AEON Biopharma Inc (NYSE American: AEON) is a clinical-stage biopharmaceutical company developing botulinum toxin therapeutic products. The company has no product revenue as of the fiscal year ended December 31, 2025, and funds operations through debt financing and equity issuances, including convertible notes held by its key counterparty Daewoong. AEON carries a stockholders' deficit as of December 31, 2025, reflecting accumulated losses from pre-revenue drug development activity. The company's balance sheet includes convertible notes at fair value, accrued clinical trials expenses, warrant liabilities, derivative liabilities, and a contingent consideration liability. In December 2025, AEON exchanged existing Daewoong notes for a new $1.5 million senior secured convertible note, newly issued common stock, and warrants exercisable at $1.09392 per share, giving Daewoong a first-priority security interest on substantially all company assets. Botox (AbbVie) has been selected by CMS for Medicare drug price negotiation under IPAY 2028, a regulatory development that AEON acknowledges could affect the botulinum toxin therapeutic market.

Revenue model

No product revenue reported as of fiscal year ended December 31, 2025. Operations are funded through convertible note financing from Daewoong and at-the-market equity offerings.

Products and services

Botulinum toxin-based therapeutic pipeline. No approved or commercialized products disclosed in the filing excerpts.

Customers and end markets

Therapeutic botulinum toxin market, including physician-administered treatments reimbursed under Medicare Part B. End market affected by CMS Medicare Drug Price Negotiation Program selecting Botox for IPAY 2028.

Value-chain role

Clinical-stage drug developer. No manufacturing, distribution, or commercial sales operations described in the filing excerpts.

Geographic exposure

Incorporated in Delaware, listed on NYSE American. No specific geographic revenue breakdown disclosed in the filing excerpts.

Competitors

AbbVie (Botox)

Source: SEC 10-K, filed 2026-03-30

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