets | (1,160) | (60,089) |
| Accounts payable and accrued expenses | (81,637) | 1,032,045 |
| Foreign currency remeasurement | 84,115 | — |
| Net cash used in operating activities | (4,324,775) | (1,284,615) |
| Cash flows from investing activities: | ||
| Proceeds from sale of plant, property, and equipment | 7,597 | — |
| Purchase of plant, property, and equipment | (17,755) | — |
| Cash paid for website costs | — | (2,374) |
| Cash acquired in business combinations | — | 150,186 |
| Net cash (used in) provided by investing activities | (10,158) | 147,812 |
| Cash flows from financing activities: | ||
| Cash paid for stock issuance costs in business combinations | — | (2,880) |
| Repurchase of common stock | (78,394) | — |
| Proceeds from issuance of common stock | 4,353,842 | — |
| Proceeds from issuance of note payable | 60,000 | — |
| Proceeds from Orocidin issuance of common stock in capital raise | — | 193,330 |
| Proceeds from exercise of warrants | — | 889,477 |
| Net cash provided by financing activities | 4,335,448 | 1,079,927 |
| Net change in cash | 515 | (56,876) |
| Effect of exchange rate on cash | 449 | 26,857 |
| Cash at beginning of period | 19,914 | 49,933 |
| Cash at end of period | 20,878 | 19,914 |
| Supplemental disclosure of cash flow information: | ||
| Income taxes paid | — | — |
| Interest paid | — | — |
| Supplemental disclosures of non-cash information: | ||
| NoviThera equity issued for intellectual property | 1,568 | — |
| Common Stock issued for the acquisition of Bio-Convert | — | 39,000,000 |
| Common Stock issued for the acquisition of Orocidin | — | 19,000,000 |
| Cancellation of liability-classified warrants related party | — | 167,000 |
| Forgiveness of debt related party | — | 13,886 |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About Nordicus Partners Corp
Source: Item 1 (Business) from the 10-K filed July 14, 2026. Description as filed by the company with the SEC.
Item
1. Business
Corporate
History
We
were founded in 1993, reincorporated in Delaware in 2007, changed our name to AdvanSource Biomaterials Corporation in 2008 and changed
our name to EKIMAS Corporation in 2020.
On
October 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited
liability company (“Reddington”) providing for Reddington’s purchase of a total of 511,448 shares of our common stock,
on a post-split basis, or approximately 90% of our total outstanding common stock, for total cash consideration of $400,000. Reddington
purchased the common stock in two tranches, which closed on October 12, 2021 (the “First Closing”) and March 15, 2022.
Pursuant
to the SPA, the Company effected a 1-for 50 reverse stock split on March 11, 2022 (the “Reverse Split”). On a post-split
basis, Reddington acquired 42,273 shares at the First Closing and an additional 469,175 shares at the March 15, 2022 second closing,
after which of our common stock, on a post-split basis (the “Second Closing”). After the issuance thereof Reddington owned
511,448 shares of our common stock, or approximately 90% of our total outstanding common stock.
On
February 23, 2023, the Company acquired NP Bioinnovation A/S (formerly Nordicus Partners A/S and Managementselskabet af 12.08.2020 A/S),
a Danish stock corporation, pursuant to a contribution agreement with NP Bioinnovation A/S, GK Partners ApS, Henrik Rouf and Life Science
Power House ApS. The sellers contributed 100% of the issued and outstanding capital stock of NP Bioinnovation A/S to the Company in exchange
for an aggregate of 250,000 shares of the Company’s common stock, and NP Bioinnovation A/S became a wholly owned subsidiary of
the Company.
Read full description ↓
On
February 23, 2023, Tom Glaesner Larsen and Christian Hill-Madsen were appointed directors of the Company.
On
May 17, 2023, the Company changed its name to Nordicus Partners Corporation and its ticker symbol to NORD.
On
June 1, 2023, the Company acquired a 4.99% interest in Mag Mile Capital, Inc., a commercial real estate mortgage banking firm headquartered
in Chicago.
On
June 9, 2023, Mr. Tom Glaesner Larsen resigned as a director of the Company and Henrik Keller was appointed as his replacement.
On
November 29, 2023, the Company’s subsidiary, Nordicus Partners A/S, changed its name to Managementselskabet af 12.08.2020 A/S.
Subsequently on March 10, 2025, Managementselskabet af 12.08.2020 A/S changed its name to NP Bioinnovation A/S.
