INVESTOR PRESENTATION MARCH 2026 2 This presentation contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position; business strategy; the market growth for our product; our ability to meet our goals related to the market position of our product and product candidates; the potential market ...

Core Viewpoint - AEON Biopharma and Daewoong Pharmaceutical have finalized an agreement to exchange $15 million of convertible notes into new equity, new notes, and cash-exercise warrants, which is a significant step towards reducing AEON's debt and advancing its biosimilar strategy for ABP-450 [2][3][4] Group 1: Transaction Details - The agreement involves the exchange of $15 million in convertible notes plus accrued interest into new equity and $1.5 million in new notes due in 2030, along with cash-exercise warrants for 8 million shares of common stock [2][3] - The cash-exercise warrants, if exercised, could provide AEON with over $8 million in additional cash proceeds [2] - The transaction is subject to shareholder approval, which is a necessary step for its consummation [3][4] Group 2: Impact on Company Structure - The exchange will eliminate more than 90% of AEON's outstanding debt, significantly transforming the company's capital structure [4] - This move is expected to strengthen Daewoong's long-term strategic alignment with AEON and its stockholders [4] Group 3: Company Background - AEON Biopharma is focused on entering the U.S. therapeutic neurotoxin market, which exceeds $3 billion annually, through the development of ABP-450 as a biosimilar to BOTOX [6] - ABP-450 is manufactured by Daewoong Pharmaceutical and is already approved as a biosimilar in India, Mexico, and the Philippines, with exclusive rights for therapeutic indications in the U.S., Canada, and the EU [6]

Core Points - AEON Biopharma, Inc. has completed the first closing of its PIPE, generating approximately $1.79 million in proceeds [1][2] - The FDA has rescheduled AEON's BPD Type 2a meeting to January 21, 2026, to review the analytical development plan and initial data supporting biosimilarity [3] Financial Summary - The first closing of the PIPE occurred on November 18, 2025, resulting in $1.79 million in proceeds [2] - The anticipated proceeds from the second closing will support AEON's analytical program and may accelerate the development of ABP-450 by up to six months [2] Regulatory Update - The FDA's rescheduling of the BPD Type 2a meeting to January 21, 2026, indicates continued engagement with AEON's biosimilar program [3] - The meeting will focus on AEON's analytical development plan without citing any scientific or program-related issues [3] Company Overview - AEON Biopharma is focused on gaining accelerated and full-label access to the U.S. therapeutic neurotoxin market, which exceeds $3.0 billion annually [5] - The company's lead asset, ABP-450, is a biosimilar to BOTOX and is manufactured in compliance with cGMP standards [5] - ABP-450 is already approved as a biosimilar in India, Mexico, and the Philippines, with exclusive development rights in the U.S., Canada, EU, UK, and other territories [5]

Core Insights - AEON Biopharma has announced two transactions that could provide up to approximately $22 million in potential proceeds, significantly improving its balance sheet and reducing outstanding debt by over 90% [1][7] Financing Details - AEON has entered a $6 million PIPE financing agreement, with the potential to raise over $7 million in additional capital through cash-exercise warrants [1][3] - The PIPE involves the sale of 6,581,829 shares at a price of $0.9116 per share, along with five-year warrants to purchase the same number of shares at an exercise price of $1.094 [3][4] - The first closing of the PIPE is expected in November 2025, with an initial gross proceeds of $1.79 million [4] Debt Exchange - AEON and Daewoong Pharmaceutical have agreed to exchange $15 million of existing convertible notes for approximately 23,103,694 shares of AEON common stock, a new $1.5 million note due in 2030, and 8 million cash-exercise warrants [6][7] - This exchange is anticipated to eliminate more than 90% of AEON's outstanding debt, thereby strengthening its capital structure [7] Program Advancement - The proceeds from these transactions are expected to support the uninterrupted advancement of AEON's ABP-450 biosimilar program, following positive analytical data submitted to the FDA [1][5] - The financing is projected to accelerate the biosimilar development timeline by up to six months [5] Market Context - AEON is focused on entering the U.S. therapeutic neurotoxin market, which exceeds $3 billion annually, through the development of ABP-450 as a biosimilar to BOTOX [10] - The company has exclusive rights for therapeutic indications of ABP-450 in the U.S., Canada, and the EU, among other regions [10]

