AEON Biopharma, Inc. has delivered notice to PPD, Inc., the Company's clinical research organization, to discontinue the Company's Phase 2 double blind study of ABP-450 in the treatment of migraine (the Migraine Study"), which had previously completed enrollment and dosing of patients, and to cease enrollment and dosing of patients in the Company's open label extension study related to the Migraine Study (the OLE Study). Patients in the Migraine Study and OLE Study will be monitored for safety purposes through the 12-week period following their last treatment. The Company previously announced, in October 2023, topline data from the episodic migraine cohort of the Migraine Study, which failed to achieve its primary endpoint but did achieve certain key secondary endpoints and, in May 2024, interim topline data from the chronic migraine cohort of the Migraine study, which failed to achieve its Primary and secondary endpoints.

The termination of the Migraine Study andOLE Study will allow the Company to conserve cash while it evaluates its strategic options.