{"url_path":"/sec/nord/10-k/2026/item-1","section_key":"item-1","section_title":"Item 1 Business**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-07-14","source_url":"https://www.sec.gov/Archives/edgar/data/1011060/0001493152-26-033203-index.html","accession_number":"0001493152-26-033203","cik":"0001011060","ticker":"NORD","issuer_name":"Nordicus Partners Corp","edgar_url":"https://www.sec.gov/Archives/edgar/data/1011060/0001493152-26-033203-index.html","primary_entity_key":"0001011060","primary_entity_name":"Nordicus Partners Corp"},"word_count":1948,"has_tables":true,"body_markdown":"**Item\n1. Business**\n\n \n\n**Corporate\nHistory**\n\n \n\nWe\nwere founded in 1993, reincorporated in Delaware in 2007, changed our name to AdvanSource Biomaterials Corporation in 2008 and changed\nour name to EKIMAS Corporation in 2020.\n\n \n\nOn\nOctober 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited\nliability company (“Reddington”) providing for Reddington’s purchase of a total of 511,448 shares of our common stock,\non a post-split basis, or approximately 90% of our total outstanding common stock, for total cash consideration of $400,000. Reddington\npurchased the common stock in two tranches, which closed on October 12, 2021 (the “First Closing”) and March 15, 2022.\n\n \n\nPursuant\nto the SPA, the Company effected a 1-for 50 reverse stock split on March 11, 2022 (the “Reverse Split”). On a post-split\nbasis, Reddington acquired 42,273 shares at the First Closing and an additional 469,175 shares at the March 15, 2022 second closing,\nafter which of our common stock, on a post-split basis (the “Second Closing”). After the issuance thereof Reddington owned\n511,448 shares of our common stock, or approximately 90% of our total outstanding common stock.\n\n \n\nOn\nFebruary 23, 2023, the Company acquired NP Bioinnovation A/S (formerly Nordicus Partners A/S and Managementselskabet af 12.08.2020 A/S),\na Danish stock corporation, pursuant to a contribution agreement with NP Bioinnovation A/S, GK Partners ApS, Henrik Rouf and Life Science\nPower House ApS. The sellers contributed 100% of the issued and outstanding capital stock of NP Bioinnovation A/S to the Company in exchange\nfor an aggregate of 250,000 shares of the Company’s common stock, and NP Bioinnovation A/S became a wholly owned subsidiary of\nthe Company.\n\n \n\nOn\nFebruary 23, 2023, Tom Glaesner Larsen and Christian Hill-Madsen were appointed directors of the Company.\n\n \n\nOn\nMay 17, 2023, the Company changed its name to Nordicus Partners Corporation and its ticker symbol to NORD.\n\n \n\nOn\nJune 1, 2023, the Company acquired a 4.99% interest in Mag Mile Capital, Inc., a commercial real estate mortgage banking firm headquartered\nin Chicago.\n\n \n\nOn\nJune 9, 2023, Mr. Tom Glaesner Larsen resigned as a director of the Company and Henrik Keller was appointed as his replacement.\n\n \n\nOn\nNovember 29, 2023, the Company’s subsidiary, Nordicus Partners A/S, changed its name to Managementselskabet af 12.08.2020 A/S.\nSubsequently on March 10, 2025, Managementselskabet af 12.08.2020 A/S changed its name to NP Bioinnovation A/S.\n\n \n\nOn\nMay 13, 2024, the Company acquired a 95% interest in Orocidin A/S (“Orocidin”), a Danish preclinical-stage biotechnology\ncompany advancing next-generation of periodontitis therapies, in exchange for 3,800,000 restricted shares of the Company’s common\nstock.\n\n \n\nOn\nJune 3, 2024, Mr. Christian Hill-Madsen resigned as a director of the Company and Peter Severin was appointed as his replacement.\n\n \n\nOn\nNovember 8, 2024, the Company effected a 1-for-10 reverse stock split of its issued and outstanding common stock, rounding up to account\nfor any fractional shares. The reverse stock split had no effect on the Company’s authorized shares of common stock or preferred\nstock and the par value of each class remained $0.001. All common stock share, option, warrant and per share amounts, except our authorized\nbut unissued shares, have been retroactively adjusted in these consolidated financial statements and related disclosures.\n\n \n\n3\n\n \n\n \n\nOn\nNovember 11, 2024, the Company announced that it had entered into an agreement to acquire 100% of the outstanding shares of Bio-Convert\nA/S (“Bio-Convert”), a Denmark-based preclinical-stage biotechnology company developing treatments for oral leukoplakia,\nin exchange for 12,000,000 restricted shares of the Company’s common stock.\n\n \n\nOn\nNovember 12, 2024, the Company acquired the remaining 29,663 outstanding shares, or approximately 5%, of Orocidin A/S, in exchange for\n200,000 restricted shares of of the Company’s common stock, after which Orocidin A/S became a wholly owned subsidiary of the Company.