olivLaw · European equity research
Circio Holding ASA CRNA.OL
Norway · Euronext Oslo Børs · ISIN NO0013033795 · Vertical: Listed companies from Norway
Circio Holding ASA is a Norwegian biotech research and development company focused on its circVec circular RNA technology for gene and cell therapies. The company has no core business revenue, and in 2026 it strengthened its capital through a rights issue and a private placement, which extends its cash runway into 2030.
At the close of 06 Nov 2026, Circio Holding ASA (CRNA.OL) stock was 9.65 NOK (−2.23% on the day), with beta -0.30, 52-week range 0.92–14.40 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.9
- weak (30–45)
- Bollinger (20, 2)
- 9.60 – 11.65
- in the lower half of the band · %B 0.02 · band width 19.3%
- SMA 50 / 200
- 11.26 / 8.13
- mixed trend
- MACD (12, 26, 9)
- -0.33 / -0.21
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.5% | −0.6% | −13.8 pp | — |
| 3 months | +10.0% | −4.2% | +14.2 pp | — |
| 6 months | +1.4% | +4.3% | −3.0 pp | — |
| Year to date | +729.0% | +7.5% | +721.5 pp | — |
| 1 year | +874.7% | +9.9% | +864.8 pp | −6.7% |
| 3 years | +44.0% | +49.8% | −5.8 pp | +12.7% |
| 5 years | −92.3% | +42.8% | −135.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 123.0 k | 0 | 0 |
| Revenue YoY | unavailable | −100.0% | unavailable |
| Net income | -112.9 m | 57.5 m | -45.9 m |
| Net income YoY | unavailable | unavailable | −179.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -91,822.0% | unavailable | unavailable |
| Free cash flow | -89.4 m | -40.7 m | -45.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.1 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- -12.5 m NOK
- Total assets
- 10.8 m NOK
- Debt / equity
- unavailable
- Current ratio
- 0.46x
- ROE
- unavailable
- ROA
- -281.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 123.0 k | 0 | 0 | esef· 21 Oct 2026verified |
| Research & development | 49.9 m | 11.7 m | 11.6 m | esef· 21 Oct 2026verified |
| Operating income | -100.0 m | -42.5 m | -41.1 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 1.8 m | 13.0 k | 25.0 k | esef· 21 Oct 2026verified |
| EBITDA | -98.2 m ≈ | -42.5 m ≈ | -41.0 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 14.5 m | 6.5 m | 4.9 m | esef· 21 Oct 2026verified |
| Pre-tax income | -112.9 m | 57.5 m | -45.9 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | -112.9 m | 57.5 m | -45.9 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 22.3 m | 18.3 m | 6.1 m | esef· 21 Oct 2026verified |
| Receivables | 3.4 m | 3.4 m | 4.5 m | esef· 21 Oct 2026verified |
| Current assets | 25.7 m | 21.6 m | 10.6 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 0 | 185.0 k | 176.0 k | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 13.0 k | 5.0 k | 0 | esef· 21 Oct 2026verified |
| Total assets | 25.7 m | 21.8 m | 10.8 m | esef· 21 Oct 2026verified |
| Current liabilities | 124.3 m | 34.3 m | 23.2 m | esef· 21 Oct 2026verified |
| Equity | -98.5 m | -12.5 m | -12.5 m | esef· 21 Oct 2026verified |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -89.2 m | -40.5 m | -45.8 m | esef· 21 Oct 2026verified |
| Capex | 193.0 k | 189.0 k | 0 | esef· 21 Oct 2026verified |
| Free cash flow | -89.4 m ≈ | -40.7 m ≈ | -45.8 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 2.9 m | -189.0 k | 0 | esef· 21 Oct 2026verified |
| Financing cash flow | 41.9 m | 36.6 m | 33.6 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -8.3x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CIRCIO HOLDING ASA (CRNA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 NOK in 2025.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: -8.3x
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for CRNA.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Circio Holding ASA is a Norwegian biotech research and development company focused on its circVec circular RNA technology for gene and cell therapies. The company has no core business revenue, and in 2026 it strengthened its capital through a rights issue and a private placement, which extends its cash runway into 2030 1.
SWOT
Strengths
- The circVec technology has preclinical data showing improved gene expression in cardiac and ocular tissue, supporting partner interest 1.
- The company recently raised significant capital through a rights issue and private placements, and its runway extends into 2030 1.
- The management and board bring experience in academic research, preclinical development and technology transfer 1.
Weaknesses
- The company has no core business revenue and accumulates operating losses that depend on shareholder funding 1.
- Group equity was negative at the end of 2025, requiring restorative measures until new capital was raised in 2026 1.
- The technology has not yet been tested in humans, and development relies on third parties for many preclinical studies 1.
Opportunities
- In vivo validation of circVec could open the path to selecting a candidate for clinical entry 1.
- Partnerships with pharmaceutical companies could bring non-dilutive funding and extend the platform's applications 1.
- Growing interest in gene therapy for rare diseases and accelerated approvals could support monetisation of the technology 1.
Risks
- Development failure riskhigh
The circRNA and circVec technology is at an early preclinical stage, and failure at various stages could slow or stop programs. The company notes that results cannot be fully predicted 1.
