NORD 10-K
Nordicus Partners Corp (NORD)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
(Mark One)
| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the fiscal year ended
| TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission
File No.
(Name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
Issuer’s
telephone number
Securities registered under Section 12(b) of the Exchange Act:
| None | None | |
| Title of each class | Name of each exchange on which registered |
Securities
registered pursuant to Section 12(g) of the Act:
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☐ Large Accelerated Filer | ☐ Accelerated Filer | |
| ☒
|
||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
The aggregate market value of the registrant’s common stock, par
value $0.001 per share, held by non-affiliates of the registrant, as computed by reference to the September 30, 2025 closing price reported
by OTCQB, was approximately $
As of July 14, 2026, there were shares of the registrant’s Common Stock outstanding.
NORDICUS PARTNERS CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
| 2 |
Part I
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.
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.
Item 1A. Risk Factors
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.
Item 1B. Unresolved Staff Comments
None.
| 6 |
Item 1C. Cybersecurity
We
utilize
We continue to evaluate and enhance our systems, controls, and processes where possible, including in response to actual or perceived threats specific to us or experienced by other companies.
Item 2. Properties
None.
Item 3. Legal Proceedings
We are not the subject of any pending legal proceedings, and to the knowledge of management, no proceedings are presently contemplated against us by any federal, state or local governmental agency. Further, to the knowledge of management, no director or executive officer is a party to any action in which such person has an interest adverse to us.
Item 4. Mine Safety Disclosures
Not applicable.
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Effective August 1, 2020, we voluntarily downgraded from the OTCQB Market to the OTC PINK tier of the OTC Markets. On May 17, 2023, the Company changed its name to Nordicus Partners Corporation and its ticker symbol to NORD. On May 9, 2024, we relisted on the OTCQB Market. In September 2025 we applied to uplist to the Nasdaq Capital Market and are awaiting final approval.
Our shares are subject to Section 15(g) and Rule 15g-9 of the Securities and Exchange Act, commonly referred to as the “penny stock” rule. The rule defines penny stock to be any equity security that has a market price less than $5.00 per share, subject to certain exceptions. These rules may restrict the ability of broker-dealers to trade or maintain a market in our common stock and may affect the ability of shareholders to sell their shares. Broker-dealers who sell penny stocks to persons other than established customers and accredited investors must make a special suitability determination for the purchase of the security. Accredited investors, in general, include individuals with assets in excess of $1,000,000 (not including their personal residence) or annual income exceeding $200,000 or $300,000 together with their spouse, and certain institutional investors. The rules require the broker-dealer to receive the purchaser’s written consent to the transaction prior to the purchase and require the broker-dealer to deliver a risk disclosure document relating to the penny stock prior to the first transaction. A broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative, and current quotations for the security. Finally, monthly statements must be sent to customers disclosing recent price information for the penny stocks.
| 7 |
Holders
As of July 14, 2026, there were approximately 405 stockholders of record of our common stock, although we believe that there are other persons who are beneficial owners of our common stock held in street name. The transfer agent and registrar for our common stock is Transfer Online, 512 SE Salmon Street, Portland, OR 97214. Their telephone number is (503) 227-2950.
Dividends
We have not paid cash or stock dividends and have no present plan to pay any dividends, intending instead to reinvest our earnings, if any. For the foreseeable future, we expect to retain any earnings to finance the operation and expansion of our business and the payment of any cash dividends on our common stock is unlikely.
Recent Sales of Unregistered Securities
On May 23, 2024, the Company entered into an agreement with FORCE Family Office for the provision of consulting services for a fee consisting of 30,000 restricted shares of the Company’s common stock.
On May 13, 2024, the Company acquired a 95.0% interest in Orocidin A/S (“Orocidin”), a Danish preclinical-stage biotechnology company advancing next-generation periodontitis therapies, in exchange for 3,800,000 restricted shares of the Company’s common stock.
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 the Company’s common stock, after which Orocidin A/S became a wholly owned subsidiary of the Company.
On November 27, 2024, the Company entered into a Professional Relations and Consulting Agreement with ESG Advisor Group, L.L.C. (“ESG”) for the provision of investor relations and related services. The term of the agreement was to expire on November 30, 2025, subject to termination by either party after three months on 30 days’ prior notice. On January 15, 2025, the Company elected to terminate the agreement as of February 27, 2025. Under the agreement, ESG was entitled to receive 19,500 shares of restricted common stock, which were issued on January 23, 2025.
Effective April 1, 2022, we issued to GK Partners ApS (“GK Partners”) , for financial services, a warrant (the “2022 GK Warrant”) to purchase up to 600,000 shares of our Common Stock at an exercise price of $10.00 per share, and which had an expiration date of December 31, 2023. The Company determined that the 2022 GK Warrant is not precluded from equity classification and was therefore recorded within additional paid-in capital on the Company’s consolidated balance sheets at its issuance date fair value. On December 22, 2023, the expiration date of the warrant, covering 570,500 remaining unexercised warrant shares, was extended to December 31, 2024. During the year ended March 31, 2024, GK Partners exercised a portion of its warrant for a total of 30,600 shares. The exercise price was $10.00 per share for total proceeds of $306,000. For the year ended March 31, 2025, GK Partners exercised a portion of its warrant for 57,400 shares. The exercise price was $10.00 per share for total proceeds of $576,000. On December 31, 2024 the 2022 GK Warrant expired.
| 8 |
Effective December 30, 2024, a new warrant was issued to GK Partners (the “2024 GK Warrant”) to purchase up to 1,000,000 shares of the Company’s common stock at an exercise price equal to the greater of $8.91 and the daily volume weighted average price of the common stock for the ten trading days immediately preceding the date of exercise. The 2024 GK Warrant expired on December 31, 2025. The Company determined that the 2024 GK Warrant was precluded from being classified within equity and was liability classified under ASC Topic 815, Derivatives and Hedging. During the year ended March 31, 2025, GK Partners exercised a portion of its 2024 GK Warrant for a total of 35,176 shares. The exercise price ranged from $8.91 to $8.95 per share for total proceeds of $313,455. As of March 31, 2025, the 2024 GK Warrant was terminated. Therefore, as of March 31, 2026, the Company recognized no warrant liability on the consolidated balance sheet. The measurement of fair value of the 2024 GK Warrants was determined utilizing a Monte Carlo simulation model considering all relevant assumptions current as of March 31, 2026 presented in Note 6. The change in fair value resulting from the issuance of the 2024 GK Warrant was recognized in change in fair value of warrant liability (related party) in the amount of $172,715 on the consolidated statement of operations and comprehensive loss for the year ended March 31, 2025. On March 31, 2025, the 2024 GK Warrants were terminated, and the remaining shares were recorded at a fair value of $167,000 to additional paid in capital due to the related party relationship.
In October through March 2026, we issued to private investors a total of 1,850,036 restricted shares of our common stock, par value $0.001 per share. The purchase price ranged from $1.90-5.00 per share,
The shares of common stock have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdiction’s securities laws.
We claim an exemption from registration for the issuance of the shares pursuant to Section 4(a)(2) of the Securities Act and/or Rule 506(b) and (c) of Regulation D thereunder, since the foregoing issuances did not involve a public offering, each recipient was (i) an “accredited investor” and/or (ii) had access to similar documentation and information as would be required in a registration statement under the Securities Act, and each such recipient represented that it acquired the securities for investment only and not with a view toward, or for resale in connection with, the public sale or distribution thereof. The securities were offered without any general solicitation by us or our representatives. No underwriters or agents were involved in the foregoing issuances, and we paid no underwriting discounts or commissions. The shares are subject to transfer restrictions, and the certificates evidencing the securities contain an appropriate legend stating that such securities have not been registered under the Securities Act and may not be offered or sold absent registration or pursuant to an exemption therefrom. The issuance of the shares was also exempt under Regulation S under the Securities Act as the offering was made to non-U.S. persons, was made with no directed selling efforts in the U.S. and otherwise was made in accordance with the requirements of the Securities Act.
On March 13, 2026, the Company entered into an agreement with an unaffiliated party for the provision of consulting services for a fee consisting of 60,000 restricted shares of the Company’s common stock.
On March 16, 2026, the Company entered into an agreement with an unaffiliated party for the provision of consulting services for a fee consisting of 24,000 restricted shares of the Company’s common stock.
Issuer Purchase of Securities
On October 1, 2025, the Company repurchased 57,642 shares of common stock from an existing shareholder for $1.36 per share. The repurchase was made pursuant to the share repurchase program authorized by the Company’s Board of Directors.
| 9 |
Securities Authorized for Issuance under Equity Compensation Plans as of the End of Fiscal 2026
Equity Compensation Plan Information
| Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance | |||||||||
| Equity compensation plans approved by the Board of Directors (1) | 925,000 | 3.00 | 6,075,000 | (1) | ||||||||
| 925,000 | 3.00 | 6,075,000 | ||||||||||
| (1) | All such options were issued under the Company’s 2024 Stock Incentive Plan. The Company’s 2017 Non-Qualified Equity Incentive Plan was terminated on June 17, 2024. At the time of termination, no options were outstanding under the 2017 Plan. |
Stock Repurchase Plan
In June 2001, the Board of Directors adopted a share repurchase program authorizing the repurchase of up to 250,000 of our shares of common stock. In June 2004, the Board of Directors authorized the purchase of an additional 500,000 shares of common stock. In August 2025, the Board of Directors authorized the purchase of an additional 200,000 shares of common stock. Since June 2001, a total of 303,021 shares have been repurchased by us under the share repurchase program, leaving 646,979 shares remaining to be purchased under the share repurchase program. The Company repurchased 57,642 and zero shares during the fiscal years ended March 31, 2026 and 2025, respectively. The share repurchase program authorizes repurchases from time to time in open market transactions, through privately negotiated transactions, block transactions or otherwise, at times and prices deemed appropriate by management, and is not subject to an expiration date.
Stockholder Rights Plan
Our Board of Directors approved the adoption of a stockholder rights plan (the “Rights Plan”) under which all stockholders of record as of February 8, 2008 received rights to purchase shares of a new series of preferred stock (the “Rights”). The Rights were distributed as a dividend. Initially, the Rights attached to, and traded with, our common stock. Subject to the terms, conditions and limitations of the Rights Plan, the Rights become exercisable if (among other things) a person or group acquires 15% or more of our common stock. Upon such an event, and payment of the purchase price, each Right (except those held by the acquiring person or group) will entitle the holder to acquire shares of the Company’s common stock (or the economic equivalent thereof) having a value equal to twice the purchase price. Our Board of Directors may redeem the Rights prior to the time they are triggered. In the event of an unsolicited attempt to acquire us, the Rights Plan is intended to facilitate the full realization of our stockholder value and the fair and equal treatment of all of our stockholders. The Rights Plan will not prevent a takeover attempt. Rather, it is intended to guard against abusive takeover tactics and encourage anyone seeking to acquire us to negotiate with the Board of Directors. We did not adopt the Rights Plan in response to any particular proposal.
| 10 |
Item 6. [Reserved]
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Note Regarding Forward-Looking Statements
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (the “MD&A”) should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this Annual Report. The MD&A contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations, and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect,” and the like, and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements in this Annual Report. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to, those noted under “Risk Factors” in this Annual Report.
We do not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Annual Report, except as required by U.S. federal securities laws.
