Circio Holding ASA (”Circio” or ”the Company”) published its annual report for 2025 on the 15^th of April 2026. The following are key events that we have chosen to highlight for 2025 and H1-26:

• Up to ~40x enhanced circVec-AAV expression in heart in vivo, reproduced and further improved with the next-generation circVec 4.0
• Fully funded feasibility study entered with a top-5 global pharmaceutical company for CNS targets
• Up to ~50x enhanced circVec-AAV gene expression in eye, completing a cross-tissue preclinical data package spanning heart, eye, and CNS
• Cash position strengthened from NOK 6m at year-end to NOK 42m at end of Q1-26, with the NOK 250m private placement in April 2026 extending the financial runway into 2030
• Two in vivo cell therapy delivery collaborations entered with United Immunity (CAR-M) and Acuitas Therapeutics (CAR-T), the LNP delivery company behind the Pfizer-BioNTech COVID-19 vaccine

A Preclinical Data Package that Attracted Big Pharma Engagement and Broad Investor Interest

The second half of 2025 and the first months of 2026 have been the most eventful period in Circio’s history since the Company’s repositioning into circular RNA. Circio has assembled a cross-tissue preclinical data package that has materially strengthened the Company’s external positioning, including up to ~40x enhanced expression in heart versus conventional mRNA-based AAVs, reproduced and further improved with the next-generation circVec 4.0, up to ~50x in eye, and initial CNS data. Analyst Group considers the significance of this data package to extend beyond any individual result. The demonstrated cross-tissue applicability means that circVec is positioned as a platform technology with relevance across multiple therapeutic areas, which broadens the addressable scope of potential licensing agreements and strengthens the Company’s negotiating position relative to prospective partners. The low-dose outperformance in the eye, where circVec outperformed a 10x higher dose of the conventional comparator by ~12x, carries additional strategic weight, as it suggests that circVec could enable significantly lower vector doses in a clinical setting, translating to improved safety margins and reduced manufacturing costs for a future licensee, both of which are central considerations in AAV gene therapy deal economics. Notably, Circio has no established direct competitor in DNA-based circular RNA expression for gene therapy, which means that a prospective licensing partner cannot source this technology elsewhere, a competitive positioning that Analyst Group considers to be an underappreciated element of the licensing thesis. The Company also indicates that systematic screening of novel genetic features is ongoing at the Karolinska Institute, suggesting that the platform has not yet reached its performance ceiling.

The market has responded accordingly. The heart data contributed directly to securing a fully funded feasibility study with a top-5 global pharmaceutical company in CNS, the first instance of a major pharma player committing resources to evaluate circVec, and one that, if successful, could lead to a subsequent licensing transaction, providing both important technology validation and non-dilutive capital. The broader data package underpinned the selection for an oral presentation at the ASGCT 2026 annual meeting, and ultimately the NOK 250m private placement in April 2026, oversubscribed by more than 2x with new Nordic and international investors. Analyst Group views this sequence as a clear demonstration that the circVec platform has crossed a credibility threshold with both pharmaceutical and financial counterparts.

Financial Runway into 2030 Shifts the Licensing Dynamic

Beyond the capital itself, the most important strategic consequence of the NOK 250m private placement is what it does to Circio’s negotiating position. A preclinical-stage company with limited runway is typically forced to accept licensing terms dictated by the partner’s timeline; a company funded into 2030 can afford to be selective, wait for the strongest data package, and negotiate from a position of strength. This is a material shift in the dynamic underpinning the entire commercialisation model. In addition, approx. 68 million warrants remain exercisable in Q2-26, representing further financial optionality. FY2025 total OPEX of NOK 41m (43) was broadly stable Y-Y, while the OCF amounted to approx. NOK -46m (41), implying an average monthly burn rate of approx. NOK 3.8m (3.4). The year-end cash position of NOK 6m subsequently strengthened to NOK 42m at end of Q1-26 following the oversubscribed rights issue, which will be substantially strengthened following the private placement. Analyst Group estimates that the burn rate will increase gradually over the coming years as the Company scales its R&D activities, expands headcount, and invests in new infrastructure to advance the preclinical pipeline and capitalize on the Company’s early-mover advantage in circular RNA-based gene and cell therapy.

