Apnimed’s $192 Million IPO

Cleary Gottlieb represented the joint bookrunning managers BofA Securities, Evercore ISI, Cantor, and LifeSci Capital in Apnimed Inc.’s (Apnimed) $192 million initial public offering.

Apnimed offered 12 million of its shares of common stock at an initial offering price of $16 per share. In addition, Apnimed granted the underwriters a 30-day option to purchase up to an additional 1.8 million of its shares of common stock at the initial public offering price, less underwriting discounts and commissions.

The offering priced on July 30, 2026, and closed on August 3, 2026, subject to customary closing conditions. Apnimed’s common shares began trading on the Nasdaq Global Select Market on July 31, 2026, under the ticker symbol “APMD.”

Apnimed is a late stage clinical pharmaceutical company dedicated to the discovery, development and commercialization of novel oral therapies that address the neurobiology of sleep-related breathing diseases. Based in Cambridge, Massachusetts, Apnimed is advancing its product candidate, AD109, designed to improve oxygenation in individuals living with obstructive sleep apnea (OSA). Apnimed believes the introduction of once-nightly oral drugs has the potential to expand diagnosis and the reach of treatment for people with OSA.

For more information, please see the press release.

The Cleary capital markets team includes partners Ilir Mujalovic and Harald Halbhuber, counsel Elizabeth Chang, and associate Sophie Low. Counsel Jonathan Gifford and associate Adam Girts are advising on tax matters. Partner Julia Petty and associate Erin McKissick are advising on executive compensation matters. Partner Daniel Ilan and associates Natalie Curry and Gabriela Landolfo are advising on intellectual property matters.