Circio (CRNA) Q2 2026 earnings summary

Executive summary

• Achieved major progress on the circVec platform, 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 full-speed execution of R&D and business strategies.

• Expanded R&D and business development, now with 23 ongoing research collaborations, including with top five pharma companies and access to novel capsids and delivery technologies.

• Industry momentum for circular RNA is high, with several major US players acquired for billions, highlighting sector potential.

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

Financial highlights

• No revenue reported for 1H26; total operating expenses increased to NOK 42.4 million, up from NOK 20.4 million in 1H 2025, driven by R&D investments and one-off payroll expenses.

• Net loss before tax was NOK 41.2 million for 1H26, compared to NOK 22.4 million loss in 1H 2025.

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

• Shareholders’ equity turned positive at NOK 518.9 million (from negative NOK 12.4 million in 1H 2025), with an equity ratio of 95%.

• Currency gains and returns on cash investments contributed positively to results.

Outlook and guidance

• Expenses for 2026 expected to be about 50% higher than 2025, reflecting increased R&D and team expansion.

• Key R&D deliverables for the next 12 months include evolving circVec to the next generation and validating efficacy in animal models for AAV gene therapy and in vivo CAR-T programs.

• Gradual increase in expenses anticipated until first clinical candidate selection; team expected to grow to 20-25 employees by 2027.

• Focus remains on prudent capital allocation, prioritizing R&D and business development.

• Next R&D update scheduled for the second half of November, with data presentations at ESGCT in October.