AEON Biopharma is a pre-revenue, clinical-stage biopharmaceutical company developing a single asset, ABP-450, as a biosimilar to Botox for therapeutic indications. The company aims to win FDA approval for all 12 therapeutic uses for which Botox is approved, such as chronic migraine and cervical dystonia, but holds no rights for cosmetic applications. AEON licenses ABP-450, a botulinum toxin complex, from South Korean manufacturer Daewoong Pharmaceutical, which also supplies the same toxin to Evolus for cosmetic use. AEON's business model is based on the "buy-and-bill" system, where physicians purchase the drug and are reimbursed by insurers. The company's core strategy is to pursue a therapeutics-only approval pathway, which it argues will result in a more favorable reimbursement price for physicians compared to existing competitors whose pricing is diluted by cosmetic sales. AEON also notes that ABP-450 has the same molecular weight as Botox, allowing physicians to use it without changing their existing administration protocols. The company is pursuing FDA approval via the 351(k) biosimilar pathway, which prioritizes demonstrating analytical similarity to Botox. As a pre-revenue company, AEON's primary costs are related to development and clinical studies.