Apnimed filed for a $160 million initial public offering as it prepares for a potential commercial launch of its oral obstructive sleep apnea therapy, AD109 (Oxnimbi). The Cambridge, Massachusetts-based company plans to offer 10 million shares priced between $14 and $16, aiming to fund regulatory activities and rollout. AD109 targets neuromuscular pathways believed to prevent upper-airway collapse during sleep, aiming to offer an alternative to CPAP-based mechanical support. Apnimed’s filing cites Phase III trial wins across SynAIRgy and LunAIRo, with both studies reported to hit primary endpoints. The company also disclosed that the FDA accepted its New Drug Application for Oxnimbi in July 2026, positioning the program for the next regulatory milestone. If approved, Apnimed says it would initially target adults with mild, moderate, or severe obstructive sleep apnea. The IPO adds to a wave of late-stage biotechs testing public-market appetite, with investors effectively underwriting clinical execution into commercialization.