Apnimed (APMD) Registration filing summary

Company overview and business model

• Focuses on developing novel oral therapies for sleep-related breathing diseases, with Oxnimbi as the lead candidate for obstructive sleep apnea (OSA).

• Oxnimbi is a fixed-dose combination of aroxybutynin and atomoxetine, targeting neuromuscular dysfunction in OSA.

• Submitted NDA for Oxnimbi in April 2026; FDA review accepted July 2026 with a PDUFA date of February 28, 2027.

• Preclinical programs in sleep-related breathing disorders are ongoing but at an early stage.

Financial performance and metrics

• Reported net income of $67.7M for Q1 2026, compared to a net loss of $28.6M in Q1 2025, driven by a change in revenue recognition from a related party contract.

• Net losses for 2025 and 2024 were $128.2M and $111.3M, respectively.

• Cash and cash equivalents were $46.9M as of March 31, 2026; preliminary balance of $172.8M as of June 30, 2026.

• Accumulated deficit of $329.6M as of March 31, 2026.

• Completed a $100M asset sale in April 2026 and raised $50M in debt financing.

Use of proceeds and capital allocation

• Net IPO proceeds of ~$134.6M (or ~$155.5M if underwriters exercise their option) expected at $15.00/share.

• ~$228.8M allocated to regulatory approval and commercial launch of Oxnimbi; remainder for R&D, working capital, and general corporate purposes.

• Funds expected to support operations through June 2028.