Acuitas and United Immunity Signal Growing Pharma Interest in circVec for Cell Therapy…

Alongside the AAV gene therapy pipeline, Circio has taken concrete steps to build out its in vivo cell therapy program through two delivery collaborations announced in 2026. In March, the Company entered a research collaboration with United Immunity to evaluate circVec for in vivo CAR-Macrophage (CAR-M) therapy. In April 2026, Circio announced a technology evaluation agreement with Acuitas Therapeutics, the globally recognised leader in LNP delivery technology, for in vivo CAR-T therapy.

The logic is the same in both cases: developing effective in vivo cell therapy requires both delivering the genetic payload to the right immune cell and keeping it active long enough to achieve a therapeutic effect. Circio’s circVec addresses durability, having demonstrated expression of more than six months in immune tissue on a single dose versus only days for conventional mRNA-based approaches. The delivery partners address targeting, United Immunity to myeloid cells (macrophages and dendritic cells) for CAR-M, Acuitas to T-cells for CAR-T. Analyst Group considers the Acuitas agreement particularly noteworthy given the calibre of the delivery technology being evaluated. Acuitas’ LNP platform enabled the Pfizer-BioNTech COVID-19 vaccine (COMIRNATY) and ONPATTRO, the first FDA-approved RNAi therapeutic, and represents a potential in-licensing pathway for Circio to access clinically validated T-cell targeted delivery. That Circio is now evaluating a delivery platform of this standing for circVec underscores the Company’s ambition to position itself at the centre of a competitive in vivo CAR-T offering. No financial terms have been disclosed for either collaboration, which Analyst Group will continue to monitor.

…as the Broader In Vivo Cell Therapy Field Approaches Clinical Validation

The expansion of Circio’s in vivo cell therapy partnership portfolio coincides with a period in which the broader field is moving toward clinical validation at an accelerating pace. Kelonia Therapeutics is continuing Phase 1 dose escalation of its in vivo CAR-T therapy KLN-1010 following encouraging first-in-human data at ASH 2025 and FDA IND clearance in January 2026. BMS/Orbital Therapeutics plans to initiate clinical development of OTX-201, notably a circular RNA-based in vivo CAR-T, in H1-26, while AbbVie/Capstan’s CPTX2309 is in ongoing Phase 1 dose-finding and Phase 1 results for EsoBiotec’s (AstraZeneca) ESO-T01 were published in Nature Medicine in March 2026, showing preliminary anti-tumour activity alongside notable safety signals. Analyst Group considers this external newsflow an important contextual factor for Circio, as positive readouts from these programs would further validate in vivo cell therapy as a therapeutic modality, reduce perceived risk across the field, and increase the strategic value of circVec’s demonstrated multi-month expression duration. This is particularly relevant given that the short-lived expression of conventional mRNA-based approaches has been highlighted as a key limitation in early clinical studies. That said, in vivo cell therapy remains at an early stage across the industry with no approved therapies to date, and circVec’s cell therapy collaborations represent longer-term strategic optionality rather than near-term value drivers. However, recent transactions in the space, including several multi-billion dollar acquisitions of preclinical-stage companies, demonstrate that pharmaceutical partners are willing to commit significant capital well ahead of clinical validation.

Concluding Remarks

In summary, Analyst Group considers the past twelve months to have been transformational for Circio, taking the Company from a financially constrained preclinical company to a platform company with a validated multi-tissue data package, a big pharma feasibility study, an expanding cell therapy partnership portfolio anchored by a globally leading delivery partner, and a secured financial runway into 2030. Looking ahead, the Company faces a concentrated pipeline of value-inflection events across 2026: the ASGCT oral presentation in May, in vivo CAR targeted T-cell delivery data (Q2-26), AAV-circVec wet AMD disease-model efficacy data (Q2/Q3-26), CNS PoC data from the ongoing big pharma feasibility study (Q3/Q4-26), and heart disease-model efficacy data (Q4-26). The disease-model readouts in eye and heart are particularly significant, as they represent the step from reporter-gene proof-of-concept to disease-relevant efficacy, the threshold that Analyst Group considers most critical for converting platform validation into concrete licensing discussions. With the financial runway secured into 2030, the key variable is no longer funding but execution. Analyst Group regards Circio as well-positioned to deliver on this agenda and to convert the momentum built over the past twelve months into tangible value-creation events.

We will return with an updated equity research report of Circio.

