The capital structure is characterized by a negative equity position of -$16.8 million and a debt load of $2.6 million as of 2026Q1.
| Total Current Assets | 6.63M | 3.4M | 1.59M | 6.22M | 9.84M | 5.15M | 20.38M | 112.14M |
| Cash & Short-Term Investments | 6.24M | 3.01M | 13K | 5.16M | 9.75M | 5.13M | 20.17M | 111.75M |
| Cash Only | 6.24M | 3.01M | 13K | 5.16M | 9.75M | 5.13M | 20.17M | 6.32M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 105.42M |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 267K |
| Days Sales Outstanding | - | - | - | - | - | - | - | 29.03 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 382K | 392K | 1.58M | 1.06M | 92K | 26K | 0 | 0 |
| Total Non-Current Assets | 2M | 2.16M | 1.55M | 623K | 940K | 1.28M | 838K | 2.21M |
| Property, Plant & Equipment | 1.13M | 1.21M | 1.52M | 594K | 906K | 922K | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.43M |
| Other Non-Current Assets | 871K | 948K | 29K | 29K | 34K | 360K | 838K | 778K |
| Total Assets | 8.63M | 5.56M | 3.14M | 6.84M | 10.78M | 6.44M | 21.21M | 114.35M |
| Asset Turnover | 0.00x | - | - | - | - | - | 0.12x | 0.03x |
| Asset Growth % | 261.01% | 76.96% | -54.1% | -36.49% | 67.46% | -69.66% | -81.45% | - |
| Total Current Liabilities | 6.67M | 6.9M | 14.15M | 13.05M | 82.57M | 20.8M | 4.2M | 17.5M |
| Accounts Payable | 1.48M | 942K | 5.91M | 3.39M | 7.8M | 1.19M | 2.03M | 1.02M |
| Days Payables Outstanding | 42.53K | - | - | - | - | - | - | 374.13K |
| Short-Term Debt | 258K | 0 | 0 | 0 | 70.87M | 15.6M | 0 | 14.79M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.1M | 2.87M | 1.07M | 943K | 1.11M | 1.07M | 1.25M | 809K |
| Current Ratio | 0.99x | 0.49x | 0.11x | 0.48x | 0.12x | 0.25x | 4.85x | 6.41x |
| Quick Ratio | 0.99x | 0.49x | 0.11x | 0.48x | 0.12x | 0.25x | 4.85x | 6.41x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 18.71M | 53.69M | 17.56M | 146.84M | 198.62M | 209.46M | 220.25M | 162.73M |
| Long-Term Debt | 1.54M | 34.6M | 11.69M | 0 | 60.43M | 70.76M | 72.16M | 15.16M |
| Capital Lease Obligations | 3.69M | 893K | 1.15M | 0 | 242K | 524K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 16.35M | 18.2M | 4.73M | 146.84M | 137.95M | 138.17M | 148.09M | 147.56M |
| Total Liabilities | 25.38M | 60.59M | 31.71M | 159.89M | 281.19M | 230.26M | 224.45M | 180.22M |
| Total Debt | 2.63M | 35.74M | 12.96M | 278K | 131.53M | 86.89M | 72.16M | 29.95M |
| Net Debt | -3.62M | 32.74M | 12.94M | -4.88M | 121.79M | 81.76M | 51.99M | 23.63M |
| Debt / Equity | -0.16x | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.14x | - | 0.18x | - | - | - | - | - |
| Net Debt / EBITDA | 0.20x | - | 0.18x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -1092.53x | -6.48x |
| Total Equity | -16.75M | -55.03M | -28.57M | -153.04M | -270.41M | -223.82M | -203.23M | -65.87M |
| Equity Growth % | -59.21% | -92.61% | 81.33% | 43.4% | -20.82% | -10.13% | -208.54% | - |
| Book Value per Share | -1.38 | -5.55 | -49.60 | -1.99 | -140.22 | -127.64 | -2218.18 | -713.63 |
| Total Shareholders' Equity | -16.75M | -55.03M | -28.57M | -153.04M | -287.5M | -234.94M | -208.27M | -67.15M |
| Common Stock | 10K | 9K | 4K | 4K | 14K | 14K | 11K | 11K |
| Retained Earnings | -482.61M | -470.82M | -431.6M | -473.6M | -474.84M | -422.28M | -366.65M | -333.73M |
| Treasury Stock | 0 | 0 | 0 | 0 | -23K | -23K | -23K | -23K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 17.09M | 11.12M | 5.04M | 1.28M |
Imminent liquidity and dilution
According to the most recent financial filings, AEON's cash reserves have dwindled to $3.0 million as of 2025Q4, a figure that appears insufficient to support the company's ongoing clinical development programs without immediate and likely dilutive external capital injections to maintain its status as a going concern.
The current ratio of 0.49 indicates a severe mismatch between near-term obligations and available liquid assets. This liquidity profile suggests that the company is operating with virtually no margin for error, leaving it highly susceptible to any delays in clinical trial milestones or unexpected increases in vendor costs.
As reported in financial statements, AEON's debt load reached $35.7 million in 2025Q4, reflecting a reliance on debt financing to bridge the gap between clinical trial expenditures and the absence of commercial revenue, which warrants close monitoring by investors regarding the company's long-term solvency and interest coverage.
The significant fluctuation in debt levels across the observed periods suggests that management is actively utilizing credit facilities to sustain operations. This reliance on debt in a pre-revenue stage creates substantial refinancing risk, as the company lacks the operational cash flow to service these obligations independently.
Based on reported figures, AEON's equity position has remained deeply negative, reaching -$55.0 million in 2025Q4, which underscores the cumulative impact of years of heavy R&D spending and the absence of profitable commercial operations to build a sustainable book value for shareholders.
The persistent negative retained earnings, which stood at -$470.8 million in 2025Q4, indicate that the company has effectively exhausted its initial capital base. This structural deficit suggests that any future value creation for equity holders is entirely contingent upon the successful commercialization of the ABP-450 pipeline.
As disclosed in recent SEC filings, the company's reliance on non-cash compensation and the volatility of its accounts payable suggest that headline balance sheet figures may obscure the true intensity of the underlying cash burn required to advance its therapeutic neurotoxin programs toward potential regulatory approval.
Investors should be wary of the potential for significant equity dilution, as the current balance sheet structure appears unable to support the capital-intensive nature of Phase 3 trials. The interplay between rising liabilities and shrinking cash reserves suggests that the company's financial position is more fragile than a simple review of total assets might imply.
Quick answers to the most common questions about buying AEON stock.
As of 2025, AEON Biopharma, Inc. (AEON) had total assets of $5.6M including $3.4M in current assets.
AEON Biopharma, Inc. (AEON) carries total debt of $35.7M, offset by $3.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AEON Biopharma, Inc. (AEON) has total shareholders' equity (book value) of $-55.0M ($-5.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AEON Biopharma, Inc. (AEON) reported a current ratio of 0.49x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.