Apnimed filed for an IPO targeting the obstructive sleep apnea market, seeking to raise up to $160 million as it advances its oral therapy Oxnimbi (AD109) toward commercialization. The company plans to offer 10 million shares between $14 and $16 per share, with proceeds earmarked for regulatory costs and rollout. Oxnimbi is designed to enhance neuromuscular activity that helps prevent upper-airway collapse during sleep, moving beyond CPAP-style mechanical support. Apnimed said its New Drug Application was accepted by the FDA in July 2026 after two Phase 3 trials, SynAIRgy and LunAIRo, met primary endpoints. The IPO highlights continued investor appetite for late-stage respiratory franchises where outcome data can support registrational paths. If approved, Oxnimbi would represent a first-in-class pharmacologic option aimed at a large, historically underserved patient population, including those seeking alternatives due to discomfort or acceptability barriers with existing treatments.