Circio Holding ASA (”Circio” or ”the Company”) announced, on the 8^th of April 2026, that the Company has completed a significantly oversubscribed private placement raising NOK 250m in gross proceeds, directed at new Nordic and international investors. The placement was arranged as a club deal, with the offer price set at NOK 10.80 per share, corresponding to the market price at the opening of the prior trading day, a 5% premium to the 5-day VWAP, and a 20% premium to the 10-day VWAP. A total of 23,148,148 new shares were issued, bringing post-placement NOSH to 238,054,835. A subsequent offering of up to NOK 82.5m at the same subscription price is planned for existing shareholders, bringing total potential gross proceeds to NOK 332.5m and extending Circio’s financial runway into 2030.

A Transformational Financing that Extends the Runway into 2030

Analyst Group views the NOK 250m private placement as a transformational event for Circio, the largest single capital injection in the Company’s history after its repositioning into circular RNA, and one that fundamentally alters the Company’s strategic position. The offer price of NOK 10.80 represents a pronounced re-rating relative to the NOK 1.0 subscription price in the Q1-26 rights issue, reflecting the cumulative impact of preclinical data delivery, partnership activity, and growing industry recognition over the past twelve months. Over this period, Circio has demonstrated up to ~50x enhanced gene expression in the eye and ~40x in the heart using circVec-AAV, entered a fully funded feasibility study with a top-5 global pharmaceutical company in CNS, and expanded the platform into in vivo cell therapy through new research collaborations, a body of work capped by the selection for an oral presentation at ASGCT 2026, which provides the scientific foundation underpinning the increased investor interest reflected in the placement. In Analyst Group’s view, the placement reflects a well-timed decision by the Board to leverage the re-rated share price to secure long-term financial capacity, effectively locking in favorable terms while investor appetite and market conditions allowed. The more than 2-fold oversubscription, at-market pricing with premiums to the 5- and 10-day VWAPs, and the fact that the placement was conducted as a club deal exclusively with new investors, both Nordic and international, signal a meaningful broadening of Circio’s investor base and growing external conviction in circVec as a platform.

In addition, the planned subsequent offering of up to NOK 82.5m, directed at existing shareholders at the same subscription price, would bring total gross proceeds to NOK 332.5m if fully subscribed. According to the Company, the net proceeds from the private placement extend Circio’s financial runway into 2030. Assuming the subsequent offering is fully subscribed, total available capital would amount to approx. NOK 375m, including the NOK 42m cash position at the end of Q1-26, implying an average monthly burn rate of approx. NOK 7–8m over the period, a substantial step-up from the NOK 3.8m per month recorded for FY2025. However, Analyst Group estimates that the burn rate will increase gradually over the coming years as the Company scales its R&D activities, expands headcount, and invests in new infrastructure to advance the preclinical pipeline and capitalize on the Company’s early-mover advantage in circular RNA-based gene and cell therapy.

Moreover, the approx. 65 million warrants from the Q1-26 rights issue remain exercisable in Q2-26 at a strike price corresponding to 80% of the VWAP during 8–22 May 2026. With the near-term runway already secured, any proceeds from the warrant exercise would provide additional financial flexibility to broaden the development program or accelerate existing tracks beyond the current plan. The actual proceeds will depend on the share price during the VWAP reference period, but at current levels, the warrants represent a meaningful source of additional optionality.

An Expanded Development Agenda Backed by a Concentrated Catalyst Pipeline

The strategic rationale for the accelerated investment is rooted in the nature of the platform itself. CircVec’s core value proposition, durable, high-level gene expression across multiple tissue types, addresses a fundamental bottleneck in both AAV gene therapy and the emerging field of in vivo cell therapy, where insufficient expression duration and stability remain key limiting factors. In AAV gene therapy, circVec has demonstrated the ability to materially enhance expression in heart, eye, and CNS tissue, broadening the platform’s relevance well beyond any single indication. In in vivo cell therapy, an emerging but as yet clinically unvalidated field where the objective is to reprogram immune cells directly in the body rather than through costly and complex ex vivo manufacturing, durable expression duration is widely regarded as a key technical requirement. CircVec’s demonstrated multi-month expression profile could prove relevant in this context if the broader approach is validated. The fact that circVec sits at the intersection of these two rapidly expanding fields, and that the financing now allows Circio to pursue both in parallel, is, in Analyst Group’s view, central to understanding the strategic logic of the placement.

