Circio (CRNA) investor relations material

Executive summary

• Achieved major R&D milestones with circVec, demonstrating up to 60-fold improved gene expression in vivo across heart, eye, and CNS, with next-gen designs targeting 200x improvement over mVec.

• Raised NOK 620 million (USD ~65 million) in three financing rounds, securing funding through 2030 and enabling accelerated R&D and business development.

• Expanded R&D and business development with 20+ ongoing collaborations, including top five pharma and biotech partners, and strong industry recognition.

• Strengthened the Board with experienced industry leaders to guide the next phase of development.

• Positioned as the only listed circular RNA biotech, benefiting from industry momentum and recent multi-billion dollar acquisitions in the sector.

Financial highlights

• No revenue reported for 1H26; operating expenses increased to NOK 42.4 million, driven by R&D and one-off payroll costs.

• Net loss before tax was NOK 41.2 million for 1H26.

• Cash and equivalents at period end were NOK 533–539 million, reflecting successful fundraising.

• Shareholders’ equity turned positive at NOK 518.9 million, with an equity ratio of 95%.

• Financial runway secured until 2030.

Outlook and guidance

• Expect continued investment in R&D, with 2026 expenses projected to be about 50% higher than 2025 due to team expansion and advanced studies.

• Team size to grow to 20–25 employees by 2027, with gradual cost increases aligned with clinical candidate selection.

• Key milestones in the next 6–12 months include in vivo data for circVec gen 5, CNS and heart PoC, and selection of preferred T-cell delivery candidates.

• Strategic plan for the next 3–5 years under development, supported by a strong financial position.

• Continued pursuit of collaborations and partnerships to broaden development scope and secure non-dilutive capital.