Slides
Page 1
The leader in circular RNA expression systems Webcast – Rights issue information 15 January 2026
Page 2
Human circRNA was first described by Circio scientists Dr Erik D Wiklund Dr Thomas B Hansen 8,000 citations January 2025 1,100 citations30 September 2011 2
Page 3
Circio has developed a powerful circular RNA alternative to the central dogma of molecular biology DNA circular RNA Protein→ → circVec enables enhanced and prolonged gene expression Circio has unique expertise, IP & know - how covering circVec circVec is a platform technology for vector - based gene delivery 3 The novel circVec alternative:
Page 4
Circio ´ s unique and proprietary circRNA - based gene expression platform technology 4 mVec - standard mRNA approach circVec - novel circRNA approach Viral or DNA vector RNA Protein ???. circVec 75x prolonged circRNA half-life in vivo vs. mRNA Significantly enhanced protein expression
Page 5
circVec: a first - in - class, industry - leading circRNA expression system with platform potential in several disease areas Heart, eye and CNS genetic disease 1 mill. patients in target diseases Enhanced, safer and lower cost AAVs Research collaboration with global pharma Cancer, autoimmune disease LNP: DNA format, redosable Very large patient population, only autologous options available today 5
Page 6
6 The AAV vector is the main gene therapy format today, however, high cost and toxicity remain major issues 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 6 AAV: Adeno-Associated Virus, currently best known vector for long-term protein expression in humans * Not commercially available 2024 BEQVEZ * AAV Hemophilia B
Page 7
circVec value proposition for AAV gene therapy: unlocking dose reduction to lower toxicity and cost Circio ´ s circVec technology can unlock: Significant AAV dose reduction with same clinical benefit Reduced toxicity and cost, better commercial viability ➢ Better, safer and lower cost AAV gene therapy AAV gene therapy for Danon disease: Clinical benefit demonstrated, but severe toxicity Very high AAV dose level required (= high tox & cost) ➢ Severe adverse events, incl. risk of death 7
Page 8
8 40 - fold enhanced expression in heart for circVec - AAV vs. conventional mRNA - based AAV D10 17 28 51 71 D10 17 28 51 71 Heart region AAV-mVec AAV-circVec 3.2 Gene expression quantification, f-luc IVIS signal 40x increased signal vs mVec +40x gene expression
Page 9
Heart, eye and CNS selected as top three target tissues for AAV - circVec development Heart Up to 40x increased activity for circVec Further boost by 4.0 1. Danon disease n = 2,000 2. Fabry disease n= 30-40,000 4x increased activity for circVec 2.1 (ongoing) 3.2/4.0 testing 1-2Q´26 >10x increased activity for circVec (ongoing) 3.2/4.0 testing 1Q´26 Tay-Sachs, Krabbe Gaucher disease ++ Partner with CNS -AAV companies 1. Wet AMD n = 6-7 mill. 2. Diabetic Mac´lr Edema (DME) n= 20-25 mill. Eye CNS Opportunity 1: Danon disease No approvals, validated target, low technology risk Opportunity 2: wet AMD Very large market, delivery issues for approved options Opportunity 3: Several diseases with major unmet need, broad pharma activity 9 Increase on-target expression Reduce systemic dose, → lower tox and cost Maximize local payload secretion Reduced local dose → less inflammation, cost Enhanced local CNS payload expression Open new AAV opportunities in challenging CNS diseases
Page 10
circVec: a first - in - class, industry - leading circRNA expression system with platform potential in several disease areas Heart, eye and CNS genetic disease 1 mill. patients in target diseases Enhanced, safer and lower cost AAVs Research collaboration with global pharma Cancer, autoimmune disease LNP: DNA format, redosable Very large patient population, only autologous options available today 10
Page 11
In vivo cell therapy: circVec expression duration > 6 months vs. 2 weeks for mVec 11 LNP-mVec (mRNA), luminescence Systemic I.V. delivery, single dose on Day 0 LNP-circVec (circRNA), luminescence Systemic I.V. delivery, single dose on Day 0 Mainly short -term liver expression No liver expression Accumulation in spleen from week 3-12 RNA-based in vivo CAR expression window lasts a few days only circVec in vivo spleen expression confirmed for 6 months on one dose Non - viral synthetic DNA vector format LNP - delivery formulation circVec 2.1
Page 12
circVec has a unique window of opportunity for in vivo cell therapy applications 12 Therapeutic applications circVec - DNA benefits Non-genome integrating > 6 months duration of expression on single dose Redosable Avoids liver-expression Cancer, e.g. lymphoma - Ex vivo CAR-T effective, but expensive - Lentiviral risk of secondary malignancies - RNA in vivo CAR not sufficient duration Autoimmune disease, e.g. Lupus - secondary opportunity PermanentMonthsDays In vivo CAR modalities - duration mRNA & circRNA circVec-DNA opportunity Lentiviral