On
May 13, 2024, the Company acquired a 95% interest in Orocidin A/S (“Orocidin”), a Danish preclinical-stage biotechnology
company advancing next-generation of periodontitis therapies, in exchange for 3,800,000 restricted shares of the Company’s common
stock.
On
June 3, 2024, Mr. Christian Hill-Madsen resigned as a director of the Company and Peter Severin was appointed as his replacement.
On
November 8, 2024, the Company effected a 1-for-10 reverse stock split of its issued and outstanding common stock, rounding up to account
for any fractional shares. The reverse stock split had no effect on the Company’s authorized shares of common stock or preferred
stock and the par value of each class remained $0.001. All common stock share, option, warrant and per share amounts, except our authorized
but unissued shares, have been retroactively adjusted in these consolidated financial statements and related disclosures.
3
On
November 11, 2024, the Company announced that it had entered into an agreement to acquire 100% of the outstanding shares of Bio-Convert
A/S (“Bio-Convert”), a Denmark-based preclinical-stage biotechnology company developing treatments for oral leukoplakia,
in exchange for 12,000,000 restricted shares of the Company’s common stock.
On
November 12, 2024, the Company acquired the remaining 29,663 outstanding shares, or approximately 5%, of Orocidin A/S, in exchange for
200,000 restricted shares of of the Company’s common stock, after which Orocidin A/S became a wholly owned subsidiary of the Company.
On
August 7, 2025, (1) Henrik Keller resigned from the Board of Directors of the Company, (2) the Board increased its size from three to
five members and (3) 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, payable in two installments per calendar year in accordance with the Company’s standard compensation plan for Board
members. Messrs. Jensen and Mücke also each received options to purchase 25,000 shares of the Company’s common stock at $1.90
per share, and Mr. Ritter received options to purchase 50,000 shares of the Company’s common stock at $1.90 per share. All such
options were fully vested on the date of grant and issued as incentive stock options under, and subject to the terms and conditions of,
the Company’s 2024 Stock Incentive Plan.
In
October 2025, the Company formed NoviThera ApS (“NoviThera”) to research and develop monoclonal antibody (MaB) therapy for
the treatment of psoriasis. The invention and initial development were made and performed by Alteral Therapeutics (“Alteral”),
a Denmark-domiciled related party of the Company. Mr. Allan Wehnert, who controls Alteral, was appointed Chief Executive Officer of NoviThera.
In exchange for contributing intellectual property to NoviThera, Alteral received a 49.9% ownership interest in NoviThera, and the Company
retained a 50.1% ownership interest.
On
November 10, 2025, the Board created (1) a Nominating and Corporate Governance Committee, consisting of Peter Severin (Chairman), Kim
T. Mücke and Andrew J. Ritter; (2) an Audit Committee, consisting of Kim T. Mücke (Chairman), Peter Severin and Andrew J. Ritter;
and (3) a Compensation Committee, consisting of Andrew J. Ritter (Chairman), Peter Severin and Kim T. Mücke. The Board also adopted
a Code of Conduct and Ethics, an Insider Trading Policy, a Whistleblower Policy and a Compensation Recovery Policy.
Our
Business
Nordicus
Partners Corporation (“Nordicus” or the “Company”), U.S. publicly listed biotech company specializing in developing
breakthrough therapeutics in diseases with unmet medical needs. Nordicus focuses on acquiring and developing drugs from innovative biotech
companies in the Nordics, a region known for its brilliant scientists, exceptional life science ecosystem and drug discoveries
and developments. Nordicus is dedicated to developing breakthrough therapeutics in diseases with unmet medical needs – starting
with oral disorders. Its scientific foundation targets inflammation and immune modulation. In 2024, Nordicus acquired 100% of Orocidin
A/S, a Danish preclinical-stage biotech company developing next-generation therapies for periodontitis and 100% of Bio-Convert A/S, a
Danish preclinical-stage biotech company dedicated to revolutionizing the treatment of oral leukoplakia.
Nordicus’
portfolio diversification strategy positions it as a stable and resilient company, mitigating risk with significant upside potential.
4
Our
Approach and Value Creation Process
Nordicus
employs a 4-step value creation process:
– Scout
and Accelerate: Nordicus targets high-impact potential companies, providing capital, resources
and expertise to drive critical milestones such as patent filings and clinical trials.
– Acquire
and Exit: Nordicus acquires controlling stakes to maximize value creation and exit at premium
multiples.
