Apnimed prices IPO at $16 per share ahead of Nasdaq debut

Apnimed, Inc. priced its initial public offering at $16.00 per share¹, with the company selling 12,000,000 shares of its common stock¹. The stock is set to trade on The Nasdaq Global Select Market under the symbol "APMD."¹ Underwriters have an option to buy up to an additional 1,800,000 shares within 30 days of the prospectus date.¹

The company's lead candidate, AD109, also known by its proposed brand name Oxnimbi, is a fixed-dose combination pairing a novel anti-muscarinic agent with a selective norepinephrine reuptake inhibitor, intended to treat obstructive sleep apnea¹. Apnimed submitted a New Drug Application for Oxnimbi to the FDA in April 2026, which the agency accepted for review in July 2026¹. The FDA has set a target review period of 10 months from the April 2026 submission, with a PDUFA goal date of February 28, 2027¹.

In two Phase 3 trials, SynAIRgy and LunAIRo, Oxnimbi met its primary endpoint and several key secondary endpoints¹. However, at a pre-NDA meeting, regulators raised questions about the clinical meaningfulness of trial results. Apnimed disclosed that the FDA discussed limitations in patient-reported outcomes and the primary endpoint, and said further analysis might be required to justify that the data show a clinically meaningful treatment benefit¹. The company said it addressed this feedback in its NDA submission and plans to continue responding to related requests during the review process¹.

As of March 31, 2026, Apnimed reported an accumulated deficit of $329.6 million¹, and separately disclosed a preliminary cash and cash equivalents balance of approximately $172.8 million as of June 30, 2026¹.