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Circio Holding (CRNA) investor relations material

Circio Holding Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary28 Aug, 2025

Executive summary

  • Achieved stable cash flow and extended Atlas financing commitment, securing operations through 2025 with potential for extension into 2026.

  • Entered seven R&D collaborations with international partners, advancing circVec platform to generation 3.2 and expanding applications in gene and cell therapy.

  • Demonstrated robust in vivo proof-of-concept for circVec, achieving up to 44x improved heart expression and 15x in eye models over conventional mRNA-based AAV vectors.

  • Presented compelling data at major conferences and published a comprehensive review in Nature Reviews Genetics.

  • Expanded R&D operations, including new facilities at the Karolinska Institute and ongoing clinical trials for TG01 in KRAS-mutated cancers.

Financial highlights

  • Financing secured through oversubscribed warrant exercise and Atlas Capital tranches, with primary funding sources in 1H 2025.

  • Outstanding bonds reduced from NOK/CHF 35M to less than NOK 10M as of June 30, 2025, strengthening the cap table.

  • Operating expenses held steady at NOK 20M for 1H 2025, with continued tight cost control and a monthly budget under DKK 4M.

  • Net cash at period end was NOK 6M, with tranches called from Atlas as needed.

  • Net loss after tax for 1H 2025 was NOK 22.4M, compared to a profit of NOK 41.7M in 1H 2024.

Outlook and guidance

  • Confident in maintaining current cost base and operational efficiency, with financing runway secured through 2025 and option for further extension.

  • Ongoing and new data expected to drive further investor interest and business development deals.

  • Plans to initiate therapeutic studies in heart and ophthalmology indications by year-end and advance in-house programs.

  • Board highlights substantial uncertainty in forward-looking statements due to market and development risks.

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Frequently asked questions

Circio Holding ASA, formerly known as Targovax ASA, is a biotechnology company primarily engaged in the development of innovative circular RNA (circRNA) and immunotherapy medicines. The company has pioneered a distinctive circRNA platform, aiming to create novel circRNA medicines for a variety of applications including rare diseases, vaccines, cancer treatments, protein replacement therapies, and cell therapy. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange under the ticker symbol CRNA.

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