AEON Biopharma, Inc. (AEON): auditor change — AEON Biopharma restates Q3 2023 financials; non-cash errors increase loss by $22.7M, expects going concern doubt

AEON Biopharma, Inc.

Audit Committee concludes Sep 30, 2023 financials unreliable due to valuation errors in contingent consideration, convertible notes, stock comp, and derivatives.
Non-cash corrections: Predecessor period loss increased ~$22.7M; Successor period income increased ~$6.4M; contingent consideration liability up ~$6.7M.
Company expects additional material weaknesses and will continue reporting substantial doubt about ability to continue as going concern for 12 months.
Merger-related reclassification errors between APIC and accumulated deficit; further revisions possible.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

AEON Biopharma, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: KPMG LLP

Exact text from the filing

concluded that the Company’s previously issued financial statements as of and for the three and nine months ended September 30, 2023, included in the Company’s Quarterly Report on Form 10-Q filed on November 13, 2023 (the “Form 10-Q”) and its Registration Statement on Form S-1 (File No. 333-274094) filed on November 24, 2023 (as amended, the “Registration Statement”), should no longer be relied upon

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AEON Biopharma, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-24-001305

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