AEON Biopharma (AEON) Q2 2026 earnings summary

Executive summary

• Advanced ABP-450 biosimilar program targeting the $3.5B U.S. neurotoxin market, focusing on analytical similarity to BOTOX® and regulatory engagement with the FDA.

• Presented new analytical data at major scientific meetings, supporting biosimilarity claims.

• Initial FDA feedback in January 2026 supported the analytical similarity approach; majority of analytical comparability program expected to complete in 2026.

• No revenue generated from ABP-450 to date; continued operating losses and negative cash flows from operations.

• Restored compliance with NYSE American listing requirements in August 2026 after equity raise.

Financial highlights

• Net loss for Q2 2026 was $1.2M, compared to $6.6M in Q2 2025; net loss for the six months ended June 30, 2026 was $12.9M, compared to net income of $2.5M for the same period in 2025.

• Cash and cash equivalents as of June 30, 2026 were $3.4M, excluding $13M in net proceeds from a July 2026 public offering.

• Total assets were $5.9M and total liabilities $21.3M as of June 30, 2026.

• SG&A expenses for Q2 2026 were $3.0M (down 9% year-over-year); R&D expenses were $2.9M (up 164% year-over-year).

• Significant non-cash items included a $9.6M gain from warrant revaluation and $8.9M loss from convertible notes revaluation for the six months ended June 30, 2026.

Outlook and guidance

• Cash runway expected into Q1 2027, including $13.6M net proceeds from July 2026 equity offering and over-allotment.

• Additional capital will be required to complete the development program and pursue regulatory approval; substantial doubt exists about the ability to continue as a going concern.

• Anticipates additional FDA feedback in the second half of 2026 to inform clinical pharmacology and comparative clinical study requirements.

• Ongoing analytical studies and FDA engagement planned for the remainder of 2026.