Overview
Nordicus Partners Corporation is a U.S. publicly listed biotech company specializing in developing breakthrough therapeutics for diseases with unmet medical needs. Current portfolio companies include the three promising preclinical biotechnology companies Orocidin A/S, Bio-Convert A/S and NoviThera ApS.
Organizational History Summary
Our detailed corporate history is described in Item 1. In summary, after our pre-2021 history as a Delaware corporation under prior names, the Company underwent a change-of-control transaction with Reddington Partners LLC beginning in October 2021, completed reverse stock splits in March 2022 and November 2024, acquired NP Bioinnovation A/S in February 2023, changed its name to Nordicus Partners Corporation and ticker symbol to NORD in May 2023, acquired Orocidin A/S and Bio-Convert A/S in 2024, formed NoviThera ApS in October 2025 and expanded its board and governance committee structure in 2025.
Our Business
Nordicus Partners Corporation (“Nordicus” or the “Company”) is a U.S. publicly listed biotech company specializing in developing breakthrough therapeutics for diseases with unmet medical needs. Nordicus focuses 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. 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 developing treatments for oral leukoplakia.
Nordicus’ portfolio diversification strategy positions it as a stable and resilient company, mitigating risk with significant upside potential.
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. |
| 11 |
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, 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, the Company formed a third subsidiary, NoviThera, also led by Alan 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 a 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.
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.
| 12 |
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 to develop a novel anti-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 huge market potential.
NoviThera recently completed a study in mice, and with such study demonstrated biological proof of concept.
Results of Operations
Fiscal Year Ended March 31, 2026 Compared to the Fiscal Year Ended March 31, 2025
Revenue
During the year ended March 31, 2026, we had no revenue relating to consulting income compared to $5,000 for the year ended March 31, 2025, a decrease of $5,000 or 100%.
Operating Expenses
During the year ended March 31, 2026, we had officer compensation expense of $615,284 compared to $662,554 for the year ended March 31, 2025, a decrease of $47,270 or 7%. This decrease was primarily due to stock-based compensation for board members in November 2024, partially offset by an increase in salaries for the Company’s chief executive officer and chief financial officer in July 2025. See Note 5 to our accompanying consolidated financial statements for more information on these transactions.
For the year ended March 31, 2026, we had professional fees of $940,727 compared to $351,773 for the year ended March 31, 2025, an increase of $588,954 or 167%. The increase was primarily due to increased legal and accounting expenses related to the acquisition of NoviThera during the year ended March 31, 2026 and accounting and legal expenses for prior acquisitions of Orodicin and Bio Convert.
For the year ended March 31, 2026, we had consulting expense of $317,960 compared to $248,878 expense for the year ended March 31, 2025, an increase of $69,082 or 28%. The increase is due to the issuance of restricted stock units to a third party as compensation for consulting services rendered during the year ended March 31, 2026 related to our Nasdaq uplist application.
| 13 |
For the year ended March 31, 2026, we had general and administrative expenses (“G&A”) of $890,055 compared to $331,724 for the year ended March 31, 2025, an increase of $558,331 or 168%. The increase in G&A expense is attributable to increased staff salaries along with the addition of additional administrative assistance, a media advisor, and an increase in costs related to directors and officers insurance resulting from the expansion of the business.
For the year ended March 31, 2026, we had research and development expense of $1,606,972 compared to $1,329,436 for the year ended March 31, 2025, an increase of $277,536 or 21%. The increase was primarily driven by increased operations of NoviThera, which was formed during the year ended March 31, 2026, and by increased activities of NP Bioinnovation A/S. Both subsidiaries contributed a full year of operations following their respective acquisitions, with activities focused on advancing Orodicin and Bio Convert.
Other (Expense) Income
For the year ended March 31, 2026, we recorded $324,194 of other income compared to $2,085 for the year ended March 31, 2025 due to changes in fair value of investments.
Other Comprehensive Income (Loss)
For the year ended March 31, 2026, we recorded a gain of $3,699,514 on foreign currency translation adjustments compared to a gain of $618,233 for the year ended March 31, 2025. The increase is primarily driven by the strengthening of the Danish Krone against the U.S. Dollar by approximately 6.15% from March 31, 2025 to March 31, 2026, which increased the U.S. Dollar value of our DKK-denominated net assets upon translation.
Liquidity and Capital Resources
In August 2025, our Board of Directors authorized a share repurchase program which permits us to repurchase up to an aggregate of 200,000 shares of our Common Stock from existing shareholders only, solely in privately negotiated transactions, at a purchase price per share not greater than the then-current market price as determined based on the last reported sale price of our Common Stock on our principal trading market. We are not obligated to repurchase any shares and may suspend or terminate the program at any time. Repurchased shares may be held as treasury stock or retired, as determined by management. The repurchase program will remain in effect until the earliest of (i) the repurchase of 200,000 shares, (ii) 12 months from the date the program was authorized, or (iii) revocation by further Board action. On October 1, 2025, the Company repurchased 57,642 shares of Common Stock from an existing shareholder for $1.36 per share. The repurchase was made pursuant to the share repurchase program authorized by the Company’s Board of Directors. Following the transaction, 646,979 shares remain authorized for repurchase.
In September 2025, we applied to uplist its common stock to the Nasdaq Capital Market (“Nasdaq”). 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.
During the year ended March 31, 2026, we used cash of $4,324,775 in operating activities compared to $1,284,615 used in operating activities during the year ended March 31, 2025. This increase is primarily due to the increase in net loss of $1,129,524, as detailed in the preceding section, and decreases in changes in assets and liabilities of $1,365,407, and net noncash operating activity of $545,229.
During the year ended March 31, 2026, we had net cash used in investing activities of $10,158 compared to $147,812 provided by investing activities during the year ended March 31, 2025. The decrease was primarily attributable to no acquisitions in the current year in which the Company obtained cash.
During the year ended March 31, 2026, we received $4,335,448 from financing activities primarily related to issuance of common stock. During the year ended March 31, 2025, we received $1,079,927 from financing activities primarily related to proceeds from the issuance of common stock and the exercise of warrants.
| 14 |
Critical Accounting Estimates
Our management’s discussion and analysis of our financial condition and results of our operations is based on our consolidated financial statements and accompanying notes, which have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain amounts included in or affecting the consolidated financial statements presented in this Form 10-K and related disclosure must be estimated, requiring management to make assumptions with respect to values or conditions that cannot be known with certainty at the time the consolidated financial statements are prepared. Management believes that the accounting policies set forth below comprise the most important “critical accounting estimates” for the Company. Management evaluates such estimates on an ongoing basis, based upon historical results and experience, consultation with experts and other methods that management considers reasonable in the particular circumstances under which the judgments and estimates are made, as well as management’s forecasts as to the manner in which such circumstances may change in the future.
Indefinite-lived Intangible Assets
We account for indefinite-lived intangible assets in accordance with ASC Topic 350, Intangibles - Goodwill and Other (“ASC 350”). Indefinite-lived intangible assets (e.g. IPR&D), are not amortized but instead are reviewed for impairment annually, or more frequently if an event occurs or circumstances change that indicate that an asset might be impaired. Pursuant to ASC 350, we test indefinite-lived intangible assets for impairment by comparing their fair values to their carrying values. Fair value is estimated using an income approach based on discounted cash flow methodologies that incorporate significant assumptions including projected revenues, probability-adjusted development and commercialization assumptions, discount rates and other market participant assumptions. An impairment charge is recorded if the estimated fair value of such assets has decreased below their carrying values.
Fair Value of Financial Instruments
We follow paragraph 825-10-50-10 of the FASB ASC for disclosures about fair value of our financial instruments and paragraph 820-10-35-37 of the FASB ASC (“Paragraph 820-10-35-37”) to measure the fair value of our financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
| Level 1: | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. |
| Level 2: | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. |
| Level 3: | Pricing inputs that are generally unobservable inputs and not corroborated by market data. |
Business Combinations
We account for business combinations under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The purchase price is allocated using the information currently available, and may be adjusted, up to one year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs, including advisory, legal, accounting, valuation, and other costs, are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date.
| 15 |
Goodwill
We assess goodwill for impairment on an annual basis or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. We regularly monitor current business conditions and other factors including, but not limited to, adverse industry or economic trends and lower projections of profitability that may impact future operating results. The process of evaluating the potential impairment of goodwill requires significant judgment. In performing our annual goodwill impairment test, we are permitted to first assess qualitative factors to determine whether it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, including goodwill. In performing the qualitative assessment, we consider certain events and circumstances specific to the reporting unit and the entity as a whole, such as macroeconomic conditions, industry and market considerations, overall financial performance and cost factors when evaluating whether it is more likely than not that the fair value of any of the reporting units is less than its carrying amount. We are also permitted to bypass the qualitative assessment and proceed directly to the quantitative test. If we choose to undertake the qualitative assessment and conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we would then proceed to the quantitative impairment test. In the quantitative assessment, we compare the fair value of the reporting unit to its carrying amount, which includes goodwill. Fair value is estimated using an income approach based on discounted cash flow methodologies that incorporate significant assumptions including projected revenues, operating results, probability-adjusted cash flows, discount rates and other market participant assumptions. If the fair value exceeds the carrying value, no impairment loss exists. If the fair value is less than the carrying amount, a goodwill impairment loss is measured and recorded. We assess goodwill for impairment on an annual basis as of March 31 or more frequently when events and circumstances occur indicating that recorded goodwill may be impaired.
Off-Balance Sheet Arrangements
As of March 31, 2026, we did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
| 16 |
Item 8. Financial Statements and Supplementary Data
NORDICUS PARTNERS CORPORATION
TABLE OF CONTENTS
| 17 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of Nordicus Partners Corporation
Opinion on the Financial Statements
Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has nominal revenue and has incurred losses since inception resulting in an accumulated deficit. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Impairment Analysis for In-Process R&D & Goodwill – Refer to Note 2 to the financial statements
Description of the Critical Audit Matter
The Company records material In-Process R&D and Goodwill balances as a result of the acquisition of two subsidiaries during prior periods. We determined such transactions to be material to the financial statements and involve subjective auditor judgement in evaluating the Company’s impairment analyses as of yearend. Therefore, we determined these transactions are critical audit matters.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to evaluating the Company’s impairment analyses of its indefinite-lived in-process research and development (“IPR&D”) assets and goodwill included the following, among others:
| ● | We obtained and reviewed the Company’s valuation specialist’s reports supporting the annual goodwill impairment analysis. | |
| ● | We evaluated the significant estimates and inputs used in the goodwill impairment analysis, including projected revenue, operating expenses, probability-of-success adjustments, income taxes, net working capital, capital expenditures, discount rates, and terminal value assumptions. | |
| ● | We evaluated management’s conclusion that no impairment of the Company’s goodwill or indefinite-lived intangible IPR&D assets was indicated by considering the reporting-unit fair values determined in the third-party goodwill impairment analysis and considering whether those analyses supported the carrying value of the related IPR&D assets. | |
| ● | We evaluated the competence, capabilities, and objectivity of management’s valuation specialist and concluded they possessed the appropriate knowledge, skills, and experience to perform the valuation. |
We have served as the Company’s auditor since 2023.
