Nordicus Partners Corporation

What they do

Nordicus Partners describes itself as a U.S. publicly listed biotech company specializing in developing breakthrough therapeutics for diseases with unmet medical needs, focusing on acquiring and developing drugs from Nordic biotech companies. Its current life sciences portfolio consists of preclinical biotechnology companies Orocidin A/S, Bio-Convert A/S and NoviThera ApS, led by pharmacologist Allan Wehnert as CEO of the first two. The company employs a 4-step value creation process: scout and accelerate, acquire and exit, with the aim of taking portfolio company drug developments through Phase I before considering sale, further development, strategic partnership or IPO. It also holds a 4.99% interest in Mag Mile Capital, Inc., a commercial real estate mortgage banking firm.

Revenue drivers

• Preclinical biotech portfolio companies — Orocidin A/S, Bio-Convert A/S and NoviThera ApS are preclinical-stage with no approved products, so they generate no product revenue; the company reported annual revenue of $5,000 in 2025 and $2,500 in 2024.
• Mag Mile Capital minority stake — A 4.99% interest in a commercial real estate mortgage banking firm, acquired June 1, 2023; the filings do not disclose any revenue contribution from this stake.
• Management consulting services — The company is classified under SIC 8090 Services-Management Consulting Services, and its accelerator program advises early-stage Nordic life sciences companies, but the filings do not disclose fee revenue from this activity.

Recent performance

Annual revenue was $5,000 in 2025 and $2,500 in 2024, with the most recent quarterly revenue shown as $2,500 for the quarters ended September 30, 2024 and December 31, 2024. Net loss was $4.0M in 2026 and $2.9M in 2025, compared with $298,202 in 2024 and $8.5M in 2023. Diluted EPS was negative $0.22 in 2026 and negative $0.32 in 2025. Operating cash flow was negative $4.3M in 2026 and negative $1.3M in 2025. As of March 31, 2026, total assets were $75.5M, total liabilities $11.2M, shareholder equity $64.3M and cash and equivalents $20,878.

Strategy

Nordicus scouts the Nordic region for early-stage life sciences companies, offers chosen companies an accelerator program, and then typically offers to acquire them outright once milestones are met, with the first three acquisitions intended to be all-stock transactions. Orocidin A/S and Bio-Convert A/S were acquired in 2024, NoviThera ApS was formed in October 2025, and the company aims to take all portfolio companies' drug developments through Phase I before considering sale, further development, strategic partnership or IPO. The company expanded its board from three to five members on August 7, 2025 and granted options to new directors. Subsequent 8-K events since the 10-K include material agreements and unregistered equity sales on September 19, 2025, December 5, 2025, January 5, 2026 and June 23, 2026, plus director or officer changes on July 13, 2026 and September 4, 2026.

Risks

• No product revenue — The portfolio companies are preclinical and have no approved products, leaving the company dependent on financing rather than operating cash flow.
• Going-concern liquidity — Cash and equivalents were only $20,878 as of March 31, 2026 against negative operating cash flow of $4.3M in 2026 and $1.3M in 2025.
• Serial dilution — The company has repeatedly issued restricted stock for acquisitions and completed reverse stock splits in March 2022 and November 2024, and recent 8-Ks report further unregistered equity sales.
• Clinical and regulatory uncertainty — Orocidin targets periodontitis and Bio-Convert targets oral leukoplakia (OLK), both preclinical programs that must still complete development and Phase I before any value realization.

Outlook

Management states the company is dedicated to developing breakthrough therapeutics in diseases with unmet medical needs starting with oral disorders, and aims to take all portfolio companies' drug developments through Phase I. Upon completion of Phase I, it will consider sale or merger, further clinical development, strategic partnership with a large pharmaceutical company or a stand-alone IPO. The company formed NoviThera ApS in October 2025 as a third subsidiary and continues to describe its portfolio diversification strategy as mitigating risk. It has not disclosed any revenue guidance.