Apnimed secured an upsized $192 million IPO to fund launch preparations for Oxnimbi (AD109), its sleep apnea pill aimed at reducing nightly breathing disruptions. The company priced 12 million shares at $16 each for gross proceeds of $192 million, with an additional $28.8 million possible if underwriters exercise the option. Oxnimbi is awaiting an FDA decision expected by February 2027 after Phase 3 results showed a 46.8% reduction in nightly breath-stopping events in a 660-patient study. Apnimed positioned the therapy against CPAP as a first-in-class prescription option specifically for obstructive sleep apnea. The capital raise adds to an active IPO pipeline for late-stage clinical biotechs seeking near-term catalysts tied to regulatory review timelines.