(Incorporated in Delaware)

We are a Phase 3 pharmaceutical company developing an oral medication to treat obstructive sleep apnea. 

Our only clinical drug candidate, AD109, also known as Oxnimbi, is an anti-apneic neuromuscular modulator in a fixed-dose formulation to treat obstructive sleep apnea. AD109 is a combination of a novel anti-muscarinic and a selective norepinephrine reuptake inhibitor. This drug candidate is designed to improve upper airway muscle activity to prevent airway collapse during sleep. We have evaluated Oxnimbi in 1,300 patients in several Phase 3 trials. 

Note: Net loss and revenue are for the 12 months that ended on March 31, 2026. 

(Note: Apnimed upsized its IPO at pricing to 12 million shares – up from 10 million shares in the prospectus – and priced the IPO at $16.00 – the top of its range – to raise $192 million on Thursday night, July 30, 2026. Background: Apnimed disclosed the terms for its IPO on July 27, 2026, in an S-1/A filing: 10 million shares at a price range of $14.00 to $16.00 to raise $150 million, if priced at the mid-point of its range. Background: Apnimed filed its S-1 on July 10, 2026, without disclosing the terms. Estimated proceeds were $100 million, a placeholder figure.)