\n\n \n\nOn\nAugust 7, 2025, (1) Henrik Keller resigned from the Board of Directors of the Company, (2) the Board increased its size from three to\nfive members and (3) Torben S. Jensen, Kim T. Mücke and Andrew J. Ritter were appointed to fill the resulting vacancies. The Company\nexecuted a director agreement with each of Messrs. Jensen, Mücke and Ritter, under which each will receive an annual cash retainer\nof $10,000, payable in two installments per calendar year in accordance with the Company’s standard compensation plan for Board\nmembers. Messrs. Jensen and Mücke also each received options to purchase 25,000 shares of the Company’s common stock at $1.90\nper share, and Mr. Ritter received options to purchase 50,000 shares of the Company’s common stock at $1.90 per share. All such\noptions were fully vested on the date of grant and issued as incentive stock options under, and subject to the terms and conditions of,\nthe Company’s 2024 Stock Incentive Plan.\n\n \n\nIn\nOctober 2025, the Company formed NoviThera ApS (“NoviThera”) to research and develop monoclonal antibody (MaB) therapy for\nthe treatment of psoriasis. The invention and initial development were made and performed by Alteral Therapeutics (“Alteral”),\na Denmark-domiciled related party of the Company. Mr. Allan Wehnert, who controls Alteral, was appointed Chief Executive Officer of NoviThera.\nIn exchange for contributing intellectual property to NoviThera, Alteral received a 49.9% ownership interest in NoviThera, and the Company\nretained a 50.1% ownership interest.\n\n \n\nOn\nNovember 10, 2025, the Board created (1) a Nominating and Corporate Governance Committee, consisting of Peter Severin (Chairman), Kim\nT. Mücke and Andrew J. Ritter; (2) an Audit Committee, consisting of Kim T. Mücke (Chairman), Peter Severin and Andrew J. Ritter;\nand (3) a Compensation Committee, consisting of Andrew J. Ritter (Chairman), Peter Severin and Kim T. Mücke. The Board also adopted\na Code of Conduct and Ethics, an Insider Trading Policy, a Whistleblower Policy and a Compensation Recovery Policy.\n\n \n\n**Our\nBusiness**\n\n \n\nNordicus\nPartners Corporation (“Nordicus” or the “Company”), U.S. publicly listed biotech company specializing in developing\nbreakthrough therapeutics in diseases with unmet medical needs. Nordicus focuses on acquiring and developing drugs from innovative biotech\ncompanies in the Nordics, a region known for its brilliant scientists, exceptional life science ecosystem and drug discoveries\nand developments. Nordicus is dedicated to developing breakthrough therapeutics in diseases with unmet medical needs – starting\nwith oral disorders. Its scientific foundation targets inflammation and immune modulation. In 2024, Nordicus acquired 100% of Orocidin\nA/S, a Danish preclinical-stage biotech company developing next-generation therapies for periodontitis and 100% of Bio-Convert A/S, a\nDanish preclinical-stage biotech company dedicated to revolutionizing the treatment of oral leukoplakia.\n\n \n\nNordicus’\nportfolio diversification strategy positions it as a stable and resilient company, mitigating risk with significant upside potential.\n\n \n\n4\n\n \n\n \n\nOur\nApproach and Value Creation Process\n\n \n\nNordicus\nemploys a 4-step value creation process:\n\n \n\n–Scout\nand Accelerate: Nordicus targets high-impact potential companies, providing capital, resources\nand expertise to drive critical milestones such as patent filings and clinical trials.\n\n   \n\n–Acquire\nand Exit: Nordicus acquires controlling stakes to maximize value creation and exit at premium\nmultiples.\n\n \n\nWe\nscout the Nordic region looking for early-stage life sciences companies developing drugs or treatments for diseases in high growth markets\nwith significant unmet medical needs, all in potential multibillion USD markets.\n\n \n\nAfter\na vigorous due diligence process, the chosen companies will be offered to join Nordicus’ accelerator program. Once the chosen companies\nhave become accelerator clients, Nordicus takes an active role in advising the management team, assisting with strengthening the companies’\nBoard of Directors and establishing Advisory Boards including making introductions to strategic partners and talent.\n\n \n\nOnce\nthe milestones – set by Nordicus – are met, Nordicus will typically offer to acquire the companies outright. The first three\nacquisitions will be all-stock transactions, with the first two acquisitions (Orocidin A/S and Bio-Convert A/S) having already been completed,\nfitting Nordicus’ criteria of inclusion.\n\n \n\nNordicus\naims to take all portfolio companies’ drug developments through Phase I. Upon completion of Phase I, the following options will\nbe considered:\n\n \n\n1.Sale\nor merger of the portfolio company.