Announcement • Apr 25
Circio Holding ASA has withdrawn its Follow-on Equity Offering in the amount of NOK 82.49999 million. Circio Holding ASA has withdrawn its Follow-on Equity Offering in the amount of NOK 82.49999 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,638,888
Price\Range: NOK 10.8
Transaction Features: Rights Offering Announcement • Apr 08
Circio Holding ASA has filed a Follow-on Equity Offering in the amount of NOK 82.49999 million. Circio Holding ASA has filed a Follow-on Equity Offering in the amount of NOK 82.49999 million.
Security Name: Share
Security Type: Common Stock
Securities Offered: 7,638,888
Price\Range: NOK 10.8
Transaction Features: Rights Offering New Risk • Mar 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-kr12m). Shareholders have been substantially diluted in the past year (163% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable next year (kr23m net loss next year). Announcement • Jan 30
Circio Holding ASA has completed a Follow-on Equity Offering in the amount of NOK 50 million. Circio Holding ASA has completed a Follow-on Equity Offering in the amount of NOK 50 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 48,200,000
Price\Range: NOK 1
Security Features: Attached Warrants
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,800,000
Price\Range: NOK 1
Security Features: Attached Warrants
Transaction Features: Regulation S; Rights Offering Announcement • Dec 09
Circio Holding ASA has filed a Follow-on Equity Offering in the amount of NOK 50 million. Circio Holding ASA has filed a Follow-on Equity Offering in the amount of NOK 50 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 50,000,000
Price\Range: NOK 1
Security Features: Attached Warrants
Transaction Features: Rights Offering Announcement • Oct 24
Circio Holding ASA Presents Circvec Circular RNA in Vivo Expression Proof-Of-Concept Data At ESGCT 2024 Annual Meeting Circio Holding ASA announced the publication of new, strong and statistically significant circVec circular RNA in vivo expression proof-of-concept data, presented both in the form of a poster and oral presentation by CTO, Dr. Thomas B Hansen, at the European Society of Cell and Gene Therapy (ESGCT) annual meeting 2024. In the ESGCT presentation, Circio showed the evolution and improvements of the circVec platform from the initial circVec 1.0 design to the current generation 2.1. Long-term in vivo experiments have now demonstrated that circVec 2.1 robustly outperforms classical mRNA-based expression over time, offering enhanced durability that reaches up to 15-fold higher reporter signals in mouse models. Additionally, a machine-learning approach to codon optimization has generated a novel circVec 2.2 design, delivering a further 2-4-fold increase in protein yield. Circio is currently testing the performance of circVec 2.1 and 2.2 in both viral and DNA vector systems in multiple tissues and disease settings in vivo. These data will guide future development and partnering strategy for the circVec platform. Announcement • Jun 18
Circio Announces Strengthened in Vivo Data and Enhanced Circvec 2.2 Design Circio Holding ASA announced updated in vivo data. This new data demonstrates a substantial durability advantage of Circio's circVec technology over conventional mRNA expression. In addition, Circio has undertaken sequence optimization resulting in a new and enhanced circVec 2.2 design. In parallel to the in vivo characterization, Circio has tested and incorporated further features into the circVec platform. A dual-function `remove-&-replace' concept has been designed and validated in vitro for Alpha-1-antitrypsin deficiency (AATD). This concept has the ability to both replace functional AAT protein and remove the disease variant. AATD is a genetic disease that causes severe symptoms in the lung and liver. There are currently no satisfactory therapeutic options available, and AATD represents a major unmet medical need with over 200,000 patients affected in the USA and EU. Announcement • Apr 18
Circio Holding ASA has filed a Follow-on Equity Offering in the amount of NOK 60 million. Circio Holding ASA has filed a Follow-on Equity Offering in the amount of NOK 60 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: Rights Offering Announcement • Apr 17
Circio Announces in Vivo Proof-Of-Concept for Its circVec circular RNA Platform Technology and Reinforced Gene Therapy Focus Circio Holding ASA announces that it has established technical in vivo proof-of-concept for its proprietary circVec circular RNA platform by demonstrating statistically significant improvement in durability over mRNA-based expression. The circVec technology has broad potential, particularly to enhance the potency and reduce cost of current gold-standard gene therapy, and the R&D strategy is centered on this rapidly expanding therapeutic area. In parallel to the in vivo characterization, Circio has tested and incorporated further features into the circVec platform. A dual-function 'remove-&-replace' concept has been designed and validated in vitro for Alpha-1-antitrypsin deficiency (AATD), with the ability to both replace functional AAT protein and remove the disease variant. This genetic disease causes severe symptoms in the lung and liver, and there are currently no satisfactory therapeutic options available. AATD represents a major unmet medical need and there are over 200,000 patients affected in the USA and EU. To Circio´s knowledge, circVec 2.1 far exceeds other known intra-cellular circRNA-based expression systems, both in terms of circRNA biogenesis efficiency and protein yield. The platform still has further potential, and Circio is continuously improving the technology towards circVec 3.0 and beyond. The platform is protected by deep internal expertise and know-how, with three patents protecting the core technological features filed to date, and additional applications in progress. Announcement • Feb 01
Circio Holding ASA Announces Dosing of First Patient in the Collaborative Phase 2 Trial Sponsored by Georgetown University Circio Holding ASA announced that the first patient has been dosed in the collaborative phase 2 trial sponsored by Georgetown University. In this study, mutant RAS cancer vaccine TG01 is being tested in combination with daratumumab (anti-CD38, Janssen) and nivolumab (anti-PD1, BMS) in patients with RAS-mutated pancreatic cancer (PDAC) and patients with non-small cell lung cancer (NSCLC). Mutations in the RAS-family of genes are a major cause of cancer and found in over 90% of PDAC and 30% of NSCLC cancer patients. RAS-mutated cancers typically have poor prognosis with few targeted treatment alternatives, and the medical need for novel therapeutic options remains high. To further study this unmet medical need, a phase 2 trial has been initiated to test the combination of daratumumab (Janssen), nivolumab (BMS) and TG01 in advanced PDAC and anti-PD1 resistant NSCLC. The study will enroll 54 KRAS-mutated patients in total, 27 immunotherapy-naive PDAC patients and 27 NSCLC patients who have progressed on prior anti-PD1 therapy. Announcement • Dec 12
