AEON Biopharma

Balance sheet: cash and equivalents were 6.2 million dollars at March 31, 2026, with going‑concern language. AEON cited additional ATM proceeds of 0.9 million dollars in April and closed an underwritten offering on July 15, 2026 for net proceeds of approximately 12.2 million dollars.

Convertible notes at fair value fell to about 1.5 million dollars at March 31, 2026 after a Daewoong exchange that reduced outstanding debt by more than 90 percent. Pro forma liquidity improves but still likely funds only a few quarters at recent burn.

Listing status: the NYSE American accepted AEON’s compliance plan through August 3, 2026, but an additional March 31, 2026 notice highlighted continued stockholders’ deficit. Delisting risk remains if milestones are not met. With no revenue and negative operating cash flow, resilience to shocks is limited absent recurring access to capital.