July 14, 2026
| F-1 |
NORDICUS PARTNERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| March 31, 2026 | March 31, 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | $ | ||||||
| Prepaid expenses and other current assets | ||||||||
| Total current assets | ||||||||
| In-process research and development | ||||||||
| Property, plant, and equipment, net | ||||||||
| Goodwill | ||||||||
| Investment in Mag Mile Capital, Inc. | ||||||||
| Other assets | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | $ | ||||||
| Note payable | ||||||||
| Total current liabilities | ||||||||
| Deferred tax liability | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, Series A Junior; $ par value; shares authorized; shares issued and outstanding | ||||||||
| Preferred stock, undesignated; $ par value; shares authorized; shares issued and outstanding | ||||||||
| Common Stock; $ par value; shares authorized; and shares issued and outstanding at March 31, 2026 and March 31, 2025, respectively | ||||||||
| Treasury stock; and shares at cost at March 31, 2026 and March 31, 2025, respectively | ( | ) | ( | ) | ||||
| Additional paid-in capital | ||||||||
| Accumulated other comprehensive income | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total equity attributed to the parent | ||||||||
| Non-controlling interest | ( | ) | ||||||
| Total stockholders’ equity | ||||||||
| Total liabilities and stockholders’ equity | $ | $ | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
| F-2 |
NORDICUS PARTNERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| For the Years Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | $ | ||||||
| Operating expenses: | ||||||||
| Officer compensation | ||||||||
| Professional fees | ||||||||
| Consulting expense | ||||||||
| General and administrative | ||||||||
| Research and development | ||||||||
| Total operating expenses | ||||||||
| Loss from operations | ( | ) | ( | ) | ||||
| Other (expense) income: | ||||||||
| Interest expense | ( | ) | ( | ) | ||||
| Change in fair value of warrant liability (related party) | ( | ) | ||||||
| Change in fair value of investment | ||||||||
| Other expense | ( | ) | ||||||
| Total other (expense) income | ||||||||
| Loss before provision for income taxes | ( | ) | ( | ) | ||||
| Provision for income tax | ||||||||
| Net loss | ( | ) | ( | ) | ||||
| Net loss attributable to noncontrolling interests | ( | ) | ( | ) | ||||
| Net loss attributable to Nordicus Partners Corporation | $ | ( | ) | $ | ( | ) | ||
| Other comprehensive income (loss): | ||||||||
| Foreign currency translation adjustment | $ | $ | ||||||
| Comprehensive income (loss) | ( | ) | ( | ) | ||||
| Net comprehensive income attributable to noncontrolling interests | ||||||||
| Comprehensive income (loss) attributable to Nordicus Partners Corporation | $ | ( | ) | $ | ( | ) | ||
| Net loss per share attributable to Nordicus Partners Corporation - basic and diluted | $ | ) | $ | ) | ||||
| Weighted average common shares outstanding - basic and diluted | ||||||||
The accompanying notes are an integral part of these consolidated financial statements.
| F-3 |
NORDICUS PARTNERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE YEARS ENDED MARCH 31, 2026 AND 2025
| Common Stock | Preferred Stock, Series A Junior | Preferred Stock, Undesignated | Additional Paid-in | Accumulated | Treasury | Accumulated Other Comprehensive | Total Equity Attributed | Non-Controlling | Total Stockholders’ | |||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Stock | Income (Loss) | to Parent | Interest | Equity | ||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2024 | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock issued in Orocidin business combination | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Exercise of warrants | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Cancellation of liability-classified warrants – Related party | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock issued for services | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Forgiveness of debt - related party | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Vesting of restricted stock units - ESG Advisory Group | — | — | ( | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Recognition of non-controlling interest in acquisition of Orocidin | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Orocidin issuance of common stock in capital raise | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock issued in Bio-Convert business combination, net (See Note 10) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock issued to acquire remaining equity of Orocidin (See Note 10) | — | — | ( | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2025 | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of restricted common stock | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted common Stock issued for services | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity issued by subsidiary in connection with acquisition of intellectual property | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of shares | ( | ) | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2026 | $ | $ | $ | ( | ) | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
| F-4 |
NORDICUS PARTNERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Shares issued for services | ||||||||
| Stock-based compensation | ||||||||
| Change in fair value of warrant liability (related party) | ||||||||
| Loss on sale of assets | ||||||||
| Change in fair value of investment | ( | ) | ( | ) | ||||
| Non-cash expense of IPR&D | ||||||||
| Amortization of website costs | ||||||||
| Changes in assets and liabilities: | ||||||||
| Prepaid expenses and other current assets | ( | ) | ( | ) | ||||
| Other assets | ( | ) | ( | ) | ||||
| Accounts payable and accrued expenses | ( | ) | ||||||
| Foreign currency remeasurement | ||||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds from sale of plant, property, and equipment | ||||||||
| Purchase of plant, property, and equipment | ( | ) | ||||||
| Cash paid for website costs | ( | ) | ||||||
| Cash acquired in business combinations | ||||||||
| Net cash (used in) provided by investing activities | ( | ) | ||||||
| Cash flows from financing activities: | ||||||||
| Cash paid for stock issuance costs in business combinations | ( | ) | ||||||
| Repurchase of common stock | ( | ) | ||||||
| Proceeds from issuance of common stock | ||||||||
| Proceeds from issuance of note payable | ||||||||
| Proceeds from Orocidin issuance of common stock in capital raise | ||||||||
| Proceeds from exercise of warrants | ||||||||
| Net cash provided by financing activities | ||||||||
| Net change in cash | ( | ) | ||||||
| Effect of exchange rate on cash | ||||||||
| Cash at beginning of period | ||||||||
| Cash at end of period | $ | $ | ||||||
| Supplemental disclosure of cash flow information: | ||||||||
| Income taxes paid | $ | $ | ||||||
| Interest paid | $ | $ | ||||||
| Supplemental disclosures of non-cash information: | ||||||||
| NoviThera equity issued for intellectual property | $ | $ | ||||||
| Common Stock issued for the acquisition of Bio-Convert | $ | $ | ||||||
| Common Stock issued for the acquisition of Orocidin | $ | $ | ||||||
| Cancellation of liability-classified warrants – related party | $ | $ | ||||||
| Forgiveness of debt - related party | $ | $ | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
| F-5 |
NORDICUS PARTNERS CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
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 shares of our common stock,
on a post-split basis, or approximately
Pursuant
to the SPA, the Company effected a
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
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
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
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
| F-6 |
On
November 11, 2024, the Company announced that it had entered into an agreement to acquire
On
November 12, 2024, the Company acquired the remaining outstanding shares, or approximately
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 $
In
October 2025, the Company formed NoviThera ApS (“NoviThera”) to research and develop a 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
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.
Description of Business
Nordicus Partners Corporation (“Nordicus” or the “Company”) is a 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
Nordicus’ portfolio diversification strategy positions it as a stable and resilient company, mitigating risk with significant upside potential.
| F-7 |
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 formed a third subsidiary, NoviThera, also to be led by Alan 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 ensuring prolonged adhesion for 12-24 hours and controlled release of the active ingredient, enhancing drug efficacy and patients’ outcomes – a major advancement over normal gels and creams.
NoviThera is developing a drug for the treatment of psoriasis, an Immune-medicated 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 a Wistar Rat Study.
In the 14-days toxicology study, all animals exhibited high tolerance to the drug, with no adverse reactions and irritation at the buccal application site. No significant side effects were observed and more importantly, the necroscopic 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.
| F-8 |
The Beagle Dog Study is the first study that shows Orocidin A/S drug, QR-01, having a direct effect on periodontitis diagnosed beagle dogs. 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.
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 prepare 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 2 methods. The first Phase IIa clinical trials study 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 are 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 & antiviral effects, reducing the risk of dysplasia and enabling more precise and efficient treatment, compared to any methods used today.
Bio-Convert obtained a toxicity waiver from the Danish Medicine Agency’s (DKMA) for QR-02 and is currently finalizing its GMP (Good Manufacturing Practice) product to be completed by December 2026 in Germany. Bio-Convert anticipates moving into Phase IIa clinical trials in Europe beginning the first half of 2027.
NoviThera
NoviThera’s QR-04 compound has the goal to develop a novel anti-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 huge market potential.
NoviThera recently completed a study in mice, and with such study demonstrated biological proof of concept.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).
| F-9 |
Reverse Stock Split
On
November 8, 2024, the Company effectuated a
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s accounting estimates include the useful lives of long-lived assets and recoverability of those assets, impairment in fair value of goodwill, and the fair value of assets acquired and liabilities assumed in business combinations.
Concentration of Credit Risk
The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company also maintains cash in foreign bank accounts that are not federally insured. The Company continually monitors its banking relationships and consequently has not experienced any losses in its accounts. The Company believes it is not exposed to any significant credit risk on cash.
Cash and Cash Equivalents
Cash
amounts include cash on hand and cash on deposit with banks. The Company considers all highly liquid investments with a maturity of three
months or less when purchased to be cash equivalents. There were
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries—NP Bioinnovation A/S, Orocidin, and Bio-Convert—and its majority-owned subsidiary, NoviThera. All significant intercompany transactions have been eliminated in consolidation.
Segment Information
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation and used by chief operating decision-maker in deciding how to allocate resources and assess performance. The Company and the Company’s Chief operating decision-maker (“CODM”), the Company’s chief executive officer, view the Company’s operations and manages its business as a single operating segment. See Note 14 for more information.
Translation Adjustment
The reporting currency of the Company is U.S. Dollars. The accounts of the Company’s subsidiaries are maintained in Danish krone. In accordance with, Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters, all assets and liabilities are translated at the current exchange rate at respective balance sheets dates, stockholders’ equity transactions are translated at the historical rates and statement of operations accounts are translated at the average exchange rate for the period. The resulting translation adjustments are reported in other comprehensive income (loss) in accordance with ASC Topic 220, Reporting Comprehensive Income (“ASC 220”) in the condensed consolidated statements of operations and in accumulated other comprehensive income (loss) as a component of stockholders’ equity.
Comprehensive Income (Loss)
Comprehensive income (loss) is comprised of net loss and all changes to the consolidated statements of stockholders’ equity, except changes in paid-in capital and distributions to shareholders. Comprehensive income (loss) is inclusive of net loss and foreign currency translation adjustments.
Research and Development Costs
Research and development costs consists primarily of costs associated with Orocidin, Bio-Convert, and NoviThera’s ongoing research and development efforts. Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received.
| F-10 |
Stock-based Compensation
The Company accounts for stock-based compensation using the provisions of ASC Topic 718, Stock Compensation, which requires the recognition of the fair value of stock-based compensation. Stock-based compensation is estimated at the grant date based on the fair value of the awards. The Company accounts for forfeitures as they occur. Compensation cost for service awards is recognized using the straight-line method over the vesting period. Compensation cost for performance awards is recognized when the vesting condition becomes probable of occurring. Stock-based compensation is included in officer compensation, general and administrative, research and development, and consulting expense in the condensed consolidated statements of operations and comprehensive loss.
Fair Value of Financial Instruments
The Company follows paragraph 825-10-50-10 of the FASB ASC for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB ASC (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
| Level 1: | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. |
| Level 2: | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. |
| Level 3: | Pricing inputs that are generally unobservable inputs and not corroborated by market data. |
The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable and accrued expenses approximate their fair value because of the short maturity of those instruments.
Distinguishing Liabilities from Equity
The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in the FASB ASC Topic 480, Distinguishing Liabilities from Equity, and ASC Topic 815, Derivatives and Hedging. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC Topic 480, meet the definition of a liability pursuant to ASC Topic 480, and whether the warrants meet all of the requirements for equity classification under ASC Topic 815, including whether the warrants are indexed to the Company’s Common Stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and on the date of issuance and for liability-classified awards, remeasured to fair value at each balance sheet date thereafter.