Market Position and Growth - Evolus is gaining market share in the U S neurotoxin market, with Jeuveau's share increasing from 4% in 2019 to 14% in 2025[18] - The global addressable market for neurotoxins and fillers is expected to grow to $7 billion in 2028, with neurotoxins reaching $3.7 billion and fillers reaching $3.7 billion[20] - Evolus International is expected to achieve $100 million in revenue in 2028[23] Financial Performance and Projections - The company anticipates total net revenues for 2025 to be between $295 million and $305 million, representing an 11% to 15% increase over 2024[119] - Evolysse injectable HA gels are projected to contribute 10% to 12% of total revenue for the full year 2025[119] - Evolus projects $700 million in total net revenue and a non-GAAP operating income margin of 20% by 2028[120] Product Launches and Expansion - Evolysse Form and Evolysse Smooth HA gels launched in the U S in Q2 2025[45] - Estyme products are expected to launch internationally in the first half of 2026[119] - Evolysse Sculpt is scheduled to launch in the U S in the second half of 2026[45] Customer Engagement and Loyalty - The Evolus Rewards program has grown to over 13 million total enrollments by Q3 2025[63] - 70% of toxin consumers also use a dermal filler[74] - 37% of consumers receive both toxin and filler treatments during the same appointment[76]

Core Insights - AEON Biopharma is progressing towards significant biosimilar development milestones for ABP-450, aiming for a Type 2a meeting with the FDA in 4Q'25 [2][5] - The U.S. therapeutic neurotoxin market exceeds $3.0 billion, presenting a substantial opportunity for AEON's entry with ABP-450 as a cost-effective alternative to BOTOX [4][5] Financial Overview - As of June 30, 2025, AEON reported cash and cash equivalents of $8.4 million, expected to fund operations through the planned FDA meeting in 4Q'25 [5] - The company incurred a net loss of $6.6 million for the three months ended June 30, 2025, compared to a net income of $164.1 million for the same period in 2024 [12][13] - Total current assets amounted to $10.3 million, while total liabilities were reported at $27.5 million, resulting in a stockholders' deficit of $15.9 million [11] Upcoming Milestones - Completion of primary structure analysis and select functional analyses for ABP-450 is expected in 3Q'25 [5] - The anticipated Type 2a meeting with the FDA in 4Q'25 will discuss the results of these studies and outline the next steps for ABP-450's development [5][6] Product Development - ABP-450 is being developed as a biosimilar to BOTOX, utilizing the 351(k) regulatory pathway to potentially cover all therapeutic indications of BOTOX [2][5] - The product is already approved as a biosimilar in India, Mexico, and the Philippines, with exclusive development rights in the U.S., Canada, EU, and UK [6]

Market Position and Growth - Evolus is gaining market share in the fast-growing neurotoxin market[16] - Jeuveau's share of the toxin market has increased from 4% in 2019 to 14% in 2025[19] - The global addressable market for neurotoxins and fillers is expected to grow to $7 billion in 2028[20] - Evolus International is expected to achieve $100 million in 2028[23] Financial Performance - The company has exhibited double-digit revenue growth for the fifth consecutive year[28] - Net revenue is projected to be between $295 million and $305 million in 2025, representing 11% to 15% growth over 2024[29, 118] - Evolysse contributed 10%-12% of total revenue for the full year 2025[108, 118] - The company is projecting $700 million total net revenue by 2028[119] Product and Strategy - The company's total addressable market expands by 78% with the addition of the injectable HA gel portfolio[16] - Evolysse was the strongest first quarter filler launch in over a decade[106] - Evolus Rewards program has over 1.2 million total enrollments in Q2 2025[62, 113] - 70% of toxin consumers also use a filler[74]