Apnimed (Ticker: APMD US) is an American Phase 3 pharmaceutical company developing oral treatments for obstructive sleep apnea. Its sole clinical drug candidate, AD109, also known as Oxnimbi, is a fixed-dose combination of a novel anti-muscarinic and a selective norepinephrine reuptake inhibitor designed to improve upper-airway muscle activity and prevent airway collapse during sleep. The company has evaluated Oxnimbi in approximately 1,300 patients across several Phase 3 trials.

Apnimed plans to list on Nasdaq on July 31, 2026. The Delaware-incorporated company intends to offer 10 million shares at a price range of $14.00 to $16.00 per share, raising approximately $150 million at the midpoint. The offering implies an estimated market capitalization of approximately $570 million. BofA Securities, Evercore ISI, Cantor and LifeSci Capital are serving as joint managers.