Analyst Group

Analyst Group Comment on Circio's NOK 250m Private Placement and Subsequent Offering of NOK 82.5m

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Neutral

Sammanfattning

Circio har genomfört en övertecknad riktad emission om 250 Mkr och planerar en företrädesemission om upp till 82,5 Mkr. Kapitaltillskottet stärker balansräkningen och förlänger den finansiella räckvidden till 2030.

Analys

Emissionen stärker bolagets finansiella ställning avsevärt och möjliggör fortsatta utvecklingsinsatser inom genterapier. En efterföljande företrädesemission ger befintliga aktieägare möjlighet att delta till samma villkor.

Insikter

  • • Företrädesemission ger befintliga aktieägare möjlighet att delta.
  • • Emissionen genomförd till en premie jämfört med VWAP.

Circio Holding ASA (”Circio” or ”the Company”) announced, on the 8th of April 2026, that the Company has completed a significantly oversubscribed private placement raising NOK 250m in gross proceeds, directed at new Nordic and international investors. The placement was arranged as a club deal, with the offer price set at NOK 10.80 per share, corresponding to the market price at the opening of the prior trading day, a 5% premium to the 5-day VWAP, and a 20% premium to the 10-day VWAP. A total of 23,148,148 new shares were issued, bringing post-placement NOSH to 238,054,835. A subsequent offering of up to NOK 82.5m at the same subscription price is planned for existing shareholders, bringing total potential gross proceeds to NOK 332.5m and extending Circio’s financial runway into 2030.

Circio Holding ASA (”Circio” or ”the Company”) announced, on the 8th of April 2026, that the Company has completed a significantly oversubscribed private placement raising NOK 250m in gross proceeds, directed at new Nordic and international investors. The placement was arranged as a club deal, with the offer price set at NOK 10.80 per share, corresponding to the market price at the opening of the prior trading day, a 5% premium to the 5-day VWAP, and a 20% premium to the 10-day VWAP. A total of 23,148,148 new shares were issued, bringing post-placement NOSH to 238,054,835. A subsequent offering of up to NOK 82.5m at the same subscription price is planned for existing shareholders, bringing total potential gross proceeds to NOK 332.5m and extending Circio’s financial runway into 2030.

In summary, Analyst Group views the NOK 250m private placement as a defining moment for Circio. The combination of a substantially strengthened balance sheet, an expanded development agenda spanning AAV gene therapy and in vivo cell therapy, and a concentrated pipeline of near-term data readouts creates a fundamentally different strategic platform from which the Company can operate. By securing multi-year financial capacity on favorable terms, with the warrant exercise in Q2-26 providing further optionality, Circio is positioned to advance circVec toward clinical candidate selection and licensing discussions from a position that few preclinical-stage companies can match. With multiple data readouts expected across 2026 and a high-profile ASGCT presentation approaching, Analyst Group considers Circio well-positioned to build on the scientific momentum that attracted this level of investor commitment and to convert it into deepened partner engagement and continued platform validation.

Read Analyst Group’s full comment here

About Analyst Group: One of Sweden's leading equity research boutiques with focus on small and medium-sized listed companies.Read more about Analyst Group 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.