Aeon Biopharma, Inc. · AMEX:AEON
Aeon Biopharma — Investor Presentation (December 2025)
26 slides from Aeon Biopharma's investor presentation, Dec 4, 2025
Slide 1: Advancing a Proven Molecule Toward Full-Label Biosimilar Approval
Advancing a Proven Molecule Toward Full-Label Biosimilar Approval Fresh Data | New Capital | Simplified Structure – Positioned for Acceleration CORPORATE PRESENTATION / DECEMBER 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: Data, Capital, Alignment: Key Milestones Fuel Strategic Momentum
Data, Capital, Alignment: Key Milestones Fuel Strategic Momentum © 2 0 2 5 A E O N B I O P H A R M A 3 MILESTONE DATE STRATEGIC IMPACT Positive Biosimilarity Data November 2025 Validates AEON’s scientific foundation; strengthens readiness ahead of FDA Type 2a meeting PIPE Financing ($6M initial + >$
Slide 4: AEON: Redefining Therapeutic Neurotoxins Through Biosimilarity
© 2 0 2 5 A E O N B I O P H A R M A AEON: Redefining Therapeutic Neurotoxins Through Biosimilarity 4 Who We Are Developing ABP-450 as a biosimilar to BOTOX® to achieve accelerated, full-label U.S. market entry across all therapeutic indications Why We’re Different Built on a globally approved molecu
Slide 5: Proven Operators in Toxins, Biosimilars, and Capital Formation
〉 Proven leader in public company financial operations and reporting Jennifer Sy Chief Accounting Officer Proven Operators in Toxins, Biosimilars, and Capital Formation Collectively executed multiple equity, debt, and hybrid financings totaling more than $500 million 〉 Former Botox® leader responsib
Slide 6: Shared Heritage, Distinct Missions
Shared Heritage, Distinct Missions 1Evolus, Inc. Form-10K for the year ended December 31, 2024, filed with the SEC on March 4, 2025 2US, EU, UK, CAN and other international markets 〉 FDA approval in moderate to severe glabellar (frown) lines 〉 $264.3m sales in 20241 9/30/2013 agreement Jeuveau 12/20
Slide 7: Globally Validated Product and Platform
Globally Validated Product and Platform Approved worldwide, manufactured at scale, ready for U.S. biosimilar entry 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, M
Slide 8: Biosimilars: FDA's Pathway to Full-Label Equivalence in Biologics
Biosimilars: FDA’s Pathway to Full-Label Equivalence in Biologics A clearly defined sequence – centered on analytical similarity - enabling full-label approval at lower cost 〉PD studies to establish equivalence 〉Head-to-head efficacy/safety study in a sensitive therapeutic indication 〉In vitro or an
Slide 9: 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® © 2 0 2 5 A E O N B I O P H A R M A 9 *Based on sequence coverage of 93% - 99% for the 5 proteins that comprise the 900kD botulinum toxin type A complex. *
Slide 10: Potency: Highly Similar Activity Across Two Independent Assays
Potency: Highly Similar Activity Across Two Independent Assays © 2 0 2 5 A E O N B I O P H A R M A 10 〉 ABP-450 demonstrates highly similar potency to BOTOX® across two distinct assays – LD50 (in vivo biological activity) – CBPA (cell-based potency assay) 〉 Dual potency confirmation supports clinica
Slide 11: Supporting Similarity: Composition and Mechanism of Action
© 2 0 2 5 A E O N B I O P H A R M A Supporting Similarity: Composition and Mechanism of Action 1Enzyme-Linked Immunosorbent Assay 11 〉 ELISA validates similar vial-to-vial API contents, supporting unit-to-unit potency equivalence 〉 In combination with potency results, support high dose similarity an
Slide 12: Built for Consistency: Genetic and Formulation Parity with BOTOX
Built for Consistency: Genetic and Formulation Parity w/ BOTOX® © 2 0 2 5 A E O N B I O P H A R M A 12 Gene Gene Registration no. of Botox Matching BoNT AF488749.1 99%* NTNH AF488747.1 100% HA70 AF488746.1 100% HA34 AF488745.1 100% HA17 AF488748.1 100% Summary: The genetic sequence of ABP-450 is hig
Slide 13: Type 2a Meeting: Aligning on Analytical Expectations & Next Steps