The proceeds from the capital raise will be used to accelerate circVec-AAV gene therapy development in heart, eye, and CNS, with the explicit ambition to select one or more clinical candidates. In parallel, the Company will scale up the in vivo CAR-T cell therapy program (circVec-LNP) through new infrastructure and dedicated personnel, and strengthen the Company’s business development activities. Analyst Group notes that the reference to clinical candidate selection represents a meaningful escalation of the Company’s stated ambition, and if achieved, would move circVec materially closer to licensing-relevant maturity. The commitment of dedicated resources to the in vivo CAR program also signals that this track is being elevated beyond exploratory collaborations, consistent with the recently announced research collaboration with United Immunity on in vivo CAR-M therapy.

Analyst Group considers these ambitions to be supported by a broad near-term catalyst pipeline: the ASGCT oral presentation in May 2026, in vivo CAR targeted T-cell delivery data (Q2-26), AAV-circVec wet AMD disease-model efficacy data (Q2/Q3-26), CNS PoC data from the ongoing big pharma collaboration (Q3/Q4-26), and Danon heart disease-model efficacy data (Q4-26). Collectively, positive outcomes across these readouts would materially strengthen Circio’s position in licensing discussions and could serve as triggers for deepened partner engagement over the coming quarters.

In summary, Analyst Group views the NOK 250m private placement as a defining moment for Circio. The combination of a substantially strengthened balance sheet, an expanded development agenda spanning AAV gene therapy and in vivo cell therapy, and a concentrated pipeline of near-term data readouts creates a fundamentally different strategic platform from which the Company can operate. By securing multi-year financial capacity on favorable terms, with the warrant exercise in Q2-26 providing further optionality, Circio is positioned to advance circVec toward clinical candidate selection and licensing discussions from a position that few preclinical-stage companies can match. With multiple data readouts expected across 2026 and a high-profile ASGCT presentation approaching, Analyst Group considers Circio well-positioned to build on the scientific momentum that attracted this level of investor commitment and to convert it into deepened partner engagement and continued platform validation.

We will return with an updated equity research report of Circio following the FY2025 report.

Circio Holding ASA (”Circio” or ”the Company”) announced, on the 26^th of March 2026, that the Company has entered a research collaboration with United Immunity Co., Ltd. (”United Immunity”), a Tokyo-based biotechnology company, to evaluate circVec in the context of in vivo CAR-Macrophage (CAR-M) therapy. Under the collaboration, United Immunity will test whether its proprietary P-LNP delivery platform can deliver circVec to myeloid immune cells, specifically macrophages and dendritic cells, with the aim of establishing a joint platform for in vivo CAR-M applications in cancer, fibrosis, and autoimmune disorders. No financial terms have been disclosed.

Analyst Group’s View on the United Immunity Collaboration

The scientific rationale for the collaboration is straightforward. Developing effective in vivo CAR-M therapy requires solving two distinct problems: first, getting the genetic payload into the right cell, in this case macrophages, rather than accumulating in the liver as conventional delivery systems tend to do; and second, keeping the payload active inside the cell for long enough to have a therapeutic effect. United Immunity’s P-LNP technology addresses the first problem, as it is specifically designed to seek out and deliver its payload directly to myeloid immune cells, the family of immune cells that includes macrophages and dendritic cells, wherever they are located in the body. circVec addresses the second: in preclinical studies, circVec has demonstrated expression duration of more than six months in immune tissue on a single dose, with no detectable liver expression, compared to only a few days for conventional mRNA-based approaches. Neither technology alone solves both problems, but together they could. Whether the P-LNP system can deliver circVec’s DNA-based payload to myeloid cells at sufficient efficiency remains to be demonstrated, which is precisely what this collaboration is designed to test.

The announcement is also a strategically coherent addition to Circio’s partnership portfolio, extending circVec’s in vivo cell therapy footprint into an immune-cell class not previously addressed by the Company’s delivery collaborations, and is consistent with Circio’s stated objective of entering two to three new R&D technology collaborations in 2026. United Immunity holds a granted fundamental patent on its P-LNP formulation and is backed by institutional investors such as University of Tokyo Edge Capital, which lends credibility to the engagement. The absence of disclosed financial terms is a point of uncertainty that Analyst Group will monitor.

