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"ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures_D329849104_PY": { "value": "59000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ifrs-full_RepaymentsOfBondsNotesAndDebentures_D1885205364_CY": { "value": "2584000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ifrs-full_RepaymentsOfBondsNotesAndDebentures_D1885205364_PY": { "value": "12630000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "circio_ProceedsFromExerciseOfOptionsRestrictedStockUnits_D1358516585_CY": { 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"period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ifrs-full_CashAndCashEquivalents_E72_CY": { "value": "18255000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ifrs-full_CashAndCashEquivalents_E72_PY": { "value": "22250000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory_E2_CY": { "value": "\n
1. General information
Circio Holding ASA (OSE: CRNA) (\"the Company\") and its subsidiaries (together the Group) is a
biotechnology company developing powerful circular RNA technology for next generation nucleic acid
medicine.
The Group is building a unique circular RNA (circRNA) platform for nucleic acid medicine. The
proprietary circVec technology is designed for efficient biogenesis of multifunctional circRNA from
DNA, which can be developed for a broad range of diseases. The circVec platform has demonstrated
enhanced and more durable protein expression than classic mRNA vector systems and has the
potential to become the new gold-standard for DNA and virus-based therapeutics in the future. The
circRNA R&D activities are being conducted by the wholly owned subsidiary Circio AB based at the
Karolinska Institute in Stockholm, Sweden.
In addition, the Group is continuing to develop its legacy oncology program, TG01, targeting KRAS
driver mutations. TG01 is currently being tested in clinical trials which are being run through
academic collaborative networks, supported by prestigious research grants from Innovation Norway
and the Norwegian Research Council.
The Company is a Norwegian public limited liability company listed on the Oslo Stock Exchange in
Norway. The address of the registered office is Universitetsgata 2, 0164 Oslo, Norway.
These financial statements have been approved for issue by the Board of Directors on 10 April 2025
and are subject to approval by the Annual General Meeting in June 2025.
2. Summary of material accounting
principles
The principal accounting policies applied in the preparation of these consolidated financial
statements are described in the respective notes, or if not, set out below. These policies have been
consistently applied to all the years presented, unless otherwise stated.
Amounts are in thousand Norwegian kroner unless stated otherwise.
Functional currency
The functional currency is determined in each entity in the Group based on the currency within the
entity's primary economic environment. Transactions in foreign currency are translated to functional
currency using the exchange rate at the date of the transaction. At the end of each reporting period
foreign currency monetary items are translated using the closing rate, non-monetary items that are
measured in terms of historical cost are translated using the exchange rate at the date of the
transaction and non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was measured. Changes in the
exchange rate are recognized continuously in the accounting period.
Presentation currency
The Group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. The
statement of financial position figures of entities with a different functional currency are translated at
the exchange rate prevailing at the end of the reporting period for balance sheet items, including
goodwill, and the exchange rate at the date of the transaction for profit or loss items. The monthly
average exchange rates are used as an approximation of the transaction exchange rate where the
rate at the date of transaction is not available. Exchange differences are recognized in other
comprehensive income (\u201cOCI\u201d).
When investments in foreign subsidiaries are sold, the accumulated translation differences relating to
the subsidiary attributable to the equity holders of the parent are recognized in the statement of
comprehensive income. When a loss of control, significant influence or joint control is present the
accumulated exchange differences related to investments allocated to controlled interests is
recognized in profit or loss.
When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the
accumulated exchange differences is allocated to non-controlling interests.
2.1 Basis for preparation of the annual accounts
The consolidated financial statements of Circio Holding ASA have been prepared in accordance with
IFRS \u00ae Accounting Standards (IFRS) as adopted by the European Union, as well as Norwegian
disclose requirements listed in the Norwegian Accounting Act.
The consolidated financial statements are based on historical cost.
The consolidated financial statements have been prepared on the basis of uniform accounting
principles for similar transactions and events under otherwise similar circumstances.
\n
2.2 Accounting principles
Foreign exchange
The Group record transactions at initial recognition based on the exchange rate at the date of the
transaction. If the exchange rate at the date of transaction is not available, average monthly
exchange rate in the month of transaction is used. The date of a transaction is the date on which the
transaction first qualifies for recognition in accordance with International Financial Reporting
Standards. However, if exchange rates fluctuate significantly, the use of the average rate for a period
may be inappropriate and an exchange rate closer to transaction date is used.
Any exchange differences are recognized in statement of profit or loss under financial items in the
period in which they arise.
2.3 Adoption of new and revised IFRS standards
Standards and interpretations affecting amounts reported in the current period
All relevant new and revised IFRSs and IFRIC interpretations that are mandatory for periods
commencing 1 January 2024 and earlier have been adopted for all periods presented in these
financial statements.
The Group has applied the following amendments for the first time for their annual reporting period
commencing 1 January 2024:
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1
Non-current Liabilities with Covenants \u2013 Amendments to IAS 1
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
The amendments listed above did not have any impact on the amounts recognized in prior periods
and are not expected to significantly affect the current or future periods.
None of the other new standards, revised standards, amended standards or interpretations have a
material impact on the Group\u2019s overall results and financial position.
Standards and interpretations in issue but not yet adopted
Certain new accounting standards and interpretations have been published that are not mandatory
for 31 December 2024 reporting periods and have not been early adopted by the Group. These
standards are not expected to have a material impact on the entity in the current or future reporting
periods and on foreseeable future transactions.
Presentation and Disclosure in Financial Statements \u2013 IFRS 18 was adopted in 2024 and will apply to
future reporting periods. IFRS 18 is effective for periods beginning on or after 1 January 2027 and
IFRS 18 will replace IAS 1 Presentation of Financial Statements and introduce new requirements to
help achieve comparability across companies. Although IFRS 18 will not affect the recognition or
measurement of items in the financial statements, changes are expected to be made to the Group\u2019s
presentation of the Consolidated statement of comprehensive income. Management is currently
assessing the detailed implications of applying the new standard to the Group\u2019s consolidated
financial statements.
2.4 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its
subsidiaries. As of 31 December 2024, Targovax Solutions AS located in Oslo Norway, and Circio AB
located in Stockholm, Sweden is 100% owned and controlled subsidiaries by Circio Holding ASA. The
100% owned subsidiary Targovax OY, located in Espoo, Finland was liquidated in second half of 2024.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if, and only if, the Group has:
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant
activities of the investee).
Exposure, or rights, to variable returns from its involvement with the investee
The ability to use its power over the investee to affect its returns
In general, there is a presumption that a majority of voting rights results in control. To support this
presumption and when the Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances in assessing whether it has power
over an investee, including:
\n
The contractual arrangement(s) with the other vote holders of the investee
Rights arising from other contractual arrangements
The Group\u2019s voting rights and potential voting rights
The Group reassesses whether it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control. Consolidation of a subsidiary begins
when the Group obtains control over the subsidiary and ceases when the Group loses control of the
subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the date the Group gains control until
the date the Group ceases to control the subsidiary.
Profit or loss and each component of OCI are attributed to the equity holders of the parent of the
Group. When necessary, adjustments are made to the financial statements of subsidiaries to bring
their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and
liabilities, equity, income, expenses and cash flows relating to transactions between members of the
Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity transaction.
If the Group loses control over a subsidiary, it ceases to recognize the related assets (including
goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain
or loss is recognized in statement of profit or loss. Any investment retained is recognized at fair
value.
2.5 Business combinations and intangible assets
Business combinations are accounted for using the acquisition method. The cost of an acquisition is
measured as the aggregate of the consideration transferred, which is measured at acquisition date
fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair
value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs
are expensed as incurred and included in administrative expenses.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for
appropriate classification and designation in accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition date. This includes the separation of
embedded derivatives in host contracts by the acquiree.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a
financial liability are subsequently remeasured to fair value with changes in fair value recognized in
profit or loss.
2.6 Going concern
The Group works continuously to ensure financial flexibility in the short and long-term to achieve its
strategic and operational objectives. To date, the Group has financed its operations through private
placements, repair offerings, grants, convertible bonds and the initial public offering in connection
with the listing of the company\u2019s shares on Oslo Stock Exchange in 2016.
Funding of ongoing operations is and will depend on external sources for the foreseeable future,
mainly equity contributions. Changes in financial market conditions can affect the climate and
willingness for investments in biotech companies like Circio. Local events in Norway can also affect
the Group\u2019s ability to raise additional funding. The Group continuously faces the risk that adequate
sources of funding may not be available when needed or may not be available at favorable terms.
The Group's equity as of 31 December 2024, was negative and less than 50% of the registered share
capital. According to the obligations of section 3-5 of the Public Companies Act (the \"Public
Companies Act\"), the Board of directors is obligated in to inform the general assembly about the
Company's financial position. The Board of Directors has assessed its duty in accordance with the
Companies Act section 3-5 and regards the present equity structure as insufficient to meet the
Company\u2019s objectives, strategy, and risk profile long term, and are therefore in the process of
implementing measures to turn the equity positive.
- The Group has secured sufficient liquidity until the end of June 2025, through the rights
issue in July 2024, the warrants exercise and a separate private placement in December
and the financing commitment from Atlas Special Opportunities LLC entered in June 2024.
- Ongoing preclinical experiments are expected to read out important in vivo data during first
half and 3Q of 2025. Based on the expectations from these readouts, the Group's
management and Board of directors have several concrete processes, with the potential of
attracting strategic partnerships and providing new funding, thereby strengthening the
Group\u2019s equity further.
Given these processes and discussion with interested parties, the Board of directors considers the
Group's current equity to be adequate to adapt the going concern assumption
Circio expects to extend the Financing commitment with Atlas, with the possibility of issuing
additional convertible bonds providing cash runway into 4Q of 2025.
\n
The unknown outcome of the ongoing processes, and uncertainty around access to further capital for
the next twelve months from the date of this annual report, indicate that material uncertainty exists
that may cast significant doubt on the Company\u2019s and the Group\u2019s ability to continue as a going
concern.
3. Important accounting estimates and
discretionary assessments.
Management makes estimates and assumptions that affect the reported amounts of assets and
liabilities within the next financial year. Estimates and judgments are continually evaluated and are
based on historical experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
Convertible bond
The accounting for convertible bonds involves significant estimates and discretionary assessments,
particularly in determining the classification, fair value measurement, and allocation of the bond\u2019s
components. See Note 22 Convertible bond.
Estimated value of share-based payments
At each balance sheet date, the Group revises its estimates of the number of options that are
expected to vest. It recognizes the impact of the revision to original estimates, if any, in the statement
of profit or loss, with a corresponding adjustment to equity. The estimated turnover rate for unvested
share options is 0 percent for all share option plans. See Note 11 Share-based compensation.
Deferred tax asset
A deferred tax asset shall be recognized for the carryforward of unused tax losses and unused tax
credits to the extent that it is probable that future taxable profit will be available against which the
unused tax losses and unused tax credits can be utilized.
The Group cannot prove probable future taxable income large enough to justify recognizing a
deferred tax asset in the balance sheet. However, this assumption must be continually assessed, and
changes could lead to a significant asset being recognized in the future. This assumption requires
significant management judgment. See Note 15 Taxes.
Effects on climate change
The Company strives to minimize its impact on personal health and the environment.
All production and distribution activities are outsourced, and when selecting suppliers, the Company
evaluates each candidate\u2019s ethical and responsible business conduct including environment, health
and safety policy.
The main source of climate emissions from the Company in 2024 was emissions from the use of
electricity for Circio offices in Norway and Sweden and business travel. The Group has emissions
from waste generated from the laboratory activities in Sweden which are part of a larger lab facility
provided by a third party. The company has not identified any direct emissions from its business
activities.
4. Segments
he Group core activity is the development of the circular RNA (circRNA) platform for nucleic acid
medicines, being conducted by the wholly owned subsidiary Circio AB based at the Karolinska
Institute in Stockholm, Sweden. The Group is in addition continuing the development of its legacy
oncology program, TG01, targeting KRAS driver mutations. These activities are performed from the
Norwegian subsidiary, Targovax Solutions AS.
For management purposes, the Group is organized as one business unit, and the internal reporting is
structured in accordance with this. The Group is thus currently organized in one operating segment.
5. Restated comparable figures 2023
Due to an error in the accounting of the convertible bond agreement in 2023, the opening balance of
receivables, current liabilities and equity was adjusted as of 01.01.2024. The financial statements of
2023 have been restated to correct this error. The effect of the restatement on those financial
statements is summarized below.
As the facility fee was previously amortized on a straight-line basis, while it is now expensed based
on expected withdrawals, the receivables were changed from NOK 4.5 million to 2.0 million as of
01.01.2024. The convertible bond was reduced from NOK 44.5 million to 44.3 million as previously
the transaction cost was expensed immediately, while it is now included in the calculation of
\n
amortized cost. Resulting in a total change of NOK 2.2 million to the opening balance of the equity as
of 01.01.2024.
Amounts in NOK thousands
2023
2023
Restated
Change
Other operating expenses -14 522 -13 983 -538
Finance expense -11 774 -14 518 2 744
Loss before income tax -110 736 -112 941 2 205
Receivables 5 872 3 448 -2 424
Retained earnings -140 248 -142 453 2 205
Convertible bond 44 500 44 281 219
6. Financial instruments and risk
management objectives and policies
1
The Group's financial assets and liabilities comprise cash at bank and cash equivalents, receivables
and trade creditors that originate from its operations. All financial assets and liabilities are carried at
amortized cost. All financial assets and liabilities are short-term and their carrying value
approximates fair value.
The Group does currently not use financial derivatives to manage financial risk such as interest rate
risk and currency risk. The Group is subject to market risk, credit risk and liquidity risk.
Market risk
Interest rate fluctuations could in the future materially and adversely affect the Group\u2019s business,
financial condition, results of operations, cash flows, time to market and prospects.
The Group may in the future be exposed to interest rate risk primarily in relation to any future interest-
bearing debt issued at floating interest rates and to variations in interest rates of bank deposits.
Consequently, movements in interest rates could have a material and adverse effect on the Group\u2019s
business, financial condition, results of operations, cash flows, time to market and prospects. As the
Group currently does not have any interest-bearing debt, risk related to change in interest rates mainly
relates to interest gains on the Group\u2019s cash balance.
The following table demonstrates the Group\u2019s sensitivity to a 1 percent point change in interest rates
on cash and cash equivalents at 31 December 2024 and 2023:
2024 2023
Amounts in NOK thousands
1% point
increase
1% point
decrease
1% point
increase
1% point
decrease
Loss before income tax effect 183 -183 223 --223
Foreign currency risk
Fluctuations in exchange rates could affect the Group\u2019s cash flow and financial condition.
The Group has currency exposure to both transaction risk and translation risk related to its operating
expenses. Transaction risk arises when future commercial transactions or recognized assets or
liabilities are denominated in a currency that is different from the Group\u2019s presentation currency. The
Group undertakes various transactions in foreign currencies and is consequently exposed to
fluctuations in exchange rates. Exposure arises largely from research expenses. For the year 2024,
the Group was mainly exposed to fluctuations in EUR, USD, GBP, CHF, SEK and DKK. Circio hedges
foreign currency by aligning the cash positions with future expected currency outflows. The Group
does not have derivatives for hedge accounting at year-end.
Translation risk arises due to the conversion of amounts in foreign subsidiaries' financial statements
denominated in foreign currencies to NOK, the Company\u2019s functional currency.
Credit risk
Credit risk is the risk of a counterparty defaulting. The Group has limited credit risk. Outstanding
receivables are limited and primarily prepayments of fees related to the convertible bond agreement.
No impairment has been recognized. The carrying value of the assets represents the Group's
maximum exposure to credit risk.
\n
The credit quality of financial assets can be assessed by reference to credit ratings.
Cash and cash equivalents:
2024 2023 Rating
Amounts in NOK thousands
Amount In % Amount In % S&P
Cash at bank: 18 213 100% 21 900 98%
Nordea Bank abp 18 213 100% 21 716 98% AA-
DNB Bank ASA - 0% 183 1% AA-
Money market funds: 42 0% 350 2%
Nordea Likviditet III 42 0% 350 2%
Total 18 255 100% 22 250 100%
Fair value of financial instruments
The carrying value of receivables, cash and cash equivalents, borrowings and other trade payables
are assessed to approximate fair value.
2024 2023
Amounts in NOK thousands
Carrying
amounts
Fair value Carrying
amounts
Fair value
Receivables 3 384 3 384 3 448 3 448
Cash and cash equivalents 18 255 18 255 22 250 22 250
Total financial assets 21 639 21 639 25 698 25 698
Interest-bearing borrowings - - 66 153 66 153
Convertible bond 17 356 17 356 44 281 44 281
Lease liabilities - - - -
Trade payables 4 713 4 713 3 450 3 450
Total financial liabilities 22 068 22 068 113 884 113 884
\n
Liquidity risk
The Group manages liquidity risk by estimating and monitoring cash and liquidity needs on an on-
going basis and maintaining adequate reserves and banking facilities.
The following tables analyses the Group\u2019s current and non-current financial liabilities, at 31
December 2024 and 2023 respectively, into relevant maturity groupings based on the remaining
period at the balance sheet date to the contractual maturity date. The amounts disclosed in the
tables are the financial undiscounted cash flows.
At 31 December 2024
1
(Amounts in NOK thousands)
On
demand
Less than 3
months
3 to 12
months
1 to 5
years
Total
Trade payables - 4 713 - - 4 713
Accrued public charges - 1 464 - - 1 464
Other current liabilities - 10 807 - - 10 807
Total - 16 983 - - 16 983
1) Convertible bonds are not included. At maturity date any outstanding bonds will be converted to shares,
hence not liquidity risk.
At 31 December 2023
1
(Amounts in NOK thousands)
On demand
Less than 3
months
3 to 12
months
1 to 5
years
Total
Interest-bearing
2
borrowings
1
2 464 3 078 65 408 - 70 950
Trade payables - 3 450 - - 3 450
Accrued public charges - 1 673 - - 1 673
Other current liabilities - 8 696 - - 8 696
Total 2 464 16 897 65 408 - 84 769
1) Convertible bonds are not included. At maturity date any outstanding bonds will be converted to shares,
hence not liquidity risk.
2) Interest-bearing borrowings comprise loans from Business Finland and includes future interest payments,
see note 20 Interest bearing debt.
\n
7. Revenue recognition
Revenue from providing services is recognized in the accounting period in which the services are
rendered. Revenue is presented net of value added tax.
Amounts in NOK thousands
2024 2023
Other revenue - 123
Total operating revenue - 123
The Group's products are still in the research and development phase, and it has no revenue from
sales of products yet.
8. Research and development expenses
Expenditure on research and development activities is recognized as an expense in the period in
which it is incurred. Internal and external research and development costs related to the Group's
development of new products are recognized in the statement of profit or loss in the year incurred
unless it meets the asset recognition criteria of IAS 38 \"intangible Assets\".
Uncertainties related to the regulatory approval process and results from ongoing clinical trials
generally indicate that the criteria for asset recognition is not met until the time when the marketing
authorization is obtained from regulatory authorities. This assessment requires significant
management discretion and estimations.
The following table gives an overview of the Group\u2019s research and development expenditure
compared to the total operating expenses:
2024 2023
Amounts in NOK thousands
Total Of which R&D Total Of which R&D
R&D expenses 11 688 11 688 49 890 49 890
Payroll and related expenses 22 359 12 343 34 442 18 215
Other operating expenses 8 433 137 13 983 201
Depreciation, amortizations and
impairments
13 - 1 773 -
Total 42 493 24 168 100 088 68 305
The following research and development expenditures have been expensed:
Amounts in NOK thousands
2024 2023
R&D related consultancy and other expenses 11 878 40 268
Cost of manufacturing for R&D 3 089 9 423
Patent expenses 159 1 920
Government grants -3 438 -1 722
Total research and development expenses 11 688 49 890
9. Government grants
Government grants are recognized at the value of the contributions at the transaction date. Grants
are not recognized until it is probable that the conditions attached to the contribution will be
achieved. The grant is recognized in the statement of profit or loss in the same period as the related
costs and are presented net.
Government grants are normally related to either reimbursements of employee costs and classified
as a reduction of Payroll and related expenses or related to other operating activities and thus
classified as a reduction of Research and development expenses or Other operating expenses.
