Kapitalanskaffningen slutfördes genom utnyttjande av teckningsoptioner utgivna i samband med Circios företrädesemission i februari, tillsammans med en riktad nyemission. Totalt utnyttjades teckningsoptioner för cirka 213 MNOK av mer än 400 enskilda tecknare, medan resterande 87 MNOK togs från garantiåtagandet. Teckningsoptionsprogrammet fick starkt stöd från befintliga aktieägare liksom från Circios styrelse och anställda.
Med denna sista tranch på plats har Circio genomfört tre framgångsrika kapitalanskaffningar under 2026 – med start i en företrädesemission om 70 MNOK med parallell riktad emission i februari, följt av en övertecknad runda om 250 MNOK i april, och nu denna avslutande anskaffning om 300 MNOK. Varje runda övertecknades eller täcktes fullt ut – en utveckling som också avspeglas i aktiekursen, som stigit med cirka 595 procent sedan årsskiftet och med mer än 1 000 procent de senaste tolv månaderna. Det ihållande investerarförtroendet infaller i ett skede då den bredare circRNA-sektorn attraherat miljardaffärer från Eli Lilly och Bristol-Myers Squibb.
En sektor i stark utveckling
Nyligen tillkännagav Cartesian Therapeutics ett licensavtal med WestGene Biopharma för att driva utvecklingen av in vivo CAR-T-terapier vid autoimmuna sjukdomar, där WestGenes riktade LNP-leveransplattform kombineras med Cartesians mRNA-payload, med en inledande klinisk studie hos patienter med myastenia gravis som förväntas starta senare i år. Affären illustrerar hur snabbt fältet konvergerar mot in vivo CAR-T som nästa frontier – och var Circio ser en meningsfull möjlighet. Medan Cartesian förlitar sig på konventionellt linjärt mRNA som payload producerar Circios circVec DNA-plattform cirkulärt RNA in vivo, vilket prekliniska data tyder på har en halveringstid upp till 75 gånger längre än standard-linjärt mRNA. Den hållbarhetsfördelen kan visa sig avgörande i en tillämpning som in vivo CAR-T, där ett uthålligt uttryck är nödvändigt för att uppnå en bestående terapeutisk effekt.
Det anskaffade kapitalet ska användas för att accelerera och bredda den prekliniska utvecklingen av circVec-plattformen, föra ett ledande genterapiprogram framåt mot IND-ansökan och kliniskt proof-of-concept, samt bygga upp Circio till vad bolaget beskriver som en internationellt sett fullskalig bioteknikaktör.
Erik Digman Wiklund kommenterar
BioStock talade med vd Erik Digman Wiklund för att höra mer om vad den avslutade kapitalanskaffningen innebär för Circio och bolagets väg framåt.
Erik, you have now raised a total of USD 65 million in 2026. What does completing this fundraising mean for Circio, and how does it change what the company can do?
– The highly successful fundraising process in 2026 is transformational for Circio. We now have the necessary capital to strategically build the company with financial clarity through 2030. The funds will be deployed to broaden and accelerate pre-clinical circVec platform development, and we will increase our R&D team and footprint in Stockholm. We also plan to advance one lead gene therapy programme through IND-enabling studies and into the clinic. A spearhead programme that has navigated through the regulatory process and demonstrated clinical proof-of-concept will provide important technology validation of the circVec platform as a whole, and significantly increase the value Circio can generate in potential future transactions.
The funds will be used to advance a lead programme towards IND-filing and clinical proof-of-concept. Can you tell us more about which programme that is, what the key milestones look like between now and the clinic, and when we might expect to see those first clinical data?
– We are currently exploring heart, eye and CNS for circVec gene therapy applications. At the moment, we are furthest advanced, and have identified the best technological fit, in genetic heart disease. Therefore, this will most probably become the first clinical programme we initiate. We expect to generate in vivo disease model data in early 2027 and subsequently select a lead candidate. IND-filing is expected in the second half of 2028 and clinical entry in 2029. This should put us on track to generate clinical data in the beginning of 2030, well within the current cash runway.
In parallel, you are continuing to build out the circVec platform across gene therapy in the heart, eye and brain, as well as in vivo cell therapy. We are now seeing deals like the Cartesian-WestGene partnership signal that in vivo CAR-T is moving fast towards the clinic. How does Circio’s circRNA approach differentiate itself in that race, and what are the most important data readouts investors should watch for?
– We are utilising a unique LNP-delivered DNA-format for in vivo CAR-T. By incorporating circVec-based CAR expression into this system we have shown up to six months durability in vivo on a single dose. That is a potential game changer compared to mRNA and circRNA approaches that only can deliver transient expression for a few days. The increased durability of circVec could extend in vivo CAR-T into oncology indications, which would have enormous potential. The challenge with our approach is to identify a T-cell directed delivery system that can safely and effectively deliver DNA. This is not a trivial challenge, and we are currently exploring multiple delivery systems and vector formats in parallel, both in vitro and in vivo. The next major milestone will be to show specific in vivo delivery to T-cells with durable expression, and subsequently B-cell depletion efficacy in mouse models.
Your big pharma collaboration in CNS has been a significant validation of the platform. Can you give us an update on where that project stands?
– The pharma collaboration project is divided into three parts. We have successfully completed the first technical work package. These results were very promising, and we have now progressed to in vivo testing. The first round of in vivo experiments will generate results in the second half of the year, and the plan is to move on to specific disease targets after that. In parallel, we are progressing our own in-house CNS programme and expect to present results from this in the third quarter of 2026.
How does the new funding change your ability to pursue similar partnerships?
– More funding also means more human and scientific resources, which in turn makes it possible to establish additional partnerships. Circio’s solid financial basis will also make us more attractive and reliable as a partner to others.
With a runway now secured through the end of 2030, Circio is in a very different position than it was at the start of this year. What is the single most important thing you want investors to understand about where the company stands today?
– The financial risk has now been eliminated and Circio is not a binary biotechnology case that hinges on a single candidate. We are developing a differentiated and versatile platform in an area of high deal activity. This will ensure a rich pipeline of R&D milestones, continuous newsflow and multiple shots on goal in the months and years to come.
Innehållet i BioStocks nyheter och analyser är oberoende men BioStocks verksamhet är i viss mån finansierad av bolag i branschen. Detta inlägg avser ett bolag som BioStock erhållit finansiering från.
