Slide 1: The leader in circular RNA expression systems
The leader in circular RNA expression systems Company presentation Q3 2026
Slide 2: Strong industry traction for circRNA: three major deals in past 9 months
Strong industry traction for circRNA: three major deals in past 9 months circular RNA M&A $1.5b Extended durability vs mRNA Engineerable & versatile Low immunogenicity M&A $2.4b First listed circRNA biotech USD 65m raised in 2026 OSE: CRNA Strategic deal, up to $2.5b 2
Slide 3: Human circRNA was first described by Circio scientists
Human circRNA was first described by Circio scientists Dr Thomas B Hansen Dr Erik D Wiklund 8,200 citations 30 September 2011 1,200 citations January 2025 3
Slide 4: The novel circVec alternative: DNA → circular RNA → Protein
Circio has developed a powerful circular RNA alternative to the central dogma of molecular biology The novel circVec alternative: DNA → circular RNA → Protein circVec is a platform technology for vector -based gene delivery circVec enables enhanced and prolonged gene expression Circio has unique IP
Slide 5: Circio's unique and proprietary circRNA-based gene expression platform technology
Circio ´s unique and proprietary circRNA - circVec based gene expression platform technology Viral or DNA vector mVec - standard circVec - novel mRNA approach circRNA approach ??? 75x prolonged . half-life vs. mRNA RNA Up to 60x enhanced Protein protein expression 5
Slide 6: Circio is deploying circVec to enhance conventional gene and cell therapy
Circio is deploying the circVec technology to enhance conventional gene and cell therapy Up to 60x increased gene expression Enhanced for circRNA- vs. mRNA-based AAVs expression Enhanced, safer and lower cost AAV gene therapy AAV gene therapy AAV AAV benchmark circVec Heart, eye and CNS disease Impr
Slide 7: circVec: a first-in-class, industry-leading circRNA expression system
circVec: a first -in-class, industry -leading circRNA expression system with platform potential in several disease areas Heart, eye and CNS genetic disease Cancer, autoimmune disease Enhanced, safer and lower cost AAVs LNP: DNA format, redosable Research collaboration with global pharma Very high in
Slide 8: AAV gene therapy main challenge – reducing the dose
AAV gene therapy main challenge – reducing the dose AAV gene therapy for Danon disease: Clinical benefit demonstrated, but too high dose ➢ Severe adverse events, incl. risk of death Circio ´s circVec technology can unlock: Lower dose with same clinical benefit ➢ Better, safer and lower cost AAV gene
Slide 9: 40-fold enhanced expression in heart for circVec vs. conventional mRNA-based AAV
40 -fold enhanced expression in heart for circVec -AAV vs. conventional mRNA -based AAV AAV-mVec AAV-circVec 3.2 Gene expression quantification, f-luc IVIS signal D10 17 28 51 71 D10 17 28 51 71 +40x gene expression Heart region 40x increased signal vs mVec 9
Slide 10: New heart gene therapy milestone reached: circVec advantage validated for therapeutic gene
New heart gene therapy milestone reached: circVec advantage validated for therapeutic gene Firefly reporter, luminescence over time in heart Therapeutic protein, LAMP2B expression in heart at day 57 +40x gene mVec circVec3.2 expression #1 #2 #3 #4 #5 #6 #7 #8 Danon disease gene 40x increased LAMP2B
Slide 11: circVec shows increased on-target heart activity and reduced off-target liver expression
circVec shows increased on -target heart activity and substantially reduced off -target liver expression Increased expression in heart, ex vivo tissue analysis week 10 …and reduced off-target liver expression mVec circVec 3.2 Higher % on-target heart expression 35x incr. total expression vs. mVec Ve
Slide 12: circVec advantage is driven by RNA transcript level, not AAV transduction
circVec advantage is driven by RNA transcript level, not AAV transduction or vector copy number RNA expression in heart tissue, RT-qPCR Vector Copy Number (VCN) in heart tissue, qPCR No significant VCN difference for circVec vs. mVec n.s. 96x RNA increase vs. mVec 12 **Data from repeat study
Slide 13: Summary: AAV-circVec confers three major advantages for genetic heart disorders
Summary : AAV -circVec confers three major advantages for the treatment of genetic heart disorders mVec circVec-AAV compared to benchmark mVec-AAV: circVec Expression Specificity Toxicity 13
Slide 14: Ophthalmology: AAV circVec 4.0 enhances gene expression by up to 50x in eye
