Slides
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The leader in circular RNA expression systems R&D and corporate update 26 February 2026
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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
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Circular RNA – a new generation of RNA medicines circular RNA Resistant to degradation Long half - life Naturally occurring 3 M&A $1.5b M&A $2.4b First-in-man circRNA, March´25 Engineerable & versatile
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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 4 The novel circVec alternative:
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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
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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 longer commercially available 2024 BEQVEZ * AAV Hemophilia B
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Circio ´ s unique circRNA - based gene expression platform can enhance AAVs 7 AAV - mVec – standard mRNA approach AAV - circVec – novel circRNA approach AAV RNA Protein ???. circVec 75x prolonged half-life vs. mRNA Up to 50x enhanced protein expression
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circVec protein quantification, Western blot circVec construct design and evolution from Gen 1 → 4 SA SD IRIR IRES + ORF circVec 1.1 circVec generation 1.X – 4.X, design schematics IRES + ORF circVec 2.0 IRES + ORF circVec 2.1 Relative protein quantity ~3x ~2x ~4x ~37x increase for circVec 4.x vs. 1.1 IRES + ORF circVec 3.x DNA RNA 8 IRES ORF circVec 4.x ~1.4x
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9 New in vivo data shows that circVec 4.0 can enhance AAV gene expression by up to 50x in eye Expression over time, intra-vitreal inj. of AAV2-circVec vs. -mVec AAV-circVec vs. -mVec: up to 50x increased gene expression Low dose circVec shows 12x increased gene expression vs. 10x higher dose mVec IVIS images, low dose mice (5e8 VG/eye) mVec circVec 4.0 Day 2 Day 7 Day 14 Day 21 Day 42 Day 63
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10 2025 RECAP: circVec 3.2 consistently shows 40x enhanced AAV gene expression in heart D10 28 51 71 D10 28 51 71 AAV-mVec AAV-circVec 3.2 Gene expression quantification, IVIS signal in heart 40x increased signal vs mVec +40x gene expression D10 28 51 71 Heart region AAV-circVec 2.1
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11 Luminescence profile, across mouse body Heart d ata has been reproduced from scratch: consistent circVec 3.2 → 4.0 performance Head Tail Quantification, body luminescence Shaded area: heart region 50% increase for circVec 4.0 vs. 3.2 (p < 0.01)+50%
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Dose - response: comparing the performance of circVec 3.2 and mVec across four dose levels 12 Gene expression level AAV circVec vs. mVec Luminescence signal by dose, mixed model AAV circVec vs. mVec dose escalation study Dose range from 5e12 to 1e14 vg/kg AAV-circVec dose: 5e12vg/kg AAV-mVec doses in clinic 5e13vg/kg - 1e14vg/kg ~10-20x dose sparing Consistent per- formance across dose range
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circVec shows increased on - target heart activity and substantially reduced off - target liver expression 13 Increased expression in heart, ex vivo tissue analysis week 10 mVec circVec3.2 35x incr. total expression vs. mVec …and reduced off-target liver expression Higher % on-target heart expression Very low off-target liver expression
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14**Data from repeat study circVec advantage is driven by RNA transcript level, not AAV transduction or vector copy number RNA expression in heart tissue, RT-qPCR Vector Copy Number (VCN) in heart tissue, qPCR n.s. 96x RNA increase vs. mVec No significant VCN difference for circVec vs. mVec
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AAV-circVec 3.2 Blue: nuclei Violet: RNA transcripts AAV-mVec * RNAscope: single molecule detection of Firefly Luciferase RNA Low dose circVec - AAV achieves efficient circRNA expression in 80% of heart cells RNA expression in heart, RNAscope* microscopy ex vivo tissue section, low dose 80% of heart cells positive for circRNA expression, substantial improvement vs. AAV benchmarks 15
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16 Summary : AAV - circVec confers three major advantages for the treatment of genetic heart disorders circVec circVec-AAV compared to benchmark mVec-AAV: Expression Specificity Toxicity mVec
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circVec can solve major caveats and improve the commercial viability of AAV gene therapy Circio ´ s circVec technology can unlock: Significant 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 17
