MeritValue

AEON Biopharma, Inc.

AEONdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2024FY 2025
Revenue————
Net income$8.2M1−$52.6M2$42M3−$39.2M3
Operating cash flow−$1.49M4−$35.6M5−$20.3M6−$17.3M6
Capital expenditure—$306,0007—$4,0008
Free cash flow (derived)—−$35.9M5—−$17.3M6
Total debt————
Cash & equivalents$497,4129$9.75M10$13,00011$3.01M11
Diluted shares—138.8M575,9459.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$55.46
your share of equity
Profit it earned you last year
−$39.53
Free cash flow it threw off
−$17.45
Debt you’d be carrying
—

10 shares is a claim on −$55.46 of net worth that earned you −$39.53 and generated −$17.45 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−93% shares · 4y

Share count is down 93% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001104659-23-043628 (NetIncomeLoss)
  2. 10-K/A · period ending 2022-12-31 · accession 0001837607-24-000059 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001837607-26-000019 (NetIncomeLoss)
  4. 10-K/A · period ending 2021-12-31 · accession 0001104659-23-043628 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K/A · period ending 2022-12-31 · accession 0001837607-24-000059 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001837607-26-000019 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2022-12-31 · accession 0001837607-24-000059 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2025-12-31 · accession 0001837607-26-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2021-12-31 · accession 0001104659-22-038759 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K/A · period ending 2022-12-31 · accession 0001837607-24-000059 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2024-12-31 · accession 0001837607-26-000019 (CashAndCashEquivalentsAtCarryingValue)