\n
Government grants have been recognized in statement of profit or loss as a reduction of the related
expense with the following amounts:
Amounts in NOK thousands
2024 2023
Research and development expenses 3 438 1 722
Payroll and related expenses 881 108
Other operating expenses 221 -
Total grants 4 541 1 830
The Group is awarded research grants of NOK 9.8 million from the Research Council of Norway and
NOK 8.2 million from Innovation Norway, towards product and clinical development for the TG mutant
KRAS cancer vaccine program. The grant from the Research Council of Norway is for the period
2022-2025, while the Innovation Norway grant was for the period 4Q 2021 to 2024.
For the full year 2024 the Group has recognized NOK 2.1 million related to the grant from NFR and
NOK 2.5 million from Innovation Norway.
Specification of grants receivables:
Amounts in NOK thousands
2024 2023
Grants from Research Council of Norway 300 -895
Grants from Innovation Norway - -
Total grants receivable 300 -895
10. Payroll and related expenses
Payroll and related expenses are recognized in the statement of profit or loss in the period in which
the related costs are incurred or services are provided.
Defined contribution plans
Targovax Solutions AS has a defined contribution pension plan as required by the Norwegian Law and
as well an applicable contribution pension plan as required by Swedish law for all employees
employed in Circio AB. These pension plans apply to all employees of the Group respectively.
Currently, members of the Management Team with residence outside Norway and Sweden are not
part of the company\u2019s respective national pension plans. The company pays these executives an
annual amount in addition to base salary in lieu of their participation in a company scheme. For
defined contribution pension plans, contributions are paid to pension insurance plans and charged to
the statement of profit or loss in the period to which the contributions relate.
Bonus scheme
Circio has a bonus system covering all employees.
The Group recognizes a liability and an expense for bonuses based on a short-term incentive plan for
employees linked to achievement of corporate objectives as well as individual objectives determined
by the Board. See note 11 Related parties and remuneration to Management.
Total payroll and related expenses for the Group are:
Amounts in NOK thousands
2024 2023
Salaries and bonus 16 679 24 549
Board fees 1 284 1 428
Employer\u2019s national insurance contributions 2 612 3 567
Share-based compensation
1
950 1523
Pension expenses \u2013 defined contribution plan 1 366 2 843
Other 351 640
Governmental grants -881 -108
Total payroll and related expenses 22 359 34 442
1) Share-based compensation has no cash effect.
Number of employees calculated on a full-time basis as at end of
period
8.0 10.8
Number of employees at end of period 9 13
\n
11. Related parties and remuneration to
Management
Statement for 2024
The Board of Directors complies with the decision made at Circio Holding ASA\u2019s Ordinary General Meeting on 20 April 2022 to approve of the Board of Directors\u2019 statement concerning principles for Management
compensation pursuant to Norwegian Public Limited Companies Act section 6\u201316a. The remuneration principles used for the year 2024 is described in the Group\u2019s Remuneration report 2024.
Compensation tables for 2024 and 2023
Remunerations and other benefits in 2024:
Amounts in NOK thousands
1
Fixed annual fee as
at 31 Dec 2024
Earned fees in cash in
2024
Earned fees in RSU\u2019s in
2024
Earned committee meetings
fee per 31.12.2024
Exercise of share
options/RSUs
Total remuneration earned
in 2024
Board of Directors of Circio Holding ASA:
Damian Marron, Chairperson of the Board 535 481 54 20 555
Thomas Falck, Board member 320 288 32 40 360
Robert Burns, Board member
3
182 182 - 20 202
Diane Mellett, Board member 320 256 64 40 360
Total Board of Directors
1,2
1 357 1 207 150 120 - 1 477
1) All amounts in the tables exclude National Insurance Contribution
2) The Board members may choose to receive their Board fee either in RSUs or in cash. Please see the table for holding of RSUs for further details on the Board related remuneration.
3) Robert Burns assigned as a deputy Board member as of 19.06.2024
Amounts in NOK thousands
1
Fixed annual salary
as at 31 Dec 2024
Earned salaries in
2024
Bonus earned in
2024
Pension expenses in
2024
Benefits in kind in
2024
Exercise of share
options/RSUs
Total remuneration in
2024
Management team:
Erik Digman Wiklund, Chief Executive Officer
2
2 694 2 420 688 92 14 - 3 214
Lubor Gaal, Chief Financial Officer
3
3 007 2 393 487 0 195 - 3 074
Victor Levitsky, Chief Scientific Officer
4
3 337 876 219 0 174 - 1 270
Thomas B. Hansen, Chief Technology
5
1 923 1 652 310 121 3 - 2 085
Ola Melin, Chief Operating Officer
6
1 695 1 655 261 422 16 - 2 353
Total Management Team
12 655 8 996 1 965 635 402 0 11 997
1) All amounts in the tables exclude National Insurance Contribution
\n
2) Erik Digman Wiklund works 50% for Circio and its subsidiaries as per 31.12.2024.
3) Fixed annual salary is the annual salary in EUR multiplied by the average exchange rate throughout the year. Lubor Gaal works 50% for Circio and its subsidiaries as per 31.12.2024.
4) Fixed annual salary is the annual salary in CHF multiplied by the average exchange rate throughout the year. Victor Levitsky is working 20% for Circio and its subsidiaries as per 31.12.2024.
5) Fixed annual salary is the annual salary in DKK multiplied by the average exchange rate throughout the year. Thomas Birkballe Hansen is working 100% for Circio and its subsidiaries as per 31.12.2024.
6) Fixed annual salary is the annual salary in SEK multiplied by the average exchange rate throughout the year. Ola Melin works 100% for Circio and its subsidiaries as per 31.12.2024.
.
In 2024, the annual general meeting of the Company resolved that all current board members shall receive NOK 320 000 and the Chairperson of the Board NOK 535 000 for the period from the annual general
meeting in 2024 and until the annual general meeting in 2025. Deputy board members shall receive NOK 160 000. If the current board members have served for a shorter period than since the annual general
meeting in 2024, the remuneration shall be pro rata adjusted down (based on the number of days served compared to the full period) and any prepaid remuneration shall then be repaid. The members of the board
of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock units (RSUs). Members of board committees shall receive an additional remuneration of NOK 4 000 per
committee meeting, however not less than NOK 20 000 for the period and the chairpersons of such committees shall receive remuneration of NOK 8 000 per meeting, however not less than NOK 40 000 for the
period.
In 2024 NOK 0.1 million, representing earned fees in RSUs, was recognized as an expense for Board remunerations in RSUs. The Group has recognized as an expense NOK 0.8 million in share-based compensation
for the year 2024 to the Management Team as per 31 December 2024. There are no outstanding loans or guarantees made to the Board of Directors or the Management Team at 31 December 2024.
Remunerations and other benefits in 2023:
Amounts in NOK thousands
Fixed annual fee as
at 31 Dec 2023
Earned fees in cash in
2023
Earned fees in RSU\u2019s in
2023
Earned committee meetings
fee per 31.12.2023
Exercise of share
options/RSUs
Total remuneration
earned in 2023
Board of Directors of Circio Holding ASA:
Damian Marron, Chairperson of the Board 532 355 177 20 37 589
Thomas Falck, Board member 317 180 137 40 357
Robert Burns, Board member 317 317 - 20 15 352
Diane Mellett, Board member 317 137 180 40 14 371
Sonia Quaratino, Board member 223 74 149 223
Bente-Lill Bjerkelund Rom\u00f8ren, Board 223 180 43 40 263
Raphael Clynes, Board member 223 31 192 223
Eva-Lotta Allan, Board member 93 62 31 3 96
Total Board of Directors
1,2
2 246 1 336 910 160 69 2 474
1) Eva-Lotta Allan resigned from the Board at the AGM 2023, and Bente-Lill Bjerkelund, Raphael Clynes and Sonia Quaratino resigned from the board 17 October 2023.
2) The Board members may choose to receive their Board fee either in RSUs or in cash. Please see the table for holding of RSUs for further details on the Board related remuneration.
\n
Amounts
1
in NOK thousands
Fixed annual salary
as at 31 Dec 2023
Earned salaries in
2023
Bonus earned in
2023
Pension expenses in
2023
Benefits in kind in
2023
Exercise of
share
options/RSUs
Total
remuneration
in 2023
Management team:
Erik Digman Wiklund, Chief Executive Officer 2 588 2 490 0 100 13 - 2 604
Lubor Gaal, Chief Financial Officer
2
2 837 2 683 - 0 192 - 2 875
Victor Levitsky, Chief Scientific Officer
3
3 104 623 0 0 167 - 790
Thomas B. Hansen, Chief Technology
4
1 816 1 863 - 109 0 - 1 972
Ola Melin, Chief Operating Officer
5
1 538 1 520 - 404 42 - 1 966
Total Management Team
6,7,8
11 883 9 180 0 613 414 0 10 207
1) All amounts in the tables exclude National Insurance Contribution.
2) Fixed annual salary is the annual salary in EUR multiplied by the average exchange rate throughout the year. Lubor Gaal works 80% for Circio and its subsidiaries as per 31.12.2023.
3) Fixed annual salary is the annual salary in CHF multiplied by the average exchange rate throughout the year. Victor Levitsky is working 20% for Circio and its subsidiaries as per 31.12.2023.
4) Fixed annual salary is the annual salary in DKK multiplied by the average exchange rate throughout the year. Thomas Birkballe Hansen joined the management team 1 January 2023. Thomas Birkballe Hansen is working 80% for Circio and
its subsidiaries as per 31.12.2023.
5) Fixed annual salary is the annual salary in SEK multiplied by the average exchange rate throughout the year. Ola Melin works 80% for Circio and its subsidiaries as per 31.12.2023.
6) Lone Ottesen resigned from her position as CDO 14 August 2023. During 2023 her remuneration consisted of TNOK 2 948 in salary and TNOK 282 in pension.
7) Ingunn Munch Lindvig resigned from her position as VP Regulatory Affairs on 9 June 2023. During 2023 her remuneration consisted of TNOK 1 006 in salary and TNOK 46 pension and TNOK 8 in benefits in kind.
8) Margrethe S\u00f8rgaard joined the management team 1 June 2023 and resigned from her position as VP & Head of Clinical Development 30 November 2023. During 2023 her remuneration consisted of TNOK 1 528 in salary and TNOK 96
pension and TNOK 14 in benefits in kind.
In 2023, the annual general meeting of the Company resolved that all current board members shall receive NOK 320 000 and the Chairperson of the Board NOK 535 000 for the period from the annual general
meeting in 2023 and until the annual general meeting in 2024. If the current board members have served for a shorter period than since the annual general meeting in 2023, the remuneration shall be pro rata
adjusted down (based on the number of days served compared to the full period). The members of the board of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock
units (RSUs). The remuneration in cash shall be payable immediately after the annual general meeting in 2024. Members of board committees shall receive an additional remuneration of NOK 4 000 per committee
meeting, however not less than NOK 20 000 for the period and the chairpersons of such committees shall receive remuneration of NOK 8 000 per meeting, however not less than NOK 40 000 for the period.
In 2023 NOK 1.0 million was recognized as an expense for Board remunerations in RSUs.
The Group has not recognized any expense in provision for bonuses to the Management Team as per 31 December 2023.
The Group has recognized as expense NOK 1.7 million in share-based compensation for the year 2023 to the Management Team as per 31 December 2023. There are no outstanding loans or guarantees made to
the Board of Directors or the Management Team at 31 December 2023.
\n
Holding of shares, options for shares and RSUs, including those of close associates, as at 31 December 2024:
Holding
shares as at
31 Dec 2024
1
% ownership
31 Dec
2024
Granted
options
2024
Forfeited
options
2024
Expired
options
2024
Exercised
options
2024
Holding of
options as at
31 Dec 2024
Granted
RSUs 2024
2
Exercised
RSUs 2024
Holding of RSUs
as at 31 Dec
2024
Board of Directors of Circio Holding ASA:
Damian Marron, Chairperson of the Board 169 256 0.24 % - - 13 348
Thomas Falck, Board member
3
187 200 0.27 % - - 9 884
Diane Mellett, Board member 193 638 0.28 % - - 14 950
Robert Burns, Deputy Board member 88 458 0.13 % - - 1 436
Total Board of Directors 638 552 0.91 % - - 39 618
Management team:
Erik Digman Wiklund, Chief Executive Officer
3
284 133 0.41 % 750 000 - 4 994 - 805 005
Lubor Gaal, Chief Financial Officer
5
187 200 0.27 % 600 000 - - - 623 329
Victor Levitsky, Chief Scientific Officer 93 933 0.13 % 300 000 - - - 321 502
Thomas B Hansen, Chief Technology Officer 93 600 0.13 % 400 000 - - - 416 658
Ola Melin, Chief Operating Officer 95 266 0.14 % 300 000 - - - 324 185
Total Management
754 132 1.08 % 2 350 000 - 4 994 - 2 490 679
Total 1 392 684 1.99 % 2 350 000 - 4 994 - 2 490 679 - - 39 618
1) Shareholding includes shares from warrants exercise and private placement being issued on 6 January 2025
2) Granted RSUs to the Board of Directors are a part of the yearly Board remuneration fee which the Board members can select either to receive in cash or in RSUs.
3) The shares are held through S\u00f8len AS.
4) The shares are partly held through Digman AS.
5) The shares are held through Biopharma Drug Licensing Group AS, SL.
\n
Holding of shares, options for shares and RSUs, including those of close associates, as at 31 December 2023:
To comply with minimum share price obligations for companies listed on the Oslo Stock Exchange, pursuant to which the market value for listed shares shall not be lower than NOK 1 for a period of longer than six
months, the General Meeting decided in an Extraordinary General Meeting in September 2023 that the Circio Holding ASA shares were consolidated in the ratio of 30:1 (reverse split), whereby 30 existing shares,
each with a nominal value of NOK 0.1, shall be consolidated to one share with nominal value NOK 3. The share split was completed on 3
rd
October 2023.
Holding
shares as at
31 Dec 2023
% ownership
31 Dec
2023
Granted
options
2023
Forfeited
options
2023
Expired
options
2023
Exercised
options
2023
Modified
options due
to share split
Holding of
options as at
31 Dec 2023
Granted
RSUs
2023
1
Exercised
RSUs 2023
Modified
RSUs due to
share split
Holding of
RSUs as at
31 Dec 2023
Board of Directors of Circio Holding ASA:
Damian Marron, Chairperson of the Board 1 852 0.02 % 302 670 -55 588 -387 087 13 348
Thomas Falck, Board member 181 037 -286 609 9 884
Robert Burns, Board member 9 958 0.13 % - -23 307 -41 635 1 436
Diane Mellett, Board member 4 098 0.05 % 362 072 -20 870 -450 912 15 548
Total Board of Directors
2,3
15 908 0.20 % 845 779 -99 765 -1 166 243 40 216
Management team:
Erik Digman Wiklund, Chief Executive Officer
4
3 333 0.04 % -1 740 001 59 999
Lubor Gaal, Chief Financial Officer
0.00 % -676 671 23 329
Victor Levitsky, Chief Scientific Officer 333 0.00 % -623 498 21 502
Thomas B Hansen, Chief Technology Officer -483 342 16 658
Ola Melin, Chief Operating Officer 1 666 0.02 % -700 815 24 185
Total Management
5,6,7
5 332 0.07 % -4 224 327 145 673
Total 21 240 0.27 % -4 224 327 145 673 845 779 -99 765 - 1 166 243 40 216
1) Granted RSUs to the Board of Directors are a part of the yearly Board remuneration fee which the Board members can select either to receive in cash or in RSUs.
2) Eva-Lotta Allan, left the Board of Circio May 2023. Per 31.12.2023 she held no options, 2 149 RSUs and 3 296 shares.
3) Bente-Lill Bjerkelund Rom\u00f8ren, Raphael Clynes and Sonia Quaratino resigned from the Board of Circio 17 October 2023 due to the reorganization of the Company. Per 31.12.2023 Bente-Lill B. Rom\u00f8ren held no options, 6514 RSUs and 1
185 shares, Raphael Clynes held no options, 21 953 RSUs and no shares and Sonia Quaratino held no options, 16 875 RSUs and no shares
4) The shares are held through Digman AS
5) Ingunn Munch Lindvig resigned from her position as VP Regulatory Affairs on 9 June 2023. Per 31.12.23 she held 4 906 options and 333 shares.
6) Lone Ottesen resigned from her position as CMO on 13 August 2023. Per 31.12.23 she held 6 999 options and 917 shares.
7) Margrethe S\u00f8rgaard joined the management team 1 June 2023 and resigned from her position as VP & Head of Clinical Development 30 November 2023. Per 31.12.23 she held 1 083 options and no shares.
\n
Total outstanding options for shares by range of exercise price at 31 December 2024:
Exercise price in NOK 0.76 34.5 45.9 65.4-66.2 180-181.8 214.8-288.3 497.7 Total
Management team:
Erik Digman Wiklund, CEO 750 000 20 012 6 671 12 670 10 658 4 994 805 005
Lubor Gaal, CFO 600 000 13 341 9 988 623 329
Victor Levitsky, CSO 300 000 3 317 1 491 16 694 321 502
Thomas B Hansen. CTO 400 000 13 341 3 317 416 658
Ola Melin, COO 300 000 13 341 2 497 8 347 324 185
Total Management
2 350 000 63 352 9 988 13 976 21 017 27 352 4 994 2 490 679
Total outstanding options for shares by range of exercise price at 31 December 2023:
Exercise price in NOK 34.5 45.9 65.4-66.2 180-181.8 214.8-288.3 497.7 617.4 Total
Management team:
Erik Digman Wiklund, CEO 20 012 6 671 12 670 10 658 4 994 4 994 59 999
Lubor Gaal, CFO 13 341 9 988 23 329
Victor Levitsky, CSO 3 317 1 491 16 694 21 502
Thomas B Hansen. CTO 13 341 3 317 16 658
Ola Melin, COO 13 341 2 497 8 347 24 185
Total Management
1,2
63 352 9 988 13 976 21 017 27 352 4 994 4 994 145 673
1) Ingunn Munch Lindvig resigned from her position as VP Regulatory Affairs on 9 June 2023. As of 31.12.23 she held 1 303 options for shares of exercise price 65.40, 793 between 155.57-167.7 and 2 810 at 288.3.
2) Lone Ottesen resigned from her position as CMO on 13 August 2023. As of 31.12.23 she held 1 652 options for shares of exercise price 65.4 and 5 347 at 237.9.
3) Margrethe S\u00f8rgaard joined the management team 1 June 2023 and resigned from her position as VP & Head of Clinical Development 30 November 2023. As of 31.12.23 she held 654 options for shares of exercise price 65.4 and 429 at
202.2.
Related party transactions
The Company entered into a consulting agreement with Levitski V-Biopharm Consulting, a Zurich
based company, in April 2020. Levitski V-Biopharm Consulting is a related party of Victor Levitsky,
who is a member of Circio Management Team, Chief Scientific Officer as from April 2020. Levitski V-
Biopharm Consulting is entitled to a consultancy fee of NOK 359 866 (CHF 28,716) per month for a
100% position. In 2024 Viktor Levitsky had a position of 20% for six months and the other six months
a position of 30%.
The Company entered into a consulting agreement with BioPharma Drug Licensing Group SL, a
Barcelona based company, in February 2022. BioPharma Drug Licensing Group SL is a related party
\n
of Lubor Gaal, who is a member of Circio Management Team, Chief Financial Officer as from March
2022. BioPharma Drug Licensing Group SL is entitled to a consultancy fee of NOK 270 672 (EUR
22,948) per month for a 100% position as CFO and NOK 82 565 (EUR 7,000) per month for a 100%
consultant providing analyst services. The analyst services were terminated at the end of January
2024.
Consultancy fees and analyst services for Levitski V-Biopharm Consulting and BioPharma Drug
Licensing Group SL are in CHF and EUR respectively, NOK values as stated above are based on
exchange rates as of 31.12.2024.