For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance and remeasured to fair value at each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized in change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive income (loss).
Net loss per share is computed pursuant to ASC Topic 260, Earnings Per Share. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of Common Stock outstanding during the period. Diluted net loss per share is computed by dividing net loss attributable to common shareholders by the weighted average number of shares of Common Stock and potentially outstanding shares of Common Stock during the period. As of March 31, 2026, there were potentially dilutive shares of Common Stock from equity-classified warrants and stock options. As of March 31, 2025, there were potentially dilutive shares of common stock from equity-classified warrants. Diluted shares are not presented when the effect of the computations is anti-dilutive due to the losses incurred. Accordingly, there is no difference in the amounts presented for basic and diluted loss per share.
| F-11 |
Business Combinations
The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The purchase price is allocated using the information currently available, and may be adjusted, up to one year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs, including advisory, legal, accounting, valuation, and other costs, are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the condensed consolidated financial statements from the acquisition date.
Purchase Accounting Measurement Period Adjustments
From time to time, the Company makes acquisitions accounted for as business combinations under ASC 805. Certain asset and liability values are initially recorded as provisional and may be adjusted during the measurement period as new information becomes available. Finalized valuations result in retrospective adjustments to reflect facts and circumstances that existed at the acquisition date.
During
the year ended March 31, 2025, the Company completed its determination of the fair values of purchase consideration for Bio-Convert,
inclusive of non-cash consideration paid by the Company and in-process research and development. The measurement period adjustment resulted
in (i) a $
During
the year ended March 31, 2025, the Company completed its determination of the fair values of purchase consideration, inclusive of non-cash
consideration paid by the Company and the fair value of non-controlling interest, and in-process research and development. The measurement
period adjustment resulted in (i) a $
Goodwill
The Company assesses goodwill for impairment on an annual basis or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The Company regularly monitors current business conditions and other factors including, but not limited to, adverse industry or economic trends and lower projections of profitability that may impact future operating results. The process of evaluating the potential impairment of goodwill requires significant judgment. In performing the Company’s annual goodwill impairment test, the Company is permitted to first assess qualitative factors to determine whether it is more likely than not that the fair value of any of the Company’s reporting units is less than its carrying amount, including goodwill. In performing the qualitative assessment, the Company considers certain events and circumstances specific to the reporting unit and the entity as a whole, such as macroeconomic conditions, industry and market considerations, overall financial performance and cost factors when evaluating whether it is more likely than not that the fair value of any of the reporting units is less than its carrying amount. The Company is also permitted to bypass the qualitative assessment and proceed directly to the quantitative test. If the Company chooses to undertake the qualitative assessment and concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would then proceed to the quantitative impairment test. In the quantitative assessment, the Company compares the fair value of the reporting unit to its carrying amount, which includes goodwill. Fair value is estimated using an income approach based on discounted cash flow methodologies that incorporate significant assumptions including projected revenues, operating results, probability-adjusted cash flows, discount rates and other market participant assumptions. If the fair value exceeds the carrying value, no impairment loss exists. If the fair value is less than the carrying amount, a goodwill impairment loss is measured and recorded.
| F-12 |
The
Company assesses goodwill for impairment on an annual basis as of March 31 or more frequently when events and circumstances occur indicating
that recorded goodwill may be impaired. The Company did
Indefinite-lived Intangible Assets
The
Company accounts for its indefinite-lived intangible assets in accordance with ASC Topic 350, Intangibles - Goodwill and
Other (“ASC 350”). Indefinite-lived intangible assets are not amortized but instead are reviewed for impairment
annually, or more frequently if an event occurs or circumstances change which indicate that an asset might be impaired. Pursuant to
ASC 350, the Company tests its indefinite-lived intangible assets, which consist of certain in-process research and development
(IPR&D) assets acquired via the Company’s business combinations with Orocidin and Bio-Convert detailed in Note 10, for
impairment by comparing their fair values to their carrying values. Fair value is estimated using an income approach based on
discounted cash flow methodologies that incorporate significant assumptions including projected revenues, probability-adjusted
development and commercialization assumptions, discount rates and other market participant assumptions. An impairment charge is
recorded if the estimated fair value of such assets has decreased below their carrying values. The Company did
Revenue Recognition
The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company determines revenue recognition through the following steps:
| ● | Identification of a contract with a customer; | |
| ● | Identification of the performance obligations in the contract; | |
| ● | Determination of the transaction price; | |
| ● | Allocation of the transaction price to the performance obligations in the contract; and | |
| ● | Recognition of revenue when or as the performance obligations are satisfied. |
The
Company signed an agreement with Orocidin for which it recognized $
The
Company signed an agreement with Bio-Convert for which it recognized $
Non-controlling Interests
In accordance with ASC Topic 810, Consolidation (“ASC 810”), the Company assesses whether it has a variable interest in legal entities in which it has a financial relationship and, if so, whether or not those entities are variable interest entities (“VIEs”). For those entities that qualify as VIEs, ASC 810 requires the Company to determine if the Company is the primary beneficiary of the VIE, and if so, to consolidate the VIE.
If an entity is determined to be a VIE, the Company evaluates whether the Company is the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and economics. The Company consolidates a VIE if both power and benefits belong to the Company – that is, the Company (i) has the power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power), and (ii) has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE (benefits). The Company consolidates VIEs whenever it is determined that the Company is the primary beneficiary.
Following
the acquisition of
| F-13 |
In
November 2024, the Company acquired the remaining
Following
the creation of NoviThera in October 2025 and the issuance of equity in NoviThera to Alteral, the Company determined that NoviThera was
a VIE, and that the Company was the primary beneficiary. While the Company owned
Transactions with non-controlling interests that do not result in a loss of control are accounted for as equity transactions. Any difference between the fair value of the consideration paid or received and the carrying amount of the non-controlling interest is recognized in equity.
The
consolidated balance sheet as of March 31, 2026 includes balances for NoviThera of $
Risks and Uncertainties
The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of research and development, clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company’s products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital.
Income Taxes
The following table summarizes the deferred income tax activity for the year ended March 31, 2026:
| Orocidin | Bio-Convert | Total | ||||||||||
| Balance as of March 31, 2025 | $ | $ | $ | |||||||||
| Foreign currency translation adjustment | ||||||||||||
| Balance as of March 31, 2026 | $ | $ | $ | |||||||||
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. This Update enhances the transparency and usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The guidance also eliminates certain existing requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments in this Update are effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09, effective March 31, 2026, in these consolidated financial statements. ASU 2023-09 only impacted the disclosures and did not otherwise impact the consolidated financial statements. See Note 12, Income Taxes, for disclosures related to the adoption of ASU 2023-09.
| F-14 |
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“DISE”), which will require additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. This ASU was further clarified by ASU 2025-01, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, which was issued in December 2024. The new standards require disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standards will be effective for public companies for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact of these accounting standard updates on its financial statements.
The Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
NOTE 3 - GOING CONCERN
The
Company’s consolidated financial statements have been prepared on a going concern basis, which assumes the Company will
be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company
has recognized nominal revenue and has incurred losses since inception resulting in an accumulated deficit of $
The
ability to continue as a going concern is dependent upon the Company’s recent acquisitions, its generating profitable operations
in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business
operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and
through private placements of Common Stock. In April 2026, the Company issued to a certain private investor for a total of restricted
shares of its common stock, par value $
NOTE 4 - INVESTMENTS
On
June 20, 2023, the Company and GK Partners ApS entered into a Stock Purchase and Sale Agreement, under which GK Partners ApS sold to
the Company restricted shares of common stock of Mag Mile Capital. The shares were restricted in that they were subject to
a registration statement being filed on Form S-1 by Mag Mile on September 6, 2023. The Form S-1 became effective on July 5, 2024, removing
the restriction on the shares. In exchange, the Company issued restricted shares of its Common Stock to GK Partners ApS. The
shares were valued at $
The Company accounts for its investment under the guidance of ASC Topic 321, Investments – Equity Securities, which provides guidance for equity interests that meet the definition of an equity security. Equity interests with readily determinable fair values are carried at fair value with changes in value recorded in earnings. Investments without readily determinable fair values are accounted for using the measurement alternative which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
There
is an active market for the shares of Mag Mile as of March 31, 2026. Therefore, the investment had an observable change in the value
of Mag Mile’s shares that can be used to adjust the value of the Company’s investment in those shares. During the year ended
March 31, 2026, the Company observed price changes to the trading price per share of Mag Mile’s common stock and recorded an increase
of $
| F-15 |
NOTE 5 - RELATED PARTY TRANSACTIONS
Mr. Tom Glasner Larsen is the spouse of Mrs. Glaesner, CEO of GK Partners, and was a member of our board of directors from February 23, 2023 until his voluntary retirement on June 9, 2023. He was a beneficial owner of a controlling interest in NP Bioinnovation A/S (formerly Managementselskabet af 12.08.2020 A/S) until its acquisition by the Company on February 23, 2023. He was also a beneficial owner of a controlling interest in Orocidin until its acquisition by the Company on May 13, 2024, and a beneficial owner of a controlling interest in Bio-Convert until its acquisition by the Company on November 11, 2024.
Effective
April 1, 2022, we issued to GK Partners, for financial services, a warrant (the “2022 GK Warrant”) to purchase up to
Effective
December 30, 2024, warrants were issued to GK Partners (the “2024 GK Warrant”) to purchase up to
As detailed in Note 4, on June 20, 2023, the Company and GK Partners entered into a Stock Purchase and Sale Agreement whereby the Company acquired equity interests in Mag Mile.
During
the year ended March 31, 2026, GK Partners purchased shares of the Company’s common stock at a price of $ per share
for gross proceeds of $
In
July 2025, NP Bioinnovation A/S entered into a short-term lease agreement with GK Partners. NP Bioinnovation A/S incurred $
For
the year ended March 31, 2026, GK Partners provided services to the Company’s subsidiaries totaling approximately $
Mr.
