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]