Apnimed, Inc., a clinical-stage pharmaceutical company headquartered in Cambridge, Massachusetts, finalized its initial public offering and reported gross proceeds of $220.8 million before deducting underwriting discounts, commissions, and other offering-related expenses.
The offering comprised 13,800,000 shares of common stock priced at $16.00 per share. That total includes 1,800,000 shares that were sold as a result of the full exercise of the underwriters' overallotment option. All of the shares in the offering were offered by Apnimed.
The company’s stock began trading on the Nasdaq Global Select Market on July 31, 2026 under the ticker symbol "APMD." The firms serving as joint book-running managers for the offering were BofA Securities, Evercore ISI, Cantor, and LifeSci Capital.
In its public statement, Apnimed described its lead program, AD109, as an oral drug candidate intended for the treatment of mild, moderate, and severe obstructive sleep apnea. The filing notes that AD109 has completed two Phase 3 clinical trials. Apnimed also indicated that its New Drug Application has been assigned a Prescription Drug User Fee Act, or PDUFA, goal date of February 28, 2027.
Investors and market participants will see the IPO proceeds reflected as gross cash inflows before customary deductions for underwriting discounts, commissions, and other costs associated with the offering. The company remains a clinical-stage enterprise until regulatory approval is secured for its product candidate.
Contextual note
The information provided here is based on Apnimed’s public statements regarding the IPO mechanics, trading commencement, underwriting details, and the regulatory timetable for AD109 as reported.