Slides
Page 1
Circular RNA expression systems for enhanced gene and cell therapies 1H 2026 report and R&D update Webcast, 1 September 2026
Page 2
2 Important notice and disclaimer This report contains certain forward -looking statements based on uncertainty, since they relate to events and depend on circumst ances 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 th e 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 i mplied 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 commercial ization of the company’s products, and liability in connection therewith; risks relating to the company’s freedom to operate (competitors pa tents) in respect of the products it develops; risks of non -approval of patents not yet granted and the company’s ability to adequately pr otect its intellectual property and know -how; risks relating to obtaining regulatory approval and other regulatory risks relating to the d evelopment 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 Circ io’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 b usiness conditions; risks relating to the company’s ability to retain key personnel; and risks relating to the impact of competition.
Page 3
3 1 Highlights & market update 2. R&D update 3. Business development 4. Financials 5. Summary
Page 4
4 First half year 2026 highlights: major progress on R&D, business development and financing circVec R&D Up to 60x circVec-AAV advantage shown in heart, eye and CNS in vivo Towards circVec 5.0 → potential for 200x or more benefit vs. mVec 3 month circVec expression duration in vivo w/ T-cell tropic LNP Oral presentation at ASGCT 2026, upcoming at ESGCT in October Business development Substantially expanded portfolio of active R&D collaborations 12 in gene therapy, incl. top 5 pharma, access to novel capsids 11 in in vivo cell therapy, access to delivery and vector technology Financing Raised NOK ~620 million (USD ~65 mill.) in three financing rounds Solid capital base to execute on R&D and BD strategy, with cash runway secured to 2030
Page 5
Strong industry traction for circRNA: three major deals in past 9 months 5 M&A $1.5b M&A $2.4b First listed circRNA biotech USD 65m raised in 2026 circular RNA Engineerable & versatile Extended durability vs mRNA Low immunogenicity Strategic deal, up to $2.5b OSE: CRNA
Page 6
6 R&D update 3. Business development 4. Financials 5. Summary 2
Page 7
The circVec circular RNA platform is technologically differentiated and industry - leading in its field DNA circular RNA Protein→ → circVec enables enhanced and prolonged gene expression Circio has unique IP & know - how in circRNA gene expression circVec is a platform technology for vector - based gene delivery 7 The novel circVec alternative:
Page 8
circVec: a first - in - class, industry - leading circRNA expression system with platform potential in several disease areas Heart, eye and CNS genetic disease Enhanced, safer and lower cost AAVs Research collaboration with global pharma Cancer, autoimmune disease LNP: DNA format, redosable Very high industry deal activity 8
Page 9
9 New heart gene therapy milestone reached: circVec advantage validated for therapeutic gene circVec3.2 #5 #6 #7 #8#1 #2 #3 #4 mVec LAMP2B ref Therapeutic protein, LAMP2B expression in heart at day 57 Firefly reporter, luminescence over time in heart 40x increased signal vs mVec +40x luminescence Substantial enhancement of LAMP2B expression in heart
Page 10
New gene therapy data: up to 60x AAV - circVec advantage in CNS, on par with heart and eye ICM (intra-cisterna magna) injection, 1e11vg/mouse ~10x ~30x ICV (intra-cerebroventricular) injection, 9e10vg/mouse IT (intrathecal) injection, 1e11vg/mouse ~60x 10 10-60x circVec enhancement observed in CNS - Three delivery routes, consistent advantage Neck Brain Spine
Page 11
½ Towards circVec 5.0: potential to outperform conventional AAV by more than 200x DNA circular RNA Protein→ → Optimizing biogenesis in vivo Optimizing translation in vivo Novel circVec designs 5x Novel circVec designs 3x Novel features to be combined into circVec 5.0 ~90x ~170x
Page 12
Consistent circVec performance across three major gene therapy areas Heart 40x enhanced expression Better tissue specificity Therapeutic gene PoC Cardiomyopathy n = 10-100,000 Neurological diseases out-licensing Eye CNS 12 Further boost by circVec generation 5: potential to outperform AAV-mVec by 200x or more AMD n = several million circVec 5 heart design PoC and optimization for additional Tx genes Disease model data 50x enhanced expression for circVec 4.0 RNA & DNA level validated Eye-specific AAV capsid circVec 5 eye design PoC for therapeutic gene Large animal data 10-60x enhanced expression for circVec 4.0 3 delivery routes PoC RNA & DNA level validation circVec 5 CNS design PoC for therapeutic gene Big pharma collab. data
