Aeon Biopharma, Inc. · AMEX:AEON
Aeon Biopharma — Investor Presentation (August 2026)
31 slides from Aeon Biopharma's investor presentation, August 2026
Slide 1: Disrupting a $3.5B neurotoxin market dominated by a single brand
NYSEAMERICAN: AEON Disrupting a $3.5B neurotoxin market dominated by a single brand for >30 years ©2026 AEON BIOPHARMA CORPORATE PRESENTATION / AUGUST 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and AEON
Slide 3: Unlocking a $3.5B Market with the First BOTOX Substitute
Unlocking a $3.5B Market with the First BOTOX® Substitute Developing ABP-450 as the first clinically substitutable therapeutic alternative to BOTOX® → Licensed exclusive rights to commercialize all BOTOX® therapeutic indications in the U.S., Canada, EU, UK and select international territories → Adva
Slide 4: Advancing the First Clinically Substitutable BOTOX Alternative
Advancing the First Clinically Substitutable BOTOX® Alternative Despite >30 years of growth, prior competitors failed to overcome the barriers to switching at scale WHAT DRIV ES A D OPTION AT SCA LE Full-Label Parity Clinical Equivalence Switching is Rewarded Captures all 12 indications at approval
Slide 5: A Large & Growing Therapeutic Neurotoxin Market
A Large & Growing Therapeutic Neurotoxin Market The U.S. market accounts for ~86% of global therapeutic neurotoxin sales Therapeutic Botulinum Market Value in the U.S. 〉 Strong Market Growth • Total therapeutic toxin market value in the U.S. 7.7% $5.1B has grown by >75% since 2020 CAGR $4.8B $4.4B $
Slide 6: BOTOX Maintains >90% Share Despite Competition
BOTOX® Maintains >90% Share Despite Competition Restricted labels have limited competitor adoption and scale Other brands collectively captured ~8% of market value in 2025 BOTOX® accounted for No competitor has meaningfully challenged ~92% of BOTOX’s® full therapeutic label therapeutic neurotoxin ma
Slide 7: BOTOX Dominance Persists Despite Physician Economic Friction
BOTOX® Dominance Persists Despite Physician Economic Friction The lack of viable alternatives reinforces provider dependence, which can result in financial losses Clinical Limitation Operational Complexity Financial Burden 〉 Non-BOTOX® neurotoxin labels 〉 Risk of error and workflow 〉 High-volume inj
Slide 8: Unsatisfied Payers with Minimal Levers to Curb Rising Costs
Unsatisfied Payers with Minimal Levers to Curb Rising Costs Minimal price leverage to reduce overall toxin cost due to lack of viable BOTOX® alternatives Lack of clinically substitutable alternatives eliminates traditional cost levers “For us, BOTOX represents well over 65% of the total neurotoxin d
Slide 9: We are not trying to be different. We are trying to be the same.
AEON is taking a different approach We are not trying to be different. We are trying to be the same. Equivalence to BOTOX® across every relevant dimension – same label, same dosing, same dilution, same outcomes, same coverage, same workflow. Differentiation forces competitors to fight three decades
Slide 10: Clinical Substitutability Unlocks Switching at Scale
Clinical Substitutability Unlocks Switching at Scale Share moves when switching happens - and switching becomes rational under specific conditions Clinical Substitution Switching Becomes Rational When... 〉 Equivalent outcomes across all indications 〉 FDA confirms clinical comparability 〉 workflow re
Slide 11: Full-Label Access Is the Gatekeeper to the Market
Full-Label Access Is the Gatekeeper to the Market Current competitors are restricted to a subset of indications - limiting adoption and scale 91.9% share* 4.4% share* 3.1% share* <1% share* AbbVie Inc. Merz Pharma Ipsen Group Crown Laboratories 1989 2010 2009 2023 Full Label Parity (targeted**) 1. C
Slide 12: Minimizing Switching Barriers
Minimizing Switching Barriers ABP-450 is designed to offer operational simplicity with the same vial size, dilution, and dosing Switching Friction Index Biosimilarity lowers switching friction – by design 〉 Biosimilar designation signals equivalence across clinical and operational domains – Dose, di
Slide 13: Buy-and-Bill Economics Structurally Incentivize Biosimilar Adoption
Buy-and-Bill Economics Structurally Incentivize Biosimilar Adoption Reimbursement & ASP dynamics favor biosimilar products and reward switching BOTOX® Biosimilar Therapeutic-Only ASP Restores Margin Integrity • BOTOX ASP: depressed due to aesthetic price discounts Acquisition cost Higher Lower CMS S
Slide 14: A Lower-Cost Toxin That Payers Can Actually Act On
A Lower-Cost Toxin That Payers Can Actually Act On ABP-450 unlocks new payer leverage and meaningful cost savings ABP-450 delivers immediate cost “If neurologists want to use BOTOX, we can’t steer savings, addressing a category that them away. But if FDA deems the biosimilar as has grown unchecked f
Slide 15: Highly Concentrated Market Enables Efficient Commercialization
Highly Concentrated Market Enables Efficient Commercialization ~3,000 neurologists treat the vast majority of neurologic BOTOX® patients in the U.S. Implications for Commercial Strategy 〉 Neurology represents >70% of the total therapeutic toxin market 〉 ~3,000 neurologists treat ~90% of neurologic B