Bennett Yankowitz, our chief financial officer and director, was affiliated with legal counsel who provided us with general legal services
(the “Affiliate”). We recorded legal fees to the Affiliate of $
Our
employment agreement with Henrik Rouf, our chief executive officer, provided for a base salary of $
Our
consulting agreement with Bennett Yankowitz, our chief financial officer and a member of our board of directors, provided for a base
salary of $
| F-16 |
During
the year ended March 31, 2025, a related party forgave their payable of $
Effective
June 3, 2024, Christian Hill-Madsen resigned from the Board of Directors of the Company, and the remaining Board members appointed Peter
Severin as his replacement and as Chairman of the Board of Directors. Mr. Hill-Madsen will continue as CEO of NP Bioinnovation A/S, of
which the Company acquired
On
June 3, 2024, the Company’s Board of Directors approved a compensation plan under which the Chairman of the Board of Directors
will receive compensation of $
On
October 1, 2025, the Company entered into a consulting agreement with Darlington Group, LLC (“Darlington Group”), which is
controlled by Andrew Ritter, a member of the Company’s board of directors. Darlington Group will provide consulting services concerning
strategic guidance on U.S. capital markets and drug development; market access and network development; partnerships, industry intelligence
and strategic planning; and operational support. The agreement is terminable by either party on 30 days’ advance notice. For these
services, Darlington Group will be paid $
In
October 2025, the Company, through its subsidiary NoviThera, purchased intellectual property from Alteral in exchange for
NOTE 6 - FAIR VALUE MEASUREMENTS
The following tables provide information related to the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and March 31, 2025:
| March 31, 2026 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Investment in Mag Mile Capital, Inc. | $ | $ | $ | $ | ||||||||||||
| $ | $ | $ | $ | |||||||||||||
| March 31, 2025 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Investment in Mag Mile Capital, Inc. | $ | $ | $ | $ | ||||||||||||
| $ | $ | $ | $ | |||||||||||||
NOTE 7 - PREFERRED STOCK
Preferred Stock
We
have authorized shares, $ par value, preferred stock (the “Preferred Stock”) of which shares have
been issued and redeemed, and therefore are not considered outstanding. In addition, shares of Preferred Stock have been designated
as Series A Junior Participating Preferred Stock (the “Junior Preferred Stock”) with the designations and the powers, preferences,
rights, qualifications, limitations and restrictions specified in the Certificate of Designation of the Junior Preferred Stock filed
with the Delaware Department of State on January 28, 2008. Such number of shares may be increased or decreased by resolution of the Board
of Directors, provided that no decrease shall reduce the number of shares of Junior Preferred Stock to a number less than the number
of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants
or upon the conversion of any outstanding securities issued by the Company that are convertible into Junior Preferred Stock.
| F-17 |
NOTE 8 - COMMON STOCK TRANSACTIONS
The Company is authorized to issue shares of common stock with a par value of $ per share (the “Common Stock”). Holders of the Company’s Common Stock are entitled to one vote for each share.
During
the year ended March 31, 2026, the Company issued shares of restricted Common Stock to private investors. The purchase price
ranged from $- per share, resulting in total net proceeds of $
In August 2025, the Company’s Board of Directors authorized a share repurchase program which permits the Company to repurchase up to an aggregate of shares of the Company’s Common Stock from existing shareholders only, solely in privately negotiated transactions, at a purchase price per share not greater than the then-current market price as determined based on the last reported sale price of the Company’s Common Stock on the Company’s principal trading market. The Company is not obligated to repurchase any shares and may suspend or terminate the program at any time.
On October 1, 2025, the Company repurchased shares of Common Stock from an existing shareholder for $ per share. The repurchase was made pursuant to the share repurchase program authorized by the Company’s Board of Directors. Following the transaction, shares remain authorized for repurchase.
In June 2024, the Company established the Nordicus Partners Corporation 2024 Stock Incentive Plan (the “Plan”). The purpose of the Plan is to promote the long-term growth and profitability of the Company by (i) providing key people with incentives to improve stockholder value and to contribute to the growth and financial success of the Company, and (ii) enabling the Company to attract, retain and reward the best-available persons.
The Plan permits the granting of stock options (including incentive stock options qualifying under Code Section 422 and nonqualified stock options), stock appreciation rights (SARs), restricted or unrestricted stock awards, restricted stock units, performance awards, other stock-based awards, or any combination of the foregoing.
Participation in the Plan shall be open to all employees, officers, directors, and consultants of the Company, or of any affiliate of the Company, as may be selected by the Company from time to time. However, only employees of the Company, and of any parent or subsidiary of the Company, shall be eligible for the grant of an incentive stock option. The grant of an award at any time to any person shall not entitle that person to a grant of an award at any future time.
The shares of Common Stock that may be issued with respect to awards granted under the Plan shall not exceed an aggregate of shares of Common Stock. The maximum number of shares of Common Stock under the Plan that may be issued as incentive stock options shall be shares. Regarding performance-based award limitations, the number of shares of Common Stock that may be granted in the form of options, SARs, restricted stock awards, restricted stock units, or performance award shares in a single fiscal year to a participant may not exceed of each form.
| F-18 |
| Number
of Stock Options | Weighted-average Exercise Price per Option* | Weighted-average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||||
| Outstanding as of March 31, 2025 | $ | | ||||||||||||||
| Granted | $ | — | — | |||||||||||||
| Outstanding as of March 31, 2026 | $ | |||||||||||||||
| Exercisable and vested as of March 31, 2026 | $ | |||||||||||||||
| Vested and expected to vest as of March 31, 2026 | $ | |||||||||||||||
| * |
The stock-based compensation expense related to option grants under the Plan was $, for the year ended March 31, 2026 and was recognized within officer compensation on the Company’s consolidated statement of operations and comprehensive loss.
All of the service based awards in the table above were fully vested at issuance and therefore all related compensation expense was recognized in the periods the awards were granted. There was unrecognized compensation cost related to the service based options as of March 31, 2026. The Performance Awards in the table above will fully vest when the vesting terms are met and expense will be recognized when the vesting event becomes probable. Therefore, stock-based compensation expense was recorded for the Performance Awards for the year ended March 31, 2026.
In November 2024, performance awards (the “Performance Awards”) were issued, whose vesting is dependent upon events related to future acquisitions that were not deemed probable of occurring at the time of grant through March 31, 2025. The exercise price of the Performance Awards will be equal to the closing price per share of the Company’s common stock on the trading day preceding the vesting date. Due to the variability in the exercise price of the Performance Awards, that is the exercise price will be equal to the closing price per share on the date preceding the vesting date, the Company concluded that the grant date was not established for accounting purposes. The fair value of the Performance Awards on the date of award was $. As of March 31, 2026, the fair value of the Performance Awards was $. The Company did not recognize compensation expense for such awards as the grant date has not been established nor is the achievement of the milestone considered probable. The Company will reassess the probability of achievement at each reporting date and will recognize compensation expense if and when the performance condition becomes probable of achievement.
The weighted-average grant date fair value per share of options granted during the year ended March 31, 2026 was $. The Company uses the Black-Scholes option model to estimate the fair value of stock options. In applying the Black-Scholes option model, the Company used the following assumptions in the valuation of options granted in 2026:
| Expected volatility | % | |||
| Expected dividend yield | % | |||
| Exercise price | $ | |||
| Stock price | $ | |||
| Expected term (years) | ||||
| Risk-free rate | % |
| F-19 |
| Exercise price | ||||
| Contractual term (years) | ||||
| Volatility (annual) | % | |||
| Risk-free rate | % | |||
| Dividend yield (per share) | % | |||
Equity issued for consulting services
For
the years ended March 31, 2026 and 2025, unrelated to the Plan, the Company issued and shares of Common Stock to a third
party for consulting services, respectively, which were valued at $
NOTE 10 - GOODWILL AND INTANGIBLE ASSETS
Orocidin A/S
On
May 13, 2024, the Company and certain shareholders of Orocidin, a Danish stock corporation entered into a Stock Purchase and Sale Agreement
(“Business Combination”), under which the Company issued restricted shares of its Common Stock to the Sellers in
exchange for
Orocidin is a preclinical-stage biotechnology company, and is developing a proprietary first-of-its-kind medical treatment for aggressive periodontitis.
The Company accounted for the transaction as a business combination under ASC 805 and as a result, allocated the fair value of identifiable assets acquired and liabilities assumed as of the acquisition date. The excess of the purchase price over the estimated fair values of the underlying identifiable assets acquired, liabilities assumed was allocated to goodwill.
The
$
On
November 11, 2024, the Company acquired the remaining outstanding common shares and voting interest, or
Bio-Convert A/S
On
November 11, 2024 (the acquisition date), the Company acquired
Bio-Convert is a Denmark-based preclinical-stage biotechnology company focused on revolutionizing the treatment of oral leukoplakia, which is a potentially malignant disorder affecting the oral mucosa. Oral leukoplakia is a white patch or plaque that can develop in the oral cavity and when accompanied by dysplasia, it becomes a marker of disease progression and patients can potentially develop oral cancer. Bio-Convert is developing a new pharmaceutical drug product for the treatment of oral leukoplakia and the prevention of oral cancer formation. This is achieved through a proprietary mucoadhesive oral topical formulation that delivers the drug without any systemic absorption. The aim of the treatment is therefore to eliminate the lesions or to reduce the malignant conversion rate of oral leukoplakia to oral cancer. The effect on oral cancer may improve the surgical removal procedure should this be needed for the oral cancer patients. Bio-Convert’s current plan is to conduct a pilot efficacy study in patients with oral leukoplakia.
| F-20 |
The
acquisition-date fair value of the consideration transferred totaled $
The
$
The following table summarizes the goodwill activity for the year ended March 31, 2026:
| Orocidin | Bio-Convert | Total | ||||||||||
| Balance as of March 31, 2025 | $ | $ | $ | |||||||||
| Foreign currency translation adjustment | ||||||||||||
| Balance as of March 31, 2026 | $ | $ | $ | |||||||||
The following table summarizes the in-process research and development activity for the year ended March 31, 2026:
| Orocidin | Bio-Convert | Total | ||||||||||
| Balance as of March 31, 2025 | $ | $ | $ | |||||||||
| Foreign currency translation adjustment | ||||||||||||
| Balance as of March 31, 2026 | $ | $ | $ | |||||||||
NOTE 11 - WARRANTS
A summary of the Company’s outstanding warrant activity for year ended March 31, 2026 is as follows:
| Weighted | ||||||||||||
| Weighted | Average | |||||||||||
| Number of | Average Exercise | Remaining Contract | ||||||||||
| Warrants | Price | Term | ||||||||||
| Outstanding, March 31, 2025 | $ | |||||||||||
| Issued | — | |||||||||||
| Expired/cancelled | — | |||||||||||
| Exercised | — | |||||||||||
| Outstanding, March 31, 2026 | $ | |||||||||||
All of the outstanding warrants are exercisable as of March 31, 2026 with an intrinsic value of $.
NOTE 12 - INCOME TAX
Deferred
taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating
loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences
are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a
valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets
will not be realized. The Company has evaluated Staff Accounting Bulletin No. 118 regarding the impact of the decreased tax rates of
the Tax Cuts & Jobs Act. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the
date of enactment. The Company and its subsidiaries file income tax returns in the U.S. and foreign jurisdictions. The U.S. federal and
foreign jurisdiction income tax rates of
| F-21 |
For financial reporting purposes, loss before provision for income taxes, includes the following components:
| March 31, 2026 | March 31, 2025 | |||||||
| Domestic | $ | ( | ) | $ | ( | ) | ||
| Foreign | ( | ) | ( | ) | ||||
| Loss before income taxes | $ | ( | ) | $ | ( | ) | ||
The table below provides the updated requirements of ASU 2023-09 for 2025. See Notes to Consolidated Financial Statements - Income Taxes for additional details on the adoption of ASU 2023-09. The effective tax rate differs from the federal statutory income tax rate applied to the loss before provision for income taxes and tax due to the following:
| March 31, 2026 | ||||||||
| Amount | Rate | |||||||
| $ | ( | ) | ( | )% | ||||
| Foreign expense (benefit) | % | |||||||
| Temporary differences | ( | ) | ( | )% | ||||
| Valuation allowance change | % | |||||||
| Total income tax expense | $ | % | ||||||
As previously disclosed for the year ended March 31, 2025, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
| March 31, 2025 | ||||
| Federal statutory tax rate | % | |||
| Foreign rate differential | % | |||
| Permanent differences | ( | )% | ||
| Increase in valuation allowance | ( | )% | ||
| Effective tax rate | % | |||
| F-22 |
The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities consist of the following:
| March 31, 2026 | March 31, 2025 | |||||||
| Deferred Tax Assets: | ||||||||
| Stock-based compensation | $ | $ | ||||||
| Net operating loss carryforwards | ||||||||
| Total gross deferred tax assets | ||||||||
| Valuation allowance | ( | ) | ( | ) | ||||
| Net deferred tax assets | $ | $ | ||||||
| Deferred Tax Liabilities: | ||||||||
| In-process research and development intangible assets | $ | ( | ) | $ | ( | ) | ||
| Total deferred tax liabilities | ( | ) | ( | ) | ||||
| Net deferred tax liability | $ | ( | ) | $ | ( | ) | ||
At
March 31, 2026 and 2025, the Company had net operating loss carry forwards of approximately $
The Company’s ability to use its net operating loss carryforwards may be substantially limited due to ownership change limitations that may occur as required by Section 382 of the Internal Revenue Code of 1986 as amended. The Company has not completed a study to assess whether an ownership change has occurred or whether there have been multiple ownership changes since incurring losses. If the Company has completed an ownership change, utilization of the net operating loss carryforwards would be subject to annual limitations under Section 382. Any limitation could result in expiration of a portion of the net operating loss carryforwards before utilization. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2016.
