Apnimed priced an upsized initial public offering to raise $192 million gross proceeds, positioning the company to fund its obstructive sleep apnea drug, Oxnimbi (AD109). The biotech will offer 12 million shares at $16 each, with additional proceeds possible if underwriters exercise over-allotment. Oxnimbi is pending an FDA decision expected by February 2027 after two Phase 3 trials reported improvements in nightly breath-stopping events, with the most recent study reporting a 46.8% reduction. Apnimed has also built commercial readiness, including hiring a chief commercial officer with prior Pfizer experience. The IPO highlights continued investor appetite for late-stage clinical readouts in sleep medicine, even as regulatory timing remains the dominant near-term risk for market entry.