AEON Biopharma, Inc.
AEONHealthcare|Biotechnology|US
$0.18
+0.02 (+11.26%)
Cash / Share
$0.07
Financials
Financial Snapshot
Market Cap
$8.8M
Enterprise Value
$8.1M
Revenue (TTM)
$0.00
Net Income (TTM)
-$54.6M
Cash & Investments
$3.4M
Net Cash
$656.0K
Free Cash Flow (TTM)
-$13.6M
Operating CF (TTM)
-$13.6M
Debt/Equity
-0.18
Cash Runway & Burn Rate
Cash on Hand
$3.4M
Quarterly Burn
$3.4M
Monthly Burn
$1.1M
Est. Runway
~1.0 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $111.7M | $20.2M | $5.1M | $9.7M | $5.2M | $13.0K | $3.0M | $3.4M | |
| Operating Cash Flow | -$44.7M | -$9.5M | -$28.4M | -$35.6M | -$47.8M | -$20.3M | -$17.3M | -$13.6M | |
| Free Cash Flow | -$46.4M | -$9.5M | -$28.6M | -$35.9M | -$47.8M | -$20.3M | -$17.3M | -$13.6M | |
| Capital Expenditure | -$1.7M | $0.00 | -$170.0K | -$306.0K | $0.00 | $0.00 | -$4.0K | $0.00 | |
| Financing Cash Flow | $73.2M | $24.6M | $13.6M | $40.5M | $14.0M | $15.1M | $20.3M | $8.6M |
R&D Spending
R&D (TTM)
$7.2M
R&D Intensity
—
R&D Growth vs Prior
+75.3%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.4M | $2.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $4.8M | $7.3M | $25.7M | $34.8M | $33.0M | $14.2M | $4.1M | $7.2M | |
| R&D % of Revenue | 143.4% | 290.7% | — | — | — | — | — | — | |
| SG&A | $46.0M | $11.6M | $11.2M | $13.7M | $19.8M | $13.6M | $12.2M | $12.7M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.4M | $2.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $1.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $39.0K | |
| Gross Profit | $3.4M | $2.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$39.0K | |
| R&D | $4.8M | $7.3M | $25.7M | $34.8M | $33.0M | $14.2M | $4.1M | $7.2M | |
| SG&A | $46.0M | $11.6M | $11.2M | $13.7M | $19.8M | $13.6M | $12.2M | $12.7M | |
| Operating Income | -$54.0M | -$16.4M | -$65.8M | -$48.4M | -$348.1M | $73.0M | -$12.8M | -$19.9M | |
| Interest Expense | $7.5M | $15.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $145.7M | -$32.9M | -$55.6M | -$52.6M | -$384.6M | $42.0M | -$39.2M | -$54.6M | |
| Net Income | $172.9M | -$32.9M | -$55.6M | -$52.6M | -$384.6M | $42.0M | -$39.2M | -$54.6M | |
| EPS (Diluted) | 1481.04 | -0.01 | 18.86 | -27.25 | -744.83 | 72.93 | -3.95 | -3.77 | |
| EBITDA | -$47.1M | -$15.5M | -$36.9M | -$52.5M | -$52.7M | -$27.7M | -$16.2M | -$25.7M | |
| Shares Out. (M) | 0.09 | 0.48 | 0.43 | 1.93 | 0.52 | 0.58 | 9.92 | 50.53 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.3M | $20.2M | $5.1M | $9.7M | $5.2M | $13.0K | $3.0M | $3.4M | |
| Short-Term Investments | $105.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $112.1M | $20.4M | $5.2M | $9.8M | $6.2M | $1.6M | $3.4M | $4.0M | |
| Total Assets | $114.4M | $21.2M | $6.4M | $10.8M | $6.8M | $3.1M | $5.6M | $5.9M | |
| Total Current Liabilities | $17.5M | $4.2M | $20.8M | $82.6M | $13.0M | $14.1M | $6.9M | $7.3M | |
| Long-Term Debt | $15.2M | $72.2M | $70.8M | $60.4M | $0.00 | $11.7M | $34.6M | $1.8M | |
| Total Liabilities | $180.2M | $224.4M | $230.3M | $281.2M | $159.9M | $31.7M | $60.6M | $21.3M | |
| Stockholders' Equity | -$67.2M | -$208.3M | -$234.9M | -$287.5M | -$153.0M | -$28.6M | -$55.0M | -$15.4M | |
| Retained Earnings | -$333.7M | -$366.6M | -$422.3M | -$474.8M | -$473.6M | -$431.6M | -$470.8M | -$483.8M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$44.7M | -$9.5M | -$28.4M | -$35.6M | -$47.8M | -$20.3M | -$17.3M | -$13.6M | |
| Capital Expenditure | -$1.7M | $0.00 | -$170.0K | -$306.0K | $0.00 | $0.00 | -$4.0K | $0.00 | |
| Free Cash Flow | -$46.4M | -$9.5M | -$28.6M | -$35.9M | -$47.8M | -$20.3M | -$17.3M | -$13.6M | |