Page 13
circVec: a first - in - class, industry - leading circRNA expression system with platform potential in several disease areas 13 Heart, eye and CNS genetic disease Enhanced, safer and lower cost AAVs Research collaboration with global pharma Cancer, autoimmune disease LNP: DNA format, redosable Very high industry deal activity
Page 14
14 The circVec in vivo CAR - T concept includes multiple components acting together Expression system circVec Vector Immune - quiet DNA + Delivery T - cell targeted LNP +
Page 15
RECAP circVec proof - of - concept: expression durability demonstrated with generic vector and untargeted LNP 15 LNP-mVec (mRNA), luminescence Systemic I.V. delivery, single dose, 1mg/kg LNP-circVec (circRNA), luminescence Systemic I.V. delivery, single dose, 1mg/kg 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 CAR expression window 3 months plus No detectable signal at 0.2 mg/kg
Page 16
16 7 New data: circVec spleen delivery and extended durability confirmed with T - cell tropic LNPs 0.20mg/kg 0.10mg/kg 0.05mg/kg LNP-mVec w/ T-cell tropic LNP* Systemic delivery, three dose levels LNP-circVec w/ T-cell tropic LNP* Systemic delivery, three dose levels Spleen signal detectable at Day 7 for high dose only 7 14 21 28 35Day 42 64 7 14 21 28 35 42 64 Spleen signal at all doses with >2 months durability * DNA vector formulated in T-cell tropic LNP w/o active targeting circVec in vivo CAR-T cell therapy status: Spleen-specific circVec expression confirmed in vivo with T-cell tropic LNP at reduced dose Spleen cell type characterization in progress LNP screening and «immune-quiet» DNA vector testing ongoing
Page 17
circVec offers a unique window of opportunity for in vivo cell therapy applications 17 Therapeutic opportunity: circVec - DNA benefits Non-genome integrating > 6 months duration of expression on single dose Redosable Opening up cancer indications to redosable in vivo CAR-T cell therapy - Ex vivo CAR-T effective, but too complex - Lentiviral risk of secondary malignancies - RNA in vivo CAR not sufficient duration PermanentMonthsDays In vivo CAR modalities - duration mRNA & circRNA circVec-DNA opportunity Lentiviral
Page 18
18 R&D summary: important milestones reached on platform, gene therapy and cell therapy circVec platform Novel genetic elements identified boosting biogenesis and translation from circVec in vivo Novel components are being combined into circVec 5.0, with potential to outperform conventional AAV by 200x or more In vivo cell therapy Confirmed long-term circVec expression in spleen with T-cell tropic LNPs at low therapeutic dose In vitro and in vivo characterization of complementary delivery and vector technologies ongoing AAV gene therapy Enhanced circVec expression in heart confirmed with therapeutic payload (LAMP2B) in vivo 10-60x higher gene expression from circVec in CNS utilizing three different routes of administration
Page 19
19 Business Development 4. Financials 5. Summary 3
Page 20
Circio’s overarching business development strategy 20 Strengthen & expand circVec Access to complementary technologies Generate data in new preclinical models Explore novel circVec applications ➢ Cost-efficient research collaborations ➢ May lead to future in- or out-licensing • Strategic platform partnership • Out-licensing of therapeutic candidates • Co-development with partner ➢ Better, safer and lower cost AAV gene therapies ➢ Safe and durable in vivo cell therapies Generate revenues from circVec
Page 21
Specific BD needs in gene and cell therapy 21 = circVec Therapeutic gene AAV capsid = circVec DNA vector format Delivery tech. (LNP or other)
Page 22
22 12 Active gene therapy collaborations Partnering/Co-developmentNovel delivery / GOIAAV capsid 3 Collaborations 2 Undisclosed 4 Collaborations 1 Undisclosed 5 Collaborations 2 Undisclosed Top 5 Pharma
Page 23
Specific BD needs in gene and cell therapy 23 = circVec Therapeutic gene AAV capsid = circVec DNA vector format Delivery tech. (LNP or other)
Page 24
24 11 Active cell therapy collaborations Other applicationsT-Cell Delivery systemDNA vector format 3 Collaborations 1 Undisclosed 3 Collaborations5 Collaborations 3 Undisclosed
