Circio (CRNA) Q4 2025 earnings summary

Executive summary

• Achieved major scientific breakthroughs in circular RNA (circRNA) expression systems, establishing a leading global position in gene and cell therapy.

• Entered a fully funded collaboration with a top 5 global pharmaceutical company and expanded R&D partnerships.

• Completed two highly successful capital raises in early 2026, securing a cash runway into 2030.

• Focused on advancing the proprietary circVec platform for gene and cell therapy, with no known direct competitors.

Financial highlights

• No core business revenue in 2025; total operating expenses were NOK 41.1 million, down from NOK 42.5 million in 2024.

• Net financial items resulted in a loss of NOK 4.9 million (2024: profit of NOK 100.0 million).

• Loss after tax for 2025 was NOK 45.9 million (2024: profit of NOK 57.5 million).

• Cash and cash equivalents at year-end were NOK 6.1 million, down from NOK 18.3 million in 2024.

• Shareholders' equity was negative NOK 12.5 million at year-end, but restored to positive in Q1 2026 after capital raises.

Outlook and guidance

• Top R&D priority for 2026 is to progress AAV gene therapy and in vivo CAR projects to validate circVec in pre-clinical settings.

• Company is funded at least into 2030, with potential to extend runway by 6-12 months after warrant exercises in June 2026.

• Multiple R&D milestones and partnership opportunities expected throughout 2026.