Related party transactions:
2024 2023
Amounts in NOK thousands
Revenue
(expense)
Receivable
(Payable) at
31 December
Revenue
(expense)
Receivable
(Payable) at
31 December
Levitski V-Biopharm Consulting -1 329 -238 -1 001 -
BioPharma Drug Licensing Group -2 957 -143 -3 754 -257
Remuneration to the statutory auditor (excl. VAT)
Amounts in NOK thousands
2024 2023
Statutory audit 861 1 085
Other attestation services 24 120
Tax services 60 -
Other services
1
146 7
Total 1 091 1 213
1 Other services relates to the waiver of the Business Finland loans and intermediate balance report
12. Share-based compensation
Equity-settled share-based payments are measured at the fair value of the equity instruments at the
grant date.
The fair value of the employee services received in exchange for the grant of the options is
recognized as an expense, based on the Company's estimate of equity instruments that will
eventually vest. The total amount to be expensed is determined by reference to the fair value of the
options granted excluding the impact of any non-market service and performance vesting conditions.
The grant date fair value of the options granted is recognized as an employee expense with a
corresponding increase in equity, over the period that the employees become unconditionally entitled
to the options (vesting period).
The fair value of the options granted is measured using the Black-Scholes model. Measurement
inputs include share price on measurement date, exercise price of the instrument, expected volatility,
weighted average expected life of the instruments, expected dividends, and the risk-free interest rate.
Service and non-market performance conditions attached to the transactions are not taken into
account in determining fair value.
When the options are exercised, the Company issues new shares. The proceeds received net of any
directly attributable transaction costs are recognized as share capital (nominal value) and share
premium reserve.
At the end of each reporting period, the group revises its estimates of the number of options that are
expected to vest. It recognizes the impact of the revision to original estimates, if any, in statement of
profit or loss, with a corresponding adjustment to equity. Changes to the estimates may significantly
influence the expense recognized during a period.
Share options
The Group operates an equity-settled, share-based compensation plan, under which the entity
receives services from employees as consideration for equity instruments (options) in Circio Holding
ASA.
At the Annual General Meeting (AGM) in June 2024 the Board of Directors was authorized to increase
the Group\u2019s share capital in connection with share incentive arrangements by up to NOK 2 428 639.5.
This authorization replaces the previous authorizations to increase the share capital by up to the
\n
lower of NOK 2 700 000 and b) 10% of the Company\u2019s outstanding shares, options and RSUs given to
the Board of Directors at the AGM held in May 2023.
The Company has granted share options under its long-term incentive program (the \u201cLTI Option
Program\u201d). The Option Program applies to the Management Team as well to employees in general.
Certain former employees and former board members have also been granted options under the LTI
Option Program.
Additionally, the Company has in the past granted options as payment for inventions (the \u201cIPR Option
Program\u201d).
Each share option converts into one ordinary share of the Company on exercise. Options may be
exercised at any time from the date of vesting until expiry. The options generally vest over a period of
four years: 25 percent of the options vest on the first anniversary of the grant date and the remaining
75 percent of the options vest in equal monthly tranches over the next 36 months. Options expire
seven years after the grant date.
In general, the exercise price of the options is set at the fair value of the shares at grant date.
Certain former employees and former board members have also been granted options under the LTI
Option Program as replacement for historical option holdings.
There were granted 3 450 000 share options during 2024 and 30 000 share options during 2023.
At an Extraordinary General Meeting 27 September 2023, the General Meeting passed the resolution
to consolidate the Company\u2019s share in the ratio of 30:1 (a reversed split), hence a modification of
negative 7 761 511 share options. The nominal value was also adjusted to NOK 0.6.
Fair value of the options has been calculated at grant date. The fair value of the options was
calculated using the Black-Scholes model. The expected volatility for options issued in 2024 and
2023 is estimated at average of 83.70% and 75.17%, based on the volatility of comparable listed
companies. The volume weighted average interest rate applied to the share options grants in 2024
and 2023 is 3.60% and 3.52%.
The following table shows the changes In outstanding options In 2024 and 2023:
2024 2023
No. of
options
Weighted avg.
exercise price
(in NOK)
No. of
options
Weighted avg.
exercise price
(in NOK)
Outstanding at 1
January
267 230 214.83 10 781 275 6.11
Granted during the
period
3 450 000 0.76 30 000 0.83
Exercised during the
period
- - - -
Forfeited -3 128 61.42 -2 537 409 3.81
Expired -43 306 562.56 -245 125 59.70
Modifications due to
share split Oct 2023
- - -7 761 511 214.85
Outstanding no. of
options at end of period
3 670 796 9.67 267 230 214.83
See Circio\u2019s Remuneration report for further information on granted share options to Management
Team.
The average fair value of options granted in 2024 was 0.52 per share and 0.42 per share in 2023.
The weighted- average assumptions used to determine the Black Scholes fair value of options
granted in 2024 and 2023 were:
Amounts in NOK thousands
2024 2023
Volatility (%) 83.70 75.17
Expected life (in years) 4.58 3.66
Risk-free interest rate (%) 3.60 3.52
Share price (NOK) 0.78 0.42
Exercise price (NOK) 0.76 24.90
\n
The expensed share options, NOK 0.9 million in 2024 (Targovax Solutions AS: NOK 0.5 million, and Circio AB: NOK 0.4 million) and NOK 0.5 million in 2023 (Targovax Solutions AS: NOK 0.4 million, Targovax OY:
negative NOK 0.4 million and Circio AB: NOK 0.5 million) , includes management estimate for employee turnover. The estimated turnover rate used for the year 2024 and 2023 was 9.74% and 14.41%.
At 31 December 2024, the range of exercise prices and weighted average remaining contractual life of the options were as follows:
Outstanding options Vested outstanding
Exercise price
Outstanding options per
12/31/2024
Weighted average remaining
contractual life
Weighted average remaining
years until vesting
Weighted average
exercise
price
Vested outstanding per
12/31/2024
Weighted average
exercise
price
Weighted average
remaining
life vested
0.00-1.00 3 450 000 6.90 2.05 0.76 0 0.00 0.00
1.00-35.00 81 280 4.97 0.50 34.46 41 128 34.43 4.97
35.00.-50.00 10 473 4.20 0.20 45.69 7 153 45.72 4.20
50.00-100.00 25 374 3.99 0.09 65.39 21 069 65.36 3.99
100.00-200.00 32 075 2.89 0.04 178.75 28 595 178.46 2.78
200.00-400.00 56 929 2.52 0.00 261.43 56 929 261.43 2.52
400.00- 14 665 0.09 0.00 497.70 14 665 497.70 0.09
Total 3 670 796 6.70 1.94 9.67 169 539 179.34 3.20
At 31 December 2023, the range of exercise prices and weighted average remaining contractual life of the options were as follows:
Outstanding options Vested outstanding
Exercise price
Outstanding options per
12/31/2023
Weighted average remaining
contractual life
Weighted average remaining
years until vesting
Weighted average
exercise
price
Vested outstanding per
12/31/2023
Weighted average
exercise
price
Weighted average
remaining
life vested
0.00-35.00 83 478 5.98 1.14 34.38 20 634 34.49 5.97
35.00-46.00 10 473 5.21 0.63 45.69 4 537 45.74 5.20
46.00-67.00 26 400 3.56 0.36 65.39 17 115 65.31 2.78
67.00-180.00 16 351 1.54 0.00 175.89 16 351 175.89 1.54
180.00-220.00 32 642 2.91 0.21 196.80 24 986 201.63 2.33
220.00-289.00 45 531 2.37 0.06 276.19 39 873 275.16 2.16
289.00-500.00 22 305 0.71 0.00 469.91 22 305 469.91 0.71
500.00- 30 050 0.19 0.00 664.78 30 050 664.78 0.19
Total 267 230 3.36 0.45 214.83 175 851 292.18 2.19
From 1 January 2025 to 10 April 2025, no share options were granted to members of management, 100 000 share options were granted to other employees of the Group.
\n
Restricted Stock Units
The Board of Directors may choose to receive their remuneration, or parts thereof, in the form
of restricted stock units (RSUs). If the Board members choose to receive the Board
remuneration in RSUs they must choose to either (i) receive 100% of the compensation in
RSUs, (ii) receive 1/3 of the compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the
compensation in cash and 1/3 in RSUs.
The number of RSUs to be granted to the members of the Board of Directors is calculated as
the NOK amount of the RSU opted portion of total compensation to the Board member,
divided by the market price of the Circio Holding ASA share. The market price is calculated as
the volume weighted average share price the 10 trading days prior to the grant date. The
RSUs will be non-transferrable and each RSU will give the right and obligation to acquire
shares in Circio Holding ASA (at nominal value) subject to satisfaction of the applicable
vesting conditions. When the RSUs have vested, the participant must during the following
three-year period select when to take delivery of the shares.
The compensation to each member of the Board of Directors for the period between the AGM
2024-2025 has been set out in the minutes from the Annual General Meeting 19 June 2024.
The general assembly decided to remunerate the Board of Directors for the period between
the AGM 2024 to the AGM 2025 with a combination of cash and Restricted Stock Units
(RSUs). All board members chose cash, hence no RSU\u2019s were granted to the Board of
Directors in 2024.
No RSUs were granted in 2024. The average fair value of RSUs granted in 2023 was 0.61 per share.
The weighted- average assumptions used to determine the Black Scholes fair value of RSUs granted
in 2023 were:
Amounts in NOK thousands
2024 2023
Volatility (%) - 92.97
Expected life (in years) - 1
Risk-free interest rate (%) - 3.65
Share price (NOK) - 0.61
Exercise price (NOK) - 0.60
The RSUs expenses in 2024 and 2023 were NOK 0.1 million and NOK 1.0 million. A total of 65 557
RSUs were outstanding at 31 December 2024.
The following table shows the changes in outstanding RSUs in 2024 and 2023:
2024 2023
No. of
RSU\u2019s
Weighted avg.
exercise price
(in NOK)
No. of
RSU\u2019s
Weighted avg.
exercise price
(in NOK)
Outstanding at 1 January 87 707 0.60 802 921 0.10
Granted during the period
- - 1 931 997 0.10
Exercised during the period - - -103 789 0.10
Modifications - - -2 543 422 0.60
Forfeited -21 427 0.60 - -
Expired -723 0.60 - -
Outstanding no. of Restricted
Stock Units at end of period
65 557 0.60 87 707 0.60
From 1 January 2025 to 10 April 2025 no RSUs have been granted to the Board of Directors.
\n
13. Other operating expenses
Expenditure on Other operating expenses is recognized in the statement of profit or loss as an
expense in the period in which it is incurred.
Amounts in NOK thousands
2024 2023
Consultancy, advisors' expenses and IR 3 784 4 834
Travel expenses 681 1 223
Facilities expenses 647 898
IT services and IT-related accessories 1 589 1 965
Conferences and training 191 434
Other 1 762 4 629
Government Grants -221 -
Total operating expenses 8 433 13 983
14. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
Financial assets
The Group\u00b4s financial assets are: trade receivables, governmental grant receivables and cash and
cash equivalents.
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing them. With the
exception of trade receivables that do not contain a significant financing component, the Group
initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs.
The Group measures financial assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold financial
assets in order to collect contractual cash flows and,
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest (EIR)
method and are subject to impairment. Gains and losses are recognised in profit or loss when the
asset is derecognised, modified or impaired.
The Groups financial assets at amortised cost includes trade receivables, governmental grant
receivables and other short-term deposit. Trade receivables that do not contain a significant
financing component are measured at the transaction price determined under IFRS 15 Revenue from
contracts with customers.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement
of financial position) when:
- The rights to receive cash flows from the asset have expired, or
- The Group has transferred its rights to receive cash flows from the asset or has assumed
an obligation to pay the received cash flows in full without material delay to a third party
under a \u2018pass-through\u2019 arrangement; and either
o the Group has transferred substantially all the risks and rewards of the asset, or
o the Group has neither transferred nor retained substantially all the
risks and rewards of the asset, but has transferred control of the asset
Financial assets at amortized cost
Currently, all the Group's financial assets are categorized as receivables, see note 17 Receivables.
The Group has currently not recognized any non-current financial assets.
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as appropriate. Derivatives are
recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly
attributable transaction costs.
Loans, borrowings and payables
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the
liabilities are derecognized as well as through the EIR amortization process.
\n
Amortized cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the
statement of profit or loss.
Payables are measured at their nominal amount when the effect of discounting is not material.
The conversion right of convertible bonds has been measured to have zero value at initial
recognition.
Derecognition of financial liabilities
A financial liability is derecognized when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original liability and the recognition
of a new liability. The difference in the respective carrying amounts is recognized in the statement of
profit or loss.
Liabilities at amortized cost (Loans and borrowings)
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortized cost using the EIR method. See note 20
Interest-bearing debt and 21 Current liabilities for information about Business Finland loans.
Finance income and expense
All finance income and finance expense, except for foreign exchange income/expense, are related
to financial assets and financial liabilities carried at amortized cost. Finance income consists of
interest income and foreign exchange gain. Finance expense mainly consists of interest expense
and exchange loss. However, as the loan with Business Finland was fully waived in 2024, due to the
liquidation of the subsidiary Targovax Oy, NOK 69.2 million was recognized as other finance
income.
Finance income is:
Amounts in NOK thousands
2024 2023
Interest income on bank deposit 43 347
Interest income on Money Market fund, Nordea Likviditet III 11 309
Interest income on tax repaid 7 2
Net currency gain - bank and other operating items - 884
Other finance income
1
106 454 -
Total finance income 106 454 1 541
1 Other finance income relates to the waiver of the Business Finland loans comprising finance income for the
waiver of NOK 72.2m (EUR 6,2m) and reversal of accrued payable interest of NOK 0,8m (EUR 0.1m), deducted for
amortized interest expense of NOK 3.8m (EUR 0.3m).In addition, translation differences of NOK 37.2m was
reclassified from Comprehensive income to Other finance income due to the liquidation of Targovax OY.
Finance expenses are:
Amounts in NOK thousands
2024 2023
Interest expense \u2013 Business Finland Loan - 3 512
Other finance expense related to convertible bond 5 352 10 960
Interest expense on lease liabilities - 18
Other interest expense 20 27
Impaired receivables 1 116 -
Net currency loss - bank and other operating items 12 -
Other finance expense - -
Total finance expense 6 500 14 518
\n
15. Tax
Income tax expense comprise current income tax (tax payable) and deferred tax. Deferred taxes are
recognized based on temporary differences between the carrying amounts of assets and liabilities in
the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax assets arising from deductible temporary differences are recognized to the extent that it
is probable that taxable profits will be available so temporary differences can be utilized.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset realized, based on tax rates that have been enacted
or substantively enacted by the end of the reporting period.
The tax losses can be carried forward indefinitely in Norway and Sweden and in Finland it can be
carried forward and offset against taxable income in ten years for tax purposes. Targovax Oy was
liquidated during 2024 and hence no taxable losses to carry forward and no taxable profit for the
year 2024. The Group considers that a deferred tax asset related to accumulated tax losses cannot
be recognized in the statement of financial position until the product under development has been
approved for marketing by the relevant authorities. This assumption is continually assessed, and
changes could lead to significant deferred tax asset being recognized in the future. This assumption
requires significant management judgment.
The Group is in the research phase of its product development and has incurred significant tax
losses related to its operations. Circio Holding ASA has a total tax loss carried forward of NOK 39
million at 31 December 2024 (31 December 2023: NOK 20 million). Targovax Solutions AS has a total
tax carried forward of NOK 602 million (31 December 2023: NOK 594 million). Circio AB has a total
tax loss carried forward of NOK 47 million at 31 December 2024 (31 December 2023: NOK 22
million).
The tax effects of temporary differences and tax losses carried forward at
31 December are as follows:
Amounts in NOK thousands
2024 2023
Intangible and fixed assets -19 -11
Capitalized R&D for tax purposes - -417 521
Borrowings - 3 649
Share options and RSUs -1 -37
Financial instruments 42 37
Tax loss carried forward -688 632 -857 749
Temporary differences and tax losses carried forward
at 31.12
-688 610 -1 271 631
Temporary differences and tax losses carried forward
at 31.12 not recognized
-688 610 1 271 631
Deferred tax asset (22%/22%) not recognized 151 494 279 759
Deferred tax asset 31.12 - -
Recognized temporary differences at 31.12 - -
Deferred tax liability 31.12 - -
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using
the domestic tax rate applicable to profits of the consolidated entities as follows:
Amounts in NOK thousands
2024 2023
Loss before income tax 57 523 -112 941
Tax calculated at domestic rate (22%) / (22%) 12 655 -24 847
Tax effect permanent differences -705 -440
Tax effect of change in tax rates - -
Change in deferred tax asset not recognized 12 105 24 153
Effect on different tax rates in countries in which
the Group operates
155 1134
Other --
Tax income / expense (-)
0 0
\n
16. Property, plant and equipment
Property, Plant and equipment (non-current assets) are carried at cost less accumulated
depreciation and accumulated impairment losses. Acquisition cost includes expenditures that are
directly attributable to the acquisition of the individual item. Other non-current assets are depreciated
on a straight-line basis over the expected useful life of the asset. lf significant individual parts of the
assets have different useful lives, they are recognized and depreciated separately. Depreciation
commences when the assets are ready for their intended use.
At the end of each reporting period, the Group reviews the carrying amounts of its assets to
determine whether there is any indication that those assets have suffered an impairment loss.
Property, plant and equipment consist of:
Lab equipment with an estimated useful life of 10 years and furniture and fittings with an estimated
useful life of 5 years. No impairment losses have been recognized.
Amounts in NOK thousands
Machinery and
equipment
Furniture,
fittings
Total
Cost
2023
Opening balance 5 012 2 080 7 092
Additions 193 - 193
Disposals -5 166 -44 -5 211
Exchange differences 438 6 443
At 31 December 2023 476 2 042 2 518
2024
Opening balance - - -
Additions 189 - 189
Disposals - - -
Exchange differences -
At 31 December 2024 189 - 189
Accumulated depreciation and impairment
2023
Opening balance 42 2 016 2 058
Depreciation and impairment charge 434 26 460
At 31 December 2023 476 2 042 2 518
2024
Opening balance 0 - -
Depreciation and impairment charge 5 - 5
At 31 December 2024 5 - 5
Carrying amount:
At 31 December 2023 - - -
At 31 December 2024 185 - 185
\n
17. Receivables
A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. Loans
and receivables carried at amortized cost are recognized at the transaction price plus direct
transaction expenses. The Group\u2019s Financial asset receivables mainly comprise short-term deposits
for office leases and receivable from government grants in the Statement of financial position, see
Note 8 Government grants for further information of the recognition of grants in the statement of
profit or loss. Other receivables comprise VAT receivables and prepaid expenses.
Amounts in NOK thousands
2024 2023
Receivable government grants 300 -895
Short-term deposits 73 -
Financial asset receivables 373 -895
Other receivables 3 011 4 343
Total receivables 3 384 3 448
18. Cash and cash equivalents
Cash and short-term deposits in the Statement of financial position comprise cash at bank
and other short-term highly liquid investments with original maturities of three months or
less.
Amounts in NOK thousands
2024 2023
Bank deposits 18 213 21 900
Money Market fund, Nordea Likviditet III 42 350
Total cash and cash equivalents 18 255 22 250
Restricted cash specification:
Amounts in NOK thousands
2024 2023
Income tax withholding from employee 339 1 436
Rent deposits
1
73 -
Other
1
- -
Total restricted cash 413 1 436
1) Classified as Receivables.
\n
19. Share capital and shareholder
information
Share capital as at 31 December 2024 is 42 090 397.20 (31 December 2023: 4 484 286.60)
comprising 70 150 662 ordinary shares at nominal value NOK 0.60 (31 December 2023: 7 473 811).
The share capital as at 31 December 2024 includes NOK 10 695 007.80 from the issuance of 17 825
013 shares related to the warrants exercise and private placement completed in December 2024.
The share capital increase was approved in December, while the shares were issued and listed on 6
January 2025. All shares carry equal voting rights.
