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AEON

AEON Biopharma, Inc.

AEON

AEON Biopharma, Inc. • NASDAQ
$0.85 ▲ 1.32% (+0.01)
Market Cap $9.86 M
52w High $64.80
52w Low $0.38
Dividend Yield 0%
P/E 0.28
Volume 31.91K
Outstanding Shares 11.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $2.493M ▼ $-4.538M ▲ 0% $-0.39 ▲ $-2.511M ▲
Q2-2025 $0 $4.338M ▲ $-6.642M ▼ 0% $-0.6 ▼ $-4.302M ▼
Q1-2025 $0 $462K ▼ $9.095M ▲ 0% $2.28 ▼ $-3.931M ▲
Q4-2024 $0 $2.321M ▼ $2.082M ▲ 0% $3.76 ▲ $-5.643M ▼
Q3-2024 $0 $4.016M $-6.171M 0% $-11.24 $-3.991M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.927M ▼ $8.734M ▼ $28.606M ▲ $-19.872M ▼
Q2-2025 $8.439M ▼ $11.662M ▼ $27.514M ▲ $-15.852M ▼
Q1-2025 $10.446M ▲ $13.799M ▲ $25.122M ▼ $-11.323M ▲
Q4-2024 $13K ▼ $3.142M ▼ $31.711M ▼ $-28.569M ▲
Q3-2024 $537K $4.004M $36.094M $-32.09M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.538M ▲ $-2.596M ▼ $0 $84K $-2.512M ▼ $-2.596M ▼
Q2-2025 $-6.642M ▼ $-2.091M ▲ $0 ▲ $84K ▼ $-2.007M ▼ $-2.091M ▲
Q1-2025 $9.095M ▲ $-7.909M ▼ $-4K ▼ $18.346M ▲ $10.433M ▲ $-7.913M ▼
Q4-2024 $2.082M ▲ $-621K ▲ $0 $97K ▲ $-524K ▲ $-621K ▲
Q3-2024 $-6.171M $-2.955M $0 $50K $-2.905M $-2.955M

Five-Year Company Overview

Income Statement

Income Statement AEON is still a clinical‑stage biotech, so it has no product revenue yet. The business is funded by investors, not by sales. As a result, the underlying operations continue to burn money through R&D and overhead. The latest year shows an accounting profit on paper, but this appears driven by one‑off or financial items rather than a true turnaround in the underlying business. Earnings per share also swing sharply because of changes in share count and the large reverse split, so headline profit figures should be treated with caution. Overall, the operating story is still that of an early‑stage company investing ahead of any commercial launch.

Balance Sheet

Balance Sheet The balance sheet is very thin, with a small asset base, limited cash, and a history of negative shareholders’ equity. That means cumulative losses have already exceeded the capital put into the company, a common pattern for high‑risk, early‑stage biotechs. Debt has been meaningful relative to the company’s size but is being actively managed through note exchanges and other financing moves. Even after recent balance‑sheet clean‑up, AEON remains financially fragile and dependent on continued access to capital markets and supportive partners.

Cash Flow

Cash Flow Cash flow is consistently negative, driven by spending on clinical trials, regulatory work, and day‑to‑day operations, with essentially no offsetting cash inflows from product sales. There is little in the way of capital spending, so almost all cash burn reflects running and advancing the pipeline. This means the company must periodically raise new funds or restructure obligations to keep going. Management’s own guidance that current resources reach only into the next couple of years underlines the need for future financing if development timelines stretch or trials become more expensive than expected.

Competitive Edge

Competitive Edge AEON’s competitive angle is focused and narrow: a therapeutic‑only botulinum toxin (ABP‑450) positioned as a biosimilar to Botox in medical, not cosmetic, uses. This leverages a molecule already used cosmetically, which helps de‑risk safety and manufacturing versus a brand‑new product. The partnership with Daewoong provides established, globally approved manufacturing, which is a real operational strength. The planned biosimilar regulatory path could, if it works as intended, offer a faster and cheaper route to broad therapeutic labels. At the same time, AEON is up against a dominant incumbent (AbbVie’s Botox) and a highly regulated, competitive market where payers, physicians, and regulators will scrutinize any new entrant. The moat is still theoretical and depends heavily on proving biosimilarity and executing trials well.

Innovation and R&D

Innovation and R&D R&D is tightly focused on ABP‑450 across several neurological and gastrointestinal conditions, with cervical dystonia as the lead indication. Prior mid‑stage data there were encouraging, while migraine results were mixed and have been deprioritized to conserve cash. Management’s shift toward a formal biosimilar pathway is an important strategic innovation: one successful head‑to‑head Phase 3 trial could potentially unlock multiple treatment indications if regulators agree. AEON also has intellectual property extending well into the next decade and is exploring additional uses like gastroparesis and PTSD, showing a long runway of potential follow‑on projects. The key risk is concentration: most of the company’s future hinges on one toxin platform and one regulatory strategy, so any clinical or regulatory setback could have outsized impact.

Summary

AEON is a very early‑stage, single‑platform biotech with no commercial revenue, ongoing cash burn, and a weak but actively managed balance sheet. Its appeal rests on a clear, if narrow, strategy: use an already known botulinum toxin, a credible manufacturing partner, and a biosimilar pathway to challenge Botox in therapeutic indications. Execution risk is high, financing needs are recurring, and timelines depend heavily on regulatory feedback and trial outcomes. If the biosimilar approach and pivotal trials succeed, the company could secure a differentiated position in a large, established market; if not, its concentrated focus and limited financial buffer leave little room for error.

NEWS

November 20, 2025 · 8:30 AM UTC

AEON Biopharma Announces First Closing of PIPE Investment and Provides Update on FDA Type 2a Meeting Scheduling

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November 14, 2025 · 8:30 AM UTC

AEON Biopharma Reports Third Quarter 2025 Results, Including Positive ABP-450 Biosimilarity Data and Strategic Positioning for Continued Growth

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November 13, 2025 · 8:30 AM UTC

AEON Biopharma Announces Fundraise Totaling Up to ~$22 Million through Private Placement and Proposed Exchange of Daewoong Convertible Notes

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October 1, 2025 · 8:00 AM UTC

AEON Biopharma Announces FDA BPD Type 2a Meeting for ABP-450 on November 19

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