Circio Holding Asa · OSL:CRNA
Circio Holding Asa — H1 2025 Earnings Presentation
25 slides from Circio Holding Asa's earnings presentation, Aug 28, 2025
Slide 1: 1H 2025 report and R&D update
wd - 2s circio LE os bad y - Circular RNA expression ?, = systems for enhanced gene and cell therapies SS 1H 2025 report and R&D update SS Webcast - 28 August 2025 «\ \\ att \
Slide 2: Forward-looking statements
This report contains certain forward-looking statements based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on the results of operations and the financial condition of Circio Holding ASA and the C
Slide 3: Agenda
2. R&D update 3. Corporate update 3
Slide 4: 1H 2025 highlights
Number of outstanding convertible bonds substantially reduced Extended financing commitment with Atlas, securing access to funding until end of 2025 Entered 7 R&D collaborations with international partners for circVec DNA delivery, novel DNA formats and protein production 4basebio, Certest, Entos, N
Slide 5: AAV gene therapy and its caveats
LUXTURNA ZOLGENSMA HEMGENIX ELEVIDYS ROCTAVIAN AAV AAV AAV AAV AAV Retinal Dystrophy SMA Hemophilia B DMD Hemophilia A 2017 2019 2022 2023 2024 AAV format has substantial caveats: UPSTAZA VYJUVEK BEQVEZ * Insufficient gene expression level High dose requirement → toxicity & cost Not repeat-dosable A
Slide 6: AAV dose level, toxicity and cost
Very high AAV dose level required (= high tox & cost) Co-administration of immune suppressive medication ➢ Severe adverse events (SAEs), incl. risk of death ´ >10-fold reduction of AAV dose level (= lower tox & cost) Reduction of immune suppressive medication ➢ Elimination of most severe adverse eve
Slide 7: Lead program and next step / partnership
Lead program, Next step / in house focus partnership 7
Slide 8: R&D update
R&D update 3. Corporate update 8 circio
Slide 9: circVec mechanism
´ circVec AAV or DNA vector therapeutic AAV or DNA Inject vector circRNA expression in patient cells circular Protein mRNA Higher and more durable protein expression 9
Slide 10: Enhanced RNA half-life and protein expression
Enhanced RNA half-life Enhanced Protein expression 10
Slide 11: AAV circVec, heart specific designs
AAV circVec, heart specific – two AAV designs AAV-circVec, heart specific – two AAV designs Quantification of signal (luminescence), high dose Quantification of signal, high/low dose comparison mVec circVec 2.0 circVec 3.0 Low dose High dose Day 10 17 28 42 56 10 17 28 42 56 10 17 28 42 56 9X 35x Sa
Slide 12: circVec 3.2 design
circVec 3.0 IRES + ORF circVec 3.2 Enhanced RNA half-life IRES + ORF AAV genome DNA Enhanced Protein expression 12
Slide 13: circVec 3.2 signal vs earlier designs
AAV-mVec AAV-circVec 2.1 AAV-circVec 3.0 AAV-circVec 3.2 Quantification of f-luc signal, high dose D10 17 28 51 D10 17 28 51 D10 17 28 51 D10 17 28 51 >3x circVec 3.2 vs 3.0/2.1 32x increased signal vs mVec circVec 3.2 shows >3x improvement over 2.1/3.0 design in AAV format 13
Slide 14: AAV f-luc signal profile, heart region
AAV f-luc signal profile from head to tail F-luc signal quantification, heart region Heart region 44x increased signal vs mVec Head Tail 14
Slide 15: F-luc signal quantification in eye
F-luc signal quantification in eye, Day 7-21* AAV-mVec AAV-circVec 2.0 right eye left eye AAV-mVec, IVIS scan Day 7-21* AAV-circVec, IVIS scan Day 7-21* 15x increased signal vs mVec 15 * Ongoing experiment, high dose group
Slide 16: AAV-circVec outperforms conventional AAV-mVec designs by 10-40x
AAV-circVec consistently outperforms conventional AAV-mVec designs by 10-40x AAV-circVec advantage observed in multiple tissues using different AAV variants and promoters Novel AAV-specific circVec 3.2 design drives 3x enhancement in vivo vs. prior generation 2 and 3 constructs Transformative potent
Slide 17: Continuous platform development: circVec generation 4
Technical In vitro In vivo In vivo IND Target milestones concept PoC technical PoC disease model enabling 2H 2025 In vivo testing of Fully implement circVec 3.2 design Heart & muscle circVec 3.2 ongoing In vivo data secreted protein (eye) In vivo testing of In vivo disease model data CNS & eye circV
Slide 18: Corporate update
Corporate update 18 circio
Slide 19: Financing through 1H 2025
Warrant funds and Atlas facility were the source of financing through 1H 2025 Ongoing discussion with investors for new capital Agreement with Atlas extends financing commitment until end of 2025, with option for further extension Continued tight cost control, focus on R&D value creation Outstanding
Slide 20: Financial summary 1H 2025
NOK m 1H24 2H24 1H25 1 Total revenue 0 0 0 High number of ongoing in vivo projects R&D expenses2 -7 -4 -6 Payroll and related Lean and efficient -10 -12 -10 expenses R&D team Other operating expenses3 -5 -3 -4 Total operating expenses -23 -20 -20 Cost control continues Operating loss -23 -20 -20 Wai
Slide 21: Exploring multiple financing options
Continuously exploring multiple financing options, building on recent strong AAV-circVec data Market conditions remain challenging, but improving slowly Financing commitment extended until end of 2025 Good relationship, option for extension on mutual agreement Reliable access to capital during tough
Slide 22: Delivery technology collaborations
Entos PLV technology for DNA-circVec delivery Entos to drive and fund next stage of evaluation Novel LNP formulation for spleen delivery of DNA-circVec Results showed specific and prolonged spleen expression Neoregen CPP technology for DNA-circVec delivery Neoregen to fund next stage of in vivo eval
Slide 23: Next steps and news flow
Test circVec 3.2 performance Active discussions with AAV in multiple tissues gene therapy companies CNS and eye in vivo data External circVec AAV testing Test new delivery systems Early discussions with cell circVec CAR expression therapy companies Ex vivo T cell experiments External circVec DNA tes
Slide 24: circVec offers 70x durability and 15x protein expression advantage
circVec offers 70x durability and 15x protein expression advantage over conventional mRNA-based expression → transformative potential in gene and cell therapy circVec significantly improves both AAV and DNA vectors → Up to 40x enhanced activity of AAVs, enabling dose reduction → Novel LNP:DNA approa
Slide 25: Q&A Session
circio (-- Q&A Session