Circio Holding Asa · OSL:CRNA
Circio Holding Asa — H1 2026 Earnings Presentation
32 slides from Circio Holding Asa's earnings presentation, Sep 1, 2026
Slide 1: Circular RNA expression systems for enhanced gene and cell therapies
Circular RNA expression systems for enhanced gene and cell therapies 1H 2026 report and R&D update Webcast, 1 September 2026
Slide 2: Important notice and disclaimer
Important notice and disclaimer 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
Slide 3: Highlights & market update
1 Highlights & market update 2. R&D update 3. Business development 4. Financials 5. Summary 3
Slide 4: First half year 2026 highlights: major progress on R&D, business development and financing
First half year 2026 highlights: major progress on R&D, business development and financing Up to 60x circVec-AAV advantage shown in heart, eye and CNS in vivo circVec Towards circVec 5.0 → potential for 200x or more benefit vs. mVec R&D 3 month circVec expression duration in vivo w/ T-cell tropic LN
Slide 5: 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 5
Slide 6: R&D update
2 R&D update 3. Business development 4. Financials 5. Summary 6
Slide 7: The novel circVec alternative: DNA circular RNA
The circVec circular RNA platform is technologically differentiated and industry -leading in its field 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
Slide 8: 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 9: 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 mVec circVec3.2 luminescence #1 #2 #3 #4 #5 #6 #7 #8 LAMP2B 40x increased signal vs mVec ref Sub
Slide 10: New gene therapy data: up to 60x AAV-circVec advantage in CNS
New gene therapy data: up to 60x AAV -circVec advantage in CNS, on par with heart and eye 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 obse
Slide 11: 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 12: Consistent circVec performance across three major gene therapy areas
Consistent circVec performance across three major gene therapy areas Heart Eye CNS 40x enhanced expression 50x enhanced expression 10-60x enhanced Better tissue specificity for circVec 4.0 expression for circVec 4.0 Therapeutic gene PoC RNA & DNA level validated 3 delivery routes PoC circVec 5 heart
Slide 13: 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 14: 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 14
Slide 15: RECAP circVec proof-of-concept: expression durability with generic vector and untargeted LNP
RECAP circVec proof -of-concept: expression durability demonstrated with generic vector and untargeted LNP No detectable signal at 0.2 mg/kg LNP-mVec (mRNA), luminescence LNP-circVec (circRNA), luminescence Systemic I.V. delivery, single dose, 1mg/kg Systemic I.V. delivery, single dose, 1mg/kg Mainl
Slide 16: 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 17: 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 18: R&D summary: important milestones reached on platform, gene therapy and cell therapy
R&D summary: important milestones reached on platform, gene therapy and cell therapy Novel genetic elements identified boosting biogenesis and circVec translation from circVec in vivo platform Novel components are being combined into circVec 5.0, with potential to outperform conventional AAV by 200x
Slide 19: Business Development
3 Business Development 4. Financials 5. Summary 19
Slide 20: Circio's overarching business development strategy
Circio’s overarching business development strategy Strengthen & expand circVec Generate revenues from circVec Access to complementary technologies • Strategic platform partnership Generate data in new preclinical models • Out-licensing of therapeutic candidates Explore novel circVec applications • C
Slide 21: Specific BD needs in gene and cell therapy
Specific BD needs in gene and cell therapy = = circVec Therapeutic AAV capsid circVec DNA vector Delivery tech. gene format (LNP or other) 21
Slide 22: 12 Active gene therapy collaborations
12 Active gene therapy collaborations AAV capsid Novel delivery / GOI Partnering/Co-development 3 Collaborations 5 Collaborations 4 Collaborations 2 Undisclosed 2 Undisclosed 1 Undisclosed Top 5 Pharma 22
Slide 23: Specific BD needs in gene and cell therapy
Specific BD needs in gene and cell therapy = = circVec Therapeutic AAV capsid circVec DNA vector Delivery tech. gene format (LNP or other) 23
Slide 24: 11 Active cell therapy collaborations
11 Active cell therapy collaborations DNA vector format T-Cell Delivery system Other applications 5 Collaborations 3 Collaborations 3 Collaborations 3 Undisclosed 1 Undisclosed 24
Slide 25: BD activities summary and aims
BD activities summary and aims 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 Alternat
Slide 26: Financials
Financials 5. Summary 26 ecircio
Slide 27: Circio raised NOK ~620 million (USD ~65m) in new capital in the first half of 2026
Circio raised NOK ~620 million (USD ~65m) in new capital in the first half of 2026 Oversubscribed rights issue at 1 NOK closed in February Rights 68.6m NOK raised from existing and new shareholders Issue Runway extended into 1Q 2027 Positive market momentum following rights issue Private Raised 250m
Slide 28: Overview of first half 2026 accounts
Overview of first half 2026 accounts NOK m 1H25 2H25 1H261 More in vivo studies and R&D collaborations Total revenue 0 0 0 R&D expenses2 -6 -6 -10 Larger R&D team Payroll and related expenses -10 -12 -21 One-offs: deferred incentive pay, non-cash Non-cash payroll expenses -1 -1 -6 effects on options
Slide 29: Robust financial outlook for 2026 and beyond
Robust financial outlook for 2026 and beyond Limited funding was biggest risk factor until 2Q 2026 Reduced 2026 fundraising has removed financial risk until 2030 risk Focus on R&D execution on platform and lead drug programs Disciplined resource management and continued cost control Financial All in
Slide 30: Summary
Summary 30 circio
Slide 31: 2026 first half year report - Summary
2026 first half year report - Summary circVec generation 5 potential 200x or more advantage vs mVec circVec Heart gene therapy validated for therapeutic gene R&D Advantage confirmed in CNS in vivo for 3 delivery routes Top 5 pharma collaboration, may lead to licencing deal in 2027 Business 20+ ongoi
Slide 32: 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