Circio (CRNA) Q2 2025 earnings summary

Executive summary

• Achieved major R&D milestones with circVec platform, demonstrating up to 44x improved protein expression in heart and 15x in eye tissue over conventional mRNA approaches, and advancing to generation 3.2.

• Entered seven R&D collaborations with international partners, including Lonza, Entos, Certest, Neoregen, and 4basebio, to expand technology applications and delivery systems.

• Published a comprehensive review in Nature Reviews Genetics and presented data at major scientific conferences, including ASGCT and EHA 2025.

• Extended financing commitment with Atlas Capital Markets, securing operational runway through end of 2025.

• Expanded R&D operations in Stockholm and secured new facilities at the Karolinska Institute.

Financial highlights

• Outstanding bonds reduced from $35 million to less than $10 million (NOK 9.5m as of June 30, 2025), significantly lowering financial risk.

• Operating expenses for 1H 2025 were NOK 20–20.4 million, with continued tight cost control and a lean team.

• Net cash at period end was NOK 6–6.3 million, with capital drawn from Atlas on an as-needed basis.

• Net loss after tax for 1H 2025 was NOK 22.4 million.

• No core business revenue in 1H 2025.

Outlook and guidance

• Financing commitment with Atlas extends runway through 2025, with option for further extension.

• Focused on validating and expanding circVec-AAV data in 2H 2025, with multiple R&D milestones targeted, including new in vivo data and business development transactions.

• Ongoing discussions with investors for new capital and efforts to strengthen the shareholder base.

• Expect to initiate therapeutic studies in heart and ophthalmology indications by year-end, leveraging strong preclinical data.

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