| Investing Cash Flow | -$117.3M | -$1.3M | -$170.0K | -$306.0K | $0.00 | $0.00 | -$4.0K | $0.00 | |
| Financing Cash Flow | $73.2M | $24.6M | $13.6M | $40.5M | $14.0M | $15.1M | $20.3M | $8.6M | |
| Issuance of Stock | $77.8M | $0.00 | $0.00 | $0.00 | $0.00 | $147.0K | $18.5M | $4.4M | |
| Repurchase of Stock | -$64.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $9.7M | $25.1M | $15.0M | $40.5M | $14.0M | $15.0M | $0.00 | $0.00 | |
| Stock Based Comp. | $5.3M | $4.8M | $5.2M | $5.9M | $0.00 | $6.3M | $5.3M | $5.6M | |
| Net Change in Cash | -$88.8M | $13.8M | -$15.0M | $4.6M | -$4.6M | -$5.1M | $3.0M | -$5.0M |
Dilution Tracker
Shares outstanding grew 1970.6% over 5 years — significant dilution
Shares Outstanding
50M
5-Year Share Growth
+1970.6%
Stock Issuance (TTM)
$4.4M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.09 | 0.48 | 0.43 | 1.93 | 0.52 | 0.58 | 9.92 | 50.53 | |
| Change vs Prior % | — | 419.1% | -9.3% | 343.5% | -73.2% | 11.5% | 1622.7% | 409.3% | |
| Stock Issuance | $77.8M | $0.00 | $0.00 | $0.00 | $0.00 | $147.0K | $18.5M | $4.4M | |
| Stock Repurchase | -$64.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $5.3M | $4.8M | $5.2M | $5.9M | $0.00 | $6.3M | $5.3M | $5.6M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | — | — | — | — | — | — | |
| Operating Margin % | -1607.6% | -650.8% | — | — | — | — | — | — | |
| Net Margin % | 5151.0% | -1307.1% | — | — | — | — | — | — | |
| EBITDA Margin % | -1403.4% | -616.1% | — | — | — | — | — | — | |
| FCF Margin % | -1382.8% | -375.7% | — | — | — | — | — | — | |
| ROE % | -257.5% | 15.8% | 23.7% | 18.3% | 251.3% | -147.0% | 71.3% | 204.2% | |
| ROA % | 151.2% | -155.1% | -864.5% | -487.6% | -5619.2% | 1336.9% | -705.4% | -924.2% | |
| ROIC % | -43.5% | -96.3% | -5331.7% | 7196.0% | 5873.9% | -670.4% | 1180.0% | 1699.7% | |
| R&D / Revenue % | 143.4% | 290.7% | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -25.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -25.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | 69.6% | -301.8% | 26.5% | -618.8% | 121.0% | -117.5% | |
| Net Income | 0.0% | -119.0% | -69.0% | 5.5% | -631.9% | 110.9% | -193.4% | |
| EPS (Diluted) | 0.0% | -100.0% | 262044.4% | -244.5% | -2633.3% | 109.8% | -105.4% | |
| Operating Cash Flow | 0.0% | 78.8% | -200.5% | -25.2% | -34.4% | 57.6% | 14.7% | |
| Free Cash Flow | 0.0% | 79.6% | -202.3% | -25.5% | -33.3% | 57.6% | 14.7% | |
| R&D Expense | 0.0% | 52.0% | 251.5% | 35.1% | -4.9% | -57.1% | -71.1% | |
| SG&A Expense | 0.0% | -74.8% | -3.7% | 22.6% | 44.7% | -31.1% | -10.5% | |
| Total Assets | 0.0% | -81.4% | -69.7% | 67.5% | -36.5% | -54.1% | 77.0% | |
| Book Value / Share | 0.0% | 40.6% | -21.4% | 72.8% | -111.4% | 82.2% | 89.5% | |
| Debt | 0.0% | 140.9% | 20.4% | 51.4% | -99.8% | 4560.1% | 175.9% | |
| Diluted Shares | 0.0% | 419.1% | -9.3% | 343.5% | -73.2% | 11.5% | 1622.7% |
Valuation
P/E (TTM)At Loss
10Y Low / Med / High0.45 / 0.50 / 35.12
P/S0.00
P/B-0.58
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$0.07
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 0.45 | -92000.00 | 35.12 | -24.31 | -0.70 | 0.50 | -0.28 | -0.05 | |
| P/S Ratio | 18.21 | 126.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -0.91 | -1.52 | -1.23 | -4.44 | -1.75 | -0.74 | -0.20 | -0.58 | |
| EV/EBITDA | -1.80 | -23.81 | -10.03 | -26.66 | -4.98 | -1.22 | -2.69 | -0.32 | |
| EV/Revenue | 25.25 | 146.70 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-129.41
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $16.3M | $786.7K | $44.0M |
| Net Income | -$4.1M | -$2.7M | -$1.3M |
| EPS | $-0.42 | $-0.28 | $-0.13 |
| # Analysts (EPS) | 2 | 2 | 2 |