Apnimed priced its initial public offering at $16.00 per share on July 30, 2026 — the top of its marketed $14–$16 range — selling 12,000,000 shares of common stock for gross proceeds of $192 million before fees and expenses, according to a PRNewswire release from the company. The stock began trading on the Nasdaq Global Select Market on July 31, 2026 under the ticker "APMD".
The offering was upsized from the original 10 million shares to 12 million, a 20% increase, per IPOScoop. Underwriters — BofA Securities, Evercore ISI, Cantor, and LifeSci Capital — hold a 30-day option to purchase an additional 1,800,000 shares at the IPO price, less discounts and commissions. Bloomberg reported the deal attracted demand for multiple times the available shares and drew sizable orders from long-only investors.
The Cambridge, Massachusetts company has one clinical candidate: AD109, also known as Oxnimbi, a fixed-dose oral pill combining aroxybutynin, a novel antimuscarinic, and atomoxetine, a noradrenaline reuptake inhibitor also used in ADHD. Apnimed submitted a New Drug Application for Oxnimbi in April 2026; the FDA accepted the NDA for review in July 2026 and set a PDUFA date of February 28, 2027, per the company's prospectus.
In the SynAIRgy Phase 3 trial, AD109 lowered patients' apnea-hypopnea index by 55.6% from baseline to 26 weeks, significantly better than placebo, according to the prospectus filing summarized on Quartr. A separate Phase 3 study of 660 patients showed the pill cut nightly breath-stopping events by 46.8%, per the same filing.
If approved, Oxnimbi would become the first oral therapy cleared for obstructive sleep apnea. The competitive reference point is Eli Lilly's Zepbound (tirzepatide), which in 2024 became the first pharmaceutical of any kind approved for OSA. That approval, however, is limited in reach: per the prospectus, only just over a third of OSA patients are considered clinically obese, making much of the patient population ineligible for Zepbound in this context — a gap Apnimed is explicitly targeting.
On the balance sheet, Apnimed reported a net loss of $31.83 million on revenue of $120.15 million for the 12 months ended March 31, 2026, with an accumulated deficit of $329.6 million as of that date, per financial statements in the prospectus. Cash and cash equivalents stood at $46.9 million as of March 31, 2026, rising to a preliminary $172.8 million as of June 30, 2026 — before IPO proceeds. The company completed a $100 million asset sale in April 2026 and raised $50 million in debt financing. Apnimed is backed by Japan's Shionogi & Co.
Of the IPO proceeds, approximately $228.8 million is allocated to regulatory approval and the commercial launch of Oxnimbi, per the prospectus. The remainder is designated for R&D, working capital, and general corporate purposes.
The FDA's February 28, 2027 PDUFA date is the next scheduled decision point for Oxnimbi, per the company's prospectus. Against $192 million in gross IPO proceeds, a $329.6 million accumulated deficit as of March 31, 2026, and $228.8 million earmarked for regulatory approval and commercial launch, that date represents the milestone around which the company has structured its entire capital plan.