Analyst Group: Analyst Group Comment on Circio’s FY2025 Report — Platform Validation and a Transformational Financing Set the Stage for a Pivotal 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

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.

Read Analyst Group’s full comment here

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This is a press release from Analyst Group regarding the publication of a comment on Circio Holding. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.