Page 13
Recent deal activity highlights substantial commercial opportunities in Circio areas 13 Licensing, November 2025 $75m up-front + $400m milestones AAV engineering platform Phase 1, novel therapeutic candidate for vision loss AAV gene therapy for genetic eye disease M&A, June 2025 $2.1b in cash buy out In vivo CAR-T therapy for autoimmune disease LNP-delivered synthetic mRNA platform Phase 1-ready, CD19 CAR-T M&A, October 2025 $1.5b in cash buy out LNP-delivered synthetic circular RNA platform Pre-clinical, CD19 CAR-T In vivo CAR-T therapy for autoimmune disease AAV gene therapy In vivo cell therapy
Page 14
14 circVec is a first - in - class, industry - leading circRNA expression system: Take - home messages AAV-circVec outperforms conventional heart gene therapy on expression (40x), specificity and toxicity circVec in vivo validation in relevant tissues and disease models - Next step: Therapeutic circVec-AAVs for heart and eye disease Rich pipeline of R&D milestones and news flow in 2026: multiple shots on goal In vivo cell therapy approach with new and differentiated window-of-opportunity in area of very high deal activity Entered first partnership with global pharma company in Q4´25 - Next step: Additional partnerships in open disease areas In - house Partnering
Page 15
1515 NOK 50 million target (up to 67.5 million if oversubscribed) Price NOK 1.00 88.4 % already committed by pre - subscriptions and guarantees Strong backing from major existing shareholders Subscription 15 - 29 January 2026 Attached warrants can bring in additional capital in June 2026 Rights issue structure Based on recent strong data, Circio is raising new capital to expand and accelerate circVec development
Page 16
Q1´26 Data & Timeline: current best estimates - experiments have uncertain outcomes and may need to be repeated, impacting plans and timelines Announced fully funded big pharma R&D collaboration The rights issue will provide the necessary capital to deliver important R&D and BD milestones during 2026 circVec 3/4 in vivo reporter data heart, eye & CNS circVec-AAV in vivo PoC disease constructs for heart and eye Q4´26Q2´26 Q3´26 Enter new R&D collaborations: Aiming for 2-3 R&D technology collaborations on circVec AAV and in vivo CAR programs In vivo CAR targeted T-cell delivery in vivo ✓ AAV-circVec eye disease model efficacy data AAV value inflection points: Animal disease model data potential trigger for partnering interest in heart, eye and CNS AAV-circVec heart disease model efficacy data AAV-circVec in vivo CNS PoC data and target selection 16 Value inflection point: Active T-cell targeting data trigger for in vivo CAR partnering interest
Page 17
Transaction overview Transaction size Target NOK 50 million in gross proceeds If oversubscribed, pre - subscriptions will be covered by an additional directed issue at the same terms of up to NOK 17.5 million Subscription price NOK 1.00 Subscription rights (tradable) 0.3481 per share, registered on 12 January Over - subscriptions allowed (but not guaranteed) Transaction type Rights issue with preferential rights for existing shareholders Warrants (tradable) One warrant per each share allocated Exercisable at 20 % discount to VWAP 17
Page 18
Transaction process and timeline 15 – 29 January Rights issue key dates Rights issue subscription period 15 – 23 January Trading in subscription rights 30 January Announcement of outcome 3 February Payment date ca. 8 February Delivery and listing of new shares 26 May – 9 June Warrant exercise period 18
Page 19
How to subscribe in the rights issue Norwegian residents Norwegian residents with a Norwegian personal identity number (Nw.: fødselsnummer) are encouraged to subscribe in the rights issue through the VPS online subscription system Subscriptions made through the VPS online subscription system must be registered before the expiry of the Subscription Period at 16:30 CET on 29 January 2026 Legal entities and foreign residents Legal entities and foreign residents must submit a signed subscription form included in the Securities Note and provided on the Circio website to subscribe in the rights issue The subscription form should be sent by post or e-mail to the address below and must be received by no later than at 16:30 CET on 29 January 2026: DNB Carnegie, a part of DNB Bank ASA Registrars Department P.O. Box 1600 Sentrum 0021 Oslo, Norway or by email to: retail@dnb.no 19
Page 20
Further reading on Circio in life science industry media 20 January 2025 20