Apnimed raises $220.8M in upsized Nasdaq IPO

Apnimed, Inc. (Nasdaq: APMD), a Cambridge, Massachusetts-based clinical-stage pharmaceutical company, closed its initial public offering, raising $220.8 million in gross proceeds before deducting underwriting discounts, commissions, and other expenses.

The offering consisted of 13,800,000 shares of common stock priced at $16.00 per share, including 1,800,000 shares issued through the full exercise of the underwriters' overallotment option. All shares were offered by Apnimed. The stock began trading on the Nasdaq Global Select Market on July 31, 2026, under the ticker symbol "APMD."

BofA Securities, Evercore ISI, Cantor, and LifeSci Capital served as joint book-running managers for the offering.

According to a press release, Apnimed is developing AD109, an oral drug candidate for the treatment of mild, moderate, and severe obstructive sleep apnea. The company stated that AD109 has completed two Phase 3 clinical trials, and its New Drug Application has been assigned a Prescription Drug User Fee Act goal date of February 28, 2027.

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