Aeon Biopharma, Inc. · AMEX:AEON
Aeon Biopharma — Investor Presentation (January 2026)
30 slides from Aeon Biopharma's investor presentation, Jan 12, 2026
Slide 1: Bringing Biosimilar Competition to a U.S. Therapeutic Neurotoxin Market
Bringing Biosimilar Competition to a U.S. Therapeutic Neurotoxin Market Still Dominated by a Single Brand ABP-450 is being developed as a biosimilar to BOTOX®, aiming to become the first complete therapeutic alternative CORPORATE PRESENTATION / JANUARY 2026 NYSEAMERICAN: AEON © 2 0 2 6 A E O N B I O
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: Introducing Meaningful Competition
© 2 0 2 6 A E O N B I O P H A R M A Introducing Meaningful Competition 1 Clarivate. Market Insights US Therapeutic Botulinum Toxin Market. 2025. Norstella / Evaluate Ltd. Evaluate Pharma® USA Product Sales. Accessed December 2025. 3 Who We Are Developing ABP-450 as a biosimilar to BOTOX® , with the
Slide 4: Substantial and Continuously Growing Therapeutic Neurotoxin Value
Substantial and Continuously Growing Therapeutic Neurotoxin Value © 2 0 2 6 A E O N B I O P H A R M A Clarivate. Market Insights US Therapeutic Botulinum Toxin Market. 2025. Norstella / Evaluate Ltd. Evaluate Pharma® USA Product Sales. Accessed December 2025. 4 After 30+ years in the market, BOTOX m
Slide 5: BOTOX Has Effectively Monopolized the Category for Three Decades
BOTOX Has Effectively Monopolized the Category for Three Decades As of 2025, U.S. therapeutic BOTOX sales >$3.24B; Dysport, XEOMIN, DAXXIFY, Myobloc together represent ~$280M © 2 0 2 6 A E O N B I O P H A R M A Norstella / Evaluate Ltd. Evaluate Pharma® USA Product Sales. Accessed December 2025. 5 O
Slide 6: Unsatisfied Neurologists Relying on BOTOX Despite Financial Losses
© 2 0 2 6 A E O N B I O P H A R M A Unsatisfied Neurologists Relying on BOTOX Despite Financial Losses Responses received through qualitative interviews (N=6) conducted by Kx Advisors between November-December 2025. The lack of viable alternatives reinforces neurologists' dependence on BOTOX, which
Slide 7: The Payers Dilemma: Minimal Levers to Curb Rising Costs
Heavy spend concentrated in BOTOX, with rising utilization and no ability to slow volume The Payers Dilemma Unsatisfied Payers with Minimal Levers to Curb Rising Costs © 2 0 2 6 A E O N B I O P H A R M A 7 Payers trapped in a cycle with no viable levers to curb rising toxin costs “For us, BOTOX repr
Slide 8: AEON is pursuing a different strategy
AEON is pursuing a different strategy Unlike current competitors to BOTOX, we’re not trying to be different We’re trying to be the same Clinically indistinguishable from BOTOX in every relevant dimension
Slide 9: ABP-450 Redefines Value
ABP-450 Redefines Value ABP-450 preserves clinical continuity, minimizes operational friction, and protects product cost recovery for neurologists © 2 0 2 6 A E O N B I O P H A R M A 9 〉 With full label extrapolation, ABP-450 has the potential to match BOTOX’s broad clinical label 〉 ABP-450 is desig
Slide 10: Therapeutic Label Comparison of FDA Approved Indications
AbbVie Inc. Merz Pharma Ipsen Group Crown Laboratories Therapeutic Label (FDA Approved Indications) 1. Chronic migraine 2. Overactive bladder 3. Detrusor overactivity 4. Pediatric detrusor overactivity 5. Adult upper limb spasticity 6. Adult lower limb spasticity 7. Pediatric upper limb spasticity 8
Slide 11: Minimizing switching barriers
© 2 0 2 6 A E O N B I O P H A R M A Minimizing switching barriers ABP-450 is designed to offer operational simplicity with the same vial size, dilution, and dosing 11 Switching Friction Index Friction reduces physician confidence and drives workflow disruption ABP-450 Xeomin® Daxxify® Dysport® Recon
Slide 12: BOTOX Product Margin Squeeze vs. ABP-450's Protective Structure
BOTOX® Product Margin Squeeze vs. ABP-450’s Protective Structure Blended therapeutic + aesthetic pricing today → therapeutic-only ASP intended to protect cost recovery © 2 0 2 6 A E O N B I O P H A R M A 12 Cost Recovery Protection “We lose around $20–$30 per vial on average. Sometimes we can offset