CAR-M remains a longer-term optionality layer, as Circio’s primary near-term value inflection points for 2026 remain the AAV-circVec disease-model readouts in heart and eye, the CNS results from the ongoing big pharma feasibility study, and the in vivo CAR T-cell targeted delivery data expected in Q2-26. Nevertheless, the partnership adds credibility to the circVec platform and reflects a broader trend of increasing interest from institutional and pharmaceutical players in in vivo cell therapy, a field that has already attracted several high-profile transactions during the last year, including AbbVie’s acquisition of Capstan Therapeutics for approx. USD 2.1bn and BMS’s acquisition of Orbital Therapeutics for approx. USD 1.5bn, both at a preclinical stage.

In summary, Analyst Group views the United Immunity collaboration as a meaningful and technically well-founded addition to Circio’s in vivo cell therapy portfolio. The two technologies address complementary bottlenecks, United Immunity solving the delivery problem, circVec the expression problem, and together could form the basis of a differentiated CAR-M platform. While no financial terms have been disclosed and the CAR-M space remains at an early preclinical stage, Analyst Group regards the collaboration as a longer-term optionality layer that incrementally strengthens circVec’s long-term licensing attractiveness, particularly in light of large pharmaceutical players committing multi-billion dollar capital to the in vivo cell therapy field.

Circio Holding (”Circio” or ”the Company”) announced, on the 18^th of March 2026, that one of the Company’s submitted abstracts has been selected for an oral presentation at the American Society of Gene and Cell Therapy (ASGCT) annual meeting, to be held in Boston, 11–15 May 2026. ASGCT represents the largest and most prestigious gene and cell therapy conference globally, where only a small fraction of submitted abstracts are selected for oral presentations, while also serving as a key venue where companies and potential partners convene to explore licensing and collaborative R&D opportunities.

Analyst Group’s View on the ASGCT Selection

Analyst Group views the selection for oral presentation at ASGCT 2026 as a meaningful validation of Circio’s circVec technology platform, and one that carries additional weight in the context of the Company’s recently reported preclinical data. In February 2026, Circio demonstrated up to 50x enhanced gene expression in the eye and reproduced approx. 40x enhanced expression in the heart using the Company’s AAV-circVec 4.0 construct, a data package that materially strengthened circVec’s credibility as a scalable, cross-tissue gene expression platform. The ASGCT selection suggests this body of work has resonated at the scientific committee level, which Analyst Group considers a credible third-party endorsement of its quality and relevance.

Analyst Group assesses that presenting circVec’s cross-tissue validation, including approx. 10x outperformance retained even at a 90% reduced dose level, could meaningfully advance Circio’s visibility among potential licensing partners at a time when circular RNA is attracting significant Big Pharma attention. This is underscored by Bristol Myers Squibb’s acquisition of Orbital Therapeutics for USD 1.5bn in Q4-25 and Eli Lilly’s acquisition of Orna Therapeutics for up to USD 2.4bn in Q1-26, reflecting the strategic premium large pharmaceutical companies are willing to assign to differentiated RNA expression technologies.

Analyst Group notes that the previously reported heart data contributed to securing Circio’s first fully funded feasibility study with a top-tier global pharmaceutical partner. With a broader and strengthened preclinical data package now in place, and with disease-model efficacy data in eye and heart as well as in vitro circVec data in primary human T-cells and T-cell targeted delivery in vivo expected in Q2-26, the ASGCT presentation provides a well-timed platform to engage both existing and prospective partners ahead of these upcoming value-inflection points. The content of the selected abstract remains undisclosed until 13 April 2026, at which point the full scientific scope of the presentation will become assessable.

In summary, Analyst Group views Circio’s selection for an oral presentation at ASGCT 2026 as a qualitatively positive milestone that, when viewed alongside the Company’s recently reported preclinical data, reinforces the growing credibility of the circVec platform. Analyst Group assesses that the combination of a strengthened data package, an upcoming high-profile scientific presentation, and a strong balance sheet positions Circio favorably for deepened partner dialogues and broader industry recognition in the months ahead.

About Circio

Circio Holding ASA is a biotechnology company developing a circular RNA expression platform for gene and cell therapy. The proprietary circVec technology is a DNA-based system enabling durable intracellular circular RNA production, addressing the limited stability of conventional mRNA. The platform supports viral and non-viral delivery and has demonstrated up to 50-fold higher protein expression in preclinical studies. R&D is conducted through the wholly owned subsidiary Circio AB. Circio also retains a non-core legacy immunooncology asset, TG01, evaluated in externally sponsored clinical studies. The Company has been listed on Oslo Børs since 2016.