NOTE 13 - NOTE PAYABLE
On
February 18, 2026, Nordicus Partners Corporation entered into a demand promissory note (the “Note”) with Reddington,
in the aggregate amount of $
The outstanding principal balance, together with all accrued and unpaid interest, is due and payable on demand by the Lender and, accordingly, is classified as a current liability on the balance sheet. In the event of default, including nonpayment or certain insolvency events, the Payee may declare all amounts immediately due and payable and may pursue customary remedies, including collection costs and attorneys’ fees. The Company may prepay the Note, in whole or in part, at any time without premium or penalty. Payments made under the Note are applied first to accrued interest and then to principal.
On
March 6, 2026, the Company entered into an additional demand promissory note with the same lender under substantially identical terms,
pursuant to which the Company borrowed an additional $
| F-23 |
As
of March 31, 2026 and 2025, the principal balance due was $
NOTE 14 - SEGMENT REPORTING
The Company operates as a single operating segment, which consists of the Company’s wholly-owned subsidiaries, Orocidin and Bio-Convert, and its majority-owned subsidiary, NoviThera. All subsidiaries are focused on developing medicines supporting oral health. The Company has one reportable segment, which consists of its single operating segment.
The accounting policies of the segment are the same as those described in the summary of significant accounting policies.
The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). When evaluating the Company’s financial performance and deciding how to allocate resources, the CODM regularly reviews total expenses and expenses by significant areas to make decisions on a company-wide basis. The Company’s CODM uses net loss to evaluate past spending and to guide decisions of future spending. Net loss is used to monitor budget versus actual results.
The Company did not generate any revenue during the year ended March 31, 2026. The Company has no material intra-entity revenues or expenses. As the Company is currently in the pre-revenue phase, the aforementioned operating expenses are the primary drivers that guide decisions of future spending and to monitor performance.
The measure of segment assets is reported on the balance sheet as total assets.
The CODM does not separately evaluate performance by geographic region or product line, as the Company has not yet commenced commercial operations and has limited operations due to the current liquidity and funding of the Company. The Company’s operations are conducted within the United States of America and Denmark.
NOTE 15 - SUBSEQUENT EVENTS
Management has evaluated subsequent events from the balance sheet date through the date the financial statements were available to be issued and has determined that no material subsequent events exist other than the following:
In
March and April 2026, the Company issued to five private investors for a total of
restricted shares of its common stock, par value $
In
March through June 2026 an affiliate of our chief executive officer, Henrik Rouf, loaned to the company $
On July 7, 2026, Andrew J. Ritter resigned from the Board of Directors of the Company, effective immediately. He also resigned from the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee of the Board.
| F-24 |
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Our management, with the participation of our chief executive officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions to be made regarding required disclosure. It should be noted that any system of controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met and that management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on this evaluation, our chief executive officer concluded that our disclosure controls and procedures as of March 31, 2026, were not effective at the reasonable assurance level due to limited resources in the finance and accounting functions. If successful in effecting a transaction with an operating company, we intend to take appropriate and reasonable steps to make improvements to remediate these deficiencies.
Management’s Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934). A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the interim or annual financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Our management, with the participation of our Chief Executive Officer, conducted an evaluation of the effectiveness of our internal control over financial reporting as of March 31, 2026, based on the framework in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control (2013). Based on this assessment, our management concluded that, as of March 31, 2026, our internal controls over financial reporting were not effective at the reasonable assurance level due to limited resources in the finance and accounting functions. If successful in effecting a transaction with an operating company, we intend to take appropriate and reasonable steps to make improvements to remediate these deficiencies.
This annual report on Form 10-K does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to Securities and Exchange Commission rules that permit us to provide only management’s report in this annual report.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal controls over financial reporting that occurred during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
| 18 |
Part III
Item 10. Directors, Executive Officers and Corporate Governance
The following persons served as our directors and executive officers for the fiscal years ended March 31, 2026 and 2025. Each director holds office until the next annual meeting of the stockholders or until his successor has been duly elected and qualified. Each executive officer serves at the discretion of the Board of Directors of the Company.
| Name | Age | Position | ||
| Henrik Rouf | 59 | Chief Executive Officer | ||
| Christian Hill-Madsen (1) | 60 | Director | ||
| Bennett J. Yankowitz | 71 | Director and Chief Financial Officer | ||
| Henrik Keller (2) | 71 | Director | ||
| Peter Severin (3) | 62 | Director | ||
| Torben S. Jensen (4) | 61 | Director | ||
| Kim T. Mücke (4) | 61 | Director | ||
| Andrew J. Ritter (5) | 43 | Director (resigned effective July 7, 2026) |
| (1) | Resigned from the Board on June 3, 2024. | |
| (2) | Resigned from the Board on August 7, 2025. | |
| (3) | Appointed to the Board on June 3, 2024. | |
| (4) | Appointed to the Board on August 7, 2025. | |
| (5) | Appointed to the Board on August 7, 2025, resigned effective July 7, 2026. |
There are no family relationships between our directors and executive officers.
Background of Executive Officers and Directors
Henrik Rouf—Chief Executive Officer. Mr. Rouf has 30 years of experience in the global financial markets, working as an investment banker and international financier. He currently advises public and private companies in various industries, including life sciences, AI, blockchain, and semiconductors, throughout North America, Europe, and India.
Prior to joining Nordicus Partners as Chief Executive Officer, Mr. Rouf was the President of PWP, Inc., a California-based merchant bank, from 2004 to 2023, where he ran the company’s overall investment banking practice. During this time, he also cofounded Rocketfuel Blockchain, a global payment processing platform. From 1997 to 2004, he was the Managing Partner of Impact Capital and financed numerous micro-cap and small-cap companies. Mr. Rouf started his career in the U.S. in 1991 as an Institutional Broker for various brokerage houses in New York and San Francisco, including Wedbush.
Peter Severin – Chairman of our Board of Directors. Mr. Severin is an experienced consultant in the pharmaceutical industry. He is the owner of Severin-Partners A/S, a consulting company based in Copenhagen, Denmark. He was previously head of sales for Novartis and Sales Manager at AstraZeneca Pharmaceuticals and at GlaxoSmithKline.
| 19 |
Christian Hill-Madsen—Former Chairman of our Board of Directors. Mr. Hill-Madsen joined the Nordicus Partners Corporation Board in January 2023. He has over 25 years of experience working as a headhunter dedicated to the Life Science Industry in the Nordics, mastering the fine art of finding the best candidates for the right job, in all aspects of the healthcare solution program from Headhunting and Recruitment, Salesforce Optimization, Assessment to Organizational Development, etc. He was the CEO of Life Science Power House ApS, a Denmark-based life science advisory and consultancy firm, from 2018 to 2023. From 2013 to 2018 he was the Founder and CEO of the life science headhunting firm, Hill-Consult.
Henrik Keller – Director. Mr. Keller has more than four decades of experience in the corporate sector, in which he has a proven track record of delivering excellent performances. Mr. Keller possesses a unique set of strategical, managerial and sales capabilities, which has been key in the documented success he has delivered to the companies he has been, and are currently involved with, serving in various positions as Owner, General Manager, Sales Manager, Consultant/Advisor, Board Member. He has been an independent business consultant since 2009. Through his professional career, Mr. Keller has established a network which spans globally.
Bennett J. Yankowitz—Chief Financial Officer and Director. Mr. Yankowitz has more than 30 years of experience as a corporate attorney with leading law firms, specializing in securities, financial and merger and acquisition transactions, and has a background in financial analysis and real estate investment and development. He is of counsel to the law firm Shumaker Mallory LLP, and was previously of counsel to its predecessor firm Parker Shumaker Mills LLP. He is also chief executive officer of Gold Vault Capital, LLC. He was previously counsel to Kaye Scholer LLP and a partner of Heenan Blaikie and of Stroock & Stroock & Lavan LLP. From 2002 to 2014, he was a director of Proteus Energy Corporation, a California-based private oil and gas production and development company and was its Chief Executive Officer from 2008 to 2014. He was chief financial officer and a member of the board of directors of RocketFuel Blockchain, Inc. from 2015 to 2025. Mr. Yankowitz earned his B.A. degree in Mathematics from the University of California, Berkeley (1977), his J.D. degree from the University of Southern California (1980), where he was an editor of the Southern California Law Review, and his LL.M. degree (First Class Honours) from the University of Cambridge (1981), where he was an Evan Lewis-Thomas Scholar at Sidney Sussex College. He is a member of the California and New York bars.
Our Board has concluded that Mr. Yankowitz is an appropriate person to represent management on our Board of Directors given his position as our Chief Financial Officer, his professional credentials, and his understanding of corporate regulatory matters and merger and acquisition activities.
Torben Jensen—Director. Mr. Jensen has more than 35 years of experience in finance and has during the years developed and funded projects and companies in real estate, energy, venture, life science and medico. He has previously been CEO and Chairman of the Board of two listed companies on Nasdaq. From 2019 to 2024 he was a Senior Partner in GK Partners ApS, a corporate finance house and a major shareholder in the Company, where he was the head of funding for projects. Furthermore, he has served as the Chief Executive Officer of AC Nordic since December 2024, also a major shareholder in the Company.
Kim T. Mücke—Director. Mr. Münke is a Danish state authorized public accountant (authorization deposited in 2025). He was partner with Deloitte (Denmark) from 2002 to 2022 where he, among others, served as signing partner for various listed companies including companies that underwent IPO processes. In the years 2023-2024, Mr. Mücke was Head of Corporate Clients for BDO (Denmark). From January 1, 2025, Mr. Mücke has started as independent advisor, specialized in financial reporting, risk management and corporate governance. Mr. Mücke has a master’s degree in Auditing and Accounting from the Copenhagen Business School.
