Apnimed priced an upsized $192 million IPO to fund launch preparations for Oxnimbi (AD109), its daily oral treatment for obstructive sleep apnea. The company offered 12 million shares at $16 each, with proceeds earmarked for commercial readiness, as it awaits an FDA decision expected by February 2027. In clinical data highlighted by the company, Oxnimbi reduced the number of nightly breath-stopping events by 46.8% in a phase 3 study of 660 patients. The drug combines aroxybutynin and atomoxetine, aiming to boost motor neuron activity controlling breathing during sleep. The offering joins a broader pattern of larger-than-expected biotech listings, reflecting investor appetite for late-stage, regulator-driven catalyst timelines in defined respiratory indications.