Apnimed priced an upsized $192 million IPO to fund launch preparation for its obstructive sleep apnea drug Oxnimbi (AD109), with an FDA decision expected by February 2027. The daily pill is built as a combination approach targeting the motor neurons that control breathing during sleep, with Apnimed pointing to Phase 3 results showing a 46.8% reduction in nightly breath-stopping events in the most recent study. In parallel, the IPO funds execution as Apnimed navigates a competitive sleep apnea landscape, where earlier approvals have been limited to patients with obesity. The funding also positions the company to manage commercial readiness and any post-decision follow-on work that may be needed depending on FDA requirements.