Slide 16: Why ABP-450 Stands To Win: Value Drives Systemwide Adoption
Why ABP-450 Stands To Wins: Value Drives Systemwide Adoption Payers, physicians, patients each gain from ABP-450’s advantage Target Profile: Payers: Proven Science Restores cost control and formulary leverages through full label biosimilar competition Comparable Outcomes Full Label Parity Physicians
Slide 17: Core Product Characteristics Limit Credible Biosimilar Followers
Core Product Characteristics Limit Credible Biosimilar Followers Unlike other biosimilars, this molecule presents unique manufacturing and analytical challenges Manufacturing at Scale A Molecular Paradox Analytical Validation → Very Few Can Do It → Hard to Prove o Biosecure handling and Large. Compl
Slide 18: ABP-450 Biosimilar Development Program
ABP-450 Biosimilar Development Program
Slide 19: A Uniquely Advantaged Starting Point for Therapeutic Biosimilarity
A Uniquely Advantaged Starting Point for Therapeutic Biosimilarity The Daewoong 900 kDa toxin powering Jeuveau® also anchors ABP-450’s therapeutic biosimilar strategy Aesthetics Therapeutics Jeuveau® ABP-450 〉 Exclusive aesthetic rights 〉 Exclusive therapeutic rights2 〉 FDA approval in moderate to s
Slide 20: Globally Validated Product and Platform
Globally Validated Product and Platform Approved worldwide, manufactured at scale – forming the backbone of ABP-450’s U.S. biosimilar entry 2 34 8 12 70+ WW regulatory approvals1 15 FDA & EMA approved manufacturing facility ©2026 AEON BIOPHARMA Approved by regulators in North America, EU, APAC, LATA
Slide 21: FDA's Biosimilar Path: Analytical Assessment is the Foundation
FDA’s Biosimilar Path: Analytical Assessment is the Foundation A stepwise evidence sequence designed for biologics - modeled on the generics philosophy 01 Analytical Similarity 〉Majority of evidentiary weight: structure, function, purity, potency, etc. Stepwise evidence sequence Clinical 02 Pharmaco
Slide 22: Aligned with the FDA on Analytical Expectations
Aligned with the FDA on Analytical Expectations Analytical similarity data support continued advancement toward full-label biosimilarity Analytical Package Presented to FDA FDA BPD Type 2a Meeting (January 2026) 〉 Initial analytical package supporting high similarity Purpose: clarify analytical expe
Slide 23: Primary Structure: 100% Amino Acid Sequence Identity to BOTOX
Primary Structure: 100% Amino Acid Sequence Identity* to BOTOX® Not a single amino acid difference across 3 lots of ABP-450 and 2 lots of BOTOX® Sequence Coverage % Amino Acid Match for the Sequence Covered ABP-450 DP** ABP-450 DP ABP-450 DP BOTOX® DP BOTOX® DP (Z23001C) (X24034) (X24100) (D0593AC4)
Slide 24: Built for Consistency: Genetic and Formulation Parity w/ BOTOX
Built for Consistency: Genetic and Formulation Parity w/ BOTOX® Summary: The genetic sequence for all 5 complex proteins are highly similar between ABP-450 and BOTOX® BoNT NTNH HA70 HA34 HA17 99%* 100% 100% 100% 100% 〉 *One nucleotide difference in BoNT → not associated with amino acid sequence/codi
Slide 25: Potency: Highly Similar Activity Across Two Independent Assays
Potency: Highly Similar Activity Across Two Independent Assays LD50 3 lots each – more data pending ABP-450 BOTOX® average 98.9 93.9 〉 ABP-450 demonstrates highly similar potency to BOTOX® across two distinct SD 9.4 8.3 assays – LD50 (in vivo biological activity) – CBPA (cell-based potency assay) CB
Slide 26: Corporate Profile
AEON BIOPHARMA Corporate Profile
Slide 27: Proven Operators in Toxins, Biosimilars, and Capital Formation
Proven Operators in Toxins, Biosimilars, and Capital Formation Collectively executed multiple equity, debt, and hybrid financings totaling more than $750 million Rob Bancroft John Bencich Chad Oh, MD Alex Wilson Chief Executive Officer Chief Financial Officer Chief Medical Officer Chief Legal & Stra
Slide 28: Data, Capital, Alignment: Key Milestones Fuel Strategic Momentum
Data, Capital, Alignment: Key Milestones Fuel Strategic Momentum MILESTONE DATE STRATEGIC IMPACT Reinforces AEON’s scientific foundation and provides support for plans to submit under the Positive Biosimilarity Data November 2025 FDA’s 351(k) biosimilar BLA pathway Secured $6M near-term funding
Slide 29: Capitalization Overview
Capitalization Overview Cash: Underwritten Public Offering: $3.4M ~$15.3M As of June 30, 2026 Gross proceeds from July 2026 offering Share Count: Outstanding Warrants: ~49.9M ~48.2M + ~18.4M + ~98.2M Pre-Funded Time Based Milestone Based Shares Outstanding1 Warrants2 Warrants3 Warrants4 1. As of Aug
Slide 30: Positioned to Deliver the First Clinical Substitute to BOTOX
Positioned to Deliver the First Clinical Substitute to BOTOX® Strong data, aligned partner, FDA engagement: ABP-450 advancing towards full-label biosimilarity Full-label biosimilarity uniquely Strong analytical data flowing unlocks the BOTOX® monopoly from a proven toxin platform Positioned to drive
Slide 31: Thank you
Thank you ©2026 AEON BIOPHARMA NYSEAMERICAN: AEON