Slide 13: A Lower-Cost Toxin That Payers Can Actually Act On
© 2 0 2 6 A E O N B I O P H A R M A A Lower-Cost Toxin That Payers Can Actually Act On Responses received through qualitative interviews (N=6) conducted by Kx Advisors between November-December 2025. ABP-450 unlocks new payer leverage and meaningful cost savings 13 “If neurologists want to use BOTOX
Slide 14: 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 ABP-450’s advantage Payers: Restores cost control and formulary leverages through full label biosimilar competition Physicians: Preserves margin integrity and simplifies adoption workflows Patient
Slide 15: A Uniquely Advantaged Starting Point for Therapeutic Biosimilarity
A Uniquely Advantaged Starting Point for Therapeutic Biosimilarity 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/
Slide 16: 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 15 8 34 12 Approved by regulators in North America, EU, APAC, LATAM, MENA 69+ regulatory approvals Biosimilar approved (India, Mexico, Philippines) © 2 0 2 6
Slide 17: FDA's Modern Biosimilar Path: Analytics 1st, Clinicals When Needed
FDA’s Modern Biosimilar Path: Analytics 1st, Clinicals When Needed A stepwise evidence sequence designed for biologics - modeled on the generics philosophy © 2 0 2 6 A E O N B I O P H A R M A 17 〉Majority of evidentiary weight: structure, function, purity, potency, etc. 〉AEON progressing through thi
Slide 18: 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 6 A E O N B I O P H A R M A 18 *Based on sequence coverage of 93% - 99% for the 5 proteins that comprise the 900kD botulinum toxin type A complex.
Slide 19: Potency: Highly Similar Activity Across Two Independent Assays
Potency: Highly Similar Activity Across Two Independent Assays © 2 0 2 6 A E O N B I O P H A R M A 19 〉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 clinical
Slide 20: Type 2a Meeting: Aligning on Analytical Expectations & Next Steps
Potential Future Steps (if requested by FDA) 〉 Follow-up PD work to refine comparability 〉 Targeted comparative clinical trial in a sensitive indication if confirmation needed 〉 Regulatory context: FDA leadership is pursuing a streamlined biosimilar framework to reduce routine comparative efficacy r
Slide 21: Executing to Unlock a Market Approaching ~$5B
Strong analytical data flowing from a proven toxin platform Type 2a focused on cornerstone of biosimilarity - analytical phase Strategic and investor confidence building Full-label biosimilarity uniquely unlocks the BOTOX® monopoly © 2 0 2 6 A E O N B I O P H A R M A 21 Executing to Unlock a Market
Slide 22: Thank you
Thank you NYSEAMERICAN: AEON © 2 0 2 6 A E O N B I O P H A R M A
Slide 23: Appendix
Appendix © 2 0 2 6 A E O N B I O P H A R M A 23
Slide 24: 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 25: 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 26: Data, Capital, Alignment: Key Milestones Fuel Strategic Momentum
Data, Capital, Alignment: Key Milestones Fuel Strategic Momentum © 2 0 2 6 A E O N B I O P H A R M A 26 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 27: Supporting Similarity: Composition and Mechanism of Action
© 2 0 2 6 A E O N B I O P H A R M A Supporting Similarity: Composition and Mechanism of Action 1Enzyme-Linked Immunosorbent Assay 27 〉 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 28: Built for Consistency: Genetic and Formulation Parity w/ BOTOX
Built for Consistency: Genetic and Formulation Parity w/ BOTOX® © 2 0 2 6 A E O N B I O P H A R M A 28 〉 *One nucleotide difference in BoNT → not associated with amino acid sequence/coding for structural protein 〉 Same ingredients, same proportions - identical final composition Summary: The formulat
Slide 29: 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 scheduled for Ja
Slide 30: 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
AEON Biopharma — Investor Presentation (January 2026) on 6ix