Apnimed raised $192 million in an initial public offering to fund what it positions as potentially the first oral drug for obstructive sleep apnea. The company plans to apply proceeds to Oxnimbi, a once-nightly pill currently under FDA review. The IPO financing is tied to the regulatory process and launch planning, with a February 2027 target date for a regulatory decision. Oxnimbi is being advanced as a non-device, non-PAP option aimed at simplifying adherence and expanding treatment access for patients with obstructive sleep apnea. The funding round underscores investor appetite for sleep-disordered breathing platforms as companies try to differentiate beyond continuous positive airway pressure.