Nordicus Partners Corp (NORD) is a pre-revenue preclinical-stage biotech holding company with three Danish subsidiaries (Orocidin, Bio-Convert, NoviThera). Under the liquidation lens, recovery to equity is deeply negative and the balance sheet is structurally impaired. Total assets of $75.9M are dominated by goodwill ($27.7M, 37%) and IPR&D intangibles ($46.4M, 61%), both of which receive a 0% liquidation haircut. The sole tangible asset of note is cash of $189K (100% recovery) and a Level 1 equity investment in Mag Mile Capital at $1.1M (recoverable at market). PP&E is de minimis at $8K net. Applying standard liquidation haircuts, recoverable assets approximate: cash $189K + Mag Mile investment $1.1M + prepaid/other at ~50% recovery ~$232K = roughly $1.5M in recoverable asset value. Total liabilities at face value are $11.1M, consisting primarily of a deferred tax liability of $10.2M (a non-cash liability arising from acquired IPR&D, denominated in Danish krone, and not extinguishable on wind-down without tax settlement) and current accounts payable/accrued liabilities of $902K. Net liquidation recovery to equity is approximately negative $9.6M to negative $10.0M, consistent with the MFFAIS-reported CLV/LLV/OLV of negative $524K on a cash-only basis — the gap is explained by the deferred tax liability which MFFAIS may treat differently. The going concern disclosure is explicit: management states current funds will not sustain operations beyond 12 months from issuance date (February 2026). Cash burn for the nine months ended December 31, 2025 was $3.65M on $3.91M in equity proceeds, leaving $189K on hand. The company raised $3.9M YTD through private placements and disclosed $1.5M in subsequent equity raises (Oct 2025–Jan 2026). IPR&D carrying value increased from $42.7M (March 31, 2025) to $46.4M at December 31, 2025 entirely due to DKK/USD translation gains; no new IPR&D was capitalized and no impairment was recorded. Goodwill similarly moved from $25.5M to $27.7M on currency translation alone. The deferred tax liability associated with acquired IPR&D increased from $9.3M to $10.2M, also on currency translation. The Mag Mile Capital investment declined $800K YTD on observable market price declines, from $1.925M to $1.125M. The filing discloses material weakness in internal controls. No debt instruments or lease obligations are disclosed.
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