Cambridge, Massachusetts-based Apnimed Inc. jumped 56% on its first day of trading Friday, closing at $25 after pricing an enlarged $192 million public offering on a U.S. exchange. The company placed 12 million shares, after initially offering 10 million shares at $14 to $16 each.
Filings indicated the company's market value approached $1 billion by the share counts listed. Bloomberg News reported that demand for the shares exceeded the supply by a wide margin, including substantial interest from long-only funds. LifeSci Capital, Cantor Fitzgerald, Evercore Inc., and Bank of America Corp. ran the sale. APMD is the company's ticker on the Nasdaq Global Market.
Apnimed is a late-stage drug developer with revenue on the books. Among the business's backers are Morningside Ventures, Alpha Wave Global, an alternative asset manager, and Columbia Management, which belongs to Ameriprise Financial Inc. After the offering, Morningside was expected to own 18%, down from 25%, and Alpha Wave was expected to own 19%, down from 26%.
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For the quarter ended March 31, the company reported $84.8 million in revenue and $67.7 million in net income, a swing from a loss a year earlier. Having revenue and net income on its income statement puts Apnimed in an unusual position for an IPO-stage biotech. Many companies in the sector go public before a product is approved, whereas Apnimed is a late-stage developer that has already submitted its lead medicine to the FDA.
The IPO is part of a broader pickup in biotech listings. Drug developers and their investors had been watching Apnimed's debut for a read on demand for late-stage therapy developers. Bloomberg-compiled data show biotech and pharmaceutical newcomers raised $5.4 billion in 2026 through midyear, compared with only $969.2 million in the same stretch a year earlier. That rebound has encouraged more private companies to attempt listings.
Apnimed's offering was able to draw long-only institutional investors, a sign of confidence in late-stage companies with revenue. The enlarged share sale also suggests that the company had enough demand to raise more than its initial target.
Apnimed is working on an oral pill named Oxnimbi for obstructive sleep apnea. In April, the firm asked the U.S. Food and Drug Administration for permission to market the medicine, its filings show. Regulators now have about 10 months from the April submission to complete their review, according to those filings. Should regulators approve Oxnimbi, it would join Eli Lilly & Co.'s Zepbound as one of only two therapeutic options for sleep apnea.
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