Circio Holding (”Circio” or ”the Company”) announced, on the 26th of February 2026, new in vivo data demonstrating up to 50-fold enhanced gene expression in the eye using the Company’s AAV-circVec 4.0 construct compared to conventional mRNA-based AAV. Circio also confirmed reproducibility of previously reported ~40x enhanced gene expression in heart.

Summary of the news:

Up to 50x enhanced gene expression in eye with AAV-circVec 4.0
~10x outperformance at 90% reduced dose level (eye)
Additional validation and reproducibility data in heart
Platform validation demonstrated across multiple tissues
NOK 68.6m raised in the oversubscribed RI, alongside potential warrant proceeds in Q2-26, provides the financial flexibility to advance pipeline execution
Upcoming near-term triggers (Q2-26): disease-model efficacy data in eye and heart as well as active T-cell targeting data within the in vivo CAR-T cell therapy program

Conclusion

In summary, Analyst Group believes the new eye data materially strengthen circVec’s strategic positioning within AAV gene therapy. The expanded preclinical data package, demonstrating robust cross-tissue validation and mechanistic confirmation, enhances platform credibility and broadens circVecs potential applicability. In our view, the cumulative strength of the data is increasingly difficult for larger pharmaceutical companies to overlook, reinforcing Circio’s position in potential licensing discussions and supporting a more favorable negotiating dynamic as the platform advances toward disease-relevant milestones. The recently strengthened financial position further supports this trajectory by enabling continued development without near-term funding pressure. From a valuation perspective, the strengthened data package supports a gradual increase in the applied preclinical probability of success in our framework, which will positively impact the risk-adjusted valuation in future updates.

Read Analyst Group’s comment here

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