To comply with minimum share price obligations for companies listed on the Oslo Stock Exchange,
pursuant to which the market value for listed shares shall not be lower than NOK 1 for a period of
longer than six months, the EGM 27 September 2023 resolved that the Circio Holding ASA shares
would be consolidated in the ratio of 30:1 (reverse split), whereby 30 existing shares, each with a
nominal value of NOK 0.1, would be consolidated to one share with nominal value NOK 3. Following
the share consolidation, the Company's share capital was reduced by NOK 2.5 to NOK 0.6 per share,
and the reduction amount was used to cover a portion of the Company's accumulated losses, as
reflected in the balance sheet per 31 December 2022.
The movement in the number of shares during the period was as follows:
2024 2023
Ordinary shares at beginning of period 7 473 811 188 473 783
Modifications due to reverse share split Oct
2023
1
- -182 191 324
Share issuance \u2013 Right\u2019s Issue 7 864 852 -
Share issuance \u2013 warrants exercise and private
placement
17 825 013 -
Share issuance \u2013 Bond agreement 36 986 986 1 187 892
Share issuance, employee RSUs - 3 460
Ordinary shares at end of period 70 150 662 7 473 811
1) Number of shares in 2023 is adjusted for reverse share split, hence consolidated in the ratio 30:1
The 20 largest shareholders
1
as of 31 December 2024:
Shareholder # shares
1
%
H\u00f8se AS 5 117 932 7.3 %
Citibank, N.A (nom.) 3 488 605 5.0 %
B\u00e6kkelaget Holding AS 2 486 010 3.5 %
Nordnet Bank AS (nom.) 2 118 845 3.0 %
Star Kapital as 2 100 000 3.0 %
Danske Bank A/S (nom.) 1 880 714 2.7 %
Egil Pettersen 1 875 828 2.7 %
NCS Energy Consultants AS 1 786 100 2.5 %
Kristian Falnes AS 1 400 000 2.0 %
Nordnet Livsforsikring AS 1 384 561 2.0 %
Nordnet Bank (nom.) 1 253 418 1.8 %
Arne Hellest\u00f8 AS 950 000 1.4 %
Kjell Olav Lunde 830 000 1.2 %
VaktmesterGruppen AS 829 777 1.2 %
Arne Fredrik Hellest\u00f8 757 159 1.1 %
Ola Andre Skotheim 737 035 1.1 %
Ove Huseb\u00f8 700 000 1.0 %
Alfred Leander Thorsen 666 876 1.0 %
Tor Arne Stok\u00e5s 608 000 0.9 %
Trond Inselseth 601 665 0.9 %
20 largest shareholders 31 572 525 45.0 %
Other shareholders (5 706) 38 578 137 55.0 %
Total shareholders 70 150 662 100.0 %
1) Including the 17 825 013 shares related to the exercise of warrants and private placement completed in
December 2024
\n
Earnings per share
Earnings per share are calculated by dividing the profit or loss attributable to ordinary
shareholders of the Company by the weighted average number of ordinary shares
outstanding during the period.
Diluted earnings per share is calculated as profit or loss attributable to ordinary shareholders
of the Company, adjusted for the effects of all dilutive potential options.
Amounts in NOK thousands
2024 2023
Profit for the period 57 523 -112 941
Average number of outstanding shares during the
period
20 640 6 783
Earnings/ loss per share - basic and diluted 2.79 -16.65
Share options and RSUs issued have a potential dilutive effect on earnings per share.
Share options and RSUs shall be treated as dilutive only if their conversion to ordinary shares
would decrease earnings per share or increase loss per share from continuing operations. As
the Group is currently loss-making, an increase in the average number of shares would have
anti-dilutive effects. Hence, no dilutive effect has yet been recognized.
20. Interest-bearing debt
The Group has received three R&D loans from Business Finland, for the commercialization of
ONCOS-102, under loan agreements dated September 2010, February 2012 and December 2013,
respectively, in the total outstanding amount of EUR 6.2 million as of 31 December 2023. The total
debt of EUR 6.2 million was short-term as per 31 December 2023.
On 18 January 2024, the Company announced that the debt to Business Finland has been approved
to be waived in full, subject to certain conditions which were fulfilled during April 2024. Hence, the
Group has no long-term debt as per 31 December 2024. The subsidiary Targovax Oy was liquidated
in the second half of 2024
Prior to being waived, the loans were treated according to the following assumptions and
accounting principles:
The loans granted by Business Finland loans were defined interest-bearing liabilities. Annual interest
was paid yearly throughout the entire loan period. The applicable interest rate was the European
Central Bank\u2019s steering rate less 3 percentage points per annum, although not less than 1%. The
interest rate was 1% during the entire loan period.
The financial liability was initially recognized at fair value and subsequently at amortized cost using
an effective interest method. The grant component was recognized as income on a systematic basis
over the periods in which the entity recognizes as expenses the related costs for which the grants
are intended to compensate. The interest rate used to discount the cash flows of the loans should
reflect the market rate of interest for the Company at the time when the tranches have been
withdrawn. However, Circio could only raise funds from the owners or/and from venture capitalists
at 8% rate or from the Government at 1% rate. Circio has access only to these two loan markets.
These funding limits also set restrictions to the estimation of the fair market rate that shall be used
to discount the cash flows. Further, there is no proper peer group for life science companies, hence
there is no comparable yield curve available in Europe. Any other interest rate than in the bridge loan
interest will be highly judgmental due to the very tight credit status of the company (cannot provide
any collateral). Therefore, the 8% bridge loan interest represents managements best and only
estimate of a market rate interest and is used in separating the government grant component from
the Business Finland loans. The additional interest expense resulting from recognizing the loan by
using the effective interest method, is recognized as addition to interest expenses in the statement
of profit or loss. The separated government grant is recognized as a reduction of operating expenses
in the statement of profit or loss in the period when it has been received.
\n
For the IFRS adjustment of the Business Finland loans described above the Company applied the
transitional exemptions for first time adopters under IFRS 1. Consequently, Business Finland loans
granted prior to 1 January 2013 were not adjusted to fair value. In the purchase price allocation from
the 2015 acquisition of Oncos, these loans have been adjusted to fair value by discounting future
cash flows using the 8 % interest rate, resulting in a fair value adjustment of NOK 9.3 million and a
carrying amount of NOK 33.6 million in the statement of financial position at the acquisition date.
Based on the effective interest rate method, an increase in interest expense of NOK 2.8 million has
been recorded in the statement of profit or loss and other comprehensive income as at 31 December
2023.
A net total of NOK 69.2 million was recognized as finance income in 2024, which relates to the full
waiver of the three Business Finland loans and the remainder of the amortized interest cost as well
as exchange difference during 2024.
The table below shows a reconciliation of the opening balances for the liabilities arising from
financing activities:
Changes in liabilities arising from financing activities
(Amounts in NOK thousands)
Interest-bearing liabilities
Business Finland loans
Interest-bearing liabilities 31 December 2022 61 964
Cash flow from financing activities -2 712
Exchange differences 4 100
Additions financial liabilities -
Change to loan repayment schedules -
Other transactions without cash settlement 2 800
Interest-bearing liabilities 31 December 2023 66 153
Cash flow from financing activities -
Exchange differences 2 278
Additions financial liabilities -
Loan waiver -72 206
Remainder of amortized interest cost 3 775
Total interest-bearing liabilities prior to being waived 69 202
Interest-bearing liabilities 31 December 2024 -
\n
21. Current liabilities
The Group\u2019s current liabilities consist of financial liabilities as convertible bond, , trade payables, and
other current liabilities as withholding taxes and accrued expenses and are classified as \"current
liabilities\". Current liabilities in 2023 also included the short-term part of the EUR 6 209 888 loan from
Business Finland and which was waived in full in 2024. Trade payable is obligations to pay for goods
or services that have been acquired in the ordinary course of business from suppliers. Trade
payables are classified as current liabilities if payment is due within one year or less (or in the normal
operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade
payables and other financial liabilities are recognized initially at fair value and subsequently
measured at amortized cost using the effective interest method.
Current liabilities consist of:
Amounts in NOK thousands
2024 2023
Interest-bearing liabilities - 66 153
Convertible bond 17 356 44 281
Trade payables 4 713 3 450
Financial liabilities 22 068 113 884
Other current liabilities 10 807 10 369
Total current liabilities 34 339 124 253
\n
22. Convertible bond
In February 2023, the Company announced that it has agreed the terms and conditions for an
investment and subscription agreement for a convertible bond facility with Atlas Special
Opportunities (the \"Investment Agreement\"), which will provide financing of up to gross NOK 300
million over three years. The Investment agreement was approved by the extraordinary general
meeting (EGM) of the Company held in March 2023, and an amendment agreement was later
approved at an EGM in September 2023.
In May 2024, the Company announced a financing structure combining a rights issue with a financing
commitment from Atlas, securing the required capital to fund the company\u00b4s operations until 30 June
2025, formalized in a second amendment agreement to the Investment Agreement signed in June
2024. The proposed transaction structure was approved by the company\u00b4s Annual General Meeting
held on 19 June 2024.
As part of financing structure and as support for the rights issue, Atlas made several financing
commitments to the Company:
o The Company issued new convertible bonds with a nominal value of NOK 4 million to Atlas to
ensure that the Company had sufficient funds for the completion of the Rights Issue.
o Atlas provided a guarantee for an amount of up to NOK 10 million in the rights issue. A NOK 1.5
million tranche was issued under this commitment, thus completing the rights issue transaction
bringing the total gross proceeds to approx. NOK 19.6 million.
o Atlas converted, as part of the announced completion of the rights issue outstanding bonds in
the total amount of NOK 15 million at the subscription price of the rights issue, NOK 2.5.
o Atlas gave a financing commitment: If the Company is not successful in gaining sufficient
financing for the period until end June 2025 through the Rights Issue, including the exercise of
the Warrants in December 2024, Atlas will cover the Company's estimated financing needs until
the end June 2025, limited to a monthly cash requirement of NOK 4 million and to a total amount
of NOK 48 million.
These financing commitments shall be provided in the form of additional convertible bonds issued by
the Company under the terms of the Investment Agreement. Should the Company be in breach with
any of the conditions precedent defined in the Investment Agreement, then Atlas shall waive these for
an additional fee equal to either 8% paid in cash, or 12% paid in shares, at the discretion of the
Company. As part of these financing commitments, it was agreed that the Company has no right to
request any further funding from Atlas subsequent of the financing for the period until end June
2025.
Circio expects to extend the Financing commitment with Atlas, with the possibility of issuing
additional convertible bonds providing cash runway into 4Q of 2025.
The convertible loan is classified as financial liability and measured at amortized cost using the
effective interest method, where the effective interest rate is the interest rate that accurately
discounts the expected future cash flows to the balance sheet value of the financial liability. This
includes fees, transaction costs and other expenses related to the loan. The part of the transaction
costs attributable to the loan (which will be measured at amortized cost) is deducted from the
balance sheet value of the financial liability and amortized as part of the effective interest rate.
Based on the effective interest rate method, a total interest expense of NOK 10.6 million has been
recognized as other finance expense in the statement of profit or loss and other comprehensive
income as of 31 December 2024, NOK 6.3 million in 2023 and NOK 4.3 million in 2024.
According to IFRS 9 the convertible loan contains a conversion right which is an embedded derivative.
The embedded derivative is accounted for separately from the host instrument and measured at fair
value with changes recognized in profit or loss. The conversion right of convertible bonds has been
measured to have close to zero value at initial recognition, hence the book value of the conversion
right is zero.
As of 31 December 2024, tranches with an aggregate nominal value of NOK 72.5 million have been
exercised.
For access to its capital over 3 years, Circio has paid Atlas a 2% facility fee of NOK 6m (NOK 7.1m
including lawyer fees) which was deducted from the first tranche. Costs related to the loan facility
itself are considered a financial asset as it provides a future financial benefit through the ability to
draw on the facility in the future. This is expensed proportionately, calculated from the total expected
drawdown on the loan facility and recognized as other finance expense in the statement of profit and
loss. NOK 5.8 million of the total facility fee of NOK 7.1 million has been expensed as of 31 December
2024, NOK 4.8 million in 2023 and NOK 1.0 million in 2024.
Due to an error in the accounting of the convertible bond agreement in 2023, the opening balance of
receivables, current liabilities and equity was adjusted as of 01.01.2024.
As the facility fee was previously amortized on a straight-line basis, while it is now expensed based
on expected withdrawals, the receivables were changed from NOK 4.5 million to 2.0 million as of
01.01.2024. The convertible bond was reduced from NOK 44.5 million to 44.3 million as previously
the transaction cost was expensed immediately, while it is now included in the calculation of
\n
amortized cost. And hence, a total change of NOK 2.2 million to the opening balance of the equity as
of 01.01.2024.
Changes in liabilities arising from financing activities
(Amounts in NOK thousands)
Convertible bond
Interest-bearing liabilities 31 December 2022 0
Issuance convertible bonds 59 000
Conversion to shares -14 500
Convertible bond fees -6 485
Changes to estimated cash flow 4 350
Amortization of interest expense 1 916
Interest-bearing liabilities 31 December 2023 44 281
Issuance convertible bonds 13 500
Conversion to shares -42 500
Convertible bond fees -2 275
Changes to estimated cash flow -2 068
Amortization of interest expense 6 418
Interest-bearing liabilities 31 December 2024 17 356
23. Events after the reporting date
Post-period highlights
o In January 2025, published an invited, wide-ranging review on the potential of
circular RNA therapeutics in the prestigious journal Nature Reviews Genetics
o In January, announced a partnership with 4basebio PLC. to combine the circVec
circular RNA expression system with 4basebio\u00b4s proprietary synthetic DNA
formats hpDNA and opDNA, with the aim of creating a durable, repeat-dosable,
non-viral platform for future synthetic DNA gene therapies
o In April, announced a research collaboration with Entos Pharmaceuticals U.K Ltd
involving involve joint development and in vivo delivery testing of Circio\u2019s
optimized circular RNA expression vectors (circVec) using the Entos proprietary
Fusogenix\u2122 PLV\u2122 nucleic acid delivery technology.
.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_E61_CY": { "value": "
1. General information
Circio Holding ASA (OSE: CRNA) (\"the Company\") and its subsidiaries (together the Group) is a
biotechnology company developing powerful circular RNA technology for next generation nucleic acid
medicine.
The Group is building a unique circular RNA (circRNA) platform for nucleic acid medicine. The
proprietary circVec technology is designed for efficient biogenesis of multifunctional circRNA from
DNA, which can be developed for a broad range of diseases. The circVec platform has demonstrated
enhanced and more durable protein expression than classic mRNA vector systems and has the
potential to become the new gold-standard for DNA and virus-based therapeutics in the future. The
circRNA R&D activities are being conducted by the wholly owned subsidiary Circio AB based at the
Karolinska Institute in Stockholm, Sweden.
In addition, the Group is continuing to develop its legacy oncology program, TG01, targeting KRAS
driver mutations. TG01 is currently being tested in clinical trials which are being run through
academic collaborative networks, supported by prestigious research grants from Innovation Norway
and the Norwegian Research Council.
The Company is a Norwegian public limited liability company listed on the Oslo Stock Exchange in
Norway. The address of the registered office is Universitetsgata 2, 0164 Oslo, Norway.
These financial statements have been approved for issue by the Board of Directors on 10 April 2025
and are subject to approval by the Annual General Meeting in June 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_E3_CY": { "value": "Circio Holding ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_NameOfParentEntity_E11_CY": { "value": "Circio Holding ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_NameOfUltimateParentOfGroup_E12_CY": { "value": "Circio Holding ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_LegalFormOfEntity_E6_CY": { "value": "public limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_AddressOfRegisteredOfficeOfEntity_E8_CY": { "value": "Universitetsgata 2, 0164 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_CountryOfIncorporation_E7_CY": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_PrincipalPlaceOfBusiness_E9_CY": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_DomicileOfEntity_E5_CY": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory_E2_CY": { "value": "
2. Summary of material accounting
principles
The principal accounting policies applied in the preparation of these consolidated financial
statements are described in the respective notes, or if not, set out below. These policies have been
consistently applied to all the years presented, unless otherwise stated.
Amounts are in thousand Norwegian kroner unless stated otherwise.
Functional currency
The functional currency is determined in each entity in the Group based on the currency within the
entity's primary economic environment. Transactions in foreign currency are translated to functional
currency using the exchange rate at the date of the transaction. At the end of each reporting period
foreign currency monetary items are translated using the closing rate, non-monetary items that are
measured in terms of historical cost are translated using the exchange rate at the date of the
transaction and non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was measured. Changes in the
exchange rate are recognized continuously in the accounting period.
Presentation currency
The Group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. The
statement of financial position figures of entities with a different functional currency are translated at
the exchange rate prevailing at the end of the reporting period for balance sheet items, including
goodwill, and the exchange rate at the date of the transaction for profit or loss items. The monthly
average exchange rates are used as an approximation of the transaction exchange rate where the
rate at the date of transaction is not available. Exchange differences are recognized in other
comprehensive income (\u201cOCI\u201d).
When investments in foreign subsidiaries are sold, the accumulated translation differences relating to
the subsidiary attributable to the equity holders of the parent are recognized in the statement of
comprehensive income. When a loss of control, significant influence or joint control is present the
accumulated exchange differences related to investments allocated to controlled interests is
recognized in profit or loss.
When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the
accumulated exchange differences is allocated to non-controlling interests.
2.1 Basis for preparation of the annual accounts
The consolidated financial statements of Circio Holding ASA have been prepared in accordance with
IFRS \u00ae Accounting Standards (IFRS) as adopted by the European Union, as well as Norwegian
disclose requirements listed in the Norwegian Accounting Act.
The consolidated financial statements are based on historical cost.
The consolidated financial statements have been prepared on the basis of uniform accounting
principles for similar transactions and events under otherwise similar circumstances.
2.2 Accounting principles
Foreign exchange
The Group record transactions at initial recognition based on the exchange rate at the date of the
transaction. If the exchange rate at the date of transaction is not available, average monthly
exchange rate in the month of transaction is used. The date of a transaction is the date on which the
transaction first qualifies for recognition in accordance with International Financial Reporting
Standards. However, if exchange rates fluctuate significantly, the use of the average rate for a period
may be inappropriate and an exchange rate closer to transaction date is used.
Any exchange differences are recognized in statement of profit or loss under financial items in the
period in which they arise.
2.3 Adoption of new and revised IFRS standards
Standards and interpretations affecting amounts reported in the current period
All relevant new and revised IFRSs and IFRIC interpretations that are mandatory for periods
commencing 1 January 2024 and earlier have been adopted for all periods presented in these
financial statements.
The Group has applied the following amendments for the first time for their annual reporting period
commencing 1 January 2024:
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1
Non-current Liabilities with Covenants \u2013 Amendments to IAS 1
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
The amendments listed above did not have any impact on the amounts recognized in prior periods
and are not expected to significantly affect the current or future periods.
None of the other new standards, revised standards, amended standards or interpretations have a
material impact on the Group\u2019s overall results and financial position.
Standards and interpretations in issue but not yet adopted
Certain new accounting standards and interpretations have been published that are not mandatory
for 31 December 2024 reporting periods and have not been early adopted by the Group. These
standards are not expected to have a material impact on the entity in the current or future reporting
periods and on foreseeable future transactions.
Presentation and Disclosure in Financial Statements \u2013 IFRS 18 was adopted in 2024 and will apply to
future reporting periods. IFRS 18 is effective for periods beginning on or after 1 January 2027 and
IFRS 18 will replace IAS 1 Presentation of Financial Statements and introduce new requirements to
help achieve comparability across companies. Although IFRS 18 will not affect the recognition or
measurement of items in the financial statements, changes are expected to be made to the Group\u2019s
presentation of the Consolidated statement of comprehensive income. Management is currently
assessing the detailed implications of applying the new standard to the Group\u2019s consolidated
financial statements.
2.4 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its
subsidiaries. As of 31 December 2024, Targovax Solutions AS located in Oslo Norway, and Circio AB
located in Stockholm, Sweden is 100% owned and controlled subsidiaries by Circio Holding ASA. The
100% owned subsidiary Targovax OY, located in Espoo, Finland was liquidated in second half of 2024.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if, and only if, the Group has:
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant
activities of the investee).