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Recent VC & BD deal activity emphasizes need for AAV - enhancing technologies 18 Licensing, November 2025 $75m up-front + $400m milestones AAV engineering platform Targets specific eye cell types Phase 1, novel therapeutic candidate for vision loss AAV gene therapy for genetic eye disease Series B, November 2025 $140 mill Intein-based recombination Atlas Venture, Forbion, Schroders Capital ++ IND / phase 1 stage AAV gene therapy for genetic eye disease, 2 programs $135 mill Intein-based recombination EQT, Sanofi Ventures, Roche Ventures, NEA Phase 1 → phase 2 stage AAV gene therapy for genetic eye disease, 1 program Series B, June 2025 M&A Nov´24 $1.1b up-front + milestones AAV capsid engineering platform Muscular dystrophies Pre-clinical
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AAV - circVec approach is showing promising pre - clinical data in heart, eye and CNS Heart Up to 40x increased activity for circVec 3.2/4.0 50% boost by circVec 4 1. Arrhythmic cardiomyopathy n = 50-70,000 2. Dilated cardiomyopathy n = 40-60,000 3. Chronic heart failure (non- genetic) n = >1 mill. >4x increased activity for circVec 2.1 (3.2/4.0 ongoing) 3.2/4.0 testing 1 -2Q´26 Up to 50x increased activity for circVec 4.0 3.2/4.0 testing ongoing Tay-Sachs, Krabbe Gaucher disease ++ Neurodegenerative diseases Ongoing R&D collaboration with a big pharma 1. Wet AMD n = 7-8 mill. 2. Retinitis pigmentosa n = 200,000 3. Best disease n = 15-20,000 Eye CNS 19 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 High unmet medical need and substantial commercial opportunities in Circio focus areas
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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 20
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Big pharma is investing heavily into RNA - format in vivo CAR cell therapy 21 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 LNP w/ active T-cell targeting M&A, October 2025 $1.5b in cash buy out LNP-delivered synthetic circular RNA platform Pre-clinical, CD19 CAR-T LNP w/ active T-cell targeting In vivo CAR-T therapy for autoimmune disease M&A, February 2026 $2.4b in cash + earn out LNP-delivered synthetic circular RNA platform Pre-clinical, CD19 CAR-T LNP w/o active T-cell targeting In vivo CAR-T therapy for autoimmune disease
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In vivo cell therapy: DNA - circVec expression duration confirmed to over 6 months on single dose 22 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
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circVec has a unique window of opportunity for in vivo cell therapy applications 23 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
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24 Finance update & summary
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Summary of highly successful rights issue targeting NOK 50 million in gross proceeds 25 Pre - subscriptions NOK 24.2 mill (88%) Total subscriptions NOK 77.9 mill (156%) No. of subscriptions Approx. 1,000 % of orders > 1 mill 32% of 77.9m (15 orders of total 25.2m) Directed issue #1 NOK 15 mill Directed issue #2 NOK 3.6 mill Total gross proceeds NOK 68.6 mill Warrant coverage 67.7 mill warrants available in total, exercise 26 May - 9 June @ 20% discount to VWAP 12 month runway Runway extension by 6-12 months* * current estimate, depends on share price and investor demand
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26 Business development update Big pharma feasibility study Initiated a fully funded feasibility study with a major global pharmaceutical corporation Testing circVec-AAV gene therapy in specific disease area May lead to subsequent circVec-licensing if successful Active R&D collabo - rations Several ongoing and new 50:50 R&D collaborations Mainly for circVec-DNA delivery and vector technology Expected market updates during 2026 from progressing collaboration projects Seeking new partner - ships Big pharma R&D collaborations in available disease areas In vivo cell therapy T-cell targeted circVec-DNA delivery Engineered/targeted AAV capsids for tissues of interest
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Data & Timeline: current best estimates - experiments have uncertain outcomes and may need to be repeated, impacting plans and timelines Rich pipeline of R&D and BD milestones next 12 months 27 Q1´26 Announced fully funded big pharma R&D collaboration 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 Results from big pharma AAV-circVec collaboration Value inflection point: Active T-cell targeting data trigger for in vivo CAR partnering interest
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28 circVec is a first - in - class, industry - leading circRNA expression system: Take - home messages AAV-circVec outperforms conventional gene therapy on expression (up to 50x), specificity and toxicity circVec in vivo validation in relevant tissues and disease models - Next step: Heart and eye disease model testing of circVec-AAV Rich pipeline of R&D milestones with multiple shots on goal High unmet medical need and deal activity in focus areas 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 other disease areas In - house Partnering
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Further reading – Circio in industry and scientific press 29 January 2025 29