AEON Biopharma (AEON) Q4 2025 earnings summary

Executive summary

• Advanced ABP-450 biosimilar program with positive initial comparative analytical results confirming identical amino-acid sequencing and highly similar functional characteristics to BOTOX®.

• Received constructive FDA feedback at BPD Type 2a meeting, providing a clear framework for advancing the analytical plan.

• Strengthened balance sheet through $6 million PIPE financing and Daewoong note exchange, reducing outstanding debt by over 90%.

• Appointed John Bencich as CFO, bringing over 25 years of capital markets and strategic leadership experience.

Financial highlights

• Reported net loss of $39.2 million for the year ended December 31, 2025, compared to net income of $42.0 million in 2024.

• Cash and cash equivalents were $3.0 million as of December 31, 2025, excluding $4.2 million received in January 2026.

• Total assets increased to $5.6 million at year-end 2025 from $3.1 million at year-end 2024.

• Total liabilities rose to $60.6 million at year-end 2025 from $31.7 million at year-end 2024.

• Stockholders’ deficit widened to $55.0 million at year-end 2025 from $28.6 million at year-end 2024.

Outlook and guidance

• Majority of analytical comparability program expected to be completed in 2026.

• Plans to request a BPD Type 2b meeting in 2026 to discuss the next phase for ABP-450 biosimilar approval.

• Cash position, including PIPE proceeds, expected to fund operations into Q3 2026.