AEON Biopharma closes $13.75 million offering with attached milestone warrants
The biosimilar developer priced and closed an underwritten stock and warrant sale, netting $12.2 million with up to $29.6 million more possible if warrants are exercised.
AEON Biopharma, Inc. closed an underwritten public offering on July 15, 2026, after pricing it on July 13, 2026. The offering was structured to raise up to approximately $43.3 million in gross proceeds, combining about $13.75 million in expected gross proceeds from the base offering with up to an additional $29.6 million tied to cash exercise of warrants issued alongside the shares.1
The deal consisted of 42,688,606 shares of common stock (or pre-funded warrants in lieu thereof), with each share or pre-funded warrant accompanied by one two-year milestone warrant and one five-year milestone warrant, each exercisable for one share of common stock or a pre-funded warrant in lieu thereof.1 Per the pricing terms, the two-year milestone warrant carries an exercise price of $0.3221 per share and the five-year milestone warrant an exercise price of $0.3704 per share.1
The warrants carry built-in expiration triggers tied to regulatory and clinical progress. Each two-year milestone warrant expires on the earlier of the second anniversary of issuance or 45 days after the company publicly announces it has received Type 2B meeting minutes from the FDA that do not preclude advancing ABP-450 toward a Biologics License Application under the Section 351(k) biosimilar pathway.1 The five-year milestone warrant expires on the earlier of the fifth anniversary of issuance or 45 days after the company announces it has initiated a Phase 3 clinical equivalence trial of ABP-450 as a biosimilar to BOTOX®.1
On the underwriting side, the representative, Lake Street Capital Markets, exercised its over-allotment option on July 14, 2026 to purchase additional two-year and five-year milestone warrants covering 6,403,290 shares of common stock each.1
AEON reported net proceeds of approximately $12.2 million from the offering, after underwriting discounts, commissions and estimated offering expenses.1 The company intends to use the proceeds for working capital and general corporate purposes, including comparative analytical testing on ABP-450 to support biosimilarity to BOTOX®.1
Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Not investment advice.