Circio Holding (”Circio” or ”the Company”) announced, on the 26^th of February 2026, new in vivo data demonstrating up to 50-fold enhanced gene expression in the eye using the Company’s AAV-circVec 4.0 construct compared to conventional mRNA-based AAV. Circio also confirmed reproducibility of previously reported ~40x enhanced gene expression in heart.

Summary of the news:

• Up to 50x enhanced gene expression in eye with AAV-circVec 4.0
• ~10x outperformance at 90% reduced dose level (eye)
• Additional validation and reproducibility data in heart
• Platform validation demonstrated across multiple tissues
• NOK 68.6m raised in the oversubscribed RI, alongside potential warrant proceeds in Q2-26, provides the financial flexibility to advance pipeline execution
• Upcoming near-term triggers (Q2-26): disease-model efficacy data in eye and heart as well as active T-cell targeting data within the in vivo CAR-T cell therapy program

Analyst Group’s view of the promising in vivo eye and heart data

Platform validation beyond a single tissue addresses key industry bottlenecks

We view the new eye data as a material platform-expanding milestone. Demonstrating up to 50x enhanced expression in a second tissue strengthens circVec’s positioning as a scalable gene expression platform rather than a tissue-specific effect.

Importantly, circVec outperformed conventional AAV by ~10x even at a 90% reduced dose level. In our view, this capability is one of the most commercially relevant aspects, as high vector doses remain a central bottleneck in AAV gene therapy due to toxicity concerns, manufacturing complexity and high costs. Technology enabling lower doses while maintaining or improving efficacy directly addresses a key strategic challenge for large pharmaceutical companies, thereby enhancing the circVec-platform’s licensing attractiveness.

Strengthened partnering rationale

The additional heart data, including reproducibility and mechanistic validation demonstrating that the advantage is driven by RNA durability rather than vector copy number, further reduce platform risk. Importantly, the heart data also show a favorable signal-to-noise ratio, with strong target-tissue expression and minimal off-target liver expression. Elevated liver exposure remains a key safety concern in AAV gene therapy, and limited hepatic expression may therefore represent a meaningful safety differentiator for circVec.

Notably, the previously communicated ~40x heart data in Q4-25 contributed to securing Circio’s first fully funded feasibility study with a top-tier global pharmaceutical partner. With broader and strengthened validation now in place, we believe the likelihood of expanded partnering discussions increases.

This development should also be viewed in the context of strong recent transaction activity within AAV and RNA-enabling technologies, particularly in ophthalmology. For example, in Q4-25 Eli Lilly entered a USD 75m upfront licensing agreement (with up to USD 400m in milestones) with MeiraGTx for an AAV engineering platform targeting genetic eye diseases, underscoring the strategic interest in differentiated enabling technologies within this space. Against this backdrop, Circio’s 50x eye data further enhances the strategic relevance of circVec, particularly as recent transactions have centered on platform-level innovations in ophthalmology.

Financial runway supports upcoming value-inflection points

The NOK 68.6m capital raise reduces near-term funding risk and, in our assessment, provides runway until Q1-27. The approx. 68 million warrants exercisable in Q2-26 (at a 20% discount to VWAP) could further strengthen the balance sheet. Assuming a share price of NOK 2.13 during the exercise period and an elevated R&D-driven burn rate, full exercise would imply gross proceeds of ~NOK 115m, potentially extending runway into mid-2028, all else equal. Even at a somewhat lower share price, we estimate runway could extend into early 2028.

We expect capital to support disease-relevant in vivo efficacy studies in eye and heart, active T-cell targeting data within the in vivo CAR-T program (cell therapy), and continued CNS proof-of-concept work during 2026, milestones that may serve as potential partnering triggers.

Conclusion

In summary, Analyst Group believes the new eye data materially strengthen circVec’s strategic positioning within AAV gene therapy. The expanded preclinical data package, demonstrating robust cross-tissue validation and mechanistic confirmation, enhances platform credibility and broadens circVecs potential applicability. In our view, the cumulative strength of the data is increasingly difficult for larger pharmaceutical companies to overlook, reinforcing Circio’s position in potential licensing discussions and supporting a more favorable negotiating dynamic as the platform advances toward disease-relevant milestones. The recently strengthened financial position further supports this trajectory by enabling continued development without near-term funding pressure. From a valuation perspective, the strengthened data package supports a gradual increase in the applied preclinical probability of success in our framework, which will positively impact the risk-adjusted valuation in future updates.