Exposure, or rights, to variable returns from its involvement with the investee
The ability to use its power over the investee to affect its returns
In general, there is a presumption that a majority of voting rights results in control. To support this
presumption and when the Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances in assessing whether it has power
over an investee, including:
The contractual arrangement(s) with the other vote holders of the investee
Rights arising from other contractual arrangements
The Group\u2019s voting rights and potential voting rights
The Group reassesses whether it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control. Consolidation of a subsidiary begins
when the Group obtains control over the subsidiary and ceases when the Group loses control of the
subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the date the Group gains control until
the date the Group ceases to control the subsidiary.
Profit or loss and each component of OCI are attributed to the equity holders of the parent of the
Group. When necessary, adjustments are made to the financial statements of subsidiaries to bring
their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and
liabilities, equity, income, expenses and cash flows relating to transactions between members of the
Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity transaction.
If the Group loses control over a subsidiary, it ceases to recognize the related assets (including
goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain
or loss is recognized in statement of profit or loss. Any investment retained is recognized at fair
value.
2.5 Business combinations and intangible assets
Business combinations are accounted for using the acquisition method. The cost of an acquisition is
measured as the aggregate of the consideration transferred, which is measured at acquisition date
fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair
value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs
are expensed as incurred and included in administrative expenses.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for
appropriate classification and designation in accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition date. This includes the separation of
embedded derivatives in host contracts by the acquiree.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a
financial liability are subsequently remeasured to fair value with changes in fair value recognized in
profit or loss.
2.6 Going concern
The Group works continuously to ensure financial flexibility in the short and long-term to achieve its
strategic and operational objectives. To date, the Group has financed its operations through private
placements, repair offerings, grants, convertible bonds and the initial public offering in connection
with the listing of the company\u2019s shares on Oslo Stock Exchange in 2016.
Funding of ongoing operations is and will depend on external sources for the foreseeable future,
mainly equity contributions. Changes in financial market conditions can affect the climate and
willingness for investments in biotech companies like Circio. Local events in Norway can also affect
the Group\u2019s ability to raise additional funding. The Group continuously faces the risk that adequate
sources of funding may not be available when needed or may not be available at favorable terms.
The Group's equity as of 31 December 2024, was negative and less than 50% of the registered share
capital. According to the obligations of section 3-5 of the Public Companies Act (the \"Public
Companies Act\"), the Board of directors is obligated in to inform the general assembly about the
Company's financial position. The Board of Directors has assessed its duty in accordance with the
Companies Act section 3-5 and regards the present equity structure as insufficient to meet the
Company\u2019s objectives, strategy, and risk profile long term, and are therefore in the process of
implementing measures to turn the equity positive.
- The Group has secured sufficient liquidity until the end of June 2025, through the rights
issue in July 2024, the warrants exercise and a separate private placement in December
and the financing commitment from Atlas Special Opportunities LLC entered in June 2024.
- Ongoing preclinical experiments are expected to read out important in vivo data during first
half and 3Q of 2025. Based on the expectations from these readouts, the Group's
management and Board of directors have several concrete processes, with the potential of
attracting strategic partnerships and providing new funding, thereby strengthening the
Group\u2019s equity further.
Given these processes and discussion with interested parties, the Board of directors considers the
Group's current equity to be adequate to adapt the going concern assumption
Circio expects to extend the Financing commitment with Atlas, with the possibility of issuing
additional convertible bonds providing cash runway into 4Q of 2025.
The unknown outcome of the ongoing processes, and uncertainty around access to further capital for
the next twelve months from the date of this annual report, indicate that material uncertainty exists
that may cast significant doubt on the Company\u2019s and the Group\u2019s ability to continue as a going
concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfFunctionalCurrency_D101468833_CY": { "value": "
Functional currency
The functional currency is determined in each entity in the Group based on the currency within the
entity's primary economic environment. Transactions in foreign currency are translated to functional
currency using the exchange rate at the date of the transaction. At the end of each reporting period
foreign currency monetary items are translated using the closing rate, non-monetary items that are
measured in terms of historical cost are translated using the exchange rate at the date of the
transaction and non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was measured. Changes in the
exchange rate are recognized continuously in the accounting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfFunctionalCurrency", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfPresentationCurrency_D2064083883_CY": { "value": "
Presentation currency
The Group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. The
statement of financial position figures of entities with a different functional currency are translated at
the exchange rate prevailing at the end of the reporting period for balance sheet items, including
goodwill, and the exchange rate at the date of the transaction for profit or loss items. The monthly
average exchange rates are used as an approximation of the transaction exchange rate where the
rate at the date of transaction is not available. Exchange differences are recognized in other
comprehensive income (\u201cOCI\u201d).
When investments in foreign subsidiaries are sold, the accumulated translation differences relating to
the subsidiary attributable to the equity holders of the parent are recognized in the statement of
comprehensive income. When a loss of control, significant influence or joint control is present the
accumulated exchange differences related to investments allocated to controlled interests is
recognized in profit or loss.
When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the
accumulated exchange differences is allocated to non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfPresentationCurrency", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_StatementOfIFRSCompliance_D1355040158_CY": { "value": "
2.1 Basis for preparation of the annual accounts
The consolidated financial statements of Circio Holding ASA have been prepared in accordance with
IFRS \u00ae Accounting Standards (IFRS) as adopted by the European Union, as well as Norwegian
disclose requirements listed in the Norwegian Accounting Act.
The consolidated financial statements are based on historical cost.
The consolidated financial statements have been prepared on the basis of uniform accounting
principles for similar transactions and events under otherwise similar circumstances.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_E80_CY": { "value": "
Foreign exchange
The Group record transactions at initial recognition based on the exchange rate at the date of the
transaction. If the exchange rate at the date of transaction is not available, average monthly
exchange rate in the month of transaction is used. The date of a transaction is the date on which the
transaction first qualifies for recognition in accordance with International Financial Reporting
Standards. However, if exchange rates fluctuate significantly, the use of the average rate for a period
may be inappropriate and an exchange rate closer to transaction date is used.
Any exchange differences are recognized in statement of profit or loss under financial items in the
period in which they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_D2041149844_CY": { "value": "
2.3 Adoption of new and revised IFRS standards
Standards and interpretations affecting amounts reported in the current period
All relevant new and revised IFRSs and IFRIC interpretations that are mandatory for periods
commencing 1 January 2024 and earlier have been adopted for all periods presented in these
financial statements.
The Group has applied the following amendments for the first time for their annual reporting period
commencing 1 January 2024:
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1
Non-current Liabilities with Covenants \u2013 Amendments to IAS 1
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
The amendments listed above did not have any impact on the amounts recognized in prior periods
and are not expected to significantly affect the current or future periods.
None of the other new standards, revised standards, amended standards or interpretations have a
material impact on the Group\u2019s overall results and financial position.
Standards and interpretations in issue but not yet adopted
Certain new accounting standards and interpretations have been published that are not mandatory
for 31 December 2024 reporting periods and have not been early adopted by the Group. These
standards are not expected to have a material impact on the entity in the current or future reporting
periods and on foreseeable future transactions.
Presentation and Disclosure in Financial Statements \u2013 IFRS 18 was adopted in 2024 and will apply to
future reporting periods. IFRS 18 is effective for periods beginning on or after 1 January 2027 and
IFRS 18 will replace IAS 1 Presentation of Financial Statements and introduce new requirements to
help achieve comparability across companies. Although IFRS 18 will not affect the recognition or
measurement of items in the financial statements, changes are expected to be made to the Group\u2019s
presentation of the Consolidated statement of comprehensive income. Management is currently
assessing the detailed implications of applying the new standard to the Group\u2019s consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D1323689670_CY": { "value": "
2.4 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its
subsidiaries. As of 31 December 2024, Targovax Solutions AS located in Oslo Norway, and Circio AB
located in Stockholm, Sweden is 100% owned and controlled subsidiaries by Circio Holding ASA. The
100% owned subsidiary Targovax OY, located in Espoo, Finland was liquidated in second half of 2024.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if, and only if, the Group has:
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant
activities of the investee).
Exposure, or rights, to variable returns from its involvement with the investee
The ability to use its power over the investee to affect its returns
In general, there is a presumption that a majority of voting rights results in control. To support this
presumption and when the Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances in assessing whether it has power
over an investee, including:
The contractual arrangement(s) with the other vote holders of the investee
Rights arising from other contractual arrangements
The Group\u2019s voting rights and potential voting rights
The Group reassesses whether it controls an investee if facts and circumstances indicate that there
are changes to one or more of the three elements of control. Consolidation of a subsidiary begins
when the Group obtains control over the subsidiary and ceases when the Group loses control of the
subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the date the Group gains control until
the date the Group ceases to control the subsidiary.
Profit or loss and each component of OCI are attributed to the equity holders of the parent of the
Group. When necessary, adjustments are made to the financial statements of subsidiaries to bring
their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and
liabilities, equity, income, expenses and cash flows relating to transactions between members of the
Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity transaction.
If the Group loses control over a subsidiary, it ceases to recognize the related assets (including
goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain
or loss is recognized in statement of profit or loss. Any investment retained is recognized at fair
value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBusinessCombinationsExplanatory_D2061670429_CY": { "value": "
2.5 Business combinations and intangible assets
Business combinations are accounted for using the acquisition method. The cost of an acquisition is
measured as the aggregate of the consideration transferred, which is measured at acquisition date
fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair
value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs
are expensed as incurred and included in administrative expenses.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for
appropriate classification and designation in accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition date. This includes the separation of
embedded derivatives in host contracts by the acquiree.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a
financial liability are subsequently remeasured to fair value with changes in fair value recognized in
profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern_D1447579021_CY": { "value": "
2.6 Going concern
The Group works continuously to ensure financial flexibility in the short and long-term to achieve its
strategic and operational objectives. To date, the Group has financed its operations through private
placements, repair offerings, grants, convertible bonds and the initial public offering in connection
with the listing of the company\u2019s shares on Oslo Stock Exchange in 2016.
Funding of ongoing operations is and will depend on external sources for the foreseeable future,
mainly equity contributions. Changes in financial market conditions can affect the climate and
willingness for investments in biotech companies like Circio. Local events in Norway can also affect
the Group\u2019s ability to raise additional funding. The Group continuously faces the risk that adequate
sources of funding may not be available when needed or may not be available at favorable terms.
The Group's equity as of 31 December 2024, was negative and less than 50% of the registered share
capital. According to the obligations of section 3-5 of the Public Companies Act (the \"Public
Companies Act\"), the Board of directors is obligated in to inform the general assembly about the
Company's financial position. The Board of Directors has assessed its duty in accordance with the
Companies Act section 3-5 and regards the present equity structure as insufficient to meet the
Company\u2019s objectives, strategy, and risk profile long term, and are therefore in the process of
implementing measures to turn the equity positive.
- The Group has secured sufficient liquidity until the end of June 2025, through the rights
issue in July 2024, the warrants exercise and a separate private placement in December
and the financing commitment from Atlas Special Opportunities LLC entered in June 2024.
- Ongoing preclinical experiments are expected to read out important in vivo data during first
half and 3Q of 2025. Based on the expectations from these readouts, the Group's
management and Board of directors have several concrete processes, with the potential of
attracting strategic partnerships and providing new funding, thereby strengthening the
Group\u2019s equity further.
Given these processes and discussion with interested parties, the Board of directors considers the
Group's current equity to be adequate to adapt the going concern assumption
Circio expects to extend the Financing commitment with Atlas, with the possibility of issuing
additional convertible bonds providing cash runway into 4Q of 2025.
The unknown outcome of the ongoing processes, and uncertainty around access to further capital for
the next twelve months from the date of this annual report, indicate that material uncertainty exists
that may cast significant doubt on the Company\u2019s and the Group\u2019s ability to continue as a going
concern.
", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D1221241849_CY": { "value": "
2.6 Going concern
The Group works continuously to ensure financial flexibility in the short and long-term to achieve its
strategic and operational objectives. To date, the Group has financed its operations through private
placements, repair offerings, grants, convertible bonds and the initial public offering in connection
with the listing of the company\u2019s shares on Oslo Stock Exchange in 2016.
Funding of ongoing operations is and will depend on external sources for the foreseeable future,
mainly equity contributions. Changes in financial market conditions can affect the climate and
willingness for investments in biotech companies like Circio. Local events in Norway can also affect
the Group\u2019s ability to raise additional funding. The Group continuously faces the risk that adequate
sources of funding may not be available when needed or may not be available at favorable terms.
The Group's equity as of 31 December 2024, was negative and less than 50% of the registered share
capital. According to the obligations of section 3-5 of the Public Companies Act (the \"Public
Companies Act\"), the Board of directors is obligated in to inform the general assembly about the
Company's financial position. The Board of Directors has assessed its duty in accordance with the
Companies Act section 3-5 and regards the present equity structure as insufficient to meet the
Company\u2019s objectives, strategy, and risk profile long term, and are therefore in the process of
implementing measures to turn the equity positive.
- The Group has secured sufficient liquidity until the end of June 2025, through the rights
issue in July 2024, the warrants exercise and a separate private placement in December
and the financing commitment from Atlas Special Opportunities LLC entered in June 2024.
- Ongoing preclinical experiments are expected to read out important in vivo data during first
half and 3Q of 2025. Based on the expectations from these readouts, the Group's
management and Board of directors have several concrete processes, with the potential of
attracting strategic partnerships and providing new funding, thereby strengthening the
Group\u2019s equity further.
Given these processes and discussion with interested parties, the Board of directors considers the
Group's current equity to be adequate to adapt the going concern assumption
Circio expects to extend the Financing commitment with Atlas, with the possibility of issuing
additional convertible bonds providing cash runway into 4Q of 2025.
The unknown outcome of the ongoing processes, and uncertainty around access to further capital for
the next twelve months from the date of this annual report, indicate that material uncertainty exists
that may cast significant doubt on the Company\u2019s and the Group\u2019s ability to continue as a going
concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D928951004_CY": { "value": "
3. Important accounting estimates and
discretionary assessments.
Management makes estimates and assumptions that affect the reported amounts of assets and
liabilities within the next financial year. Estimates and judgments are continually evaluated and are
based on historical experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
Convertible bond
The accounting for convertible bonds involves significant estimates and discretionary assessments,
particularly in determining the classification, fair value measurement, and allocation of the bond\u2019s
components. See Note 22 Convertible bond.
Estimated value of share-based payments
At each balance sheet date, the Group revises its estimates of the number of options that are
expected to vest. It recognizes the impact of the revision to original estimates, if any, in the statement
of profit or loss, with a corresponding adjustment to equity. The estimated turnover rate for unvested
share options is 0 percent for all share option plans. See Note 11 Share-based compensation.
Deferred tax asset
A deferred tax asset shall be recognized for the carryforward of unused tax losses and unused tax
credits to the extent that it is probable that future taxable profit will be available against which the
unused tax losses and unused tax credits can be utilized.
The Group cannot prove probable future taxable income large enough to justify recognizing a
deferred tax asset in the balance sheet. However, this assumption must be continually assessed, and
changes could lead to a significant asset being recognized in the future. This assumption requires
significant management judgment. See Note 15 Taxes.
Effects on climate change
The Company strives to minimize its impact on personal health and the environment.
All production and distribution activities are outsourced, and when selecting suppliers, the Company
evaluates each candidate\u2019s ethical and responsible business conduct including environment, health
and safety policy.
The main source of climate emissions from the Company in 2024 was emissions from the use of
electricity for Circio offices in Norway and Sweden and business travel. The Group has emissions
from waste generated from the laboratory activities in Sweden which are part of a larger lab facility
provided by a third party. The company has not identified any direct emissions from its business
activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_D1217799827_CY": { "value": "
Estimated value of share-based payments
At each balance sheet date, the Group revises its estimates of the number of options that are
expected to vest. It recognizes the impact of the revision to original estimates, if any, in the statement
of profit or loss, with a corresponding adjustment to equity. The estimated turnover rate for unvested
share options is 0 percent for all share option plans. See Note 11 Share-based compensation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_D159500717_CY": { "value": "
Deferred tax asset
A deferred tax asset shall be recognized for the carryforward of unused tax losses and unused tax
credits to the extent that it is probable that future taxable profit will be available against which the
unused tax losses and unused tax credits can be utilized.
The Group cannot prove probable future taxable income large enough to justify recognizing a
deferred tax asset in the balance sheet. However, this assumption must be continually assessed, and
changes could lead to a significant asset being recognized in the future. This assumption requires
significant management judgment. See Note 15 Taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_E41_CY": { "value": "
4. Segments
he Group core activity is the development of the circular RNA (circRNA) platform for nucleic acid
medicines, being conducted by the wholly owned subsidiary Circio AB based at the Karolinska
Institute in Stockholm, Sweden. The Group is in addition continuing the development of its legacy
oncology program, TG01, targeting KRAS driver mutations. These activities are performed from the
Norwegian subsidiary, Targovax Solutions AS.
For management purposes, the Group is organized as one business unit, and the internal reporting is
structured in accordance with this. The Group is thus currently organized in one operating segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_D531209359_CY": { "value": "
6. Financial instruments and risk
management objectives and policies
1
The Group's financial assets and liabilities comprise cash at bank and cash equivalents, receivables
and trade creditors that originate from its operations. All financial assets and liabilities are carried at
amortized cost. All financial assets and liabilities are short-term and their carrying value
approximates fair value.
The Group does currently not use financial derivatives to manage financial risk such as interest rate
risk and currency risk. The Group is subject to market risk, credit risk and liquidity risk.
Market risk
Interest rate fluctuations could in the future materially and adversely affect the Group\u2019s business,
financial condition, results of operations, cash flows, time to market and prospects.
The Group may in the future be exposed to interest rate risk primarily in relation to any future interest-
bearing debt issued at floating interest rates and to variations in interest rates of bank deposits.
Consequently, movements in interest rates could have a material and adverse effect on the Group\u2019s
business, financial condition, results of operations, cash flows, time to market and prospects. As the
Group currently does not have any interest-bearing debt, risk related to change in interest rates mainly
relates to interest gains on the Group\u2019s cash balance.
The following table demonstrates the Group\u2019s sensitivity to a 1 percent point change in interest rates
on cash and cash equivalents at 31 December 2024 and 2023:
2024 2023
Amounts in NOK thousands
1% point
increase
1% point
decrease
1% point
increase
1% point
decrease
Loss before income tax effect 183 -183 223 --223
Foreign currency risk
Fluctuations in exchange rates could affect the Group\u2019s cash flow and financial condition.
The Group has currency exposure to both transaction risk and translation risk related to its operating
expenses. Transaction risk arises when future commercial transactions or recognized assets or
liabilities are denominated in a currency that is different from the Group\u2019s presentation currency. The
Group undertakes various transactions in foreign currencies and is consequently exposed to
fluctuations in exchange rates. Exposure arises largely from research expenses. For the year 2024,
the Group was mainly exposed to fluctuations in EUR, USD, GBP, CHF, SEK and DKK. Circio hedges
foreign currency by aligning the cash positions with future expected currency outflows. The Group
does not have derivatives for hedge accounting at year-end.
Translation risk arises due to the conversion of amounts in foreign subsidiaries' financial statements
denominated in foreign currencies to NOK, the Company\u2019s functional currency.
Credit risk
Credit risk is the risk of a counterparty defaulting. The Group has limited credit risk. Outstanding
receivables are limited and primarily prepayments of fees related to the convertible bond agreement.
No impairment has been recognized. The carrying value of the assets represents the Group's
maximum exposure to credit risk.
The credit quality of financial assets can be assessed by reference to credit ratings.
Cash and cash equivalents:
2024 2023 Rating
Amounts in NOK thousands
Amount In % Amount In % S&P
Cash at bank: 18 213 100% 21 900 98%
Nordea Bank abp 18 213 100% 21 716 98% AA-
DNB Bank ASA - 0% 183 1% AA-
Money market funds: 42 0% 350 2%
Nordea Likviditet III 42 0% 350 2%
Total 18 255 100% 22 250 100%
Fair value of financial instruments
The carrying value of receivables, cash and cash equivalents, borrowings and other trade payables
are assessed to approximate fair value.