Andrew J. Ritter—Director (Resigned). Mr. Ritter has served as the Chief Executive Officer and a director of Cairns Health, an innovator in AI-powered remote care solutions supporting home and senior care, since September 2023. Previously, Mr. Ritter was the Chief Executive Officer of Docbot, an AI-driven MedTech company, from January 2021 to December 2022. He also founded and served as Chief Executive Officer of Ritter Pharmaceuticals, a biotechnology company focusing on gastrointestinal diseases, from March 2004 to May 2020. In addition, he served as a founding director of Myosin Therapeutics, a biotech spin-out from Scripps Research, from October 2021 to January 2025. Mr. Ritter earned a B.A. in political science at the University of Southern California and a Master of Business Administration at the Wharton School, University of Pennsylvania. On July 7, 2026, Andrew J. Ritter resigned from the Board of Directors of the Company, effective immediately.
| 20 |
Code of Conduct and Ethics
We have adopted a Code of Ethics that allows for us to ensure that our disclosure controls and procedures remain effective. Our Code also defines the standard of conduct expected by our chief executive officer and director. A copy of our Code of Ethics will be furnished without charge to any person upon written request. Requests should be sent to: Chief Executive Officer, Nordicus Partners Corporation, 280 S. Beverly Dr., Suite 505, Beverly Hills, California 90212.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers, directors and persons who beneficially own more than 10% of a registered class of our securities to file reports of ownership and changes in ownership with the SEC. Based solely on a review of copies of such forms submitted to us, we believe that all persons subject to the requirements of Section 16(a) filed such reports on a timely basis in fiscal year 2026.
Corporate Governance and Guidelines
Our Board of Directors has long believed that good corporate governance is important to ensure that we manage our company for the long-term benefit of stockholders. During the past year, our Board of Directors has continued to review our governance practices in light of the Sarbanes-Oxley Act of 2002 and recently revised SEC rules and regulations. We intend to implement internal corporate governance guidelines and practices when we have available resources to implement these guidelines and practices. Such guidelines and practices, when implemented, will be furnished without charge to any person upon written request. Requests should be sent to: Chief Executive Officer, Nordicus Partners Corporation, 280 S. Beverly Dr., Suite 505, Beverly Hills, California 90212.
Committees of the Board of Directors
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.
On July 7, 2026, Andrew J. Ritter resigned from the Board of Directors of the Company, effective immediately. He also resigned from the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee of the Board.
Director Independence
We are not currently subject to listing requirements of any national securities exchange or inter-dealer quotation system which has requirements that a majority of the Board be “independent” and, as a result, we are not at this time required to have our Board comprised of a majority of “Independent Directors.” As of the date of this Report, two of our directors are considered to be independent.
Item 11. Executive Compensation
Summary Compensation Table
The following table provides information concerning compensation for services rendered to us in all capacities for the fiscal years ended March 31, 2026 and 2025 by our named executive officer and former named executive officer.
| Named Executive Officer | Fiscal Year | Salary ($) | Bonus ($) | Option Awards ($)(1) | All Other Compensation ($) | Total ($) | |||||||||||||||||
| Bennett J. Yankowitz | 2026 | $ | 105,000 | $ | — | $ | — | $ | — | $ | 105,000 | ||||||||||||
| Chief Financial Officer | 2025 | $ | 60,000 | $ | — | $ | 354,875 | $ | — | $ | 414,875 | ||||||||||||
| Henrik Rouf | 2026 | $ | 300,000 | $ | — | $ | — | $ | — | $ | 300,000 | ||||||||||||
| Chief Executive Officer | 2025 | $ | 120,000 | $ | — | $ | 709,750 | $ | — | $ | 829,750 | ||||||||||||
| (1) | Calculated based on the grant-date fair value of the option awards granted during the fiscal year. |
| 21 |
Employment Agreements and Change in Control Provision
On April 17, 2023, our Board of Directors approved an employment agreement for our chief executive officer, Henrik Rouf, and a consulting agreement for our chief financial officer, Bennett J. Yankowitz.
Mr. Rouf’s employment agreement provided for a base salary of $72,000 per year, commencing April 1, 2023, and has a term of one year. On April 8, 2024 the agreement was amended to increase Mr. Rouf’s annual salary to $120,000 and to extend the term to April 1, 2025. On July 1, 2025, the agreement was amended to increase Mr. Rouf’s annual salary to $360,000 and to extend the term to July 1, 2026.
Mr. Yankowitz’s consulting agreement provided for a base salary of $36,000 per year, commencing April 1, 2023, and has a term of one year. On April 8, 2024 the agreement was amended to increase Mr. Yankowitz’s annual salary to $60,000 and to extend the term to April 1, 2025. On July 1, 2025, the agreement was amended to increase Mr. Yankowitz’s annual salary to $120,000 and to extend the term to July 1, 2026.
Outstanding Equity Awards at 2026 Fiscal Year-End
| Option Awards | ||||||||||||||||||
| Number of securities underlying unexercised options (#) | Equity incentive plan awards: Number of securities underlying unexercised unearned options | Option exercise price | Option expiration | |||||||||||||||
| Name | Exercisable | Unexercisable | (#) | ($) | Date | |||||||||||||
| Henrik Keller | 25,000 | - | - | $ | 3.25 | 11/15/2034 | ||||||||||||
| Henrik Rouf | 250,000 | - | - | $ | 3.25 | 11/15/2034 | ||||||||||||
| Henrik Rouf (1) | - | 250,000 | - | $ | 3.25 | 11/15/2034 | ||||||||||||
| Peter Severin | 50,000 | - | - | $ | 3.25 | 11/15/2034 | ||||||||||||
| Bennett J. Yankowitz | 125,000 | - | - | $ | 3.25 | 11/15/2034 | ||||||||||||
| Bennett J. Yankowitz (1) | - | 125,000 | - | $ | 3.25 | 11/15/2034 | ||||||||||||
| Bennett J. Yankowitz (2) | 25,000 | $ | 10.00 | 12/31/2027 | ||||||||||||||
| Andrew J. Ritter | 50,000 | $ | 1.90 | 8/7/2035 | ||||||||||||||
| Torben S. Jensen | 25,000 | $ | 1.90 | 8/7/2035 | ||||||||||||||
| Kim T. Mucke | 25,000 | $ | 1.90 | 8/7/2035 | ||||||||||||||
(1). Such options become vested on the closing date of the next acquisition by the Company of a company with a minimum independent valuation of $100 million.
(2). Consist of warrants that were granted outside of the 2024 Stock Incentive Plan.
Option Exercises and Stock Vested During Fiscal 2026
There were no options exercised during the fiscal year ended March 31, 2026.
Directors’ Compensation
On June 3, 2024, the Company’s Board of Directors adopted a resolution providing that the Chairman of the Board of Directors shall receive compensation of $20,000 per annum, and each other Director shall receive compensation of $10,000 per annum, in consideration of their serving on the Company’s Board of Directors, payable in equal installments semiannually in arrears, commencing December 31, 2024, without proration for partial terms.
| 22 |
Equity Compensation Plan Information
On June 7, 2024, our Board of Directors and stockholders adopted our 2024 Stock Incentive Plan (the “2024 Plan”). The 2024 Plan replaces the 2017 Non-Qualified Equity Incentive Plan that was adopted by the Board of Directors and stockholders on August 16, 2023 (the “2017 Plan”). The purpose of the 2024 Plan is to provide an incentive to attract and retain directors, officers, consultants, advisors and employees whose services are considered valuable, to encourage a sense of proprietorship, and to stimulate an active interest of these persons in our development and financial success. Under the 2024 Plan, we are authorized to issue up to 7,000,000 shares of common stock, non-qualified stock options, performance shares, restricted stock and long-term incentive awards. The purpose of the 2024 Plan is to provide an incentive to attract and retain directors, officers, consultants, advisors and employees whose services are considered valuable, to encourage a sense of proprietorship, and to stimulate an active interest of these persons in our development and financial success. Under the 2024 Plan, we are authorized to issue up to 7,000,000 shares of common stock, non-qualified stock options, performance shares, restricted stock and long-term incentive awards.
Administration. The 2024 Plan is administered by the Board of Directors or the committee or committees as may be appointed by the Board of Directors from time to time (the “Administrator”). The Administrator determines the persons who are to receive awards, the types of awards to be granted, the number of shares subject to each such award and the terms and conditions of such awards. The Administrator also has the authority to interpret the provisions of the 2024 Plan and of any awards granted there under and to modify awards granted under the 2024 Plan. The Administrator may not, however, reduce the price of options or stock appreciation rights issued under the 2024 Plan without prior approval of the Company’s shareholders.
Eligibility. The 2024 Plan provides that awards may be granted to employees, officers, directors and consultants of the Company or of any parent, subsidiary or other affiliate of the Company as the Administrator may determine. A person may be granted more than one award under the 2024 Plan.
Shares that are subject to issuance upon exercise of an option under the 2024 Plan but cease to be subject to such option for any reason (other than exercise of such option), and shares that are subject to an award granted under the 2024 Plan but are forfeited or repurchased by the Company at the original issue price, or that are subject to an award that terminates without shares being issued, will again be available for grant and issuance under the 2024 Plan.
Terms of Options and Stock Appreciation Rights. The Administrator determines many of the terms and conditions of each option and SAR granted under the 2024 Plan, including whether the option is to be an incentive stock option or a non-qualified stock option, whether the SAR is a related SAR or a freestanding SAR, the number of shares subject to each option or SAR, and the exercise price of the option and the periods during which the option or SAR may be exercised. Each option and SAR is evidenced by a grant agreement in such form as the Administrator approves and is subject to the following conditions (as described in further detail in the 2024 Plan):
(a) Vesting and Exercisability: Options, restricted shares and SARs become vested and exercisable, as applicable, within such periods, or upon such events, as determined by the Administrator in its discretion and as set forth in the related grant agreement. The term of each option is also set by the Administrator. However, a related SAR will be exercisable at the time or times, and only to the extent, that the option is exercisable and will not be transferable except to the extent that the option is transferable. A freestanding SAR will be exercisable as determined by the Administrator but in no event after 10 years from the date of grant.
(b) Exercise Price: Each grant agreement states the related option exercise price, which, in the case of SARs, may not be less than 100% of the fair market value of the Company’s shares of common stock on the date of the grant. The exercise price of an incentive stock option granted to a 10% stockholder may not be less than 110% of the fair market value of shares of the Company’s common stock on the date of grant.
(c) Method of Exercise: The option exercise price is typically payable in cash, common stock or a combination of cash of common stock, as determined by the Administrator, but may also be payable, at the discretion of the Administrator, in a number of other forms of consideration.
| 23 |
(d) Recapitalization; Change of Control: The number of shares subject to any award, and the number of shares issuable under the 2024 Plan, are subject to proportionate adjustment in the event of a stock dividend, spin-off, split-up, recapitalization, merger, consolidation, business combination or exchange of shares and the like. Except as otherwise provided in any written agreement between the participant and the Company in effect when a change in control occurs, in the event an acquiring company does not assume plan awards (i) all outstanding options and SARs shall become fully vested and exercisable; (ii) for performance-based awards, all performance goals or performance criteria shall be deemed achieved at target levels and all other terms and conditions met, with award payout prorated for the portion of the performance period completed as of the change in control and payment to occur within 45 days of the change in control; (iii) all restrictions and conditional applicable to any restricted stock award shall lapse; (iv) all restrictions and conditions applicable to any restricted stock units shall lapse and payment shall be made within 45 days of the change in control; and (v) all other awards shall be delivered or paid within 45 days of the change in control.
(e) Other Provisions: The option grant and exercise agreements authorized under the 2024 Plan, which may be different for each option, may contain such other provisions as the Administrator deems advisable, including without limitation, (i) restrictions upon the exercise of the option and (ii) a right of repurchase in favor of the Company to repurchase unvested shares held by an optionee upon termination of the optionee’s employment at the original purchase price.
