Apnimed filed for an IPO to fund the commercial path for Oxnimbi (AD109), an oral therapy for obstructive sleep apnea aimed at boosting neuromuscular pathways rather than mechanically propping open the airway. The company plans to raise $160 million through the offering, with proceeds earmarked for regulatory costs and potential commercial rollout. Apnimed’s New Drug Application was accepted by the FDA in July 2026 after two Phase 3 trials, SynAIRgy and LunAIRo, both hitting primary endpoints. Apnimed frames the program as serving adults with mild, moderate and severe OSA and notes a future intent to pursue adolescent and pediatric expansion if Oxnimbi is approved.