Circio (CRNA) Q4 2024 earnings summary

Executive summary

• Circio advanced its proprietary circVec circular RNA platform to generation 3.0, achieving a 4x improvement in protein expression over the previous version and up to 70x longer RNA half-life versus conventional mRNA systems.

• The company secured NOK 28.7 million in new funding through a rights issue, warrant exercise, and private placement, strengthening its financial position and extending its cash runway into mid-2025.

• Circio's legacy TG01 cancer vaccine program continued in externally funded clinical trials for RAS-mutated cancers, with new collaborations and grant support.

• Strategic partnerships were established, including with 4basebio and Entos Pharmaceuticals, to enhance delivery and application of circVec technology.

• The company aims to launch preclinical programs in genetic muscular diseases and enter its first strategic partnership in 2025.

Financial highlights

• No core business revenue was reported for 2024.

• Operating expenses fell to NOK 42.5 million from NOK 100.1 million year-over-year, reflecting cost control and transition to preclinical focus.

• Net financial items yielded a profit of NOK 100.0 million, mainly due to a EUR 6.2m loan waiver from Business Finland and reclassification of translation differences.

• Profit after tax was NOK 57.5 million, compared to a loss of NOK 112.9 million in 2023.

• Cash and cash equivalents stood at NOK 18.3 million at year-end 2024, down from NOK 22.3 million at the end of 2023.

Outlook and guidance

• Main R&D priority for 2025 is to establish robust in vivo data for circVec in therapeutically relevant vectors to attract investors and enable business development deals.

• Additional financial and human resources will be needed to progress assets toward clinical candidates in 2026.

• The company expects to extend its financing commitment with Atlas, potentially providing cash runway into Q4 2025.

• Management and the Board are exploring multiple financing options and strategic partnerships to strengthen equity and support ongoing operations.