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Apnimed, Inc. (APMD) reports a sharp move to profitability in the quarter and six months ended June 30, 2026, driven by one‑time gains tied to its sleep‑disorders joint venture and balance‑sheet transactions rather than ongoing operations. Related‑party revenue for the first half of 2026 rose to $96.9 million from $20.2 million a year earlier, and income from operations turned to a $56.3 million profit from a $33.0 million loss. Net income for the first half was $193.7 million versus a $98.1 million loss in 2025, primarily reflecting an $85.4 million gain on the sale of its equity‑method interest in Shionogi‑Apnimed Sleep Science (SASS) and a $57.1 million gain from reversal of a deposit liability.
Operating cash flow remained negative at $(37.9) million for the six months, but cash and cash equivalents increased to $172.8 million at June 30, 2026, boosted by the $100 million SASS sale, new debt and preferred equity. Management states that existing cash plus IPO proceeds will fund operations for at least twelve months from issuance. The company continues to focus on its lead obstructive sleep apnea candidate Oxnimbi, with significant dependency and typical late‑stage biotech risks highlighted in its risk summary.
Apnimed, Inc. (APMD) reported second quarter 2026 results and highlighted major regulatory and financing milestones. The FDA accepted its New Drug Application for AD109 (proposed name Oxnimbi) for obstructive sleep apnea, assigning a PDUFA target action date of February 28, 2027.
For the quarter ended June 30, 2026, Apnimed generated $12.1 million in revenue from a related party and reported net income of $125.9 million, compared with a net loss of $69.5 million a year earlier, driven mainly by a $85.4 million gain on sale of an equity method investment and a $57.1 million gain on reversal of a deposit liability. Research and development expenses fell to $9.9 million, while general and administrative expenses rose to $12.7 million as the company invested in launch preparation for Oxnimbi.
Apnimed reported $172.8 million in cash and cash equivalents as of June 30, 2026, then completed an upsized IPO of 13.8 million shares at $16.00 per share for gross proceeds of $220.8 million. It also entered into a senior secured credit facility of up to $150 million and monetized its interest in Shionogi-Apnimed Sleep Science for $100 million in upfront proceeds, strengthening resources to support potential U.S. commercialization of Oxnimbi.
Ameriprise Financial, Inc., through its subsidiary Columbia Management Investment Advisers and affiliated funds, reports beneficial ownership of Apnimed, Inc. common stock on a Schedule 13G. Ameriprise Financial and Columbia Management Investment Advisers each report 7,476,992 shares with shared voting and dispositive power, representing 18.9% of Apnimed's common stock. Columbia Seligman Technology and Information Fund separately reports 7,198,843 shares, with sole voting power and shared dispositive power, representing 18.2% of the class as of July 31, 2026.
The filing explains that Columbia Management Investment Advisers may be deemed to beneficially own shares held by the Fund and other managed accounts, and Ameriprise Financial may be deemed to beneficially own shares reported by Columbia Management Investment Advisers. Each of Ameriprise Financial and Columbia Management Investment Advisers, and identified subsidiaries, disclaims beneficial ownership of the shares reported.
Tao Capital Management, through affiliated investment entities, reports beneficial ownership of Apnimed, Inc. common stock on a passive basis. The group holds 2,178,138 shares of common stock, representing 5.2% of the class, as of the reporting date.
The filing shows no sole voting or dispositive power; all 2,178,138 shares are subject to shared voting and shared dispositive power. The position is held via Tao Invest VI LLC, Tao Invest VII LLC, and Tao Invest VIII LLC, all organized in Delaware. Tao Capital Management LP is the managing member, and related entities and individuals disclaim beneficial ownership beyond their direct or indirect pecuniary interest.