2024 2023
Amounts in NOK thousands
Carrying
amounts
Fair value Carrying
amounts
Fair value
Receivables 3 384 3 384 3 448 3 448
Cash and cash equivalents 18 255 18 255 22 250 22 250
Total financial assets 21 639 21 639 25 698 25 698
Interest-bearing borrowings - - 66 153 66 153
Convertible bond 17 356 17 356 44 281 44 281
Lease liabilities - - - -
Trade payables 4 713 4 713 3 450 3 450
Total financial liabilities 22 068 22 068 113 884 113 884
Liquidity risk
The Group manages liquidity risk by estimating and monitoring cash and liquidity needs on an on-
going basis and maintaining adequate reserves and banking facilities.
The following tables analyses the Group\u2019s current and non-current financial liabilities, at 31
December 2024 and 2023 respectively, into relevant maturity groupings based on the remaining
period at the balance sheet date to the contractual maturity date. The amounts disclosed in the
tables are the financial undiscounted cash flows.
At 31 December 2024
1
(Amounts in NOK thousands)
On
demand
Less than 3
months
3 to 12
months
1 to 5
years
Total
Trade payables - 4 713 - - 4 713
Accrued public charges - 1 464 - - 1 464
Other current liabilities - 10 807 - - 10 807
Total - 16 983 - - 16 983
1) Convertible bonds are not included. At maturity date any outstanding bonds will be converted to shares,
hence not liquidity risk.
At 31 December 2023
1
(Amounts in NOK thousands)
On demand
Less than 3
months
3 to 12
months
1 to 5
years
Total
Interest-bearing
2
borrowings
1
2 464 3 078 65 408 - 70 950
Trade payables - 3 450 - - 3 450
Accrued public charges - 1 673 - - 1 673
Other current liabilities - 8 696 - - 8 696
Total 2 464 16 897 65 408 - 84 769
1) Convertible bonds are not included. At maturity date any outstanding bonds will be converted to shares,
hence not liquidity risk.
2) Interest-bearing borrowings comprise loans from Business Finland and includes future interest payments,
see note 20 Interest bearing debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfMarketRiskExplanatory_D687622824_CY": { "value": "
Market risk
Interest rate fluctuations could in the future materially and adversely affect the Group\u2019s business,
financial condition, results of operations, cash flows, time to market and prospects.
The Group may in the future be exposed to interest rate risk primarily in relation to any future interest-
bearing debt issued at floating interest rates and to variations in interest rates of bank deposits.
Consequently, movements in interest rates could have a material and adverse effect on the Group\u2019s
business, financial condition, results of operations, cash flows, time to market and prospects. As the
Group currently does not have any interest-bearing debt, risk related to change in interest rates mainly
relates to interest gains on the Group\u2019s cash balance.
The following table demonstrates the Group\u2019s sensitivity to a 1 percent point change in interest rates
on cash and cash equivalents at 31 December 2024 and 2023:
2024 2023
Amounts in NOK thousands
1% point
increase
1% point
decrease
1% point
increase
1% point
decrease
Loss before income tax effect 183 -183 223 --223
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCreditRiskExplanatory_D214853708_CY": { "value": "
Credit risk
Credit risk is the risk of a counterparty defaulting. The Group has limited credit risk. Outstanding
receivables are limited and primarily prepayments of fees related to the convertible bond agreement.
No impairment has been recognized. The carrying value of the assets represents the Group's
maximum exposure to credit risk.
The credit quality of financial assets can be assessed by reference to credit ratings.
Cash and cash equivalents:
2024 2023 Rating
Amounts in NOK thousands
Amount In % Amount In % S&P
Cash at bank: 18 213 100% 21 900 98%
Nordea Bank abp 18 213 100% 21 716 98% AA-
DNB Bank ASA - 0% 183 1% AA-
Money market funds: 42 0% 350 2%
Nordea Likviditet III 42 0% 350 2%
Total 18 255 100% 22 250 100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRevenueExplanatory_E119_CY": { "value": "
7. Revenue recognition
Revenue from providing services is recognized in the accounting period in which the services are
rendered. Revenue is presented net of value added tax.
Amounts in NOK thousands
2024 2023
Other revenue - 123
Total operating revenue - 123
The Group's products are still in the research and development phase, and it has no revenue from
sales of products yet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfResearchAndDevelopmentExpenseExplanatory_E116_CY": { "value": "
8. Research and development expenses
Expenditure on research and development activities is recognized as an expense in the period in
which it is incurred. Internal and external research and development costs related to the Group's
development of new products are recognized in the statement of profit or loss in the year incurred
unless it meets the asset recognition criteria of IAS 38 \"intangible Assets\".
Uncertainties related to the regulatory approval process and results from ongoing clinical trials
generally indicate that the criteria for asset recognition is not met until the time when the marketing
authorization is obtained from regulatory authorities. This assessment requires significant
management discretion and estimations.
The following table gives an overview of the Group\u2019s research and development expenditure
compared to the total operating expenses:
2024 2023
Amounts in NOK thousands
Total Of which R&D Total Of which R&D
R&D expenses 11 688 11 688 49 890 49 890
Payroll and related expenses 22 359 12 343 34 442 18 215
Other operating expenses 8 433 137 13 983 201
Depreciation, amortizations and
impairments
13 - 1 773 -
Total 42 493 24 168 100 088 68 305
The following research and development expenditures have been expensed:
Amounts in NOK thousands
2024 2023
R&D related consultancy and other expenses 11 878 40 268
Cost of manufacturing for R&D 3 089 9 423
Patent expenses 159 1 920
Government grants -3 438 -1 722
Total research and development expenses 11 688 49 890
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGovernmentGrantsExplanatory_E64_CY": { "value": "
9. Government grants
Government grants are recognized at the value of the contributions at the transaction date. Grants
are not recognized until it is probable that the conditions attached to the contribution will be
achieved. The grant is recognized in the statement of profit or loss in the same period as the related
costs and are presented net.
Government grants are normally related to either reimbursements of employee costs and classified
as a reduction of Payroll and related expenses or related to other operating activities and thus
classified as a reduction of Research and development expenses or Other operating expenses.
Government grants have been recognized in statement of profit or loss as a reduction of the related
expense with the following amounts:
Amounts in NOK thousands
2024 2023
Research and development expenses 3 438 1 722
Payroll and related expenses 881 108
Other operating expenses 221 -
Total grants 4 541 1 830
The Group is awarded research grants of NOK 9.8 million from the Research Council of Norway and
NOK 8.2 million from Innovation Norway, towards product and clinical development for the TG mutant
KRAS cancer vaccine program. The grant from the Research Council of Norway is for the period
2022-2025, while the Innovation Norway grant was for the period 4Q 2021 to 2024.
For the full year 2024 the Group has recognized NOK 2.1 million related to the grant from NFR and
NOK 2.5 million from Innovation Norway.
Specification of grants receivables:
Amounts in NOK thousands
2024 2023
Grants from Research Council of Norway 300 -895
Grants from Innovation Norway - -
Total grants receivable 300 -895
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_E40_CY": { "value": "
10. Payroll and related expenses
Payroll and related expenses are recognized in the statement of profit or loss in the period in which
the related costs are incurred or services are provided.
Defined contribution plans
Targovax Solutions AS has a defined contribution pension plan as required by the Norwegian Law and
as well an applicable contribution pension plan as required by Swedish law for all employees
employed in Circio AB. These pension plans apply to all employees of the Group respectively.
Currently, members of the Management Team with residence outside Norway and Sweden are not
part of the company\u2019s respective national pension plans. The company pays these executives an
annual amount in addition to base salary in lieu of their participation in a company scheme. For
defined contribution pension plans, contributions are paid to pension insurance plans and charged to
the statement of profit or loss in the period to which the contributions relate.
Bonus scheme
Circio has a bonus system covering all employees.
The Group recognizes a liability and an expense for bonuses based on a short-term incentive plan for
employees linked to achievement of corporate objectives as well as individual objectives determined
by the Board. See note 11 Related parties and remuneration to Management.
Total payroll and related expenses for the Group are:
Amounts in NOK thousands
2024 2023
Salaries and bonus 16 679 24 549
Board fees 1 284 1 428
Employer\u2019s national insurance contributions 2 612 3 567
Share-based compensation
1
950 1523
Pension expenses \u2013 defined contribution plan 1 366 2 843
Other 351 640
Governmental grants -881 -108
Total payroll and related expenses 22 359 34 442
1) Share-based compensation has no cash effect.
Number of employees calculated on a full-time basis as at end of
period
8.0 10.8
Number of employees at end of period 9 13
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_E114_CY": { "value": "
11. Related parties and remuneration to
Management
Statement for 2024
The Board of Directors complies with the decision made at Circio Holding ASA\u2019s Ordinary General Meeting on 20 April 2022 to approve of the Board of Directors\u2019 statement concerning principles for Management
compensation pursuant to Norwegian Public Limited Companies Act section 6\u201316a. The remuneration principles used for the year 2024 is described in the Group\u2019s Remuneration report 2024.
Compensation tables for 2024 and 2023
Remunerations and other benefits in 2024:
Amounts in NOK thousands
1
Fixed annual fee as
at 31 Dec 2024
Earned fees in cash in
2024
Earned fees in RSU\u2019s in
2024
Earned committee meetings
fee per 31.12.2024
Exercise of share
options/RSUs
Total remuneration earned
in 2024
Board of Directors of Circio Holding ASA:
Damian Marron, Chairperson of the Board 535 481 54 20 555
Thomas Falck, Board member 320 288 32 40 360
Robert Burns, Board member
3
182 182 - 20 202
Diane Mellett, Board member 320 256 64 40 360
Total Board of Directors
1,2
1 357 1 207 150 120 - 1 477
1) All amounts in the tables exclude National Insurance Contribution
2) The Board members may choose to receive their Board fee either in RSUs or in cash. Please see the table for holding of RSUs for further details on the Board related remuneration.
3) Robert Burns assigned as a deputy Board member as of 19.06.2024
Amounts in NOK thousands
1
Fixed annual salary
as at 31 Dec 2024
Earned salaries in
2024
Bonus earned in
2024
Pension expenses in
2024
Benefits in kind in
2024
Exercise of share
options/RSUs
Total remuneration in
2024
Management team:
Erik Digman Wiklund, Chief Executive Officer
2
2 694 2 420 688 92 14 - 3 214
Lubor Gaal, Chief Financial Officer
3
3 007 2 393 487 0 195 - 3 074
Victor Levitsky, Chief Scientific Officer
4
3 337 876 219 0 174 - 1 270
Thomas B. Hansen, Chief Technology
5
1 923 1 652 310 121 3 - 2 085
Ola Melin, Chief Operating Officer
6
1 695 1 655 261 422 16 - 2 353
Total Management Team
12 655 8 996 1 965 635 402 0 11 997
1) All amounts in the tables exclude National Insurance Contribution
2) Erik Digman Wiklund works 50% for Circio and its subsidiaries as per 31.12.2024.
3) Fixed annual salary is the annual salary in EUR multiplied by the average exchange rate throughout the year. Lubor Gaal works 50% for Circio and its subsidiaries as per 31.12.2024.
4) Fixed annual salary is the annual salary in CHF multiplied by the average exchange rate throughout the year. Victor Levitsky is working 20% for Circio and its subsidiaries as per 31.12.2024.
5) Fixed annual salary is the annual salary in DKK multiplied by the average exchange rate throughout the year. Thomas Birkballe Hansen is working 100% for Circio and its subsidiaries as per 31.12.2024.
6) Fixed annual salary is the annual salary in SEK multiplied by the average exchange rate throughout the year. Ola Melin works 100% for Circio and its subsidiaries as per 31.12.2024.
.
In 2024, the annual general meeting of the Company resolved that all current board members shall receive NOK 320 000 and the Chairperson of the Board NOK 535 000 for the period from the annual general
meeting in 2024 and until the annual general meeting in 2025. Deputy board members shall receive NOK 160 000. If the current board members have served for a shorter period than since the annual general
meeting in 2024, the remuneration shall be pro rata adjusted down (based on the number of days served compared to the full period) and any prepaid remuneration shall then be repaid. The members of the board
of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock units (RSUs). Members of board committees shall receive an additional remuneration of NOK 4 000 per
committee meeting, however not less than NOK 20 000 for the period and the chairpersons of such committees shall receive remuneration of NOK 8 000 per meeting, however not less than NOK 40 000 for the
period.
In 2024 NOK 0.1 million, representing earned fees in RSUs, was recognized as an expense for Board remunerations in RSUs. The Group has recognized as an expense NOK 0.8 million in share-based compensation
for the year 2024 to the Management Team as per 31 December 2024. There are no outstanding loans or guarantees made to the Board of Directors or the Management Team at 31 December 2024.
Remunerations and other benefits in 2023:
Amounts in NOK thousands
Fixed annual fee as
at 31 Dec 2023
Earned fees in cash in
2023
Earned fees in RSU\u2019s in
2023
Earned committee meetings
fee per 31.12.2023
Exercise of share
options/RSUs
Total remuneration
earned in 2023
Board of Directors of Circio Holding ASA:
Damian Marron, Chairperson of the Board 532 355 177 20 37 589
Thomas Falck, Board member 317 180 137 40 357
Robert Burns, Board member 317 317 - 20 15 352
Diane Mellett, Board member 317 137 180 40 14 371
Sonia Quaratino, Board member 223 74 149 223
Bente-Lill Bjerkelund Rom\u00f8ren, Board 223 180 43 40 263
Raphael Clynes, Board member 223 31 192 223
Eva-Lotta Allan, Board member 93 62 31 3 96
Total Board of Directors
1,2
2 246 1 336 910 160 69 2 474
1) Eva-Lotta Allan resigned from the Board at the AGM 2023, and Bente-Lill Bjerkelund, Raphael Clynes and Sonia Quaratino resigned from the board 17 October 2023.
2) The Board members may choose to receive their Board fee either in RSUs or in cash. Please see the table for holding of RSUs for further details on the Board related remuneration.
Amounts
1
in NOK thousands
Fixed annual salary
as at 31 Dec 2023
Earned salaries in
2023
Bonus earned in
2023
Pension expenses in
2023
Benefits in kind in
2023
Exercise of
share
options/RSUs
Total
remuneration
in 2023
Management team:
Erik Digman Wiklund, Chief Executive Officer 2 588 2 490 0 100 13 - 2 604
Lubor Gaal, Chief Financial Officer
2
2 837 2 683 - 0 192 - 2 875
Victor Levitsky, Chief Scientific Officer
3
3 104 623 0 0 167 - 790
Thomas B. Hansen, Chief Technology
4
1 816 1 863 - 109 0 - 1 972
Ola Melin, Chief Operating Officer
5
1 538 1 520 - 404 42 - 1 966
Total Management Team
6,7,8
11 883 9 180 0 613 414 0 10 207
1) All amounts in the tables exclude National Insurance Contribution.
2) Fixed annual salary is the annual salary in EUR multiplied by the average exchange rate throughout the year. Lubor Gaal works 80% for Circio and its subsidiaries as per 31.12.2023.
3) Fixed annual salary is the annual salary in CHF multiplied by the average exchange rate throughout the year. Victor Levitsky is working 20% for Circio and its subsidiaries as per 31.12.2023.
4) Fixed annual salary is the annual salary in DKK multiplied by the average exchange rate throughout the year. Thomas Birkballe Hansen joined the management team 1 January 2023. Thomas Birkballe Hansen is working 80% for Circio and
its subsidiaries as per 31.12.2023.
5) Fixed annual salary is the annual salary in SEK multiplied by the average exchange rate throughout the year. Ola Melin works 80% for Circio and its subsidiaries as per 31.12.2023.
6) Lone Ottesen resigned from her position as CDO 14 August 2023. During 2023 her remuneration consisted of TNOK 2 948 in salary and TNOK 282 in pension.
7) Ingunn Munch Lindvig resigned from her position as VP Regulatory Affairs on 9 June 2023. During 2023 her remuneration consisted of TNOK 1 006 in salary and TNOK 46 pension and TNOK 8 in benefits in kind.
8) Margrethe S\u00f8rgaard joined the management team 1 June 2023 and resigned from her position as VP & Head of Clinical Development 30 November 2023. During 2023 her remuneration consisted of TNOK 1 528 in salary and TNOK 96
pension and TNOK 14 in benefits in kind.
In 2023, the annual general meeting of the Company resolved that all current board members shall receive NOK 320 000 and the Chairperson of the Board NOK 535 000 for the period from the annual general
meeting in 2023 and until the annual general meeting in 2024. If the current board members have served for a shorter period than since the annual general meeting in 2023, the remuneration shall be pro rata
adjusted down (based on the number of days served compared to the full period). The members of the board of directors may choose to receive their remuneration, or parts thereof, in the form of restricted stock
units (RSUs). The remuneration in cash shall be payable immediately after the annual general meeting in 2024. Members of board committees shall receive an additional remuneration of NOK 4 000 per committee
meeting, however not less than NOK 20 000 for the period and the chairpersons of such committees shall receive remuneration of NOK 8 000 per meeting, however not less than NOK 40 000 for the period.
In 2023 NOK 1.0 million was recognized as an expense for Board remunerations in RSUs.
The Group has not recognized any expense in provision for bonuses to the Management Team as per 31 December 2023.
The Group has recognized as expense NOK 1.7 million in share-based compensation for the year 2023 to the Management Team as per 31 December 2023. There are no outstanding loans or guarantees made to
the Board of Directors or the Management Team at 31 December 2023.
Holding of shares, options for shares and RSUs, including those of close associates, as at 31 December 2024:
Holding
shares as at
31 Dec 2024
1
% ownership
31 Dec
2024
Granted
options
2024
Forfeited
options
2024
Expired
options
2024
Exercised
options
2024
Holding of
options as at
31 Dec 2024
Granted
RSUs 2024
2
Exercised
RSUs 2024
Holding of RSUs
as at 31 Dec
2024
Board of Directors of Circio Holding ASA:
Damian Marron, Chairperson of the Board 169 256 0.24 % - - 13 348
Thomas Falck, Board member
3
187 200 0.27 % - - 9 884
Diane Mellett, Board member 193 638 0.28 % - - 14 950
Robert Burns, Deputy Board member 88 458 0.13 % - - 1 436
Total Board of Directors 638 552 0.91 % - - 39 618
Management team:
Erik Digman Wiklund, Chief Executive Officer
3
284 133 0.41 % 750 000 - 4 994 - 805 005
Lubor Gaal, Chief Financial Officer
5
187 200 0.27 % 600 000 - - - 623 329
Victor Levitsky, Chief Scientific Officer 93 933 0.13 % 300 000 - - - 321 502
Thomas B Hansen, Chief Technology Officer 93 600 0.13 % 400 000 - - - 416 658
Ola Melin, Chief Operating Officer 95 266 0.14 % 300 000 - - - 324 185
Total Management
754 132 1.08 % 2 350 000 - 4 994 - 2 490 679
Total 1 392 684 1.99 % 2 350 000 - 4 994 - 2 490 679 - - 39 618
1) Shareholding includes shares from warrants exercise and private placement being issued on 6 January 2025
2) Granted RSUs to the Board of Directors are a part of the yearly Board remuneration fee which the Board members can select either to receive in cash or in RSUs.
3) The shares are held through S\u00f8len AS.
4) The shares are partly held through Digman AS.
5) The shares are held through Biopharma Drug Licensing Group AS, SL.
Holding of shares, options for shares and RSUs, including those of close associates, as at 31 December 2023:
To comply with minimum share price obligations for companies listed on the Oslo Stock Exchange, pursuant to which the market value for listed shares shall not be lower than NOK 1 for a period of longer than six
months, the General Meeting decided in an Extraordinary General Meeting in September 2023 that the Circio Holding ASA shares were consolidated in the ratio of 30:1 (reverse split), whereby 30 existing shares,
each with a nominal value of NOK 0.1, shall be consolidated to one share with nominal value NOK 3. The share split was completed on 3
rd
October 2023.