- Dependence on external fundinghigh
Operations depend on equity contributions. If funding were unavailable at the right time or on favourable terms, programs could be delayed 1.
- Negative group equity and legal requirementsmedium
Group equity fell below half of share capital, triggering measures under Norwegian company law, although the situation was improved by the 2026 issues 1.
- Intellectual property protectionmedium
The scope and strength of filed patents remain uncertain, and competitors could develop products that restrict the company's freedom to operate 1.
- Currency risklow
Payments to collaborators are made in several currencies, and exchange rate fluctuations could affect cash flows and financial position 1.
Investment thesis
What would need to be true (bull case)
- If in vivo data were confirmed in relevant models and led to a candidate entering the clinic, the company could turn a preclinical technology into a program of value for partners 1.
- Recent funding and a cash runway into 2030 could provide enough time to obtain validation results without the pressure of an immediate new round 1.
- Collaborations with pharmaceutical companies and international partners could bring non-dilutive funding and confirm market interest in the platform 1.
What would break the thesis
- The technology has not been tested in humans, and industry history shows most preclinical programs do not reach approval, which could leave value limited 1.
- The company has no revenue and depends on new equity issues, which could dilute existing shareholders if results are delayed 1.
- Group equity was negative until recently, and its restoration depends on capital raised rather than on operational earnings 1.
What to watch
- Oral presentation of the circVec-AAV program at ASGCT in BostonMay 2026
- Exercise of warrants and additional cash inflowJune 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Circio develops the circVec platform, a circular RNA technology intended for delivery through AAV vectors for gene therapies in heart and eye disease. The company aims to generate in vivo efficacy validation in disease models within the next twelve months and then select one or more lead candidates for clinical entry 1. In fiscal 2025 the company had no core business revenue and total operating expenses of NOK 41.1 million 1.
In parallel, Circio pursues external opportunities to capture the platform's value: non-dilutive funding, testing complementary technologies and broadening development scope to spread R&D risk 1. The company also owns a legacy KRAS cancer vaccine program, TG01, which is not a strategic priority and is being evaluated in two academically sponsored trials 1.
Circio has offices in Oslo, Norway and Huddinge, Sweden, and had 11 employees at 31 December 2025, of whom 8 were full-time, with non-core operations outsourced 1. The company has no product sales model and relies mainly on equity contributions to fund operations 1.
Segments
circVec-AAV gene therapy platform
The most important segment targets circVec-AAV gene therapy with focus on heart and eye. The company has reported in vivo data showing enhanced gene expression, and an oral presentation at ASGCT in May 2026 could add validation data 1.
In vivo CAR cell therapy and collaborations
A second direction is in vivo CAR cell therapy, aimed at validating the technology in relevant preclinical settings. Partnerships with a pharmaceutical company and a Japanese CAR-Macrophage collaborator complete this expansion strategy 1.
TG01 legacy KRAS vaccine
TG01 is evaluated in academically sponsored trials in the USA and Norway at low cost to Circio. The company sees limited strategic and commercial value and would evaluate partnerships only opportunistically if results were positive 1.
Market context
The global pharmaceutical market is expected to grow at 3–6% CAGR to about 1.9 trillion USD in 2027, with specialty medicines representing about 43% of spending, according to the IQVIA report cited in the filing 1. The gene therapy market is described as growing 18–28% per year, and the FDA has said accelerated approval could become the standard pathway for rare disease therapies 1.
The global cancer medicines market is expected to reach 370 billion USD by 2027, and cancer immunotherapy already accounts for over half of it, with gene and cell therapies as growth drivers 1. Overall, pricing pressure in the US, linked to exclusivity losses and the Inflation Reduction Act, could limit net price growth 1.
Trends
- Growth of gene therapy for rare diseasestailwind
Demand for gene therapies remains high, and accelerated approvals could shorten the path to patients for new technologies such as circVec 1.
- Current limitations of AAV gene therapymixed
Safety concerns and high manufacturing costs linked to viral load limit broad use of gene therapy, problems that the circVec technology is designed to address 1.
- US pricing pressureheadwind
Net price developments in the US market, affected by exclusivity losses and the Inflation Reduction Act, could reduce the commercial potential of new medicines 1.
- Investor appetite for biotechmixed
Financial market conditions and the local climate in Norway can influence funding availability, and small biotech companies depend on these conditions for new issues 1.
Competitive position
Circio operates in a gene and cell therapy sector marked by intense competition and rapid innovation, where other developers could achieve similar or better results or file patents that restrict freedom to operate 1. The company differentiates itself with circVec, a circular RNA vector that has not yet been tested in humans 1.
The competitive landscape also includes companies developing alternative delivery platforms and in vivo cell therapies, such as those with which Circio has evaluation collaborations 1. The filing does not explicitly name listed competitors, so the list below is limited to partners and actors mentioned in the source 1.
- Entos Pharmaceuticals
Research partner with which Circio tests circVec in combination with its PLV delivery technology 1.
- Acuitas Therapeutics
Partner with which Circio entered an in vivo cell therapy evaluation agreement 1.
- Neoregen Biotech
Korean company that fully funds the circular RNA delivery collaboration at the in vivo stage 1.
- United Immunity Co
Japanese company with which Circio collaborates on in vivo CAR-Macrophage therapy 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Circio Holding ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.