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2 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 Circio Group. Such forward-looking statements reflect the current views of Circio and are based on the information currently available to the company. Circio cannot give any assurance as to the correctness of such statements. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied in these forward-looking statements. These factors include, among other things, risks or uncertainties associated with the success of future clinical trials; risks relating to personal injury or death in connection with clinical trials or following commercialization of the company’s products, and liability in connection therewith; risks relating to the company’s freedom to operate (competitors patents) in respect of the products it develops; risks of non-approval of patents not yet granted and the company’s ability to adequately protect its intellectual property and know-how; risks relating to obtaining regulatory approval and other regulatory risks relating to the development and future commercialization of the company’s products; risks that research and development will not yield new products that achieve commercial success; risks relating to the company’s ability to successfully commercialize and gain market acceptance for Circio’s products; risks relating to the future development of the pricing environment and/or regulations for pharmaceutical products; risks relating to the company’s ability to secure additional financing in the future, which may not be available on favorable terms or at all; risks relating to currency fluctuations; risks associated with technological development, growth management, general economic and business conditions; risks relating to the company’s ability to retain key personnel; and risks relating to the impact of competition.
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3 2. R&D update 3. Corporate update
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4 Number of outstanding convertible bonds substantially reduced Extended financing commitment with Atlas, securing access to funding until end of 2025 Showed in vivo PoC with robust circVec advantage for AAV gene therapy and in vivo cell therapy Published circular RNA review in Nature Reviews Genetics Presented circVec gene and cell therapy data at ASGCT, the leading global conference in the field Entered 7 R&D collaborations with international partners for circVec DNA delivery, novel DNA formats and protein production 4basebio, Certest, Entos, Neoregen, Lonza (+ 2 confidential)
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5 2019 2022 2023 LUXTURNA AAV Retinal Dystrophy ZOLGENSMA AAV SMA HEMGENIX AAV Hemophilia B UPSTAZA AAV AADC ELEVIDYS AAV DMD ROCTAVIAN AAV Hemophilia A VYJUVEK HSV DEB 2017 AAV format has substantial caveats: Insufficient gene expression level High dose requirement → toxicity & cost Not repeat-dosable 5 AAV: Adeno-Associated Virus, currently best known vector for long-term protein expression in humans * Not commercially available 2024 BEQVEZ * AAV Hemophilia B
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20 ´ >10-fold reduction of AAV dose level (= lower tox & cost) Reduction of immune suppressive medication ➢ Elimination of most severe adverse events (SAEs) Very high AAV dose level required (= high tox & cost) Co-administration of immune suppressive medication ➢ Severe adverse events (SAEs), incl. risk of death
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Lead program, in house focus Next step / partnership 7
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8 3. Corporate update
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9 Higher and more durable protein expression circRNA expression in patient cells circVec AAV or DNA vector therapeutic Inject circular mRNA ´ AAV or DNA vector Protein
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RNA Protein Enhanced half-life Enhanced expression 10
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11 Same effect as mRNA-AAV at 10x reduced dose AAV-circVec, heart specific – two AAV designs Quantification of signal, high/low dose comparison 35x 9X mVec circVec 2.0 circVec 3.0 AAV circVec, heart specific – two AAV designs Quantification of signal (luminescence), high dose 10 17 28 42 56 10 17 28 42 56 10 17 28 42 56Day Similar performance for circVec 2.1 and 3.0 in AAV format Low dose High dose
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RNA Protein Enhanced half-life Enhanced expression 12 IRES + ORF circVec 3.2 AAV genome DNA IRES + ORF circVec 3.0
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13 AAV-mVec D10 17 28 51 D10 17 28 51 D10 17 28 51 D10 17 28 51 AAV-circVec 2.1 AAV-circVec 3.0 AAV-circVec 3.2 32x increased signal vs mVec Quantification of f-luc signal, high dose circVec 3.2 shows >3x improvement over 2.1/3.0 design in AAV format >3x circVec 3.2 vs 3.0/2.1
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14 AAV f-luc signal profile from head to tail Head Tail Heart region F-luc signal quantification, heart region 44x increased signal vs mVec
