STOCK TITAN
  1. Home
  2. Sec-filings
  3. APMD
  4. [8-K] Apnimed, Inc. Reports Material Event

Apnimed swings to $125.9M profit, NDA accepted

Apnimed, Inc. (APMD) reported second quarter 2026 results and highlighted major regulatory and financing milestones.

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing 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.

Positive

  • FDA accepted the NDA for AD109 (Oxnimbi) for obstructive sleep apnea and assigned a PDUFA target action date of February 28, 2027, advancing Apnimed’s lead program toward a potential first-in-class oral pharmacologic treatment.
  • Financial performance improved sharply: Q2 2026 net income was $125.9 million versus a $69.5 million net loss a year earlier, mainly from a $85.4 million gain on sale of an equity method investment and a $57.1 million gain on reversal of a deposit liability.
  • Balance sheet and funding capacity strengthened through an upsized IPO raising $220.8 million in gross proceeds, a $150 million senior secured credit facility, and $100 million upfront from monetizing the Shionogi-Apnimed Sleep Science interest, plus quarter-end cash of $172.8 million.

Negative

  • Quarterly revenue from a related party declined to $12.1 million in Q2 2026 from $17.1 million in Q2 2025, a reduction of roughly 29%, even as six-month related-party revenue increased year over year.
  • General and administrative expenses more than doubled, rising to $12.7 million in Q2 2026 from $5.4 million in Q2 2025, driven by higher legal services, headcount-related salary and stock-based compensation, and launch-preparation infrastructure for Oxnimbi.

Filing Explained

As of June 30, the filing reported 28,522,107 preferred shares issued and outstanding with a $249,518 thousand liquidation preference, alongside 4,801,823 common shares; because the IPO was completed subsequently, this is a pre-IPO capital-structure snapshot.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Revenue - related party (Q2 2026) $12.1 million Three months ended June 30, 2026, versus $17.1 million in Q2 2025
Net income (loss) Q2 2026 vs Q2 2025 $125.9 million vs $(69.5) million Three months ended June 30, 2026 and 2025
Cash and cash equivalents $172.8 million Balance as of June 30, 2026
Upsized IPO gross proceeds $220.8 million 13,800,000 shares at $16.00 per share completed after June 30, 2026
Gain on sale of equity method investment $85.4 million Three months ended June 30, 2026
Gain on reversal of deposit liability $57.1 million Three months ended June 30, 2026
Research and development expense $9.9 million Three months ended June 30, 2026, down from $16.0 million in Q2 2025
PDUFA target action date for Oxnimbi February 28, 2027 FDA review of NDA for AD109 (proposed proprietary name Oxnimbi)
New Drug Application regulatory
"the FDA accepted for review the New Drug Application (“NDA”) for AD109"
A new drug application is a formal request submitted to government regulators seeking approval to market a new medicine. It is like a detailed proposal that shows the drug has been tested for safety and effectiveness. For investors, receiving approval signals that the drug may soon become available for sale, potentially leading to revenue growth and impacting the company's value.
PDUFA target action date regulatory
"The FDA has assigned a Prescription Drug User Fee Act (“PDUFA”) target action date"
The PDUFA target action date is the deadline set by the U.S. Food and Drug Administration (FDA) by which it aims to decide whether to approve or reject a new drug application. This date helps investors gauge when a company’s new medication might reach the market, potentially influencing sales and revenue expectations. It acts as a key milestone signaling progress in the drug approval process.
equity method investment financial
"an $85.4 million gain on sale of equity method investment"
An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.
revenue interest liability financial
"a $2.9 million combined change in fair value of long-term debt, revenue interest liability"
discontinued operations financial
"Loss from discontinued operations"
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
senior secured credit facility financial
"a senior secured credit facility for up to $150 million"
A senior secured credit facility is a loan or revolving line of credit where lenders have first legal claim on specific company assets (collateral) and the debt ranks above other obligations for repayment. For investors it signals where a lender sits in the repayment pecking order and how much protection creditors have if the company struggles, affecting credit costs, the company’s ability to borrow more, and potential recoveries in a default — like a mortgage taking priority over other claims on a house.
Revenue - related party (Q2 2026) $12.1 million down from $17.1 million in the three months ended June 30, 2025
Revenue - related party (six months 2026) $96.9 million up from $20.2 million in the six months ended June 30, 2025
Net income (loss) Q2 2026 $125.9 million compared with a net loss of $69.5 million in Q2 2025
Net income (loss) six months 2026 $193.7 million compared with a net loss of $98.1 million in the six months ended June 30, 2025
Research and development expense (Q2 2026) $9.9 million decreased from $16.0 million in the three months ended June 30, 2025
General and administrative expense (Q2 2026) $12.7 million increased from $5.4 million in the three months ended June 30, 2025
Other income (Q2 2026) $137.8 million increased from $0.3 million in the three months ended June 30, 2025
Cash and cash equivalents $172.8 million as of June 30, 2026, up from $41.9 million as of December 31, 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What key regulatory milestone did Apnimed (APMD) report for Oxnimbi in Q2 2026?
The FDA accepted the New Drug Application for AD109 (proposed name Oxnimbi) for adults with obstructive sleep apnea and assigned a PDUFA target action date of February 28, 2027, marking a major step toward potential approval and commercialization.

How did Apnimed (APMD) perform financially in the quarter ended June 30, 2026?
Apnimed reported $12.1 million in revenue from a related party and net income of $125.9 million in Q2 2026, compared with $17.1 million in related-party revenue and a $69.5 million net loss in Q2 2025, mainly due to large one-time gains.

