Apnimed raised $192 million in a Nasdaq IPO and saw its shares surge on their first day, as investors backed a pill that could become the first oral drug for obstructive sleep apnea (OSA).
The company (ticker APMD) priced 12 million shares at $16 on August 2, and the stock closed at $25 — up 56%. Its lead drug, oxnimbi (formerly AD109), is a once-nightly oral combination of atomoxetine, a generic ADHD medicine, and a novel compound called aroxybutynin. It was originally discovered at Brigham & Women’s Hospital.
Why it could be a first
Today, OSA is mainly managed with devices such as CPAP machines. Apnimed says oxnimbi could be “the first oral pill that treats an underlying cause of OSA,” distinct from Eli Lilly’s injectable Zepbound, which was approved for OSA in 2024 by driving weight loss. In two placebo-controlled Phase 3 trials across mild, moderate and severe OSA, the drug produced a statistically significant improvement in breathing-interruption measures and was well tolerated, with no serious drug-related severe adverse events reported.
What’s next
Apnimed submitted a New Drug Application in April 2026, and the FDA has set a target decision date of February 28, 2027. The company has raised roughly $389 million since 2017 plus $150 million in debt, and projects its cash runway extends through mid-2028 — funding it expects to carry it toward a potential launch. Kevin Lind took over as CEO in June 2026.