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15 AAV-mVec right eye AAV-circVec 2.0 left eye F-luc signal quantification in eye, Day 7-21* * Ongoing experiment, high dose group 15x increased signal vs mVec AAV-mVec, IVIS scan Day 7-21* AAV-circVec, IVIS scan Day 7-21*
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16 AAV-circVec consistently outperforms conventional AAV-mVec designs by 10-40x Transformative potential in AAV gene therapy: current data suggests circVec platform can unlock >10x dose reduction - Improved safety profile, reduced toxicity - Lower cost Novel AAV-specific circVec 3.2 design drives 3x enhancement in vivo vs. prior generation 2 and 3 constructs AAV-circVec advantage observed in multiple tissues using different AAV variants and promoters
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17 In vitro PoC In vivo technical PoC In vivo disease model IND enabling Technical concept Heart & muscle CNS & eye Fully implement circVec 3.2 design In vivo data secreted protein (eye) In vivo disease model data External H2H testing w/AAV partner Target milestones 2H 2025 Continuous platform development: circVec generation 4, vector and delivery optimization Validate in vivo spleen delivery w/ novel vector and LNP systems Ex vivo T-cell CAR transduction External testing w/in vivo CAR partner Spleen Identifying optimal vector and LNP combo In vivo testing of circVec 2 gen ongoing In vivo testing of circVec 3.2 ongoing PoC: proof of concept IND: investigational new drug H2H: head-to-head LNP: lipid nanoparticle CAR: chimeric antigen receptor AAV: adeno-associated virus
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19 Warrant funds and Atlas facility were the source of financing through 1H 2025 Ongoing discussion with investors for new capital Outstanding bonds reduced from NOK 35m to NOK 9.5m* Strengthened cap table with new investors Significantly strengthened data package reduces technical risk, attracting partners and new investors 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 * As of 30.06.2025 (Nok 19m as of 28.08.2025)
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20 1 Unaudited numbers 2 Including patent costs 3 Including depreciation and impairment NOK m 1H24 2H24 1H25 1 Total revenue 0 0 0 R&D expenses2 -7 -4 -6 Payroll and related expenses -10 -12 -10 Other operating expenses3 -5 -3 -4 Total operating expenses -23 -20 -20 Operating loss -23 -20 -20 Net financial items 65 35 -2 Profit/loss before income tax 42 16 -22 Net change in cash -19 15 -12 Net cash EOP 3 18 6 Lean and efficient R&D team Waiver of ONCOS-102 R&D loans (2024) Cost control continues High number of ongoing in vivo projects Drawing Atlas funds on a strict need-to basis
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21 Financing commitment extended until end of 2025 Good relationship, option for extension on mutual agreement Reliable access to capital during tough market conditions Continuously exploring multiple financing options, building on recent strong AAV-circVec data Market conditions remain challenging, but improving slowly Continue to establish novel technology collaborations AAV gene therapy program most likely for short-term deal Monetize technology in non-core or complex areas
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22 Novel LNP formulation for spleen delivery of DNA-circVec Results showed specific and prolonged spleen expression Entos PLV technology for DNA-circVec delivery Entos to drive and fund next stage of evaluation Neoregen CPP technology for DNA-circVec delivery Neoregen to fund next stage of in vivo evaluation Explore 4basebio DNA format for circVec 4basebio in house testing ongoing Apply circVec to enhance protein manufacturing yield Ongoing testing of circVec in Lonza’s proprietary system *DT = Delivery Technology + two confidential collaborations
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23 Test circVec 3.2 performance in multiple tissues CNS and eye in vivo data Test new delivery systems circVec CAR expression Ex vivo T cell experiments Test additional LNP formulations Test other delivery systems Validate w/new DNA format Active discussions with AAV gene therapy companies External circVec AAV testing Early discussions with cell therapy companies External circVec DNA testing Several ongoing collaborations Certest, Entos, 4BB + others, data during 2H´2025
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24 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 approach for in vivo CAR-T cell therapy circVec is a first-in-class, industry-leading circRNA expression system with platform potential in multiple disease areas Dr. Alex Wesselhoeft Scientific founder oRNA Therapeutics Due to its significant advantages, circRNA systems can be expected to replace mRNA- based expression for DNA format therapeutics in the future – just as synthetic circRNA can be expected to replace current mRNA formats“ “