Apnimed raised $192 million in an upsized IPO to fund its obstructive sleep apnea pill Oxnimbi (AD109), with an FDA decision expected by February 2027. The company increased the offering to 12 million shares at the top of its $14–$16 range, pushing gross proceeds above its earlier estimates. Oxnimbi’s Phase 3 program showed a sizable reduction in nightly breath-stopping events, and the company said it is preparing for commercialization, adding a commercial executive with prior Pfizer experience. The IPO also comes after Apnimed’s restructuring of its sleep-disorder collaboration with Shionogi. The larger-than-planned raise reflects continued investor interest in late-stage biotech catalysts with clear regulatory timelines, particularly where clinical efficacy targets are defined and CPAP alternatives are compelling.