Potential Future Steps (if requested by FDA) 〉 Follow-up PD work to refine comparability 〉 Comparative clinical trial if confirmation needed (AEON ready with CD protocol) 〉 Regulatory trend: FDA leadership is pursuing a streamlined biosimilar framework to reduce routine comparative efficacy requirem
Slide 14: Extrapolation Unlocks Full Label Capture
Extrapolation Unlocks Full Label Capture FDA Precedent Enables an Efficient Path to BOTOX® Label Parity 12 BOTOX® Therapeutic Indications FDA Guidance1 351(k) Pathway FDA may approve a biosimilar for indications without direct clinical studies in those indications if the manufacturer provides adequa
Slide 15: Competitive toxin comparison: BLA designation and label
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 16: Therapeutic Toxins: Large, Growing Market But Poised for Disruption
BOTOX created the category but now constrains it. Its dominance stifles innovation, limits access, and economically frustrates every stakeholder in the system. Therapeutic Toxins: Large, Growing Market But Poised for Disruption 1AbbVie Inc. Form-10K filings with SEC Note: Total 2025 U.S. therapeutic
Slide 17: Payers Trapped in a Cycle of Escalating Toxin Costs
〉 12th most expensive medical benefit drug category1 〉 Volume rising + continuous ASP2 inflation 〉 Lack of true competition eliminates cost levers 〉 Payers increasingly forced to restrict use The Payer’s Dilemma Payers Trapped in a Cycle of Escalating Toxin Costs ABP-450: Introducing Full Label Comp
Slide 18: ABP-450 Restores Physician Margin Integrity
ABP-450 Restores Physician Margin Integrity 1Standard CPT reimbursement for physician injection procedure; range depends on indication treated, modifiers used, etc. 2Per 100U vial; figures based on Q4 2025 data – product website, CMS ASP Pricing file 3Final pricing strategy pending By Eliminating Ae
Slide 19: 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. 1 Qualitative ABP-450: Designed to Deliver Greater Patient Value While Minimizing Switching Friction 19 Switching Friction Index1 Friction reduces physician confidence and drives workflow disruption ABP-450 Xeomin® Dax
Slide 20: 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 U.S. Biosimilars Hit ~70% Share Within 3 Years of Launch bevacizumab 7/2019 trastuzumab 7/2019 rituximab 11/2019 filgra
Slide 21: Why ABP-450 Wins: Value that Drives Systemwide Adoption
Why ABP-450 Wins: Value that Drives Systemwide Adoption Payers, Physicians, Patients Each Gain From the Biosimilar Advantage Payers: Restores cost control and formulary leverage through full label biosimilar competition Physicians: Preserves margin integrity and simplifies adoption workflows Patient
Slide 22: Executing Through the Milestone: Momentum Built, Pathway Clear
PIPE Financing & Warrant Capacity Daewoong Note Conversion FDA Type 2a Meeting Positive Analytical Data © 2 0 2 5 A E O N B I O P H A R M A 22 Executing Through the Milestone: Momentum Built, Pathway Clear Executed across science, capital, and partnerships → advancing next phase of value creation AE
Slide 23: Thank you
Thank you NYSEAMERICAN: AEON © 2 0 2 5 A E O N B I O P H A R M A
Slide 24: Appendix
Appendix © 2 0 2 5 A E O N B I O P H A R M A 24
Slide 25: Capitalization & Convertible Debt Overview
Capitalization & Convertible Debt Overview 1. Does not include potential issuances from the Second Closing of the PIPE and exchange of the Company’s convertible notes as described on the following slide and in the Company’s Form 8-K filed on November 13, 2025. 2. As of Dec. 3, 2025. Includes ~2M pre
Slide 26: PIPE & Daewoong Note Exchange
PIPE & Daewoong Note Exchange 1. This amount excludes any exercise of the cash warrants. First Closing of the PIPE occurred on November 18, 2025 and resulted in ~$1.79M in proceeds. The Second Closing of the PIPE will be subject to shareholder approval at a special meeting, which is targeted to occu
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