Holding
shares as at
31 Dec 2023
% ownership
31 Dec
2023
Granted
options
2023
Forfeited
options
2023
Expired
options
2023
Exercised
options
2023
Modified
options due
to share split
Holding of
options as at
31 Dec 2023
Granted
RSUs
2023
1
Exercised
RSUs 2023
Modified
RSUs due to
share split
Holding of
RSUs as at
31 Dec 2023
Board of Directors of Circio Holding ASA:
Damian Marron, Chairperson of the Board 1 852 0.02 % 302 670 -55 588 -387 087 13 348
Thomas Falck, Board member 181 037 -286 609 9 884
Robert Burns, Board member 9 958 0.13 % - -23 307 -41 635 1 436
Diane Mellett, Board member 4 098 0.05 % 362 072 -20 870 -450 912 15 548
Total Board of Directors
2,3
15 908 0.20 % 845 779 -99 765 -1 166 243 40 216
Management team:
Erik Digman Wiklund, Chief Executive Officer
4
3 333 0.04 % -1 740 001 59 999
Lubor Gaal, Chief Financial Officer
0.00 % -676 671 23 329
Victor Levitsky, Chief Scientific Officer 333 0.00 % -623 498 21 502
Thomas B Hansen, Chief Technology Officer -483 342 16 658
Ola Melin, Chief Operating Officer 1 666 0.02 % -700 815 24 185
Total Management
5,6,7
5 332 0.07 % -4 224 327 145 673
Total 21 240 0.27 % -4 224 327 145 673 845 779 -99 765 - 1 166 243 40 216
1) Granted RSUs to the Board of Directors are a part of the yearly Board remuneration fee which the Board members can select either to receive in cash or in RSUs.
2) Eva-Lotta Allan, left the Board of Circio May 2023. Per 31.12.2023 she held no options, 2 149 RSUs and 3 296 shares.
3) Bente-Lill Bjerkelund Rom\u00f8ren, Raphael Clynes and Sonia Quaratino resigned from the Board of Circio 17 October 2023 due to the reorganization of the Company. Per 31.12.2023 Bente-Lill B. Rom\u00f8ren held no options, 6514 RSUs and 1
185 shares, Raphael Clynes held no options, 21 953 RSUs and no shares and Sonia Quaratino held no options, 16 875 RSUs and no shares
4) The shares are held through Digman AS
5) Ingunn Munch Lindvig resigned from her position as VP Regulatory Affairs on 9 June 2023. Per 31.12.23 she held 4 906 options and 333 shares.
6) Lone Ottesen resigned from her position as CMO on 13 August 2023. Per 31.12.23 she held 6 999 options and 917 shares.
7) Margrethe S\u00f8rgaard joined the management team 1 June 2023 and resigned from her position as VP & Head of Clinical Development 30 November 2023. Per 31.12.23 she held 1 083 options and no shares.
Total outstanding options for shares by range of exercise price at 31 December 2024:
Exercise price in NOK 0.76 34.5 45.9 65.4-66.2 180-181.8 214.8-288.3 497.7 Total
Management team:
Erik Digman Wiklund, CEO 750 000 20 012 6 671 12 670 10 658 4 994 805 005
Lubor Gaal, CFO 600 000 13 341 9 988 623 329
Victor Levitsky, CSO 300 000 3 317 1 491 16 694 321 502
Thomas B Hansen. CTO 400 000 13 341 3 317 416 658
Ola Melin, COO 300 000 13 341 2 497 8 347 324 185
Total Management
2 350 000 63 352 9 988 13 976 21 017 27 352 4 994 2 490 679
Total outstanding options for shares by range of exercise price at 31 December 2023:
Exercise price in NOK 34.5 45.9 65.4-66.2 180-181.8 214.8-288.3 497.7 617.4 Total
Management team:
Erik Digman Wiklund, CEO 20 012 6 671 12 670 10 658 4 994 4 994 59 999
Lubor Gaal, CFO 13 341 9 988 23 329
Victor Levitsky, CSO 3 317 1 491 16 694 21 502
Thomas B Hansen. CTO 13 341 3 317 16 658
Ola Melin, COO 13 341 2 497 8 347 24 185
Total Management
1,2
63 352 9 988 13 976 21 017 27 352 4 994 4 994 145 673
1) Ingunn Munch Lindvig resigned from her position as VP Regulatory Affairs on 9 June 2023. As of 31.12.23 she held 1 303 options for shares of exercise price 65.40, 793 between 155.57-167.7 and 2 810 at 288.3.
2) Lone Ottesen resigned from her position as CMO on 13 August 2023. As of 31.12.23 she held 1 652 options for shares of exercise price 65.4 and 5 347 at 237.9.
3) Margrethe S\u00f8rgaard joined the management team 1 June 2023 and resigned from her position as VP & Head of Clinical Development 30 November 2023. As of 31.12.23 she held 654 options for shares of exercise price 65.4 and 429 at
202.2.
Related party transactions
The Company entered into a consulting agreement with Levitski V-Biopharm Consulting, a Zurich
based company, in April 2020. Levitski V-Biopharm Consulting is a related party of Victor Levitsky,
who is a member of Circio Management Team, Chief Scientific Officer as from April 2020. Levitski V-
Biopharm Consulting is entitled to a consultancy fee of NOK 359 866 (CHF 28,716) per month for a
100% position. In 2024 Viktor Levitsky had a position of 20% for six months and the other six months
a position of 30%.
The Company entered into a consulting agreement with BioPharma Drug Licensing Group SL, a
Barcelona based company, in February 2022. BioPharma Drug Licensing Group SL is a related party
of Lubor Gaal, who is a member of Circio Management Team, Chief Financial Officer as from March
2022. BioPharma Drug Licensing Group SL is entitled to a consultancy fee of NOK 270 672 (EUR
22,948) per month for a 100% position as CFO and NOK 82 565 (EUR 7,000) per month for a 100%
consultant providing analyst services. The analyst services were terminated at the end of January
2024.
Consultancy fees and analyst services for Levitski V-Biopharm Consulting and BioPharma Drug
Licensing Group SL are in CHF and EUR respectively, NOK values as stated above are based on
exchange rates as of 31.12.2024.
Related party transactions:
2024 2023
Amounts in NOK thousands
Revenue
(expense)
Receivable
(Payable) at
31 December
Revenue
(expense)
Receivable
(Payable) at
31 December
Levitski V-Biopharm Consulting -1 329 -238 -1 001 -
BioPharma Drug Licensing Group -2 957 -143 -3 754 -257
Remuneration to the statutory auditor (excl. VAT)
Amounts in NOK thousands
2024 2023
Statutory audit 861 1 085
Other attestation services 24 120
Tax services 60 -
Other services
1
146 7
Total 1 091 1 213
1 Other services relates to the waiver of the Business Finland loans and intermediate balance report
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Remuneration to the statutory auditor (excl. VAT)
Amounts in NOK thousands
2024 2023
Statutory audit 861 1 085
Other attestation services 24 120
Tax services 60 -
Other services
1
146 7
Total 1 091 1 213
1 Other services relates to the waiver of the Business Finland loans and intermediate balance report
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_E124_CY": { "value": "
12. Share-based compensation
Equity-settled share-based payments are measured at the fair value of the equity instruments at the
grant date.
The fair value of the employee services received in exchange for the grant of the options is
recognized as an expense, based on the Company's estimate of equity instruments that will
eventually vest. The total amount to be expensed is determined by reference to the fair value of the
options granted excluding the impact of any non-market service and performance vesting conditions.
The grant date fair value of the options granted is recognized as an employee expense with a
corresponding increase in equity, over the period that the employees become unconditionally entitled
to the options (vesting period).
The fair value of the options granted is measured using the Black-Scholes model. Measurement
inputs include share price on measurement date, exercise price of the instrument, expected volatility,
weighted average expected life of the instruments, expected dividends, and the risk-free interest rate.
Service and non-market performance conditions attached to the transactions are not taken into
account in determining fair value.
When the options are exercised, the Company issues new shares. The proceeds received net of any
directly attributable transaction costs are recognized as share capital (nominal value) and share
premium reserve.
At the end of each reporting period, the group revises its estimates of the number of options that are
expected to vest. It recognizes the impact of the revision to original estimates, if any, in statement of
profit or loss, with a corresponding adjustment to equity. Changes to the estimates may significantly
influence the expense recognized during a period.
Share options
The Group operates an equity-settled, share-based compensation plan, under which the entity
receives services from employees as consideration for equity instruments (options) in Circio Holding
ASA.
At the Annual General Meeting (AGM) in June 2024 the Board of Directors was authorized to increase
the Group\u2019s share capital in connection with share incentive arrangements by up to NOK 2 428 639.5.
This authorization replaces the previous authorizations to increase the share capital by up to the
lower of NOK 2 700 000 and b) 10% of the Company\u2019s outstanding shares, options and RSUs given to
the Board of Directors at the AGM held in May 2023.
The Company has granted share options under its long-term incentive program (the \u201cLTI Option
Program\u201d). The Option Program applies to the Management Team as well to employees in general.
Certain former employees and former board members have also been granted options under the LTI
Option Program.
Additionally, the Company has in the past granted options as payment for inventions (the \u201cIPR Option
Program\u201d).
Each share option converts into one ordinary share of the Company on exercise. Options may be
exercised at any time from the date of vesting until expiry. The options generally vest over a period of
four years: 25 percent of the options vest on the first anniversary of the grant date and the remaining
75 percent of the options vest in equal monthly tranches over the next 36 months. Options expire
seven years after the grant date.
In general, the exercise price of the options is set at the fair value of the shares at grant date.
Certain former employees and former board members have also been granted options under the LTI
Option Program as replacement for historical option holdings.
There were granted 3 450 000 share options during 2024 and 30 000 share options during 2023.
At an Extraordinary General Meeting 27 September 2023, the General Meeting passed the resolution
to consolidate the Company\u2019s share in the ratio of 30:1 (a reversed split), hence a modification of
negative 7 761 511 share options. The nominal value was also adjusted to NOK 0.6.
Fair value of the options has been calculated at grant date. The fair value of the options was
calculated using the Black-Scholes model. The expected volatility for options issued in 2024 and
2023 is estimated at average of 83.70% and 75.17%, based on the volatility of comparable listed
companies. The volume weighted average interest rate applied to the share options grants in 2024
and 2023 is 3.60% and 3.52%.
The following table shows the changes In outstanding options In 2024 and 2023:
2024 2023
No. of
options
Weighted avg.
exercise price
(in NOK)
No. of
options
Weighted avg.
exercise price
(in NOK)
Outstanding at 1
January
267 230 214.83 10 781 275 6.11
Granted during the
period
3 450 000 0.76 30 000 0.83
Exercised during the
period
- - - -
Forfeited -3 128 61.42 -2 537 409 3.81
Expired -43 306 562.56 -245 125 59.70
Modifications due to
share split Oct 2023
- - -7 761 511 214.85
Outstanding no. of
options at end of period
3 670 796 9.67 267 230 214.83
See Circio\u2019s Remuneration report for further information on granted share options to Management
Team.
The average fair value of options granted in 2024 was 0.52 per share and 0.42 per share in 2023.
The weighted- average assumptions used to determine the Black Scholes fair value of options
granted in 2024 and 2023 were:
Amounts in NOK thousands
2024 2023
Volatility (%) 83.70 75.17
Expected life (in years) 4.58 3.66
Risk-free interest rate (%) 3.60 3.52
Share price (NOK) 0.78 0.42
Exercise price (NOK) 0.76 24.90
The expensed share options, NOK 0.9 million in 2024 (Targovax Solutions AS: NOK 0.5 million, and Circio AB: NOK 0.4 million) and NOK 0.5 million in 2023 (Targovax Solutions AS: NOK 0.4 million, Targovax OY:
negative NOK 0.4 million and Circio AB: NOK 0.5 million) , includes management estimate for employee turnover. The estimated turnover rate used for the year 2024 and 2023 was 9.74% and 14.41%.
At 31 December 2024, the range of exercise prices and weighted average remaining contractual life of the options were as follows:
Outstanding options Vested outstanding
Exercise price
Outstanding options per
12/31/2024
Weighted average remaining
contractual life
Weighted average remaining
years until vesting
Weighted average
exercise
price
Vested outstanding per
12/31/2024
Weighted average
exercise
price
Weighted average
remaining
life vested
0.00-1.00 3 450 000 6.90 2.05 0.76 0 0.00 0.00
1.00-35.00 81 280 4.97 0.50 34.46 41 128 34.43 4.97
35.00.-50.00 10 473 4.20 0.20 45.69 7 153 45.72 4.20
50.00-100.00 25 374 3.99 0.09 65.39 21 069 65.36 3.99
100.00-200.00 32 075 2.89 0.04 178.75 28 595 178.46 2.78
200.00-400.00 56 929 2.52 0.00 261.43 56 929 261.43 2.52
400.00- 14 665 0.09 0.00 497.70 14 665 497.70 0.09
Total 3 670 796 6.70 1.94 9.67 169 539 179.34 3.20
At 31 December 2023, the range of exercise prices and weighted average remaining contractual life of the options were as follows:
Outstanding options Vested outstanding
Exercise price
Outstanding options per
12/31/2023
Weighted average remaining
contractual life
Weighted average remaining
years until vesting
Weighted average
exercise
price
Vested outstanding per
12/31/2023
Weighted average
exercise
price
Weighted average
remaining
life vested
0.00-35.00 83 478 5.98 1.14 34.38 20 634 34.49 5.97
35.00-46.00 10 473 5.21 0.63 45.69 4 537 45.74 5.20
46.00-67.00 26 400 3.56 0.36 65.39 17 115 65.31 2.78
67.00-180.00 16 351 1.54 0.00 175.89 16 351 175.89 1.54
180.00-220.00 32 642 2.91 0.21 196.80 24 986 201.63 2.33
220.00-289.00 45 531 2.37 0.06 276.19 39 873 275.16 2.16
289.00-500.00 22 305 0.71 0.00 469.91 22 305 469.91 0.71
500.00- 30 050 0.19 0.00 664.78 30 050 664.78 0.19
Total 267 230 3.36 0.45 214.83 175 851 292.18 2.19
From 1 January 2025 to 10 April 2025, no share options were granted to members of management, 100 000 share options were granted to other employees of the Group.
Restricted Stock Units
The Board of Directors may choose to receive their remuneration, or parts thereof, in the form
of restricted stock units (RSUs). If the Board members choose to receive the Board
remuneration in RSUs they must choose to either (i) receive 100% of the compensation in
RSUs, (ii) receive 1/3 of the compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the
compensation in cash and 1/3 in RSUs.
The number of RSUs to be granted to the members of the Board of Directors is calculated as
the NOK amount of the RSU opted portion of total compensation to the Board member,
divided by the market price of the Circio Holding ASA share. The market price is calculated as
the volume weighted average share price the 10 trading days prior to the grant date. The
RSUs will be non-transferrable and each RSU will give the right and obligation to acquire
shares in Circio Holding ASA (at nominal value) subject to satisfaction of the applicable
vesting conditions. When the RSUs have vested, the participant must during the following
three-year period select when to take delivery of the shares.
The compensation to each member of the Board of Directors for the period between the AGM
2024-2025 has been set out in the minutes from the Annual General Meeting 19 June 2024.
The general assembly decided to remunerate the Board of Directors for the period between
the AGM 2024 to the AGM 2025 with a combination of cash and Restricted Stock Units
(RSUs). All board members chose cash, hence no RSU\u2019s were granted to the Board of
Directors in 2024.
No RSUs were granted in 2024. The average fair value of RSUs granted in 2023 was 0.61 per share.
The weighted- average assumptions used to determine the Black Scholes fair value of RSUs granted
in 2023 were:
Amounts in NOK thousands
2024 2023
Volatility (%) - 92.97
Expected life (in years) - 1
Risk-free interest rate (%) - 3.65
Share price (NOK) - 0.61
Exercise price (NOK) - 0.60
The RSUs expenses in 2024 and 2023 were NOK 0.1 million and NOK 1.0 million. A total of 65 557
RSUs were outstanding at 31 December 2024.
The following table shows the changes in outstanding RSUs in 2024 and 2023:
2024 2023
No. of
RSU\u2019s
Weighted avg.
exercise price
(in NOK)
No. of
RSU\u2019s
Weighted avg.
exercise price
(in NOK)
Outstanding at 1 January 87 707 0.60 802 921 0.10
Granted during the period
- - 1 931 997 0.10
Exercised during the period - - -103 789 0.10
Modifications - - -2 543 422 0.60
Forfeited -21 427 0.60 - -
Expired -723 0.60 - -
Outstanding no. of Restricted
Stock Units at end of period
65 557 0.60 87 707 0.60
From 1 January 2025 to 10 April 2025 no RSUs have been granted to the Board of Directors.
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13. Other operating expenses
Expenditure on Other operating expenses is recognized in the statement of profit or loss as an
expense in the period in which it is incurred.
Amounts in NOK thousands
2024 2023
Consultancy, advisors' expenses and IR 3 784 4 834
Travel expenses 681 1 223
Facilities expenses 647 898
IT services and IT-related accessories 1 589 1 965
Conferences and training 191 434
Other 1 762 4 629
Government Grants -221 -
Total operating expenses 8 433 13 983
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14. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
Financial assets
The Group\u00b4s financial assets are: trade receivables, governmental grant receivables and cash and
cash equivalents.
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing them. With the
exception of trade receivables that do not contain a significant financing component, the Group
initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs.
The Group measures financial assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold financial
assets in order to collect contractual cash flows and,
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest (EIR)
method and are subject to impairment. Gains and losses are recognised in profit or loss when the
asset is derecognised, modified or impaired.
The Groups financial assets at amortised cost includes trade receivables, governmental grant
receivables and other short-term deposit. Trade receivables that do not contain a significant
financing component are measured at the transaction price determined under IFRS 15 Revenue from
contracts with customers.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement
of financial position) when:
- The rights to receive cash flows from the asset have expired, or
- The Group has transferred its rights to receive cash flows from the asset or has assumed
an obligation to pay the received cash flows in full without material delay to a third party
under a \u2018pass-through\u2019 arrangement; and either
o the Group has transferred substantially all the risks and rewards of the asset, or
o the Group has neither transferred nor retained substantially all the
risks and rewards of the asset, but has transferred control of the asset
Financial assets at amortized cost
Currently, all the Group's financial assets are categorized as receivables, see note 17 Receivables.
The Group has currently not recognized any non-current financial assets.
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as appropriate. Derivatives are
recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly
attributable transaction costs.
Loans, borrowings and payables
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the
liabilities are derecognized as well as through the EIR amortization process.
Amortized cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the
statement of profit or loss.
Payables are measured at their nominal amount when the effect of discounting is not material.
The conversion right of convertible bonds has been measured to have zero value at initial
recognition.
Derecognition of financial liabilities
A financial liability is derecognized when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original liability and the recognition
of a new liability. The difference in the respective carrying amounts is recognized in the statement of
profit or loss.
Liabilities at amortized cost (Loans and borrowings)
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortized cost using the EIR method. See note 20
Interest-bearing debt and 21 Current liabilities for information about Business Finland loans.
Finance income and expense
All finance income and finance expense, except for foreign exchange income/expense, are related
to financial assets and financial liabilities carried at amortized cost. Finance income consists of
interest income and foreign exchange gain. Finance expense mainly consists of interest expense
and exchange loss. However, as the loan with Business Finland was fully waived in 2024, due to the
liquidation of the subsidiary Targovax Oy, NOK 69.2 million was recognized as other finance
income.
Finance income is:
Amounts in NOK thousands
2024 2023
Interest income on bank deposit 43 347
Interest income on Money Market fund, Nordea Likviditet III 11 309
Interest income on tax repaid 7 2
Net currency gain - bank and other operating items - 884
Other finance income
1
106 454 -
Total finance income 106 454 1 541
1 Other finance income relates to the waiver of the Business Finland loans comprising finance income for the
waiver of NOK 72.2m (EUR 6,2m) and reversal of accrued payable interest of NOK 0,8m (EUR 0.1m), deducted for
amortized interest expense of NOK 3.8m (EUR 0.3m).In addition, translation differences of NOK 37.2m was
reclassified from Comprehensive income to Other finance income due to the liquidation of Targovax OY.