\n\n   \n\n2.Further\ndevelopment through the next clinical phases.\n\n   \n\n3.Strategic\npartnership with a large pharmaceutical company that will invest in Nordicus for further\ndrug development.\n\n   \n\n4.Stand-alone\nInitial Public Offering (IPO).\n\n \n\nNordicus’\ncurrent life sciences portfolio consists of two promising preclinical biotechnology companies in Orocidin A/S and Bio-Convert A/S\nled by the accomplished pharmacologist, Allan Wehnert, who serves as CEO of both companies. In October 2025 Nordicus formed a\nthird subsidiary, NoviThera, also to be led by Allan Wehnert.\n\n \n\nOrocidin\nA/S is developing a proprietary first-of-its-kind medical treatment for aggressive periodontitis, with Bio-Convert A/S focused on a treatment\nagainst oral leukoplakia (OLK) – an oral potentially malignant disorder – by developing a novel proprietary mucoadhesive\noral topical formulation designed to treat and reduce dysplasia levels, potentially offering a curative solution for oral leukoplakia.\n\n \n\nThe\ncompanies’ innovative breakthroughs are further strengthened by their oral formulations, which ensure prolonged adhesion for 12-24\nhours and controlled release of the active ingredient, enhancing drug efficacy and patient outcomes – a major advancement over\nnormal gels and creams.\n\n \n\nNoviThera\nis developing a drug for the treatment of psoriasis, an immune-mediated inflammatory disease that causes keratinocyte hyperproliferation\nand inflammation.\n\n \n\nOrocidin\nA/S\n\n \n\nOrocidin\nA/S has successfully completed a 14-day toxicology study in hamsters and two tests of effectiveness in a Beagle Dog Study and Wistar\nRat Study.\n\n \n\nIn\nthe 14-day toxicology study, all animals exhibited high tolerance to the drug, with no adverse reactions or irritation at the buccal\napplication site. No significant side effects were observed and more importantly, the necropsy cross-examination showed no changes in\ntissues. The successful completion of this study marks an important milestone for Orocidin A/S, providing the foundation for the upcoming\npivotal 8-week toxicity study.\n\n \n\nThe\nBeagle Dog Study is the first study that shows Orocidin A/S’s drug, QR-01, having a direct effect on beagle dogs diagnosed with\nperiodontitis. The 13-day small efficacy study was conducted on beagle dogs with clinically confirmed periodontitis. The dogs demonstrated\nconsistent improvements across key clinical endpoints, including the Gingival Index, the Plaque Index and overall periodontal disease.\n\n \n\n5\n\n \n\n \n\nMoreover,\nQR-01 was well tolerated, with no adverse side effects reported throughout the treatment period. This represents a significant milestone\nfor Orocidin’s lead product, QR-01, and strengthens Nordicus’ and Orocidin’s confidence as Orocidin prepares for the\nupcoming human pilot efficacy study.\n\n \n\nIn\nthe second efficacy study, rats with induced periodontitis treated with QR-01 demonstrated improvements in Probing Depth (PD-mm), Gingival\nIndex (GI), Bleeding on Probing (BOP) and Plaque Levels (PL). More importantly, lower bone loss was demonstrated in treated rats compared\nto non-treated rats measured by micro-CT scanning. Until now, this has not been demonstrated.\n\n \n\nIn\nsummary, Orocidin has now demonstrated efficacy in treating periodontitis in two different animals using two methods. The first Phase\nIIa clinical trial in patients is now anticipated to start in the first half of 2027 at the University of Copenhagen in Denmark.\n\n \n\nBio-Convert\n\n \n\nBio-Convert’s\nQR-02 compound targets oral leukoplakia (OLK), which consists of potentially pre-cancerous lesions in the mouth, with up to a 30% conversion\nrate to oral cancer. No approved medical treatment exists for OLK, with surgery the only true alternative.\n\n \n\nThe\ncompany’s proprietary oral gel QR-02 has several unique advantages, including antitumor and antiviral effects, reducing the risk\nof dysplasia and enabling more precise and efficient treatment, compared to methods used today.\n\n \n\nBio-Convert\nobtained a toxicity waiver from the Danish Medicine Agency (DKMA) for QR-02 and is currently finalizing its GMP (Good Manufacturing Practice)\nproduct, expected to be completed by December 2026 in Germany. Bio-Convert anticipates moving into Phase IIa clinical trials in Europe\nbeginning in the first half of 2027.\n\n \n\nNoviThera\n\n \n\nNoviThera’s\nQR-04 compound has the goal of developing a novel monoclonal antibody treatment designed to cure psoriasis or prevent its occurrence.\nCurrently, no permanent cure for psoriasis exists, leading to a significant unmet medical need for patients and substantial market potential.\n\n \n\nNoviThera\nrecently completed a study in mice, and with such study demonstrated biological proof of concept."}