Circio Holding (”Circio” or ”the Company”) has taken a material step forward during 2026, with circVec demonstrating up to ~60x higher gene expression than conventional mRNA-based AAV in three separate tissues. In heart, the advantage has since been confirmed with a therapeutic protein, showing that it holds for a real drug payload and not only a laboratory marker. Moreover, Circio has raised ~NOK 820m during 2026, with an estimated runway into FY2030, and has entered into 23 strategic collaborations across gene and cell therapy. Several triggers lie ahead, including in vivo data for circVec 5.0 and its expected 200x advantage, the first AAV-circVec data in a relevant in vivo disease model, and in vivo results from the top-5 pharma collaboration in CNS. Together these are expected to strengthen the validated platform and reduce the technical risk a licensee would assume, which Analyst Group estimates will translate into a first licensing agreement during 2027. Based on a platform-focused rNPV framework, we derive NOK 10.3 (5.9) per share in a Base scenario.
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