IOVaxis Therapeutics Files Updated TG01 Investigational New Drug Application with the Chinese National Medical Products Administration Circio Holding ASA announced that partner IOVaxis Therapeutics of Nantong, China, has filed the updated TG01 investigational new drug (IND) application with the Chinese National Medical Products Administration (NMPA), with an expected review period of sixty days. IOVaxis has an exclusive option agreement to license mutant RAS cancer vaccines TG01 and TG02 for China, Hong Kong, Macau, and Singapore. Within two weeks of TG01 IND approval by the NMPA, IOVaxis may exercise its exclusive license option and trigger a USD 3 million milestone payment to Circio. The NMPA requested additional pre-clinical characterization of TG01 following review of the initial TG01 IND filing in 2021. The requested studies have now been performed and included in the resubmitted IND-package. The expected response time is sixty days from the submission date. Following IND-approval, IOVaxis may exercise the exclusive license option for TG01 and TG02 within 14 days. Announcement • Dec 07
Circio Holding ASA Announces Completion of Planned Safety Review and Opening for Full Enrollment of TG01 Study At Oslo University Hospital Circio Holding ASA announced that mutant RAS cancer vaccine TG01 adjuvanted by QS-21 STIMULON has passed the planned safety cohort review without any concerns in the multiple myeloma trial at Oslo University Hospital (OUS). The study has now opened for full enrollment of twenty patients in total. In this phase 1 clinical trial, TG01 is being tested as a monotherapy in multiple myeloma in a clinical collaboration between OUS and Circio. The study is led by multiple myeloma expert Dr. Fredrik Schjesvold with OUS as the study sponsor. Circio provides TG01 drug supply, scientific support and a financial contribution. New Risk • Oct 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr115m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr115m free cash flow). Shares are highly illiquid. Negative equity (-kr72m). Revenue is less than US$1m (kr10m revenue, or US$913k). Market cap is less than US$10m (kr68.4m market cap, or US$6.25m). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). Board Change • Oct 05
High number of new directors Director Thomas Falck was the last director to join the board, commencing their role in 2022. New Risk • Aug 25
New major risk - Negative shareholders equity The company has negative equity. Total equity: -kr72m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-kr72m). Revenue is less than US$1m (kr10m revenue, or US$933k). Market cap is less than US$10m (kr103.5m market cap, or US$9.65m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr115m). Shareholders have been diluted in the past year (7.2% increase in shares outstanding). Board Change • Aug 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Thomas Falck was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Thomas Falck was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Mar 09
Forecast to breakeven in 2024 The analyst covering Targovax expects the company to break even for the first time. New forecast suggests the company will make a profit of kr74.7m in 2024. Average annual earnings growth of 48% is required to achieve expected profit on schedule. Board Change • Mar 08
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Thomas Falck was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Thomas Falck was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Dec 01
No longer forecast to breakeven The 2 analysts covering Targovax no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr14.7m in 2024. New consensus forecast suggests the company will make a loss of kr165.3m in 2024. Board Change • Dec 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Thomas Falck was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Oct 13
No longer forecast to breakeven The 2 analysts covering Targovax no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr14.7m in 2024. New consensus forecast suggests the company will make a loss of kr165.3m in 2024. Board Change • Oct 13
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Thomas Falck was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Aug 23
No longer forecast to breakeven The 2 analysts covering Targovax no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr14.7m in 2024. New consensus forecast suggests the company will make a loss of kr165.3m in 2024. Board Change • Aug 04
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Thomas Falck was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 08
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Thomas Falck was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 08
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Thomas Falck was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 22
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Sonia Quaratino was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Dec 17
Chief Executive Officer recently bought kr201k worth of stock On the 16th of December, Erik Wiklund bought around 100k shares on-market at roughly kr2.01 per share. This was the largest purchase by an insider in the last 3 months. This was Erik's only on-market trade for the last 12 months. Board Change • Nov 23
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Sonia Quaratino was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 19
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Sonia Quaratino was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Oct 07
Chief Financial Officer Torbjørn Furuseth has left the company On the 30th of September, Torbjørn Furuseth's tenure as Chief Financial Officer ended after 3.0 years in the role. As of June 2021, Torbjørn still personally held only 15.00k shares (kr133k worth at the time). Torbjørn is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.08 years. Board Change • Jul 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Sonia Quaratino was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. 