Morningside Venture Investments Ltd, a 10% owner of Apnimed, Inc., reported IPO-related restructuring transactions and a share purchase. Convertible preferred stock automatically converted into 6,840,213 shares of Class A Common Stock immediately prior to the IPO closing, then Class A was reclassified into common stock in a transaction described as exempt under Rule 16b-7. A $1,000,000 convertible promissory note, bearing 8% then 15% interest, automatically converted into 75,624 Class A shares at a $14.40 conversion price based on an IPO price of $16 per share. In addition, the reporting person purchased 312,500 shares of common stock at $16 per share in an open-market or private transaction. Certain shares are held indirectly through MVIL, LLC, and Morningside’s directors share voting and dispositive power and disclaim beneficial ownership.
Apnimed, Inc. reported that investment entities associated with Alpha Wave Ventures and related parties converted several derivative securities into Common Stock in connection with the closing of its IPO. Series C-1, C-2 and C-3 Preferred Stock automatically converted into an aggregate of 5,540,476 shares of Common Stock, and Convertible Notes converted into 1,512,480 shares of Common Stock at a $14.40 per-share conversion price. Footnotes state these preferred shares converted on a 0.741-for-one basis into Class A Common Stock immediately prior to a reclassification into Common Stock exempt under Rule 16b-7, and that the Convertible Promissory Note’s $20,000,000 principal plus $1,779,726 accrued interest automatically converted before its September 17, 2027 maturity date. The reporting persons expressly disclaim beneficial ownership except to the extent of any pecuniary interest.
Apnimed, Inc. director and Chief Executive Officer Kevin Robert Lind reported several derivative transactions in stock options on Class A Common Stock and Common Stock. On 2026-08-03, existing options tied to Class A Common Stock were disposed of to the issuer and corresponding options on Common Stock were acquired in equal amounts, reflecting a reclassification exempt under Rule 16b-7 and Rule 16b-3. The affected grants cover 74,128 options at an exercise price of $9.50 expiring 2035-03-06, and blocks of 1,186,278 and 108,916 options at exercise prices of $8.15 and $16.00, both expiring 2036-06-23 and 2036-07-29, respectively. Footnotes describe time-based vesting over four years, contingent on Lind’s continuous service to Apnimed.
Apnimed, Inc. reported equity award changes for Chief Financial Officer Michael B. Kelly. Existing stock options for 333,580 shares at an exercise price of $8.15 and separate options for 31,434 shares at $16.00 were reclassified from Class A Common Stock into Common Stock pursuant to exemptions under Rule 16b-7 and Rule 16b-3, resulting in offsetting dispositions to and grants from the issuer with no net change in option count. These options expire in 2036 and vest 25% after twelve months from June 22, 2026, with the remainder vesting in substantially equal monthly installments over the following 36 months, subject to continued service.
Apnimed, Inc. director Paul R. Fonteyne reported multiple option transactions involving the company’s equity awards. On 2026-08-03, he disposed of and simultaneously acquired stock options covering 51,890 shares at a $4.00 exercise price and separate options covering 44,477 shares at $8.15 and $16.00 per share, in each case linked to a reclassification in which each share of Common Stock was reclassified into one share of Series A Common Stock, exempt under Rule 16b-7 and Rule 16b-3. A prior grant on 2026-07-30 for options on 44,477 shares at a $16.00 exercise price is also reported. The footnotes describe time-based vesting schedules over 36–48 months, conditioned on Fonteyne’s continuous service to Apnimed.
Apnimed, Inc. director Gary Sender reported several stock option movements involving Class A Common Stock and Common Stock. On August 3, 2026, options over 51,890 shares at a $9.50 exercise price, 44,477 shares at $8.15, and 44,477 shares at $16.00 were recorded as dispositions to the issuer and corresponding acquisitions, reflecting a reclassification of Class A Common Stock into Common Stock pursuant to Rules 16b-7 and 16b-3. Separately, on July 30, 2026, Sender received a new option grant for 44,477 shares at $16.00, vesting in substantially equal monthly installments over 36 months after July 30, 2026.