Circio Holding ASA

Investor Presentation • Mar 26, 2025

Circular RNA expression systems for enhanced gene and cell therapies

2024 report & R&D update 26 March 2025

Important notice and disclaimer

This report contains certain forward-looking statements based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on the results of operations and the financial condition of Circio Holding ASA and the Circio Group. Such forward-looking statements reflect the current views of Circio and are based on the information currently available to the company. Circio cannot give any assurance as to the correctness of such statements.

There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied in these forward-looking statements. These factors include, among other things, risks or uncertainties associated with the success of future clinical trials; risks relating to personal injury or death in connection with clinical trials or following commercialization of the company's products, and liability in connection therewith; risks relating to the company's freedom to operate (competitors patents) in respect of the products it develops; risks of non-approval of patents not yet granted and the company's ability to adequately protect its intellectual property and know-how; risks relating to obtaining regulatory approval and other regulatory risks relating to the development and future commercialization of the company's products; risks that research and development will not yield new products that achieve commercial success; risks relating to the company's ability to successfully commercialize and gain market acceptance for Circio's products; risks relating to the future development of the pricing environment and/or regulations for pharmaceutical products; risks relating to the company's ability to secure additional financing in the future, which may not be available on favorable terms or at all; risks relating to currency fluctuations; risks associated with technological development, growth management, general economic and business conditions; risks relating to the company's ability to retain key personnel; and risks relating to the impact of competition.

1 Market update

• 1. circVec technology update
• 1. 2024 financials

Continued high deal activity in circular RNA space

Two recent circRNA and gene therapy deals highlight substantial commercial opportunity in Circio areas

\$65m up-front

+ up to \$635m in milestones

LNP-circRNA for in vivo gene editing in blood diseases

• circRNA (oRNA) manufacturing and LNP delivery platform
• Develop two novel therapeutic candidates for sickle cell disease and beta thalassemia

\$1.1b

in up-front + milestones

AAV gene therapy for muscular dystrophies

• AAV capsid engineering technology platform
• Three preclinical neuromuscular therapeutic candidates for DM1, DMD and FSHD

Circio has built broad visibility in scientific literature, life science media and industry conferences

1. 2024 financials

Novel circVec 3.0 generation adds power to the platform

circVec 3.0 validated in several vector formats

LNP-formulated circVec 2.1 accumulates in spleen, potentially valuable opportunity in cell therapy

LNP-mVec (mRNA), luminescence Systemic I.V. delivery, single dose on Day 0

LNP-circVec 2.1 (circRNA), luminescence Systemic I.V. delivery, single dose on Day 0

circVec de-targets liver expression

3D imaging confirms spleen-specific circVec expression

Example animal, spleens harvested for cellular and molecular analyses

circVec for gene therapy – enhancing AAV vectors

AAV protein expression, in vitro f-Luc

circVec-AAV feasibility validated, testing and optimization of constructs ongoing

Muscle-specific AAV-circVec 2.0 vs. mRNA in vivo expression by systemic I.V. injection

✓ circVec-AAV functionality validated

Broad circVec DNA and AAV in vivo program ongoing, multiple read-outs during Q2 2025

Several external collaborations starting / ongoing to test DNA circVec 2.1 & 3.0 delivery in vivo

circVec R&D top priorities and next steps

• circVec 3.0 optimization for multiple vector formats
• circVec 3.0 testing in vivo, multiple vector formats
• Two new patent filings at drafting / planning stage

Gene therapy applications

circVec

platform

• Construct and validate superior circVec-AAV designs
• Testing tissue-specific AAV vectors in vivo
• Exploring novel delivery systems for DNA format vectors, using systemic (I.V.) and local (I.M) delivery

Business Development

• Generating data for drug delivery collaborations and select lead development partner(s)
• Seeking partnerships and collaborations with AAV gene therapy companies

Circio´s financial position was substantially strengthened during 2024

Equity Financing	NOK 30m raised in equity financing in 2024 NOK 19.6m from Rights Issue in July NOK 10.7m from warrants exercise in December: − Warrants: NOK 7.8m (93% of warrants exercised) − NOK 2.9m from parallel private placement
Extended runway	Tight cost control, reduced non-R&D expenses by >40% Financing commitment by Atlas to 30 June 2025
Debt reduction	Business Finland loan waiver of NOK 71.3m (EUR 6.2m) Atlas bonds reduced from NOK 45m to NOK 15.5m

2024 financials¹ – Strong cost reduction

NOK m	2023	2024
Total revenue	0	0
R&D expenses2	-50	-12	Transition from clinical to preclinical: - 75%
Payroll and related expenses	-34	-22
Other operating expenses3	-16	-9	Payroll cost: - 35%
Total operating expenses	-101	-43	Other operating: - 45%
Operating loss	-101	-43
Net financial items	-10	62	Waiver of ONCOS-102
Profit/loss before income tax	-111	19	R&D loans
Net change in cash	-44	-4
Net cash EOP	22	18

Resources focused to maximize R&D output

Organization	Lean & efficient team (10 FTEs) Most FTEs are R&D related positions Steady state reached for current funding level
R&D focus	Generate data package for transactions Active collaborations to generate new data Enabling asset development for partnering
Cost base	Cash burn rate reduced to NOK ~4m / month Cost control in place, focus on efficiency Maximizing value from low cost base

Pursuing various options to strengthen the shareholder base and financial outlook

Financing	Continuously exploring multiple financing options Accessing new groups of potential future investors
Atlas facility	Agreement to extend the Financing commitment beyond June 2025
Structural transactions	Evaluating opportunities for structural deals Attracting private funding for specific assets, programs or technology
Business development	circVec program broadly marketed and now well-known Gene therapy (e.g. AAV) most likely for short-term deal

Upcoming milestones and timelines: rich pipeline of R&D milestones with multiple shots on goal

Q & A Session

2024 report & R&D update 26 March 2025