Apnimed priced an upsized $192 million IPO to fund launch preparation for Oxnimbi (AD109), its oral obstructive sleep apnea therapy. The company boosted the offering to 12 million shares at $14–$16, with proceeds earmarked to support commercialization readiness ahead of an FDA decision expected in February 2027. Oxnimbi’s clinical profile includes positive results from two Phase 3 studies, including a recent trial in 660 patients showing a 46.8% reduction in nightly breath-stopping events versus baseline metrics. Apnimed also noted the product would be positioned as the first prescription drug designed specifically for adults with sleep apnea, if approved. The IPO also reflects broader market momentum for public biotechs this year, while Apnimed navigates a regulatory path that follows last year’s Eli Lilly sleep apnea approval limited to adults with obesity.