Circio

What Circio does

Circio Holding ASA is a Norwegian publicly listed biotechnology company (Euronext Oslo: CRNA) developing a proprietary circular RNA expression platform called circVec for next-generation gene and cell therapy applications. The company was originally founded as Targovax ASA in 2015, focused on cancer immunotherapies (ONCOS-102 and TG01); after neither program advanced to a self-funded late-stage pipeline, the company executed a strategic pivot around 2023 and rebranded as Circio Holding ASA, concentrating resources on the circVec platform. R&D is conducted through wholly owned subsidiary Circio AB in Stockholm, Sweden, while corporate headquarters remain in Oslo.

The circVec platform is a modular genetic construct engineered for efficient intracellular biogenesis of multifunctional circular RNA. Circio reports 75-fold increased RNA half-life and up to 40-fold enhanced protein expression in heart tissue and 50-fold in eye tissue compared with conventional mRNA-based viral and non-viral vector systems, with demonstrated dose reduction (up to 90%) while retaining expression advantages. The platform is being developed across three vertical applications: gene therapy (circVec-enhanced AAV vectors targeting inherited heart disease, ophthalmology and CNS), cell therapy (circVec-LNP for in vivo CAR-T and CAR-Macrophage approaches in cancer and autoimmune disease), and infectious disease (long-duration passive protection via collaboration with UTMB).

Circio operates a partnership-driven business model. The company is pre-revenue with no product sales; revenue is generated through R&D collaborations, feasibility studies, and licensing agreements where partners pay for access to circVec. Disclosed commercial validation consists of one fully funded feasibility study with a top-5 global pharmaceutical corporation. Other disclosed relationships (Tcelltech, GenAssist, AaviGen, Acuitas, United Immunity, UTMB, USC) are research collaborations rather than revenue-generating deals. Operations are funded almost entirely through equity capital: three 2026 financings (rights issue ~NOK 65m, private placement NOK 250m, June 2026 financing NOK 300m) extended cash runway to the end of 2030, after which the company plans IND-enabling studies and clinical proof-of-concept work.

Name

Circio

Legal name

Circio Holding ASA

Website

https://circio.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Circio Holding ASA is a Norwegian biotech (OSE: CRNA) developing the proprietary circVec circular RNA expression platform for gene therapy, in vivo cell therapy, and infectious disease, monetizing through R&D collaborations and licensing with global pharmaceutical partners.

Ownership category

akta.pro rank

Product category

Biotechnology Platform

NAICS

Scientific Research and Development Services (5417)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro industry

PRIMARYHLAGAAAA

Clinical CROs (Phase I–IV)

Healthcare & Life Sciences/Life Science Tools & Services (CRO/CDMO/Lab Services)/Contract Research Organizations (CRO)

Keywords

• Circular RNA therapeutics
• Gene therapy platform
• Cell therapy technology
• RNA expression technology
• Biotechnology R&D

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations

Revenue model

1. R&D Collaborations and Licensing: Circio generates revenue through strategic R&D collaborations with pharmaceutical and biotechnology companies. The company enters into feasibility studies, research collaborations, and licensing agreements where partners pay for access to the circVec technology platform for specific therapeutic applications.
2. Equity Financing: Pre-revenue biotechnology company that has raised significant equity capital through rights issues, private placements, and warrant exercises to fund R&D activities. Completed NOK 300m financing in June 2026 and NOK 250m private placement in April 2026.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Circio develops and licenses its proprietary circular RNA expression platform, circVec, for next-generation gene and cell therapeutics. The platform enables significantly enhanced and durable protein expression in vivo and is applied across gene therapy (via circVec-AAV), in vivo CAR-T and CAR-Macrophage cell therapy (via circVec-LNP), and long-acting infectious disease biologics. R&D is conducted through wholly owned subsidiary Circio AB in Stockholm, Sweden, while commercialization is pursued through pharmaceutical partnerships and licensing.

Product overview

Circio Holding ASA is a biotechnology company developing novel circular RNA and immunotherapy medicines. The company operates primarily through its circVec platform, a proprietary circular RNA expression technology for next-generation RNA, DNA, and viral therapeutics with applications in genetic medicine, cell therapy, and chronic disease. The wholly owned subsidiary Circio AB in Stockholm, Sweden conducts the circVec R&D activities. In parallel, Circio continues to develop its legacy immuno-oncology program TG01, a therapeutic peptide vaccine targeting RAS-mutated cancers, through external collaborations. The company was formerly known as Targovax, which had focused on cancer immunotherapies including ONCOS-102 and TG01.

Differentiator

Problem solved

Functional benefit

Products and services

• circVec Platform Proprietary circular RNA (circRNA) expression technology platform designed for efficient biogenesis of multifunctional circRNA inside target cells. Delivers up to 75-fold increased RNA half-life and up to 40-fold enhanced protein expression versus conventional mRNA-based viral and non-viral vector systems. The platform is licensed to pharmaceutical and biotechnology partners for use in gene therapy (via AAV), in vivo cell therapy (via LNP), and infectious disease applications.
• TG01 Cancer Vaccine Program Therapeutic peptide vaccine targeting RAS-mutated cancers, adjuvanted by STIMULON QS-21 licensed from Agenus Inc. Currently being developed through external academic and industry collaborations in two clinical trials in Norway and the USA.
• ONCOS-102 Oncolytic Virus Program Oncolytic virus immunotherapy program (adenovirus-based) that was part of the company's former identity as Targovax. Described as a former clinical program that did not advance to a self-funded late-stage oncology pipeline.

