Financial Performance - AEON Biopharma reported total assets of $4,004,000 as of September 30, 2024, down from $6,845,000 at the end of 2023, indicating a decrease of approximately 41%[8] - Cash and cash equivalents decreased significantly to $537,000 from $5,158,000, representing a decline of about 90%[8] - Total current liabilities were reported at $10,726,000, a decrease from $13,049,000, reflecting a reduction of approximately 18%[8] - The company has a stockholders' deficit of $32,090,000 as of September 30, 2024, compared to a deficit of $153,044,000 at the end of 2023, showing an improvement of about 79%[8] - AEON's accumulated deficit decreased to $433,679,000 from $473,602,000, indicating a reduction of approximately 8%[8] - For the three months ended September 30, 2024, total operating expenses were $4,016,000, compared to $283,714,000 for the same period in 2023, reflecting a significant decrease[9] - The net loss for the three months ended September 30, 2024, was $6,171,000, or $0.16 per share, compared to a net loss of $297,711,000, or $8.01 per share, for the same period in 2023[9] - The company reported a change in the fair value of contingent consideration amounting to $348,000 for the three months ended September 30, 2024, compared to a loss of $75,939,000 in 2023[9] - Total operating costs and expenses for the nine months ended September 30, 2024, were $283,714,000, compared to $29,644,000 for the same period in 2023[9] - The company experienced a loss from operations of $4,016,000 for the three months ended September 30, 2024, compared to a loss of $283,714,000 in 2023[9] - The change in fair value of convertible notes resulted in a loss of $1,878,000 for the three months ended September 30, 2024[9] Regulatory and Development Plans - AEON plans to initiate primary comparative analytical studies for ABP-450 in Q4 2024, contingent on securing capital resources[2] - The company aims to hold a Biosimilar Biological Product Development Type 2 meeting with the FDA in 2025 to discuss outcomes from the planned studies[4] - AEON is aligned with the FDA on the initial key requirements for the 351(k) regulatory pathway for ABP-450, which utilizes BOTOX as the reference product[3] - The company is evaluating all available options to secure capital resources necessary for executing its regulatory strategy for ABP-450[2] Merger Impact - AEON completed a merger with AEON Biopharma Sub, Inc. on July 21, 2023, which has impacted the comparability of financial results between periods[11] - The company’s financial statements reflect the historical operating results of AEON Biopharma Sub, Inc. prior to the merger and the combined results following the merger[11] Development Rights - The company has exclusive development and distribution rights for ABP-450 in the U.S., Canada, the EU, the UK, and other territories[6] Research and Development - Research and development expenses for the nine months ended September 30, 2024, were $11,144,000, down from $19,803,000 in 2023, indicating a reduction in R&D spending[9] - The weighted average shares of common stock outstanding for the three months ended September 30, 2024, were 39,515,292, compared to 37,159,600 for the same period in 2023[10]
AEON Biopharma(AEON) - 2024 Q3 - Quarterly Results