Apnimed Prices Upsized IPO at $192 Million

The offering consists of 12,000,000 shares of common stock, with underwriters holding a 30-day option to purchase an additional 1,800,000 shares. BofA Securities, Evercore ISI, Cantor, and LifeSci Capital are managing the transaction, which is expected to close on or about August 3, 2026, pending customary closing conditions.

Apnimed focuses on developing oral therapies for obstructive sleep apnea, specifically its lead candidate AD109. The firm aims to provide an alternative to traditional treatments like CPAP machines or invasive surgeries. Having completed two Phase 3 clinical trials, the company is moving toward a February 28, 2027, PDUFA goal date for its New Drug Application.