Aeon Biopharma, Inc. · AMEX:AEON
Aeon Biopharma — Investor Presentation (September 2025)
24 slides from Aeon Biopharma's investor presentation, Sep 8, 2025
Slide 1: Accelerated Access to the $3B+ U.S. Neurotoxin Therapeutic Market via Biosimilarity
Accelerated Access to the $3B+ U.S. Neurotoxin Therapeutic Market via Biosimilarity CORPORATE PRESENTATION SEPTEMBER 2025 NYSEAMERICAN: AEON © 2 0 2 5 A E O N B I O P H A R M A
Slide 2: Forward-looking statements
This presentation includes forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements concerning possible or assumed future actions, business strategies, events or results of operations, illustrative timelines and targets
Slide 3: Promising Opportunity Positioned to Move Early
Promising Opportunity Positioned to Move Early 〉900kD toxin, already formulated 〉Primary structure and functional data expected in 3Q 2025 〉BPD Type 2a FDA meeting targeted 4Q 2025 Lower Cost, Stronger Access 〉Addresses payer cost pressures 〉Improves patient access 〉Optimizes physician reimbursement
Slide 4: Proven Operators with Toxin and Biosimilar Experience
〉 Proven leader in public company financial operations and reporting Jennifer Sy Chief Accounting Officer Proven Operators with Toxin and Biosimilar Experience Backed by Strong Legal and Financial Leadership 〉 25+ years life sciences leadership 〉 Led Daxxify® therapeutic launch at Revance; was engag
Slide 5: The Genesis of AEON Biopharma
The Genesis of AEON Biopharma 1Evolus, Inc. Form-10K for the year ended December 31, 2024, filed with the SEC on March 4, 2025 〉 FDA approval in moderate to severe glabellar (frown) lines 〉 $264.3m sales in 20241 9/30/2013 agreement Jeuveau 12/20/2019 agreement ABP-450 Aesthetics Therapeutics 〉 Bios
Slide 6: Globally Validated Product and Platform
Globally Validated Product and Platform Same Molecule, Same Product, Same Manufacturing Platform 2 15 8 34 12 Approved by regulators in North America, EU, APAC, LATAM, MENA 69+ regulatory approvals FDA approved (aesthetics and manufacturing for Evolus) Biosimilar approved (India, Mexico, Philippines
Slide 7: One of the Earliest Known U.S. Biosimilar Toxin Programs
One of the Earliest Known U.S. Biosimilar Toxin Programs Clinically Validated 900kD Molecule with Global Approvals and Scaled Manufacturing Product (Company) 900kD Molecule FDA Aesthetic Approval* U.S. Manufacturing Approval* Public U.S Biosimilar Activity ABP-450 (AEON)* Letybo (Hugel) Nivobotulinu
Slide 8: Early Trust Builds Lasting Preference
Early Trust Builds Lasting Preference In Therapeutic Toxins, Trust Drives Adoption – And Adoption, Once Established, is Difficult to Displace Payer Preference Sets Early 〉 First-to-market biosimilar typically secure favorable coverage status and rebate alignment - and establish multi-year contracts
Slide 9: AEON Biopharma Has an Advantage at Every Stage
AEON Biopharma Has an Advantage at Every Stage Based on 69+ Global Approvals and FDA Approval in Aesthetics, Including Manufacturing 〉PD studies to establish equivalence 〉Status: AEON is planning to propose the most widely used PD model 〉Head-to-head efficacy/safety study in a sensitive therapeutic
Slide 10: Foundation of Biosimilarity: Structural Identity at the Molecular Level
〉Head-to-head testing underway 〉Mapping HC / LC with mass spec 〉Expected to confirm what we already know Foundation of Biosimilarity: Structural Identity at the Molecular Level AEON Expects a 100% Amino Acid Sequence Match Between ABP-450 and BOTOX® Illustrative representation of fingerprint-like si
Slide 11: Robust Initial Analytical Package Anchored in a Diversity of Assays
Light Chain Function 〉 Endopeptidase assay to evaluate substrate cleavage and biological function Potency 〉 Two independent assays – LD50 and CBPA – provide cross-validation of biological activity and dose strength Vial Toxin Content Assessment 〉 ELISA quantification to confirm total neurotoxin load
Slide 12: BPD Type 2a Meeting: Clarifying Remaining Analytical Path