We
scout the Nordic region looking for 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.
After
a vigorous due diligence process, the chosen companies will be offered to join Nordicus’ accelerator program. Once the chosen companies
have become accelerator clients, Nordicus takes an active role in advising the management team, assisting with strengthening the companies’
Board of Directors and establishing Advisory Boards including making introductions to strategic partners and talent.
Once
the milestones – set by Nordicus – are met, Nordicus will typically offer to acquire the companies outright. The first three
acquisitions will be all-stock transactions, with the first two acquisitions (Orocidin A/S and Bio-Convert A/S) having already been completed,
fitting Nordicus’ criteria of inclusion.
Nordicus
aims to take all portfolio companies’ drug developments through Phase I. Upon completion of Phase I, the following options will
be considered:
1. Sale
or merger of the portfolio company.
2. Further
development through the next clinical phases.
3. Strategic
partnership with a large pharmaceutical company that will invest in Nordicus for further
drug development.
4. Stand-alone
Initial Public Offering (IPO).
Nordicus’
current life sciences portfolio consists of two promising preclinical biotechnology companies in Orocidin A/S and Bio-Convert A/S
led by the accomplished pharmacologist, Allan Wehnert, who serves as CEO of both companies. In October 2025 Nordicus formed a
third subsidiary, NoviThera, also to be led by Allan Wehnert.
Orocidin
A/S is developing a proprietary first-of-its-kind medical treatment for aggressive periodontitis, with Bio-Convert A/S 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, potentially offering a curative solution for oral leukoplakia.
The
companies’ innovative breakthroughs are further strengthened by their oral formulations, which ensure prolonged adhesion for 12-24
hours and controlled release of the active ingredient, enhancing drug efficacy and patient outcomes – a major advancement over
normal gels and creams.
NoviThera
is developing a drug for the treatment of psoriasis, an immune-mediated inflammatory disease that causes keratinocyte hyperproliferation
and inflammation.
Orocidin
A/S
Orocidin
A/S 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. No significant side effects were observed and more importantly, the necropsy cross-examination showed no changes in
tissues. The successful completion of this study marks an important milestone for Orocidin A/S, providing the foundation for the upcoming
pivotal 8-week toxicity study.
The
Beagle Dog Study is the first study that shows Orocidin A/S’s drug, QR-01, having a direct effect on beagle dogs diagnosed with
periodontitis. The 13-day small efficacy study was conducted on beagle dogs with clinically confirmed periodontitis. The dogs demonstrated
consistent improvements across key clinical endpoints, including the Gingival Index, the Plaque Index and overall periodontal disease.
5
Moreover,
QR-01 was well tolerated, with no adverse side effects reported throughout the treatment period. This represents a significant milestone
for Orocidin’s lead product, QR-01, and strengthens Nordicus’ and Orocidin’s confidence as Orocidin prepares for the
upcoming human pilot efficacy study.
In
the second efficacy study, rats with induced periodontitis treated with QR-01 demonstrated improvements in Probing Depth (PD-mm), Gingival
Index (GI), Bleeding on Probing (BOP) and Plaque Levels (PL). More importantly, lower bone loss was demonstrated in treated rats compared
to non-treated rats measured by micro-CT scanning. Until now, this has not been demonstrated.
In
summary, Orocidin has now demonstrated efficacy in treating periodontitis in two different animals using two methods. The first Phase
IIa clinical trial in patients is now anticipated to start in the first half of 2027 at the University of Copenhagen in Denmark.
Bio-Convert
Bio-Convert’s
QR-02 compound targets oral leukoplakia (OLK), which consists of potentially pre-cancerous lesions in the mouth, with up to a 30% conversion
rate to oral cancer. No approved medical treatment exists for OLK, with surgery the only true alternative.
The
company’s proprietary oral gel QR-02 has several unique advantages, including antitumor and antiviral effects, reducing the risk
of dysplasia and enabling more precise and efficient treatment, compared to methods used today.
Bio-Convert
obtained a toxicity waiver from the Danish Medicine Agency (DKMA) for QR-02 and is currently finalizing its GMP (Good Manufacturing Practice)
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
NoviThera’s
QR-04 compound has the goal of developing a novel monoclonal antibody treatment designed to cure psoriasis or prevent its occurrence.
Currently, no permanent cure for psoriasis exists, leading to a significant unmet medical need for patients and substantial market potential.
NoviThera
recently completed a study in mice, and with such study demonstrated biological proof of concept.