Apnimed Raises $220.8 Million in Upsized Nasdaq IPO

Apnimed, Inc. (Nasdaq: APMD), a clinical-stage pharmaceutical firm developing a treatment for obstructive sleep apnea, has closed its upsized initial public offering, raising $220.8 million in gross proceeds.

Offering Details

The Cambridge, Massachusetts-based company offered 13,800,000 shares of its common stock at a price of $16.00 per share, according to a company statement. The total includes 1,800,000 shares issued as part of the full exercise of the underwriters’ overallotment option.

The gross proceeds are calculated before deducting underwriting discounts, commissions, and other offering expenses. BofA Securities, Evercore ISI, Cantor, and LifeSci Capital acted as joint book-running managers for the IPO.

Advancing Sleep Apnea Treatment

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Apnimed is focused on the development of AD109, an oral drug candidate for the treatment of mild, moderate, and severe obstructive sleep apnea. The capital raised from the IPO is expected to help fund the drug's path toward potential regulatory approval and commercialization.

The company has completed two Phase 3 clinical trials for AD109. According to Apnimed, its New Drug Application has been assigned a Prescription Drug User Fee Act (PDUFA) goal date of February 28, 2027. This date represents the U.S. Food and Drug Administration's target for a decision on the drug's approval.

Market Debut

Shares of Apnimed began trading on the Nasdaq Global Select Market on July 31, 2026, under the ticker symbol 'APMD'. All shares in the offering were sold by the company.