Circio (CRNA) Investor update summary

Technology and platform advancements

• Developed a circular RNA (circVec) platform enabling enhanced and prolonged gene expression for gene therapy applications, validated across multiple tissues and delivery routes.

• Achieved up to 40x increased gene expression in heart and 50x in eye compared to conventional mRNA-based AAV therapies, with reduced off-target liver expression and cellular stress.

• Demonstrated that the circVec advantage is driven by higher RNA transcript levels, not increased vector copy number, supporting superior stability and specificity.

• Preclinical programs are advancing in heart, eye, and CNS, with ongoing collaborations with top pharma and validation in larger animal models.

Business development and partnerships

• Entered several strategic collaborations in the past six months, including with top 5 pharma, AaviGen, Acuitas, TraffikGene, and United Immunity, to expand circVec applications.

• Recent industry deals in the field highlight substantial commercial opportunities, with comparable transactions reaching up to $2.4 billion.

• Multiple ongoing and planned out-licensing and partnering transactions are targeted within the current cash runway.

Warrant program and funding update

• Launched a warrant program with up to NOK 558.4 million in potential proceeds, subscription price NOK 8.25, and exercise period ending 9 June 2026.

• Secured an underwriting commitment guaranteeing at least NOK 150 million, with a target of NOK 300 million; management pre-committed NOK 1.25 million.

• Proceeds from the warrant program will enable transition to a clinical-stage biotech, supporting IND filing, clinical trials, and platform expansion.