Aeon Biopharma, Inc. · AMEX:AEON
Aeon Biopharma — Investor Presentation (May 2026)
31 slides from Aeon Biopharma's investor presentation, May 14, 2026
Slide 1: Disrupting a $3.5B neurotoxin market dominated by a single brand
Disrupting a $3.5B neurotoxin market dominated by a single brand for >30 years CORPORATE PRESENTATION / MAY 2026 NYSEAMERICAN: AEON © 2 0 2 6 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: Unlocking a $3.5B Market with the First True BOTOX Substitute
© 2 0 2 6 A E O N B I O P H A R M A Unlocking a $3.5B Market with the First True BOTOX® Substitute 3 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
Slide 4: Advancing the First Clinically Substitutable BOTOX Alternative
© 2 0 2 6 A E O N B I O P H A R M A Advancing the First Clinically Substitutable BOTOX® Alternative 4 Despite >30 years of growth, no clinically substitutable alternative has threatened BOTOX® - until now Full-Label Parity Captures all 12 indications at approval → Competes for the entire therapeutic
Slide 5: A Large & Growing Therapeutic Neurotoxin Market
© 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. 5 The U.S. market accounts for ~86% of global therapeutic neurotoxin sales 2026 2027 2028 2029 2030 2031 $
Slide 6: BOTOX Maintains >90% Share Despite Competition
BOTOX® Maintains >90% Share Despite Competition Restricted labels have limited competitor adoption and scale © 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. 6 Other brands collectively captured <8% of market value in 2025 No c
Slide 7: BOTOX Dominance Persists Despite Physician Economic Friction
© 2 0 2 6 A E O N B I O P H A R M A BOTOX® Dominance Persists Despite Physician Economic Friction Responses received through qualitative interviews (N=6) conducted by Kx Advisors between November-December 2025. The lack of viable alternatives reinforces provider dependence, which can result in finan
Slide 8: The Payers Dilemma: Unsatisfied Payers with Minimal Levers
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 8 Payers trapped in a cycle with no viable levers to curb rising toxin costs “For us, BOTOX rep
Slide 9: AEON is taking a different approach
© 2 0 2 6 A E O N B I O P H A R M A 9 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 forc
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 © 2 0 2 6 A E O N B I O P H A R M A 10 〉 Lower cost for payers, improved provider economics Economic Alignment 〉 No change to dosing, preparation, or wor
Slide 11: Therapeutic label comparison of botulinum toxin brands
AbbVie Inc. 1989 Merz Pharma 2010 Ipsen Group 2009 Crown Laboratories 2023 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 upp
Slide 12: 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 12 Switching Friction Index Friction reduces physician confidence and drives workflow disruption ABP-450 Xeomin® Daxxify® Dysport® Label
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 © 2 0 2 6 A E O N B I O P H A R M A 13 Biosimilars structurally improve physician economics for buy-and-bill products through improved add-on payment and lo
Slide 14: 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 14 “If neurologists want to use BOTOX
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. © 2 0 2 6 A E O N B I O P H A R M A PurpleLab 2024 Claims Data as of Wednesday, 12/10/25, 11:00 am EST, DRG, Piper Sandler Analysis includes BOTOX® for
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 Payers: Restores cost control and formulary leverages through full label biosimilar competition Physicians: Improves physician economics with no change to clinical workflow Pa
Slide 17: Core Product Characteristics Limit Credible Biosimilar Followers
© 2 0 2 6 A E O N B I O P H A R M A Core Product Characteristics Limit Credible Biosimilar Followers 17 Unlike other biosimilars, this molecule presents unique manufacturing and analytical challenges A Molecular Paradox Large. Complex. Vanishingly small. o ~900 kDa multi-protein complex o ~1:100,000
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 〉 Exclusive aesthetic rights 〉 FDA approval in moderate to severe glabellar (frown) lines; $274.5m sales in 20251 Jeuveau® ABP-450 Aesthetics Therapeutics 〉 Exclusive therapeutic rights2 〉 Seeking all 12 FDA-approved indications for
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 15 8 34 12 Approved by regulators in North America, EU, APAC, LATAM, MENA © 2 0 2 6 A E O N B I O P H A R M A 20 1Under the brand name Jeuveau® in the U.S., N
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 © 2 0 2 6 A E O N B I O P H A R M A 21 〉Majority of evidentiary weight: structure, function, purity, potency, etc. Analytical Similarity 〉PK/PD stud
Slide 22: FDA BPD Type 2a Meeting (January 2026)
FDA BPD Type 2a Meeting (January 2026) Purpose: clarify analytical expectations and development strategy 〉 Initial similarity data and CQA framework reviewed 〉 Constructive feedback on analytical similarity strategy 〉 Clear framework in place to complete remaining analytical work Analytical De-riski
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® © 2 0 2 6 A E O N B I O P H A R M A 23 *Based on sequence coverage of 93% - 99% for the 5 proteins that comprise the 900kD botulinum toxin type A complex.
Slide 24: Built for Consistency: Genetic and Formulation Parity with 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 24 〉 *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 25: 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 25 〉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 26: Corporate Profile
LO 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 〉 20+ years in biotech and life sciences capital markets 〉 Over $500M in capital raised through a variety of equity, debt, and hybrid stru
Slide 28: 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 28 MILESTONE DATE STRATEGIC IMPACT Positive Biosimilarity Data November 2025 ➢ Reinforces AEON’s scientific foundation and provides support for plans to submit under the FDA’s 351(k) biosimilar BLA p
Slide 29: Capitalization Overview
Capitalization Overview 1. As of May 14, 2026 2. Issued in connection with November PIPE financing and conversion of Daewoong note as announced November 2025 and completed following shareholder approvals in January 2026 3. Weighted average exercise price of $1.24. Outstanding Warrants: ~26.3M Shares
Slide 30: Positioned to Deliver the First True Clinical Substitute to BOTOX
Strong analytical data flowing from a proven toxin platform Completed 2a meeting; advancing analytical similarity Positioned to drive broad market adoption 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 30 Positioned to Deliver the First True Clinic
Slide 31: Thank you
Thank you NYSEAMERICAN: AEON © 2 0 2 6 A E O N B I O P H A R M A