AEON Biopharma
AEON on NYSEAmerican. Market value $13m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 22 funds in all.
Largest holders overall
- Dauntless Investment Group$9mAdded
- Geode Capital Management$68,556Added
- Vanguard Capital Management$65,090
- Blue Owl Capital Holdings LP$30,494
- Formidable Asset Management$19,724
- StoneX Group$14,942New
- Vanguard Fiduciary Trust$9,860Cut
- LPL Financial$8,277
- Citigroup$5,262Added
- UBS Group AG$3,640Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- Daewoong Co.,Ltd. ("DWC")Strategic holderat least 50.0%+49.1 pts(filed with 1 related holder)Since 21 January 2026
What they said
The information set forth in Item 3 of this Schedule 13D is incorporated herein by reference. DWC is a shareholder of DWP with 52% of shares outstanding. DWP is the counterparty to the Issuer's license agreements for License & Supply Agreement, effective as of December 20, 2019,…
Read the filing - Timothy P. LynchPassive investor13.0%Since 19 August 2026
- Stonepine Capital Management, LLCPassive investorat least 9.9%(filed with 3 related holders)Since 15 July 2026
- Chernett JoreyPassive investor9.9%Since 27 May 2025
- Dauntless Investment Group, LLCPassive investor9.7%Since 26 February 2025
- Bigger MichaelPassive investorat least 6.1%(filed with 6 related holders)Since 6 January 2025
- Robert J PalmisanoInsider or founderat least 5.7%0.0 pts(filed with 1 related holder)Since 25 July 2024
- L1 Capital Global Opportunities Master Fund, Ltd.Passive investorSold down below 5%Since 31 March 2025
- Blue Owl Capital Holdings LPPassive investorSold down below 5%Since 31 December 2024
- Alta Partners LLCPassive investorSold down below 5%Since 30 September 2025
- Polar Asset Management Partners Inc.Passive investorSold down below 5%Since 31 March 2025
- S.H.N. Financial Investments Ltd.Passive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
Daewoong Co.,Ltd. ("DWC") Strategic holder | at least 50.0%+49.1 pts (filed with 1 related holder) | 21 January 2026 | What they saidThe information set forth in Item 3 of this Schedule 13D is incorporated herein by reference. DWC is a shareholder of DWP with 52% of shares outstanding. DWP is the counterparty to the Issuer's license agreements for License & Supply Agreement, effective as of December 20, 2019,… Read the filing |
Timothy P. Lynch Passive investor | 13.0% | 19 August 2026 | |
Stonepine Capital Management, LLC Passive investor | at least 9.9% (filed with 3 related holders) | 15 July 2026 | |
Chernett Jorey Passive investor | 9.9% | 27 May 2025 | |
Dauntless Investment Group, LLC Passive investor | 9.7% | 26 February 2025 | |
Bigger Michael Passive investor | at least 6.1% (filed with 6 related holders) | 6 January 2025 | |
Robert J Palmisano Insider or founder | at least 5.7%0.0 pts (filed with 1 related holder) | 25 July 2024 | |
L1 Capital Global Opportunities Master Fund, Ltd. Passive investor | Sold down below 5% | 31 March 2025 | |
Blue Owl Capital Holdings LP Passive investor | Sold down below 5% | 31 December 2024 | |
Alta Partners LLC Passive investor | Sold down below 5% | 30 September 2025 | |
Polar Asset Management Partners Inc. Passive investor | Sold down below 5% | 31 March 2025 | |
S.H.N. Financial Investments Ltd. Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in AEON Biopharma’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 9 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“As a result of these conditions, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern and to meet its obligations as they become due within one year after the date that these condensed consolidated financial statements are issued.”
Show the full paragraph
The commencement of additional studies, preparation for future FDA meetings and any further development or commercialization of ABP-450 would require additional funding in the form of equity financings or debt. There can be no assurance that such efforts will be successful or that, in the event that they are successful, the terms and conditions of such financing will be commercially acceptable. Furthermore, the use of equity as a source of financing would dilute existing shareholders. As a result of these conditions, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern and to meet its obligations as they become due within one year after the date that these condensed consolidated financial statements are issued.
From the 10-Q filed 12 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.