BPD Type 2a Meeting: Clarifying Remaining Analytical Path Q4 FDA Engagement Will Likely Define Remaining Analytical Pathway –AEON Well Prepared to Advance FDA BPD Type 2a Meeting (Q4 2025) Likely scenario based on strength of analytical package 〉 Secondary and tertiary structure analysis may be requ
Slide 13: Extrapolation Unlocks Full Market Reach, Efficiently
Extrapolation Unlocks Full Market Reach, Efficiently FDA Precedent Supports Full Label Capture – Opening Full Market Potential for ABP-450 12 BOTOX® Therapeutic Indications FDA Guidance1 FDA may approve a biosimilar for indications without direct clinical studies in those indications if the manufact
Slide 14: Competitor toxin comparison: molecular weight, BLA designation, labels
AbbVie Inc. Merz Pharma Ipsen Group Crown Laboratories Molecular Weight 900 kDa 900 kDa 150 kDa ~400 kDa 150 kDa BLA Designation 351(a) – Original 351(k) – Biosimilar Reference Product: BOTOX® 351(a) – Original 351(a) – Original 351(a) – Original Therapeutic Label (FDA Approved Indications) 1. Chron
Slide 15: Therapeutic Toxins: Large, Growing Market But Poised for Disruption
Frustration building across the system – as shown by experience - payers, physicians, and patients are all underserved by a stagnating category overdue for change Therapeutic Toxins: Large, Growing Market But Poised for Disruption 1AbbVie Inc. Form-10K filings with SEC BOTOX® currently holds ~95% sh
Slide 16: The Growing Cost Burden: Payers & Patients Trapped in Escalating Toxin Costs
Patient Perspective 〉 High out-of-pocket costs – Chronic Migraine: ~$1,200 annually3 – Cervical Dystonia / Spasticity: up to ~$2,000–$2,500 annually4 〉 Treatment restrictions could adversely affect outcomes Payers 〉 12th most expensive medical benefit drug category1 〉 Demand growing + continuous ASP
Slide 17: ABP-450 Protects Physician Cost Recovery
ABP-450 Protects Physician Cost Recovery 1Standard CPT reimbursement for physician injection procedure; range depends on indication treated, modifiers used, etc. 2Per 100U vial; figures based on Q3 2025 data – product website, CMS ASP Pricing file 3Final pricing strategy pending By Avoiding Aestheti
Slide 18: Better Value. Less Friction. Smart Switching.
© 2 0 2 5 A E O N B I O P H A R M A Better Value. Less Friction. Smart Switching. 1Qualitative We Believe ABP-450 is Positioned to Deliver Greater Patient Value While Minimizing Operational Issues 18 Switching Friction Index1 Friction reduces physician confidence and drives workflow disruption ABP-4
Slide 19: Modern Biosimilars are Achieving Rapid Market Penetration
Modern Biosimilars are Achieving Rapid Market Penetration 1. bevacizumab: biosimilars to Avastin®; trastuzumab: biosimilars to Herceptin®; rituximab: biosimilars to Rituxan® Recent Biosimilars Hit ~70% Share Within 3 Years of Launch bevacizumab 7/2019 trastuzumab 7/2019 rituximab 11/2019 filgrastim
Slide 20: Why ABP-450 Wins: Value that Connects Across Stakeholders
Why ABP-450 Wins: Value that Connects Across Stakeholders Payers, Physicians, Patients Each Benefit From the Switch Payers: Cost control and - a strong rationale to prefer the biosimilar Physicians: A clinically familiar option – that works both economically and operationally Patients: Lower out-of-
Slide 21: Unique and Promising Opportunity Positioned to Move Early
Unique and Promising Opportunity Positioned to Move Early 〉900kD toxin, already formulated 〉Primary structure and functional data expected in 3Q 2025 〉BPD Type 2a FDA meeting targeted 4Q 2025 Lower Cost, Stronger Access 〉Addresses payer cost pressures 〉Improves patient access 〉Optimizes physician re
Slide 22: Thank you
Thank you NYSEAMERICAN: AEON © 2 0 2 5 A E O N B I O P H A R M A
Slide 23: Appendix
Appendix © 2 0 2 5 A E O N B I O P H A R M A 23
Slide 24: Capitalization & Convertible Debt Overview
Capitalization & Convertible Debt Overview 1. As of June 30, 2025. The Company anticipates ~11.85M shares will be outstanding following the exercises of the currently outstanding Series B Warrants issued in connection with the Company’s public offering that closed on January 7, 2025, which warrants
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