Nordicus Partners Corp SEC 10-K Report

Nordicus Partners Corporation, a business accelerator and holding company focused on Nordic life sciences companies entering the U.S. market, has released its annual Form 10-K report. The report provides a comprehensive overview of the company's financial performance, business operations, strategic initiatives, and the challenges it faces. Originally founded in 1993 and recently rebranded from EKIMAS Corporation to Nordicus Partners Corporation in May 2023, the company has transitioned from a polymer materials developer to a key player in the life sciences sector.

Financial Highlights

• Revenue: $5,000, an increase of $2,500 or 100% compared to the previous year.
• Operating Expenses: $2,924,365, a significant increase from $310,088 in the prior year, primarily due to increased officer compensation, professional fees, consulting expenses, and research and development costs.
• Loss from Operations: $(2,919,365), compared to $(307,588) in the previous year, reflecting higher operating expenses.
• Net Loss: $(2,917,280), compared to $(298,202) in the previous year, driven by increased operating expenses and changes in fair value of warrant liabilities.
• Net Loss Per Share: $(0.32), compared to $(0.29) in the previous year, reflecting the increased net loss.

Business Highlights

• Corporate History: Nordicus Partners Corporation, originally founded in 1993, has undergone several name changes and strategic shifts, most recently rebranding from EKIMAS Corporation to Nordicus Partners Corporation in May 2023. The company has transitioned from a polymer materials developer to a business accelerator and holding company focused on Nordic life sciences companies entering the U.S. market.
• Business Model and Strategy: Nordicus Partners Corporation operates as a business accelerator and holding company, aiming to support Nordic life sciences companies in the U.S. market. The company combines Nordic innovation with U.S. operational expertise to identify, scale, and exit high-potential companies in markets with unmet medical needs.
• Portfolio Companies: The current portfolio includes two preclinical biotechnology companies, Orocidin A/S and Bio-Convert A/S. Orocidin A/S is developing a treatment for aggressive periodontitis, while Bio-Convert A/S focuses on treating oral leukoplakia.
• Recent Acquisitions: In 2024, Nordicus acquired 95% of Orocidin A/S and later the remaining 5%, making it a wholly owned subsidiary. The company also acquired 100% of Bio-Convert A/S, expanding its portfolio in the biotechnology sector.
• Research and Development: Orocidin A/S has completed a 14-day toxicology study in hamsters and a Beagle Dog Study, showing promising results for its lead product, QR-01. Bio-Convert A/S received positive feedback from the Danish Medicines Agency for its QR-02 treatment, paving the way for a First in Human trial.
• Future Outlook: Nordicus aims to advance its portfolio companies' drug developments through Phase I clinical trials. Post-Phase I, the company will consider options such as sale, merger, further development, strategic partnerships, or a stand-alone IPO.
• Leadership Changes: The company appointed new directors, including Peter Severin as Chairman, to strengthen its leadership team and support its strategic goals.
• Operational Focus: Nordicus employs a 4-step value creation process: Scout and Accelerate, Acquire and Exit, aiming to maximize value creation and exit at premium multiples. The company actively engages with its portfolio companies to drive critical milestones such as patent filings and clinical trials.

Strategic Initiatives

• Strategic Focus: Nordicus Partners Corporation has strategically focused on expanding its portfolio in the life sciences sector by acquiring controlling stakes in promising biotechnology companies. The company completed the acquisition of Orocidin A/S and Bio-Convert A/S, both preclinical-stage biotechnology companies, to enhance its presence in the Nordic life sciences market. These acquisitions are part of Nordicus' strategy to identify, scale, and exit high-potential companies in fast-growing markets with unmet medical needs.
• Capital Management: During the fiscal year ended March 31, 2025, Nordicus Partners Corporation engaged in several capital management activities. The company issued 3,800,000 restricted shares of its common stock to acquire a 95% stake in Orocidin A/S and later acquired the remaining 5% through the issuance of an additional 200,000 shares. Similarly, the acquisition of Bio-Convert A/S was completed in exchange for 12,000,000 restricted shares of common stock. The company also executed a 1-for-10 reverse stock split to consolidate its share structure. Additionally, Nordicus raised capital through the exercise of warrants, generating proceeds of $889,477, and issued shares for services valued at $138,979.
• Future Outlook: Looking ahead, Nordicus Partners Corporation aims to continue its strategy of acquiring and developing high-growth life sciences companies. The company plans to advance its portfolio companies' drug developments through Phase I clinical trials, with options to sell, merge, or further develop these companies in partnership with large pharmaceutical firms. Nordicus is committed to leveraging its Nordic and U.S. expertise to drive value creation and achieve robust financial returns.

Challenges and Risks

• Operational Risks: Nordicus Partners Corporation has evolved into a business accelerator and holding company focused on Nordic life sciences companies. This strategic shift presents operational risks associated with integrating and managing diverse biotechnology companies, such as Orocidin A/S and Bio-Convert A/S, which are in preclinical stages and face inherent uncertainties in drug development and regulatory approval processes.
• Market and Regulatory Risks: As a smaller reporting company, Nordicus is not required to provide detailed risk factors under this item. However, the company's focus on high-growth ventures in the life sciences sector inherently involves significant market and regulatory risks, including the potential for changes in healthcare regulations and the need for successful clinical trials to bring products to market.
• Financial Risks: The company has experienced a substantial increase in operating expenses, particularly in officer compensation, professional fees, and research and development costs, primarily due to the acquisitions of Orocidin and Bio-Convert. This increase in expenses poses a financial risk if the anticipated returns from these investments do not materialize. Additionally, the company's reliance on stock-based transactions for acquisitions could dilute existing shareholders' equity.
• Execution Risks: The company's strategy to take portfolio companies' drug developments through Phase I and consider options such as sale, merger, or strategic partnerships introduces execution risks. The success of this strategy depends on achieving critical milestones and favorable market conditions.
• Market Risks: Nordicus is exposed to market risks, including fluctuations in the value of its investments and potential changes in the fair value of liability-classified warrants. These financial instruments could impact the company's financial results if market conditions change unfavorably.

SEC Filing: Nordicus Partners Corp [ NORD ] - 10-K - Jul. 29, 2025