Apnimed Targets $160 Million IPO to Fund Sleep Apnea Drug Approval

Apnimed Inc., a clinical-stage pharmaceutical company developing treatments for obstructive sleep apnea, is seeking to raise up to $160 million in a U.S. initial public offering. The move comes as the company awaits a key regulatory decision on its sole clinical product candidate, Oxnimbi.

The Offering

According to a prospectus filed with the Securities and Exchange Commission, the Cambridge, Massachusetts-based company plans to offer 10 million shares of its common stock. The filing indicates an expected price range of $14 to $16 per share.

BofA Securities, Evercore ISI, Cantor, and LifeSci Capital are serving as underwriters for the deal. The underwriters have a 30-day option to purchase up to an additional 1.5 million shares. Apnimed has applied to list its stock on The Nasdaq Global Market under the ticker symbol "APMD."

Focus on Lead Drug Candidate

The IPO proceeds are critical for the potential commercialization of Oxnimbi, an investigational oral drug for obstructive sleep apnea. The company submitted a New Drug Application to the U.S. Food and Drug Administration (FDA) in April 2026, which the agency accepted for review in July 2026.

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The FDA has set a Prescription Drug User Fee Act (PDUFA) goal action date of February 28, 2027, for its decision on the drug's approval. According to the filing, Oxnimbi met its primary endpoint in two Phase 3 trials that enrolled approximately 1,300 patients.

Financial Position

Apnimed's filing reveals a company operating with significant research and development expenses typical of a late-stage biotech firm. The company reported a net loss of $128.2 million for the year ended December 31, 2025, an increase from a net loss of $111.3 million in the prior year.

As of June 30, 2026, Apnimed had preliminary cash and cash equivalents of approximately $172.8 million. The capital raised from the IPO will be crucial to fund its operations through the FDA review process and prepare for a potential market launch.