Apnimed raised $192 million in an IPO to fund Oxnimbi, a once-nightly oral candidate for obstructive sleep apnea. The company plans to use the proceeds to advance the regulatory process and launch activities, with the FDA review timeline targeting a decision in February 2027. Oxnimbi is designed as a pill-based alternative to existing obstructive sleep apnea management approaches, aiming to improve convenience and adherence. The financing ties directly to the company’s path toward first approval, with runway intended to support both regulatory execution and commercialization readiness. For sleep medicine investors, the raise signals continued market interest in non-device, oral therapies for obstructive sleep apnea—an area where patient adherence and long-term outcomes drive differentiation. The IPO also indicates how quickly late-stage and pre-approval-stage clinical assets can attract capital when near-term regulatory catalysts are in view.