Quantifiable outcome

• 40-fold enhanced gene expression in heart tissue in vivo with circVec generation 3.2
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core.

• TcelltechcoreStrategic or Co-development Partner · 24 June 2026Research collaboration to develop T-cell therapies for cancer treatment. Circio's circVec technology will be evaluated for enhancement of CAR-T cell therapy approaches targeting cancer and autoimmune diseases.
• GenAssist LtdcoreStrategic or Co-development Partner · 1 June 2026Research collaboration to develop circVec-enhanced AAV vectors for in vivo cell therapy and targeted, low dose systemic gene therapy targeting genetic muscle conditions. Partnership will also explore generating joint in vivo CAR-T candidates for oncology and autoimmune applications.
• AaviGen GmbHcoreStrategic or Co-development Partner · 27 May 2026Research collaboration to develop next-generation AAV gene therapy vectors specifically engineered for targeted, low-dose heart gene therapy. Combines Circio's circVec platform (40-fold enhanced gene expression in heart tissue) with AaviGen's proprietary heart-targeted AAV capsids designed for specific delivery to cardiomyocytes.
• Acuitas TherapeuticscoreTechnology or Integration · 15 April 2026Technology evaluation agreement to assess whether Acuitas' lipid nanoparticle (LNP) technology can be combined with Circio's circVec circular RNA expression platform for novel in vivo CAR-T therapy targeting cancer and autoimmune diseases.
• United Immunity Co., Ltd.coreStrategic or Co-development Partner · 26 March 2026Research collaboration in the area of in vivo CAR-Macrophage (CAR-M) therapy. United Immunity's P-LNP delivery technology targeting myeloid cells will be tested with Circio's circVec to assess potential for enhancing CAR-M in vivo therapies for cancer, fibrosis, and autoimmune disorders.
• The University of Texas Medical Branch (UTMB)coreStrategic or Co-development Partner · 7 January 2026R&D collaboration to design and test circVec for prevention and treatment of infectious diseases. The unique capacity of circVec technology to support protein expression in vivo for several months following a single injection will be utilized to establish long-term passive protection against dangerous viral pathogens. UTMB provides expertise, facilities, and experimental systems.
• Major Global Pharmaceutical CorporationcoreStrategic or Co-development Partner · 1 January 2025Fully funded feasibility study on circVec AAV gene therapy. This top 5 global pharmaceutical corporation is evaluating the circVec platform for potential therapeutic applications. The ongoing feasibility study is progressing to in vivo testing phase.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Orna Therapeutics: Orna Therapeutics is a direct peer developing circular RNA (oRNA) technology for gene and cell therapy applications. Both companies pursue similar circRNA expression platform strategies targeting oncology, autoimmune disease, and genetic medicine with comparable delivery approaches including LNP and ex vivo cell engineering.
• Laronde (Sail Biomedicines): Laronde, now part of Sail Biomedicines, is a pioneering circular RNA therapeutics company developing endless RNA (eRNA) for protein expression. Like Circio, Laronde focused on circular RNA's durability and expression advantages over linear mRNA, and serves as the most directly comparable competitor in the circRNA therapeutic platform space.

Broad incumbents

• Moderna: Moderna is the dominant mRNA therapeutics company with massive R&D budget and established manufacturing capabilities. While focused on linear mRNA rather than circular RNA, Moderna represents the broader incumbent in RNA-based therapeutics that Circio must compete with for talent, partnerships, and market positioning.
• BioNTech: BioNTech is a leading mRNA therapeutics company with significant resources for developing RNA-based cancer immunotherapies and infectious disease vaccines. BioNTech's broader RNA platform and oncology focus make it a comparable incumbent operating in adjacent therapeutic areas to Circio's circVec applications.
• Arcturus Therapeutics: Arcturus Therapeutics is a clinical-stage RNA therapeutics company developing messenger RNA and small interfering RNA therapeutics. Comparable as a publicly listed RNA platform company pursuing similar therapeutic applications including vaccines and gene therapy, though focused on linear mRNA rather than circular RNA.
• Regenxbio: Regenxbio is a leading AAV gene therapy platform company developing treatments across multiple therapeutic areas. As a partner or potential licensor for Circio's circVec-AAV combinations, Regenxbio represents an established AAV delivery platform player that could either compete with or enable Circio's gene therapy applications.
• uniQure: uniQure is a gene therapy company developing AAV-based treatments for serious genetic diseases, including cardiac and CNS conditions that overlap with Circio's targeted applications. Comparable as an established public gene therapy company pursuing similar therapeutic indications with viral vector delivery.

Emerging players

• Verve Therapeutics: Verve Therapeutics is developing in vivo gene editing therapies for cardiovascular disease, sharing Circio's cardiac gene therapy focus. Both companies target heart disease with novel delivery approaches (AAV for Verve, AAV-circVec for Circio) and pursue partnerships with major pharmaceutical companies for development.
• Tenaya Therapeutics: Tenaya Therapeutics is a clinical-stage gene therapy company focused on cardiac disease treatments, directly overlapping Circio's circVec-AAV heart gene therapy application. Both companies target cardiomyocyte delivery and represent comparable approaches to addressing inherited cardiovascular conditions.
• Intellia Therapeutics: Intellia Therapeutics is a clinical-stage gene editing company developing in vivo CRISPR-based therapies for genetic diseases, including cardiac applications that overlap with Circio's circVec-AAV programs. Both companies pursue novel in vivo genetic medicine approaches and represent comparable emerging modality platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/targovax

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds9 records

Investors6 records

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M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Circio