aibioAEON Biopharma receives additional NYSE American notice over stockholders' equity
Tickers AEON
The notice cites a stockholders' deficit of approximately $55 million as of December 31, 2025. AEON keeps its listing and has until August 3, 2026 to regain compliance.
Key facts
- Company
- AEON Biopharma, Inc. (AMEX: AEON)
- News type
- Listings
- Primary source
- AEON Biopharma, Inc. Form 8-K filed April 3, 2026 (SEC EDGAR)
AEON Biopharma, Inc. (NYSE American: AEON) says it received an additional written notice of non-compliance from NYSE American on March 31, 2026. The notice says the company fails another continued listing standard because of a stockholders' deficit of approximately $55 million as of December 31, 2025. AEON disclosed it in a Form 8-K filed April 3, 2026 and says the notice has no immediate effect on its listing.
What the notice says
NYSE American told AEON it is not in compliance with Section 1003(a)(ii) of the NYSE American Company Guide. That rule requires stockholders' equity of $4.0 million or more when a listed company has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years.
The notice cites AEON's reported deficit as of December 31, 2025 and its losses in three of its four most recent fiscal years, drawn from its Annual Report on Form 10-K filed March 30, 2026.
The earlier notice and the compliance plan
The new notice follows an earlier one. On February 3, 2025, according to the press release, AEON was told it did not meet Section 1003(a)(i) of the Company Guide, which requires stockholders' equity of $2.0 million or more if a company has reported losses in two of its three most recent fiscal years.
The company then submitted a compliance plan. NYSE American accepted it on April 22, 2025 and gave AEON until August 3, 2026, which the filing calls the Plan Period. AEON says it has been making progress consistent with the plan in periodic reviews. The press release describes the new notice as an expected progression of that previously disclosed status following its 2025 year-end results. A deficit of approximately $55 million is far from the $4.0 million the rule requires.
What happens to the listing
AEON's Class A common stock stays listed during the Plan Period, subject to other listing standards. It keeps trading with a ".BC" indicator and stays on the exchange's list of noncompliant issuers.
AEON says it intends to keep executing the plan to regain compliance with both Section 1003(a)(i) and Section 1003(a)(ii) by August 3, 2026, with no assurance it will. The press release adds that if AEON does not regain compliance by August 3, 2026, or does not make progress consistent with the plan, NYSE American may begin delisting proceedings. The company has a right to appeal a staff delisting determination under Section 1010 and Part 12 of the Company Guide.
About the company
AEON is a biopharmaceutical company developing ABP-450 (prabotulinumtoxinA) as a biosimilar to Botox for therapeutic uses, with the goal of full-label U.S. market entry. In its annual report, AEON says it holds exclusive development and commercialization rights for therapeutic indications in the United States, Canada, the European Union, the United Kingdom and certain other territories.
ABP-450 is the same toxin complex that Evolus, Inc. markets for cosmetic use under the name Jeuveau, and Daewoong Pharmaceutical manufactures it. The company was formerly Priveterra Acquisition Corp., a special purpose acquisition company, and took its current name when its merger with the former AEON Biopharma closed on July 21, 2023.
The money behind the deficit
The annual report says ABP-450 is the company's only product candidate and its future depends entirely on regulatory approval and commercialization of it. Management concluded that uncertainty about raising capital raises substantial doubt about the company's ability to continue as a going concern. The report says the company expects to have enough cash to fund its operating plan into the third quarter of 2026, including $4.2 million received from the Second Closing in January 2026, and that further development will need more funding that may not be available. The 10-K data show a net loss of $39.2 million for 2025, against net income of $42.0 million in 2024, and cash used in operations of $17.3 million, against $20.3 million. Research and development expense fell to $4.1 million from $14.2 million.
Who is involved
President and Chief Executive Officer Robert Bancroft signed the Form 8-K. The 10-K signature page lists Jennifer Sy as Chief Accounting Officer and Jost Fischer as Chairman of the Board.