Finance expenses are:
Amounts in NOK thousands
2024 2023
Interest expense \u2013 Business Finland Loan - 3 512
Other finance expense related to convertible bond 5 352 10 960
Interest expense on lease liabilities - 18
Other interest expense 20 27
Impaired receivables 1 116 -
Net currency loss - bank and other operating items 12 -
Other finance expense - -
Total finance expense 6 500 14 518
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15. Tax
Income tax expense comprise current income tax (tax payable) and deferred tax. Deferred taxes are
recognized based on temporary differences between the carrying amounts of assets and liabilities in
the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax assets arising from deductible temporary differences are recognized to the extent that it
is probable that taxable profits will be available so temporary differences can be utilized.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset realized, based on tax rates that have been enacted
or substantively enacted by the end of the reporting period.
The tax losses can be carried forward indefinitely in Norway and Sweden and in Finland it can be
carried forward and offset against taxable income in ten years for tax purposes. Targovax Oy was
liquidated during 2024 and hence no taxable losses to carry forward and no taxable profit for the
year 2024. The Group considers that a deferred tax asset related to accumulated tax losses cannot
be recognized in the statement of financial position until the product under development has been
approved for marketing by the relevant authorities. This assumption is continually assessed, and
changes could lead to significant deferred tax asset being recognized in the future. This assumption
requires significant management judgment.
The Group is in the research phase of its product development and has incurred significant tax
losses related to its operations. Circio Holding ASA has a total tax loss carried forward of NOK 39
million at 31 December 2024 (31 December 2023: NOK 20 million). Targovax Solutions AS has a total
tax carried forward of NOK 602 million (31 December 2023: NOK 594 million). Circio AB has a total
tax loss carried forward of NOK 47 million at 31 December 2024 (31 December 2023: NOK 22
million).
The tax effects of temporary differences and tax losses carried forward at
31 December are as follows:
Amounts in NOK thousands
2024 2023
Intangible and fixed assets -19 -11
Capitalized R&D for tax purposes - -417 521
Borrowings - 3 649
Share options and RSUs -1 -37
Financial instruments 42 37
Tax loss carried forward -688 632 -857 749
Temporary differences and tax losses carried forward
at 31.12
-688 610 -1 271 631
Temporary differences and tax losses carried forward
at 31.12 not recognized
-688 610 1 271 631
Deferred tax asset (22%/22%) not recognized 151 494 279 759
Deferred tax asset 31.12 - -
Recognized temporary differences at 31.12 - -
Deferred tax liability 31.12 - -
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using
the domestic tax rate applicable to profits of the consolidated entities as follows:
Amounts in NOK thousands
2024 2023
Loss before income tax 57 523 -112 941
Tax calculated at domestic rate (22%) / (22%) 12 655 -24 847
Tax effect permanent differences -705 -440
Tax effect of change in tax rates - -
Change in deferred tax asset not recognized 12 105 24 153
Effect on different tax rates in countries in which
the Group operates
155 1134
Other --
Tax income / expense (-)
0 0
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16. Property, plant and equipment
Property, Plant and equipment (non-current assets) are carried at cost less accumulated
depreciation and accumulated impairment losses. Acquisition cost includes expenditures that are
directly attributable to the acquisition of the individual item. Other non-current assets are depreciated
on a straight-line basis over the expected useful life of the asset. lf significant individual parts of the
assets have different useful lives, they are recognized and depreciated separately. Depreciation
commences when the assets are ready for their intended use.
At the end of each reporting period, the Group reviews the carrying amounts of its assets to
determine whether there is any indication that those assets have suffered an impairment loss.
Property, plant and equipment consist of:
Lab equipment with an estimated useful life of 10 years and furniture and fittings with an estimated
useful life of 5 years. No impairment losses have been recognized.
Amounts in NOK thousands
Machinery and
equipment
Furniture,
fittings
Total
Cost
2023
Opening balance 5 012 2 080 7 092
Additions 193 - 193
Disposals -5 166 -44 -5 211
Exchange differences 438 6 443
At 31 December 2023 476 2 042 2 518
2024
Opening balance - - -
Additions 189 - 189
Disposals - - -
Exchange differences -
At 31 December 2024 189 - 189
Accumulated depreciation and impairment
2023
Opening balance 42 2 016 2 058
Depreciation and impairment charge 434 26 460
At 31 December 2023 476 2 042 2 518
2024
Opening balance 0 - -
Depreciation and impairment charge 5 - 5
At 31 December 2024 5 - 5
Carrying amount:
At 31 December 2023 - - -
At 31 December 2024 185 - 185
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_E130_CY": { "value": "
17. Receivables
A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. Loans
and receivables carried at amortized cost are recognized at the transaction price plus direct
transaction expenses. The Group\u2019s Financial asset receivables mainly comprise short-term deposits
for office leases and receivable from government grants in the Statement of financial position, see
Note 8 Government grants for further information of the recognition of grants in the statement of
profit or loss. Other receivables comprise VAT receivables and prepaid expenses.
Amounts in NOK thousands
2024 2023
Receivable government grants 300 -895
Short-term deposits 73 -
Financial asset receivables 373 -895
Other receivables 3 011 4 343
Total receivables 3 384 3 448
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_E17_CY": { "value": "
18. Cash and cash equivalents
Cash and short-term deposits in the Statement of financial position comprise cash at bank
and other short-term highly liquid investments with original maturities of three months or
less.
Amounts in NOK thousands
2024 2023
Bank deposits 18 213 21 900
Money Market fund, Nordea Likviditet III 42 350
Total cash and cash equivalents 18 255 22 250
Restricted cash specification:
Amounts in NOK thousands
2024 2023
Income tax withholding from employee 339 1 436
Rent deposits
1
73 -
Other
1
- -
Total restricted cash 413 1 436
1) Classified as Receivables.
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19. Share capital and shareholder
information
Share capital as at 31 December 2024 is 42 090 397.20 (31 December 2023: 4 484 286.60)
comprising 70 150 662 ordinary shares at nominal value NOK 0.60 (31 December 2023: 7 473 811).
The share capital as at 31 December 2024 includes NOK 10 695 007.80 from the issuance of 17 825
013 shares related to the warrants exercise and private placement completed in December 2024.
The share capital increase was approved in December, while the shares were issued and listed on 6
January 2025. All shares carry equal voting rights.
To comply with minimum share price obligations for companies listed on the Oslo Stock Exchange,
pursuant to which the market value for listed shares shall not be lower than NOK 1 for a period of
longer than six months, the EGM 27 September 2023 resolved that the Circio Holding ASA shares
would be consolidated in the ratio of 30:1 (reverse split), whereby 30 existing shares, each with a
nominal value of NOK 0.1, would be consolidated to one share with nominal value NOK 3. Following
the share consolidation, the Company's share capital was reduced by NOK 2.5 to NOK 0.6 per share,
and the reduction amount was used to cover a portion of the Company's accumulated losses, as
reflected in the balance sheet per 31 December 2022.
The movement in the number of shares during the period was as follows:
2024 2023
Ordinary shares at beginning of period 7 473 811 188 473 783
Modifications due to reverse share split Oct
2023
1
- -182 191 324
Share issuance \u2013 Right\u2019s Issue 7 864 852 -
Share issuance \u2013 warrants exercise and private
placement
17 825 013 -
Share issuance \u2013 Bond agreement 36 986 986 1 187 892
Share issuance, employee RSUs - 3 460
Ordinary shares at end of period 70 150 662 7 473 811
1) Number of shares in 2023 is adjusted for reverse share split, hence consolidated in the ratio 30:1
The 20 largest shareholders
1
as of 31 December 2024:
Shareholder # shares
1
%
H\u00f8se AS 5 117 932 7.3 %
Citibank, N.A (nom.) 3 488 605 5.0 %
B\u00e6kkelaget Holding AS 2 486 010 3.5 %
Nordnet Bank AS (nom.) 2 118 845 3.0 %
Star Kapital as 2 100 000 3.0 %
Danske Bank A/S (nom.) 1 880 714 2.7 %
Egil Pettersen 1 875 828 2.7 %
NCS Energy Consultants AS 1 786 100 2.5 %
Kristian Falnes AS 1 400 000 2.0 %
Nordnet Livsforsikring AS 1 384 561 2.0 %
Nordnet Bank (nom.) 1 253 418 1.8 %
Arne Hellest\u00f8 AS 950 000 1.4 %
Kjell Olav Lunde 830 000 1.2 %
VaktmesterGruppen AS 829 777 1.2 %
Arne Fredrik Hellest\u00f8 757 159 1.1 %
Ola Andre Skotheim 737 035 1.1 %
Ove Huseb\u00f8 700 000 1.0 %
Alfred Leander Thorsen 666 876 1.0 %
Tor Arne Stok\u00e5s 608 000 0.9 %
Trond Inselseth 601 665 0.9 %
20 largest shareholders 31 572 525 45.0 %
Other shareholders (5 706) 38 578 137 55.0 %
Total shareholders 70 150 662 100.0 %
1) Including the 17 825 013 shares related to the exercise of warrants and private placement completed in
December 2024
Earnings per share
Earnings per share are calculated by dividing the profit or loss attributable to ordinary
shareholders of the Company by the weighted average number of ordinary shares
outstanding during the period.
Diluted earnings per share is calculated as profit or loss attributable to ordinary shareholders
of the Company, adjusted for the effects of all dilutive potential options.
Amounts in NOK thousands
2024 2023
Profit for the period 57 523 -112 941
Average number of outstanding shares during the
period
20 640 6 783
Earnings/ loss per share - basic and diluted 2.79 -16.65
Share options and RSUs issued have a potential dilutive effect on earnings per share.
Share options and RSUs shall be treated as dilutive only if their conversion to ordinary shares
would decrease earnings per share or increase loss per share from continuing operations. As
the Group is currently loss-making, an increase in the average number of shares would have
anti-dilutive effects. Hence, no dilutive effect has yet been recognized.
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20. Interest-bearing debt
The Group has received three R&D loans from Business Finland, for the commercialization of
ONCOS-102, under loan agreements dated September 2010, February 2012 and December 2013,
respectively, in the total outstanding amount of EUR 6.2 million as of 31 December 2023. The total
debt of EUR 6.2 million was short-term as per 31 December 2023.
On 18 January 2024, the Company announced that the debt to Business Finland has been approved
to be waived in full, subject to certain conditions which were fulfilled during April 2024. Hence, the
Group has no long-term debt as per 31 December 2024. The subsidiary Targovax Oy was liquidated
in the second half of 2024
Prior to being waived, the loans were treated according to the following assumptions and
accounting principles:
The loans granted by Business Finland loans were defined interest-bearing liabilities. Annual interest
was paid yearly throughout the entire loan period. The applicable interest rate was the European
Central Bank\u2019s steering rate less 3 percentage points per annum, although not less than 1%. The
interest rate was 1% during the entire loan period.
The financial liability was initially recognized at fair value and subsequently at amortized cost using
an effective interest method. The grant component was recognized as income on a systematic basis
over the periods in which the entity recognizes as expenses the related costs for which the grants
are intended to compensate. The interest rate used to discount the cash flows of the loans should
reflect the market rate of interest for the Company at the time when the tranches have been
withdrawn. However, Circio could only raise funds from the owners or/and from venture capitalists
at 8% rate or from the Government at 1% rate. Circio has access only to these two loan markets.
These funding limits also set restrictions to the estimation of the fair market rate that shall be used
to discount the cash flows. Further, there is no proper peer group for life science companies, hence
there is no comparable yield curve available in Europe. Any other interest rate than in the bridge loan
interest will be highly judgmental due to the very tight credit status of the company (cannot provide
any collateral). Therefore, the 8% bridge loan interest represents managements best and only
estimate of a market rate interest and is used in separating the government grant component from
the Business Finland loans. The additional interest expense resulting from recognizing the loan by
using the effective interest method, is recognized as addition to interest expenses in the statement
of profit or loss. The separated government grant is recognized as a reduction of operating expenses
in the statement of profit or loss in the period when it has been received.
For the IFRS adjustment of the Business Finland loans described above the Company applied the
transitional exemptions for first time adopters under IFRS 1. Consequently, Business Finland loans
granted prior to 1 January 2013 were not adjusted to fair value. In the purchase price allocation from
the 2015 acquisition of Oncos, these loans have been adjusted to fair value by discounting future
cash flows using the 8 % interest rate, resulting in a fair value adjustment of NOK 9.3 million and a
carrying amount of NOK 33.6 million in the statement of financial position at the acquisition date.
Based on the effective interest rate method, an increase in interest expense of NOK 2.8 million has
been recorded in the statement of profit or loss and other comprehensive income as at 31 December
2023.
A net total of NOK 69.2 million was recognized as finance income in 2024, which relates to the full
waiver of the three Business Finland loans and the remainder of the amortized interest cost as well
as exchange difference during 2024.
The table below shows a reconciliation of the opening balances for the liabilities arising from
financing activities:
Changes in liabilities arising from financing activities
(Amounts in NOK thousands)
Interest-bearing liabilities
Business Finland loans
Interest-bearing liabilities 31 December 2022 61 964
Cash flow from financing activities -2 712
Exchange differences 4 100
Additions financial liabilities -
Change to loan repayment schedules -
Other transactions without cash settlement 2 800
Interest-bearing liabilities 31 December 2023 66 153
Cash flow from financing activities -
Exchange differences 2 278
Additions financial liabilities -
Loan waiver -72 206
Remainder of amortized interest cost 3 775
Total interest-bearing liabilities prior to being waived 69 202
Interest-bearing liabilities 31 December 2024 -
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21. Current liabilities
The Group\u2019s current liabilities consist of financial liabilities as convertible bond, , trade payables, and
other current liabilities as withholding taxes and accrued expenses and are classified as \"current
liabilities\". Current liabilities in 2023 also included the short-term part of the EUR 6 209 888 loan from
Business Finland and which was waived in full in 2024. Trade payable is obligations to pay for goods
or services that have been acquired in the ordinary course of business from suppliers. Trade
payables are classified as current liabilities if payment is due within one year or less (or in the normal
operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade
payables and other financial liabilities are recognized initially at fair value and subsequently
measured at amortized cost using the effective interest method.
Current liabilities consist of:
Amounts in NOK thousands
2024 2023
Interest-bearing liabilities - 66 153
Convertible bond 17 356 44 281
Trade payables 4 713 3 450
Financial liabilities 22 068 113 884
Other current liabilities 10 807 10 369
Total current liabilities 34 339 124 253
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22. Convertible bond
In February 2023, the Company announced that it has agreed the terms and conditions for an
investment and subscription agreement for a convertible bond facility with Atlas Special
Opportunities (the \"Investment Agreement\"), which will provide financing of up to gross NOK 300
million over three years. The Investment agreement was approved by the extraordinary general
meeting (EGM) of the Company held in March 2023, and an amendment agreement was later
approved at an EGM in September 2023.
In May 2024, the Company announced a financing structure combining a rights issue with a financing
commitment from Atlas, securing the required capital to fund the company\u00b4s operations until 30 June
2025, formalized in a second amendment agreement to the Investment Agreement signed in June
2024. The proposed transaction structure was approved by the company\u00b4s Annual General Meeting
held on 19 June 2024.
As part of financing structure and as support for the rights issue, Atlas made several financing
commitments to the Company:
o The Company issued new convertible bonds with a nominal value of NOK 4 million to Atlas to
ensure that the Company had sufficient funds for the completion of the Rights Issue.
o Atlas provided a guarantee for an amount of up to NOK 10 million in the rights issue. A NOK 1.5
million tranche was issued under this commitment, thus completing the rights issue transaction
bringing the total gross proceeds to approx. NOK 19.6 million.
o Atlas converted, as part of the announced completion of the rights issue outstanding bonds in
the total amount of NOK 15 million at the subscription price of the rights issue, NOK 2.5.
o Atlas gave a financing commitment: If the Company is not successful in gaining sufficient
financing for the period until end June 2025 through the Rights Issue, including the exercise of
the Warrants in December 2024, Atlas will cover the Company's estimated financing needs until
the end June 2025, limited to a monthly cash requirement of NOK 4 million and to a total amount
of NOK 48 million.
These financing commitments shall be provided in the form of additional convertible bonds issued by
the Company under the terms of the Investment Agreement. Should the Company be in breach with
any of the conditions precedent defined in the Investment Agreement, then Atlas shall waive these for
an additional fee equal to either 8% paid in cash, or 12% paid in shares, at the discretion of the
Company. As part of these financing commitments, it was agreed that the Company has no right to
request any further funding from Atlas subsequent of the financing for the period until end June
2025.
Circio expects to extend the Financing commitment with Atlas, with the possibility of issuing
additional convertible bonds providing cash runway into 4Q of 2025.
The convertible loan is classified as financial liability and measured at amortized cost using the
effective interest method, where the effective interest rate is the interest rate that accurately
discounts the expected future cash flows to the balance sheet value of the financial liability. This
includes fees, transaction costs and other expenses related to the loan. The part of the transaction
costs attributable to the loan (which will be measured at amortized cost) is deducted from the
balance sheet value of the financial liability and amortized as part of the effective interest rate.
Based on the effective interest rate method, a total interest expense of NOK 10.6 million has been
recognized as other finance expense in the statement of profit or loss and other comprehensive
income as of 31 December 2024, NOK 6.3 million in 2023 and NOK 4.3 million in 2024.
According to IFRS 9 the convertible loan contains a conversion right which is an embedded derivative.
The embedded derivative is accounted for separately from the host instrument and measured at fair
value with changes recognized in profit or loss. The conversion right of convertible bonds has been
measured to have close to zero value at initial recognition, hence the book value of the conversion
right is zero.
As of 31 December 2024, tranches with an aggregate nominal value of NOK 72.5 million have been
exercised.
For access to its capital over 3 years, Circio has paid Atlas a 2% facility fee of NOK 6m (NOK 7.1m
including lawyer fees) which was deducted from the first tranche. Costs related to the loan facility
itself are considered a financial asset as it provides a future financial benefit through the ability to
draw on the facility in the future. This is expensed proportionately, calculated from the total expected
drawdown on the loan facility and recognized as other finance expense in the statement of profit and
loss. NOK 5.8 million of the total facility fee of NOK 7.1 million has been expensed as of 31 December
2024, NOK 4.8 million in 2023 and NOK 1.0 million in 2024.
Due to an error in the accounting of the convertible bond agreement in 2023, the opening balance of
receivables, current liabilities and equity was adjusted as of 01.01.2024.
As the facility fee was previously amortized on a straight-line basis, while it is now expensed based
on expected withdrawals, the receivables were changed from NOK 4.5 million to 2.0 million as of
01.01.2024. The convertible bond was reduced from NOK 44.5 million to 44.3 million as previously
the transaction cost was expensed immediately, while it is now included in the calculation of
amortized cost. And hence, a total change of NOK 2.2 million to the opening balance of the equity as
of 01.01.2024.
Changes in liabilities arising from financing activities
(Amounts in NOK thousands)
Convertible bond
Interest-bearing liabilities 31 December 2022 0
Issuance convertible bonds 59 000
Conversion to shares -14 500
Convertible bond fees -6 485
Changes to estimated cash flow 4 350
Amortization of interest expense 1 916
Interest-bearing liabilities 31 December 2023 44 281
Issuance convertible bonds 13 500
Conversion to shares -42 500
Convertible bond fees -2 275
Changes to estimated cash flow -2 068
Amortization of interest expense 6 418
Interest-bearing liabilities 31 December 2024 17 356
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23. Events after the reporting date
Post-period highlights
o In January 2025, published an invited, wide-ranging review on the potential of
circular RNA therapeutics in the prestigious journal Nature Reviews Genetics
o In January, announced a partnership with 4basebio PLC. to combine the circVec
circular RNA expression system with 4basebio\u00b4s proprietary synthetic DNA
formats hpDNA and opDNA, with the aim of creating a durable, repeat-dosable,
non-viral platform for future synthetic DNA gene therapies
o In April, announced a research collaboration with Entos Pharmaceuticals U.K Ltd
involving involve joint development and in vivo delivery testing of Circio\u2019s
optimized circular RNA expression vectors (circVec) using the Entos proprietary
Fusogenix\u2122 PLV\u2122 nucleic acid delivery technology.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_E10_CY": { "value": "Circio Holding ASA (OSE: CRNA) (\"the Company\") is a biotechnology company developing powerful circular RNA technology for next generation nucleic acid medicine. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXFYNS31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }