-- Announced positive initial comparative analytical results, confirming identical amino-acid sequencing and highly similar functional characteristics to BOTOX$(R)$ --
-- Reported positive FDA BPD Type 2a meeting, with FDA feedback providing a clear framework for advancing the comparative analytical plan for ABP-450 biosimilar program --
-- Strengthened balance sheet through $6 million PIPE financing and Daewoong note exchange, reducing outstanding debt by more than 90% --
-- Appointed John Bencich as Chief Financial Officer, adding significant capital markets and strategic leadership experience --
IRVINE, Calif., March 30, 2026 (GLOBE NEWSWIRE) -- AEON Biopharma, Inc. ("AEON" or the "Company") (NYSE American: AEON), a biopharmaceutical company advancing ABP-450 (prabotulinumtoxinA) as a biosimilar to BOTOX(R) (onabotulinumtoxinA) to achieve full-label U.S. market entry, today announced its financial results for the full year ended December 31, 2025, and provided a business update.
"We've advanced the ABP-450 program with a positive FDA meeting and supportive initial comparative analytical results that reinforce our biosimilar development strategy," said Robert Bancroft, President and Chief Executive Officer of AEON. "The Agency's feedback supports AEON's proposed framework for completing our analytical program and preparing for our next regulatory interaction. At the same time, we strengthened our balance sheet through our recent financing and note exchange, positioning the Company to execute this next stage of development. With strong foundational biosimilarity data in hand, we are entering the next development phase with greater scientific, regulatory, and financial clarity, and remain confident in our strategy to pursue full-label U.S. market entry for ABP-450."
Recent Clinical and Corporate Highlights
-- Positive Biosimilarity Results
-- In November 2025, AEON reported positive initial comparative data
for ABP-450, its proposed biosimilar to BOTOX(R). These initial
analytical results confirmed identical amino-acid sequencing and
highly similar functional characteristics to BOTOX(R). These
analytical results were included in the package submitted to the
FDA ahead of AEON's BPD Type 2a meeting.
-- Liquid chromatography/mass spectrometry (LC/MS) analysis of
over 3,400 amino acids demonstrated that the primary
structure of ABP-450 exhibited a 100% sequence match to
BOTOX(R), based on sequence coverage of 93--99% across all
five proteins comprising the 900 kDa botulinum toxin type A
complex.
-- Functional analyses demonstrated initial similarity in
potency (using LD50 and cell-based potency assays),
composition (vial-to-vial comparability analyzed with
ELISA), and enzymatic activity (functional cleavage of
SNAP-25 consistent with mechanism of action).
-- The Company continues to build on this analytical biosimilarity
foundation and expects the majority of its analytical
comparability program to be completed in 2026.
-- Announced Constructive FDA Feedback Following January 2026 Biosimilar
Biological Product Development (BPD) Type 2a Meeting
-- AEON reported that the U.S. Food and Drug Administration ("FDA" or
the "Agency") reviewed the Company's proposed analytical
similarity strategy under the 351(k) biosimilar pathway and noted
that AEON's analytical methodologies appeared reasonable to
support advancement of the program toward a comprehensive
analytical similarity package. The Company believes the FDA's
feedback provides a clear framework for the remaining analytical
components of its biosimilar development program and plans to
complete the majority of its analytical comparability program in
2026.
-- AEON currently plans to request a BPD Type 2b meeting in 2026 to
discuss the next phase of the development program to support
approval of ABP-450 as a biosimilar to BOTOX(R) across all
approved therapeutic indications.
-- Strategic PIPE Financing and Note Exchange
-- AEON announced complementary transactions through a $6 million
PIPE financing and a Daewoong Pharmaceutical note exchange --
which, together, strengthens AEON's balance sheet and reduces
outstanding debt by more than 90%.
-- Appointed John Bencich as Chief Financial Officer
-- In March 2026, the Company announced the appointment of John
Bencich as Chief Financial Officer. Mr. Bencich joins AEON with
more than 25 years of leadership experience spanning corporate
strategy, capital market transactions, and business development
across emerging growth and publicly traded companies.
-- Abstract Accepted for Presentation at 2026 American Academy of Neurology
$(AAN)$ Annual Meeting
-- Also in March 2026, AEON announced a poster presentation at the
2026 American Academy of Neurology (AAN) Annual Meeting, taking
place April 18-22, 2026, in Chicago, IL, titled Establishing
Primary Structure Comparability Between ABP-450
(prabotulinumtoxinA) and OnabotulinumtoxinA (BOTOX(R)) to Support
Biosimilarity.
Liquidity and Capital Resources
-- The Company reported cash and cash equivalents of $3.0 million as of
December 31, 2025, which does not include the $4.2 million of proceeds
received upon the second closing of the PIPE financing in January 2026.
Including those proceeds, cash and cash equivalents are expected to be
sufficient to fund the Company's operating plan into the third quarter of
2026.
About the U.S. Biosimilar Pathway
Analytical similarity forms the scientific foundation of the 351(k) pathway and represents the most data-intensive phase of biosimilar development. When analytical comparability across critical quality attributes is robustly demonstrated, the FDA may reduce the scope of required clinical studies under its totality-of-the-evidence framework. Sponsors may also seek extrapolation to additional indications of the reference product when scientifically justified.
About AEON Biopharma
AEON Biopharma is a biopharmaceutical company seeking full-label access to the U.S. therapeutic neurotoxin market via biosimilarity to BOTOX(R) . The U.S. therapeutic neurotoxin market exceeds $3.0 billion annually, representing a major opportunity for biosimilar entry. ABP-450 is the same botulinum toxin complex currently approved and marketed for cosmetic indications by Evolus, Inc. under the name Jeuveau(R) . ABP-450 is manufactured by Daewoong Pharmaceutical in a facility that has been authorized by the U.S. Food and Drug Administration, Health Canada, and European Medicines Agency for the manufacture of botulinum toxin products. The product is approved as a biosimilar in India, Mexico, and the Philippines. AEON has exclusive development and distribution rights for therapeutic indications of ABP-450 in the United States, Canada, the European Union, the United Kingdom, and certain other international territories. To learn more about AEON, visit www.aeonbiopharma.com.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or AEON's future financial or operating performance. For example, statements regarding meetings with the FDA, the timing of completion of, or outcome of results from, primary comparative analytical studies, or potential determination that ABP-450 is highly similar to the reference product for currently approved and future therapeutic indications are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "plan", "possible", "forecast", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by AEON and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the completion of additional analytical testing of ABP-450; (ii) the completion of additional functional analyses of ABP-450; (iii) the expected Type 2b meeting with the FDA and potential path forward to biosimilarity designation; (iv) AEON's ability to receive full-label access to the U.S. therapeutic neurotoxin market via biosimilarity to BOTOX(R) on an accelerated timeline or at all; (v) the outcome of any legal proceedings that may be instituted against AEON or others; (vi) AEON's future capital requirements; (vii) AEON's ability to raise financing in the future; (viii) AEON's ability to continue to meet continued stock exchange listing standards; (ix) the possibility that AEON may be adversely affected by other economic, business, regulatory, and/or competitive factors; (x) the outcomes from any meetings or discussions with regulatory authorities; (xi) the timing of, or results from, any testing performed on AEON's product; and (xii) other risks and uncertainties set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in
the Company's filings with the Securities and Exchange Commission (the "SEC"), which are available on the SEC's website at www.sec.gov.
Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. AEON does not undertake any duty to update these forward-looking statements.
Contacts
Investor Contact:
Laurence Watts
New Street Investor Relations
+1 619 916 7620
laurence@newstreetir.com
Source: AEON Biopharma
AEON BIOPHARMA, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data and par value amounts)
December 31, December 31,
2025 2024
-------------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $ 3,006 $ 13
Prepaid expenses and other current
assets 392 1,577
--------- ---------
Total current assets 3,398 1,590
Property and equipment, net 162 235
Operating lease right-of-use asset 1,052 1,288
Other assets 948 29
--------- ---------
Total assets $ 5,560 $ 3,142
========= =========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 942 $ 5,910
Accrued clinical trials expenses 1,426 3,571
Accrued compensation 2,872 1,068
Other accrued expenses 1,657 3,600
--------- ---------
Total current liabilities 6,897 14,149
Convertible notes at fair value,
including related party amount of
$34,600 and $11,689, at December
31, 2025 and 2024, respectively 34,600 11,689
Operating lease liability 893 1,145
Derivative liability 14,879 --
Warrant liabilities 3,276 1,187
Contingent consideration liability 42 3,541
--------- ---------
Total liabilities 60,587 31,711
Commitments and contingencies
Stockholders' Deficit:
Class A common stock, $0.0001 par
value; 1,040,000,000 and 500,000,000
shares authorized at December 31,
2025 and 2024, and 12,105,902 and
555,511 shares issued and outstanding
at December 31, 2025 and 2024,
respectively 9 4
Additional paid-in capital 415,783 403,024
Accumulated deficit (470,819) (431,597)
--------- ---------
Total stockholders' deficit (55,027) (28,569)
--------- ---------
Total liabilities and stockholders'
deficit $ 5,560 $ 3,142
========= =========
AEON BIOPHARMA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
(LOSS) INCOME
(in thousands, except share and per share data)
Years Ended December 31,
------------------------------
2025 2024
--------------- -------------
Operating expenses:
Selling, general and administrative $ 12,208 $ 13,643
Research and development 4,094 14,181
Change in fair value of contingent
consideration (3,499) (100,809)
---------- ---------
Total operating costs and
expenses 12,803 (72,985)
---------- ---------
(Loss) income from operations (12,803) 72,985
Other (loss) income:
Change in fair value of convertible
notes (22,911) 3,311
Change in fair value of warrants 84,934 (14,719)
Loss on issuance of warrants (75,644) --
Loss on embedded forward purchase
agreements -- (19,667)
Loss on derivative liability (13,088) --
Other income, net 290 95
---------- ---------
Total other loss, net (26,419) (30,980)
---------- ---------
(Loss) income before taxes (39,222) 42,005
Income taxes -- --
---------- ---------
Net (loss) income $ (39,222) $ 42,005
========== =========
Basic net (loss) income per share $ (3.95) $ 77.74
========== =========
Diluted net (loss) income per share (3.95) 72.93
========== =========
Weighted average shares of common
stock outstanding used to compute
basic net (loss) income per share 9,921,587 540,360
========== =========
Weighted average shares of common
stock outstanding used to compute
diluted net (loss) income per share 9,921,587 575,945
========== =========
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The consolidated financial statements include the accounts of the Company and its controlled subsidiaries.
(END) Dow Jones Newswires
March 30, 2026 16:05 ET (20:05 GMT)