Page 25
BD activities summary and aims 25 R&D collaborations established Top 5 pharma fully funded feasibility study Engineered capsids enhancement & new areas Therapeutic co-development with biotechs Novel / alternative gene therapy applications 2026 – 2027 aims Enter first partnering deal with cash payment Pursue co-development opportunities towards clinic with complementary biotech R&D collaborations established Testing novel DNA vector formats Screening T-cell LNP delivery systems Alternative delivery or novel applications collaborations 2026 – 2027 aims Select and secure access to preferred vector and delivery system Enter collaboration with big pharma
Page 26
26 4 Financials 5. Summary
Page 27
27 Circio raised NOK ~ 620 million (USD ~ 65m) in new capital in the first half of 2026 Rights Issue Oversubscribed rights issue at 1 NOK closed in February 68.6m NOK raised from existing and new shareholders Runway extended into 1Q 2027 Warrants Exercise Continued market momentum enabled large fundraise from warrants Raised 300m NOK at 8.25 NOK from existing and new shareholders First clinical gene therapy program to be funded with this capital Private Placement Positive market momentum following rights issue Raised 250m NOK at 10.8 NOK from new investors in April 2026 Secured runway to 2030 at low dilution to shareholders
Page 28
281 Unaudited numbers 2 Including patent costs 3 Including depreciation and impairment 4 including money market and bond fund investments 5 Financial advisory, underwriting/guarantees and legal costs Overview of first half 2026 accounts Larger R&D team One-offs: deferred incentive pay, non -cash effects on options Currency gain and return on cash liquidity Higher expenses due to one - offs and R&D investments More in vivo studies and R&D collaborations Raised ~NOK 620m (572m net of costs 5), funded operations since Dec ´25 NOK m 1H25 2H25 1H261 Total revenue 0 0 0 R&D expenses2 -6 -6 -10 Payroll and related expenses -10 -12 -21 Non-cash payroll expenses -1 -1 -6 Other operating expenses3 -4 -3 -5 Total operating expenses -20 -21 -42 Operating loss -20 -21 -42 Net financial items -2 -3 1 Loss before income tax -22 -23 -41 Net change in cash, cash equivalent /instruments4 -12 0 533 Net cash/equivalents/instruments EOP 6 6 539 Net cash flow from operating activities -26 -20 -33
Page 29
29 Robust financial outlook for 2026 and beyond Expenses outlook Limited funding was biggest risk factor until 2Q 2026 2026 fundraising has removed financial risk until 2030 Focus on R&D execution on platform and lead drug programs Reduced risk Full year budget 2026 about 50% increase vs. 2025 Expanded lab facilities and larger R&D team = higher productivity Gradual increase of expenses until first clinical candidate selection Financial prudence Disciplined resource management and continued cost control All investments focused on R&D value creation Gradual growth in team size and expenses
Page 30
30 5 Summary
Page 31
31 2026 first half year report - Summary circVec generation 5 potential 200x or more advantage vs mVec Heart gene therapy validated for therapeutic gene Advantage confirmed in CNS in vivo for 3 delivery routes Top 5 pharma collaboration, may lead to licencing deal in 2027 20+ ongoing R&D collaborations Select and secure complementary technologies for in vivo CAR-T circVec R&D Business development Strong circRNA and market momentum utilized for fundraising to secure cash runway to 2030 NOK 540 million cash balance to execute on R&D and BD strategy Financing
Page 32
circVec pre - clinical development plan and milestones 32 In vitro PoC In vivo technical PoC In vivo disease model IND enabling Technical concept Heart – in house Eye – in house Spleen, T-cells PoC: proof of concept IND: investigational new drug LNP: lipid nanoparticle CAR: chimeric antigen receptor AAV: adeno-associated virus CNS – pharma collaboration o circVec gen 5 AAV in vivo data o CNS in vivo data o Heart therapeutic gene in vivo PoC data o Eye in vivo cell type specificity data o Eye large animal PoC data o Heart disease model in vivo efficacy data o In vivo T-cell delivery PoC o circVec ssDNA vector PoC in vitro and in vivo o In vitro CAR expression and durability in human T -cells o T-cell LNP screen, complete data set & select preferred candidate Data & Timeline disclaimer: current best estimates - experiments have uncertain outcomes and may need to be repeated, impacting plans and timelines Major milestones next 6-12 months