<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Stonepine Capital Management, LLC -->
          <cik>0001440771</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Class A Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>07/15/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001837607</issuerCik>
        <issuerName>AEON Biopharma, Inc.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>00791X209</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>5 PARK PLAZA</com:street1>
          <com:street2>SUITE 1750</com:street2>
          <com:city>IRVINE</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>92614</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Stonepine Capital Management, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>6892682.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>6892682.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6892682.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>The securities beneficially owned by the reporting persons consist of (1) 3,000,000 shares of Common Stock, and (2) warrants to acquire 6,000,000 shares of Common Stock, subject to a 9.99% beneficial ownership limitation. The percentage reported herein is calculated based on 68,995,818 shares of Common Stock outstanding immediately after the offering, as reported in the prospectus filed by the Issuer on July 15, 2026.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Stonepine Capital, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>6892682.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>6892682.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6892682.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>The securities beneficially owned by the reporting persons consist of (1) 3,000,000 shares of Common Stock, and (2) warrants to acquire 6,000,000 shares of Common Stock, subject to a 9.99% beneficial ownership limitation. The percentage reported herein is calculated based on 68,995,818 shares of Common Stock outstanding immediately after the offering, as reported in the prospectus filed by the Issuer on July 15, 2026.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Stonepine GP, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>6892682.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>6892682.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6892682.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>The securities beneficially owned by the reporting persons consist of (1) 3,000,000 shares of Common Stock, and (2) warrants to acquire 6,000,000 shares of Common Stock, subject to a 9.99% beneficial ownership limitation. The percentage reported herein is calculated based on 68,995,818 shares of Common Stock outstanding immediately after the offering, as reported in the prospectus filed by the Issuer on July 15, 2026.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Jon M. Plexico</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>6892682.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>6892682.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6892682.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>The securities beneficially owned by the reporting persons consist of (1) 3,000,000 shares of Common Stock, and (2) warrants to acquire 6,000,000 shares of Common Stock, subject to a 9.99% beneficial ownership limitation. The percentage reported herein is calculated based on 68,995,818 shares of Common Stock outstanding immediately after the offering, as reported in the prospectus filed by the Issuer on July 15, 2026.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>AEON Biopharma, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>5 PARK PLAZA, SUITE 1750, IRVINE, CA 92614</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Stonepine Capital Management, LLC, a Delaware limited liability company ("Stonepine")

Stonepine Capital, LP, a Delaware limited partnership (the "Partnership")

Stonepine GP, LLC, a Delaware limited liability company (the "General Partner")

Jon M. Plexico

Stonepine and the General Partner are the investment adviser and general partner, respectively, of the Partnership. Mr. Plexico is the control person of Stonepine and the General Partner. The reporting persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each reporting person also disclaims beneficial ownership of shares of Class A Common Stock except to the extent of that person's pecuniary interest therein. In addition, the filing of this Schedule 13G on behalf of the Partnership should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any shares of Class A Common Stock covered by this Schedule 13G.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>2900 NW Clearwater Drive, Suite 100-11, Bend OR 97703</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See Item 4 of the cover sheet for each reporting person.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Stonepine: 6,892,682

Partnership: 6,892,682

General Partner: 6,892,682

Jon M. Plexico: 6,892,682</amountBeneficiallyOwned>
        <classPercent>Stonepine: 9.9%

Partnership: 9.9%

General Partner: 9.9%

Jon M. Plexico: 9.9%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Stonepine: 0

Partnership: 0

General Partner: 0

Jon M. Plexico: 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Stonepine: 6,892,682

Partnership: 6,892,682

General Partner: 6,892,682

Jon M. Plexico: 6,892,682</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Stonepine: 0

Partnership: 0

General Partner: 0

Jon M. Plexico: 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Stonepine: 6,892,682

Partnership: 6,892,682

General Partner: 6,892,682

Jon M. Plexico: 6,892,682</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The Partnership holds Class A Common Stock for the benefit of its investors and has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Class A Common Stock.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>EXHIBIT 99 - AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G.</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Stonepine Capital Management, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member</title>
        <date>07/21/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Stonepine Capital, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member of the General Partner, Stonepine GP, LLC</title>
        <date>07/21/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Stonepine GP, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member</title>
        <date>07/21/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Jon M. Plexico</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Reporting Person</title>
        <date>07/21/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
