Circio Holding (”Circio” or ”the Company”) announced, on the 26th 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.
