Tue, May 14, 8:12 PM (73 days ago)
**AEON Biopharma, Inc. 10-Q Summary for Quarter Ended March 31, 2024** AEON Biopharma, Inc. reported a net loss of $118 million for Q1 2024, compared to a net loss of $17.6 million in Q1 2023. The significant increase in net loss is primarily due to a $63.8 million loss from the change in fair value of contingent consideration and a $20.9 million loss from the change in fair value of warrants. Operating expenses increased 21% to $4.6 million, driven by higher legal and professional fees. R&D expenses decreased 38% to $5.7 million due to the wind-down of Phase 2 clinical trials. The company has raised $5 million through the issuance of convertible notes to Daewoong and terminated forward purchase agreements, resulting in a $20.3 million charge. AEON has $1.6 million in cash and cash equivalents and is actively seeking additional funding. The company announced that its Phase 2 trial for chronic migraine did not meet primary or secondary endpoints, which has prompted immediate cash preservation measures and strategic reviews. There is substantial doubt about AEON's ability to continue as a going concern beyond June 2024 without additional financing.