Amendment and Termination of the 2024 Plan. The Administrator, to the extent permitted by law, and with respect to any shares at the time not subject to awards, may suspend or discontinue the 2024 Plan or amend the 2024 Plan in any respect; provided that the Administrator may not, without approval of the stockholders, amend the 2024 Plan in a manner that requires stockholder approval.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table sets forth the beneficial ownership of shares of our common stock, as of June 18, 2026 of (i) each person known by us to beneficially own five percent (5%) or more of such shares; (ii) each of our directors and current executive officers named in the Summary Compensation Table; and (iii) our current executive officers and directors as a group. Except as otherwise indicated, all shares are beneficially owned, and the persons named as owners hold investment and voting power.
| 24 |
Beneficial ownership has been determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934. Under this rule, certain shares may be deemed to be beneficially owned by more than one person, if, for example, persons share the power to vote or the power to dispose of the shares. In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire shares, for example, upon exercise of an option or warrant, within 60 days of June 18, 2026. In computing the percentage ownership of any person, the amount of shares is deemed to include the amount of shares beneficially owned by such person, and only such person, by reason of such acquisition rights. As a result, the percentage of outstanding shares of any person as shown in the following table does not necessarily reflect the person’s actual voting power at any particular date.
| Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percentage of Class (1) | ||||||
| Henrik Rouf (CEO) 280 S. Beverly Dr., Suite 505 Beverly Hills, CA 90212 USA | 265,973 | (2) | 1.4 | % | ||||
| Bennett Yankowitz (CFO & Director) 280 S. Beverly Dr., Suite 505 Beverly Hills, CA 90212 USA | 150,000 | (3) | 0.8 | % | ||||
| Henrik Keller (Former Director) Bernstoffslund Alle 59 2920 Charlottenlund Denmark | 25,000 | 0.1 | % | |||||
| Peter Severin (Director/Chairman) Blaamunkevangen 1 3120 Dronningmoelle Denmark | 50,000 | 0.3 | % | |||||
| Andrew J. Ritter (Director) 11811 San Vicente Blvd. Los Angeles, CA 90049 USA | 50,000 | 0.3 | % | |||||
| Kim T. Mucke (Director) Oesterbrogade 110, 3_ 2100 Copenhagen Oe Denmark | 97,399 | (4) | 0.1 | % | ||||
| Torben Steen Jensen (Director) Strandvejen 60, 5 2900 Hellerup Denmark | 3,144,335 | (5) | 16.3 | % | ||||
| All officers and directors as a group (7 persons) | 3,710,308 | 19.3 | % | |||||
| Kiri Lillan Glaesner Dyrehavevej 3B 2930 Klampenborg Denmark | 3,259,025 | (6) | 17.0 | % | ||||
| Allan Traugott Wehnert Dyrehavevej 3B 2930 Klampenborg Denmark | 5,296,131 | (7) | 27.6 | % | ||||
Christian Hill-Madsen Mesterlodden 3A, 1. 2820 Gentofte Denmark | 1,098,973 | (8) | 5.7 | % | ||||
| (1) | Based on 19,798,896 shares of common stock as of June 18, 2026, composed of 19,173,896 outstanding shares of our common stock, 550,000 shares of our common stock underlying outstanding incentive stock options and 75,000 shares of our common stock underlying outstanding warrants. | |
| (2) | Includes 15,333 shares of our common stock owned by Reddington Partners LLC, of which Mr. Rouf is the sole beneficial owner and 250,000 shares of our common stock underlying outstanding incentive stock options. | |
| (3) | On November 28, 2022, Mr. Yankowitz was granted a warrant to purchase 25,000 shares of our common stock at $10.00 per share. Also includes 125,000 shares of our common stock underlying outstanding incentive stock options. | |
| (4) | Consists of 72,399 shares owned by KTM ApS, a company 100% owned by Mr. Mücke, and 25,000 shares of our common stock underlying outstanding incentive stock options. | |
| (5) | Held through AC Nordic ApS, which is controlled by Mr. Jensen. Includes incentive stock options to purchase 25,000 shares. | |
| (6) | Held through GK Partners ApS, which is controlled by Mrs. Glaesner. | |
| (7) | Held through Alteral Therapeutics ApS, which Mr. Wehnert controls. Mr. Wehnert is the CEO of the Company’s subsidiaries Orocidin A/S, Bio-Convert A/S and NoviThera ApS. | |
| (8) | Held through ABCHill Holding ApS, which is controlled by Mr. Hill-Madsen. Mr. Hill-Madsen was formerly a director of the Company and is the CEO of the Company’s subsidiary, NP Bioinnovation A/S. |
| 25 |
Item 13. Certain Relationships and Related Transactions, and Director Independence
Mr. Tom Glaesner Larsen is the spouse of Mrs. Glaesner, CEO of GK Partners and was a member of our board of directors from February 23, 2023 until his voluntary retirement on June 9, 2023. He was a beneficial owner of a controlling interest in NP Bioinnovation A/S (formerly Managementselskabet af 12.08.2020 A/S) until its acquisition by the Company on February 23, 2023. He was also a beneficial owner of a controlling interest in Orocidin A/S until its acquisition by the Company on May 13, 2024, and a beneficial owner of a controlling interest in Bio-Convert A/S until its acquisition by the Company on November 11, 2024.
Effective April 1, 2022, we issued to GK Partners, for financial services, a warrant (the “2022 GK Warrant”) to purchase up to 600,000 shares of our common stock at an exercise price of $10.00 per share, and which had an expiration date of December 31, 2023. The Company determined that the 2022 GK Warrant is not precluded from equity classification and was therefore recorded within additional paid-in capital on the Company’s consolidated balance sheets at its issuance date fair value. On December 22, 2023, the expiration date of the warrant, covering 570,500 remaining unexercised warrant shares, was extended to December 31, 2024. During the year ended March 31, 2024, GK Partners exercised a portion of its warrant for a total of 30,600 shares. The exercise price was $10.00 per share for total proceeds of $306,000. For the year ended March 31, 2025, GK Partners exercised a portion of its warrant for 57,400 shares. The exercise price was $10.00 per share for total proceeds of $576,000. On December 31, 2024 the 2022 GK Warrant expired.
Effective December 30, 2024, a new warrant was issued to GK Partners (the “2024 GK Warrant”) to purchase up to 1,000,000 shares of the Company’s common stock at an exercise price equal to the greater of $8.91 and the daily volume weighted average price of the common stock for the ten trading days immediately preceding the date of exercise. The 2024 GK Warrant expired on December 31, 2025. The Company determined that the 2024 GK Warrant was precluded from being classified within equity and was liability classified under ASC Topic 815, Derivatives and Hedging. During the year ended March 31, 2025, GK Partners exercised a portion of its 2024 GK Warrant for a total of 35,176 shares. The exercise price ranged from $8.91 to $8.95 per share for total proceeds of $313,455. As of March 31, 2025, the 2024 GK Warrant was terminated. Therefore, as of March 31, 2025, the Company recognized no warrant liability on the consolidated balance sheet. The measurement of fair value of the 2024 GK Warrants was determined utilizing a Monte Carlo simulation model considering all relevant assumptions current as of March 31, 2025 presented in Note 9. The change in fair value resulting from the issuance of the 2024 GK Warrant was recognized in change in fair value of warrant liability (related party) in the amount of $172,715 on the consolidated statement of operations and comprehensive loss for the year ended March 31, 2025. On March 31, 2025, the 2024 GK Warrants were terminated, and the remaining shares were recorded at a fair value of $167,000 to additional paid-in capital due to the related party relationship.
As detailed in Note 4 to the Consolidated Financial Statements included in this Report, on June 20, 2023, the Company and GK Partners entered into a Stock Purchase and Sale Agreement whereby the Company acquired equity interests in Mag Mile.
| 26 |
Mr. Bennett Yankowitz, our chief financial officer and director, was affiliated with legal counsel who provided us with general legal services (the “Affiliate”). We recorded legal fees to the Affiliate of $79,488 and $79,463 for the years ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and March 31, 2025, we had no outstanding payable due to the Affiliate for either period.
Our employment agreement with Henrik Rouf, our chief executive officer, provided for a base salary of $72,000 per year, commencing April 1, 2023, and had a term of one year. On April 8, 2024 the agreement was amended to increase Mr. Rouf’s annual salary to $120,000 and to extend the term to April 1, 2025.On July 1, 2025 the agreement was amended to increase Mr. Rouf’s annual salary to $360,000 and to extend the term to July 1, 2026.
Our consulting agreement with Bennett Yankowitz, our chief financial officer and a member of our board of directors, provided for a base salary of $36,000 per year, commencing April 1, 2023, and had a term of one year. On April 8, 2024 the agreement was amended to increase Mr. Yankowitz’s annual salary to $60,000 and to extend the term to April 1, 2025. On July 1, 2025 the agreement was amended to increase Mr. Yankowitz’s annual salary to $120,000 and to extend the term to July 1, 2026.
Effective June 3, 2024, Christian Hill-Madsen resigned from the Board of Directors of the Company, and the remaining Board members appointed Peter Severin as his replacement and as Chairman of the Board of Directors. Mr. Hill-Madsen will continue as CEO of NP Bioinnovation A/S, of which the Company acquired 100% of the outstanding shares in exchange for shares of the Company on February 23, 2023.
On June 3, 2024, the Company’s Board of Directors approved a compensation plan under which the Chairman of the Board of Directors will receive compensation of $20,000 per annum, and each other Director will receive compensation of $10,000 per annum, in consideration of their serving on the Corporation’s Board of Directors, payable in equal installments semiannually in arrears, commencing December 31, 2024, without proration for partial terms.
During the year ended March 31, 2025, a related party forgave their payable of $13,886. The amount has been credited to additional paid in capital.
Item 14. Principal Accountant Fees and Services
The following is a summary of the fees billed to us by our independent registered public accounting firm, for professional services rendered during the fiscal years ended March 31, 2026 and 2025.
| March 31, 2026 | March 31, 2025 | |||||||
| Audit fees - Fruci & Associates II, PLLC | $ | 72,406 | $ | 55,035 | ||||
| Audit related fees | $ | 3,098 | $ | — | ||||
| Tax fees | $ | — | $ | — | ||||
| All other fees | $ | — | $ | — | ||||
| Total | $ | 75,504 | $ | 55,035 | ||||
All of the professional services rendered by principal accountants for the audit of our annual financial statements that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the last two fiscal years were approved by our board of directors.
Audit Fees
Audit fees consist of fees billed for professional services rendered for the audit of our financial statements, the review of interim financial statements included in quarterly reports and services that are normally provided by the principal accountants in connection with statutory and regulatory filings or engagements.
Audit Related Fees
Audit-related fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under “Audit Fees”.
| 27 |
Tax Fees
Tax fees consist of fees billed for professional services for tax compliance, tax advice and tax planning. These services include preparation of federal and state income tax returns.
All Other Fees
All other fees consist of fees for products and services other than the services reported above.
Item 15. Exhibits and Financial Statement Schedules
The following exhibits are filed as part of this Annual Report.
| 28 |
Item 16. Form 10-K Summary
None.
| 29 |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dated: July 14, 2026 | Nordicus Partners Corporation |
| By | /s/ Henrik Rouf | |
| Henrik Rouf | ||
| Chief Executive Officer and Principal Executive Officer | ||
| By | /s/ Bennett J. Yankowitz | |
| Bennett J. Yankowitz | ||
Director, Chief Financial Officer Principal Financial and Accounting Officer |
| 30 |