Apnimed raised $192 million in its IPO to fund regulatory and launch plans for Oxnimbi, a once-nightly oral candidate targeting obstructive sleep apnea. The company said it will apply proceeds to the FDA regulatory process, with a February 2027 decision target date. The IPO funding is designed to carry the program through remaining review steps and support go-to-market readiness if approval is granted, aligning with the operational needs of a late-stage oral approach in a market traditionally served by device and behavioral interventions. For the biotech pipeline, the event signals continued investor interest in specialty chronic-disease franchises where differentiation may come from convenience and adherence. Oxnimbi’s FDA review timeline sets a clear near- to medium-term catalyst for investors tracking the company’s execution.