Circio Holding (”Circio” or ”the Company”) announced, on the 30^th of January 2026, the final outcome of the rights issue, which attracted subscriptions of approx. NOK 77.9m, corresponding to a subscription of 156% relative to the targeted NOK 50m. As approved by the extraordinary general meeting on the 12^th of January 2026, Circio will also carry out a parallel private placement of approx. NOK 15m to accommodate oversubscription of the rights issue. This brings total gross proceeds from the transactions to approx. NOK 65m, compared with the initially targeted NOK 50m. The capital injection from the rights issue and the parallel private placement is estimated to provide a cash runway until Q1-27. Including the potential exercise of the attached warrants in Q2-26, Circio is estimated to have sufficient capital to fund operations into early Q1-28.

Analyst Group’s View of the Outcome

Financing impact

The oversubscribed rights issue, with strong support from both existing and new shareholders, as well as from the board and management (who subscribed for NOK 1.8m), reflects confidence in the technological progress achieved to date, the associated partnership with a major pharmaceutical company, and the solid pipeline of upcoming development milestones in 2026. With gross proceeds of approx. NOK 65m, we estimate that Circio has a cash runway until Q1-27.

Moreover, the attached 1:1 warrants, exercisable in Q2-26, represent a source of potential upside to Circio’s funding profile. With the warrant terms set at a strike price equivalent to a 20% discount to the VWAP during 8–22 May 2026, Circio could raise up to an additional NOK 52m in gross proceeds, assuming a share price in line with the subscription price of the rights issue (NOK 1.0 per share), or approx. NOK 106m given our Base scenario, assuming a share price of NOK 2.03 per share. In a scenario where the share price develops more favorably ahead of the warrant exercise window, driven by upcoming preclinical data readouts and continued platform progress, this would provide further upside to the estimated cash runway. Assuming full warrant exercise under the more conservative pricing scenario, and estimating a somewhat elevated burn rate going forward (approx. NOK -4.5m per month), primarily driven by higher R&D spend as the platform advances, we estimate that the net proceeds from the warrants could extend the cash runway into Q1-28.

Operational and value-creation implications

With the extended runway, Circio is financially positioned to accelerate the circVec R&D activities and strengthen the scientific team in Stockholm, which will be crucial to progress several value-de-risking preclinical milestones across the circVec platform. In the near term (H1-26), we expect readouts from circVec 4.0 in vivo proof-of-concept studies in heart, eye and CNS, which should provide early validation of next-generation construct performance across multiple tissues and further inform target and construct selection.

Moreover, key subsequent milestones include the generation of in vivo CNS PoC data linked to the ongoing partnership with a major pharmaceutical company, as well as disease-model efficacy data in eye and heart indications, which is expected in H2-26, something that would further support the translational relevance of circVec and strengthen partner confidence in AAV-based gene therapy applications.

Within cell therapy, active T-cell targeting data expected in Q2-26, together with continued third-party validation of the broader in vivo cell therapy field, driven by ongoing industry readouts, are expected to reduce perceived modality risk over time and expand the platform’s strategic optionality. Collectively, we view these milestones as important steps in further de-risking the platform and increasing its attractiveness in future partnering discussions, supported by the funding secured through the oversubscribed rights issue. If these milestones are achieved with positive outcomes, they would, all else being equal, contribute to further de-risking of the platform and increase the probability of securing licensing partnerships, supporting revised valuation scenarios.

Conclusion

In summary, Analyst Group believes that the oversubscribed rights issue meaningfully improves Circio’s financial position and enables continued execution on the Company’s preclinical development strategy. With funding estimated into Q1-28, based on a conservative assumption of warrant exercise in Q2-26 at a strike price derived from the rights issue subscription price (NOK 1.0 per share), the Company is well positioned to fund the upcoming acceleration of circVec R&D activities and strengthen the scientific team in Stockholm. With key de-risking events such as active T-cell targeting data expected in Q2-26, as well as the generation of in vivo CNS PoC data linked to the ongoing partnership with a major pharmaceutical company and disease-model efficacy data in eye and heart indications expected in H2-26, Circio has a pipeline of upcoming value-inflecting milestones that could act as catalysts for increased licensing partner interest and the valuation of the Company.