Ophthalmology: local delivery of AAV circVec 4.0 enhances gene expression by up to 50x in eye IVIS images, low dose mice (5e8 VG/eye) Expression over time, intra-vitreal inj. of AAV2-circVec vs. -mVec Day 2 Day 7 Day 14 Day 21 Day 42 Day 63 AAV-circVec vs. -mVec: mVec up to 50x increased gene expres
Slide 15: Central nervous system: up to 60x AAV-circVec advantage by three delivery routes
Central nervous system: up to 60x AAV -circVec advantage in CNS by three delivery routes ICM (intra-cisterna magna) injection, ICV (intra-cerebroventricular) injection, IT (intrathecal) injection, 1e11vg/mouse 9e10vg/mouse 1e11vg/mouse Brain Neck Spine ~60x ~10x ~30x 10-60x circVec enhancement obser
Slide 16: Towards circVec 5.0: potential to outperform conventional AAV by more than 200x
Towards circVec 5.0: potential to outperform ½ conventional AAV by more than 200x DNA → circular RNA → Protein Optimizing biogenesis in vivo Optimizing translation in vivo 3x 5x Novel features to ~90x ~170x be combined into circVec 5.0 Novel Novel circVec circVec designs designs
Slide 17: Consistent circVec performance across three major gene therapy areas
Consistent circVec performance across three major gene therapy areas Heart Eye CNS Up to 40x increased Up to 50x increased Up to 60x increased expression expression expression In vivo heart disease Validate expression In vivo data from top 5 model data in larger animal pharma collaboration Arrhythmi
Slide 18: circVec: a first-in-class, industry-leading circRNA expression system
circVec: a first -in-class, industry -leading circRNA expression system with platform potential in several disease areas Heart, eye and CNS genetic disease Cancer, autoimmune disease Enhanced, safer and lower cost AAVs LNP: DNA format, redosable Research collaboration with global pharma Very high in
Slide 19: The circVec in vivo CAR-T concept includes multiple components acting together
The circVec in vivo CAR -T concept includes multiple components acting together Expression system + Vector + Delivery circVec Immune -quiet DNA T-cell targeted LNP 19
Slide 20: New data: circVec spleen delivery and extended durability confirmed with T-cell tropic LNPs
New data: circVec spleen7delivery and extended durability confirmed with T -cell tropic LNPs LNP-mVec w/ T-cell tropic LNP* LNP-circVec w/ T-cell tropic LNP* circVec in vivo CAR-T Systemic delivery, three dose levels Systemic delivery, three dose levels cell therapy status: Day 7 14 21 28 35 42 64 7
Slide 21: 3D imaging confirms spleen-specific circVec expression
3D imaging confirms spleen -specific circVec expression Highly specific, strong signal in lymphocytes in the spleen 21 Example animal, spleens harvested for cellular and molecular analyses
Slide 22: circVec offers a unique window of opportunity for in vivo cell therapy applications
circVec offers a unique window of opportunity for in vivo cell therapy applications In vivo CAR modalities - duration Days Months Permanent mRNA & circRNA circVec-DNA opportunity Lentiviral circVec -DNA benefits Therapeutic opportunity: Non-genome integrating Opening up cancer indications to redosab
Slide 23: circVec pre-clinical development plan and milestones
circVec pre -clinical development plan and milestones Technical In vitro In vivo In vivo IND Major milestones concept PoC technical PoC disease model enabling next 6-12 months o circVec gen 5 AAV in vivo data Heart – in house o CNS in vivo data o Heart therapeutic gene in vivo PoC data Eye – in hous
Slide 24: High BD activity on both programs
High BD activity on both programs R&D collaborations established R&D collaborations established Top 5 pharma fully funded feasibility study Testing novel DNA vector formats Engineered capsids enhancement & new areas Screening T-cell LNP delivery systems Therapeutic co-development with biotechs Alter
Slide 25: Circio summary & 2026 status
Circio summary & 2026 status 40x in vivo advantage in heart, validated with therapeutic gene circVec Up to 60x in vivo advantage confirmed in CNS and eye R&D circVec generation 5 potential for 200x or more advantage vs mVec Durable, spleen-specific circVec expression for in vivo CAR-T Top 5 pharma c
Slide 26: Full team in place with strong blend of expertise to execute on Circio's platform
Full team in place with strong blend of expertise to execute on Circio ´s platform Dr Erik D Wiklund Dr Lubor Gaal Dr Thomas B Hansen Dr Victor Levitsky Ola Melin CEO CFO & CBO CTO CSO COO Overall strategy Securing financing Building technology Leading immunology and Operational and execution and pa