What were the main one-time gains driving Apnimed’s Q2 2026 profitability?
Other income totaled $137.8 million, primarily from a $57.1 million gain on reversal of a deposit liability and an $85.4 million gain on sale of an equity method investment, which together transformed the prior-year quarterly net loss into net income.

What is Apnimed’s cash position and recent financing activity as of and after Q2 2026?
Apnimed had $172.8 million in cash and cash equivalents at June 30, 2026, then completed an upsized IPO of 13.8 million shares at $16.00 per share for $220.8 million in gross proceeds, secured a $150 million credit facility, and received $100 million from monetizing a sleep-science joint interest.

How did Apnimed’s operating expenses change in Q2 2026 versus Q2 2025?
Research and development expenses decreased to $9.9 million from $16.0 million, mainly from lower AD109 clinical trial costs, while general and administrative expenses increased to $12.7 million from $5.4 million, reflecting higher legal, headcount, and commercialization-preparation spending.

What were Apnimed’s year-to-date 2026 revenue and net income compared to 2025?
For the six months ended June 30, 2026, related-party revenue was $96.9 million versus $20.2 million in 2025, and net income was $193.7 million versus a $98.1 million net loss, reflecting substantially higher revenue and significant one-time gains.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
0001745648False00017456482026-09-082026-09-08

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 8, 2026

APNIMED, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-43422

82-1910611

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

Apnimed, Inc.

39 John F. Kennedy Street, 4th Floor

Cambridge, MA 02138

(Address of principal executive offices, including zip code)

(617) 500-8880

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trade

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.00001 par value per share

APMD

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02

Results of Operations and Financial Condition

 

On September 8, 2026, Apnimed, Inc. issued a press release announcing its financial results for the quarterly period ended June 30, 2026. The full text of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information in this Item 2.02 of this Form 8-K and the Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01

Financial Statements and Exhibits.

 

(d) Exhibits

99.1 Press release of the Company, dated September 8, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Apnimed, Inc.

Date: September 8, 2026

By:

/s/ Kevin R. Lind

Kevin R. Lind

Chief Executive Officer

 

 

EX-99.1

 

Apnimed Reports Second Quarter 2026 Financial Results and Provides Corporate Update

•
U.S. Food and Drug Administration (“FDA”) Accepted the NDA for AD109, with a proposed proprietary name Oxnimbi™, and assigned a PDUFA target action date of February 28, 2027
•
If approved, Oxnimbi has the potential to become the first oral pharmacologic therapy designed to address the neuromuscular root cause of upper airway collapse for the millions of people living with OSA
•
Strengthened the Company’s leadership team with several key appointments
•
Completed its upsized initial public offering for gross proceeds of $220.8 million and its common stock began trading on the Nasdaq Global Select Market

CAMBRIDGE, Mass., September 8, 2026 – Apnimed, Inc. (Nasdaq: APMD) (“Apnimed”), 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, today announced its financial results for the second quarter ended June 30, 2026, and provided a corporate update.

“This was a highly productive quarter for Apnimed as we continued to execute against our strategy, highlighted by the FDA’s acceptance of our NDA for AD109 (proposed proprietary name Oxnimbi), with a PDUFA target action date of February 28, 2027,” said Kevin Lind, Chief Executive Officer of Apnimed. “Over the past several months, we have significantly strengthened our financial position, including through the successful completion of our IPO, providing us with additional resources as we prepare for the potential commercialization of Oxnimbi, pending approval. With this strengthened financial position, we are advancing our commercial readiness activities and building the capabilities needed to support a potential U.S. launch. With an estimated 80 million people in the U.S. living with OSA, many of whom remain untreated, we believe Oxnimbi has the potential to address the scale of unmet need in OSA and, if approved, represents a significant commercial opportunity for Apnimed.”

Recent Highlights and Upcoming Milestones

•
Announced the FDA accepted for review the New Drug Application (“NDA”) for AD109 (proposed proprietary name Oxnimbi) for the treatment of adults with obstructive sleep apnea (“OSA”). The FDA has assigned a Prescription Drug User Fee Act (“PDUFA”) target action date of February 28, 2027.
•
Presented a broad body of data and research at both ATS 2026 and SLEEP 2026, including pooled analyses of the SynAIRgy and LunAIRo Phase 3 trials of Oxnimbi, reflecting one of the largest clinical development programs conducted for an OSA pharmacotherapy, as well as research highlighting the significant unmet need in OSA.
•
Simultaneously published two peer-reviewed articles on Oxnimbi, including results from the Phase 3 SynAIRgy trial in the American Journal of Respiratory and Critical Care Medicine and a companion mechanistic review article in the American Journal of Respiratory Cell and Molecular Biology.
•
Strengthened the Company’s leadership team with the appointments of Kevin Lind as Chief Executive Officer, Michael Kelly as Chief Financial Officer and Steven Spector as Chief Legal Officer and Head of Corporate Affairs as part of a planned leadership transition.
•
Completed two financing transactions to support commercial readiness and the potential U.S. launch of Oxnimbi, if approved by the FDA, including an upsized initial public offering for gross proceeds of $220.8 million and a senior secured credit facility for up to $150 million with funds managed by HealthCare Royalty Partners.

 

 

•
Completed the strategic monetization of the Company’s interest in Shionogi-Apnimed Sleep Science, generating $100 million in upfront proceeds, with the potential for additional milestone and royalty payments, while allowing the Company to further focus its resources on Oxnimbi.
•
Apnimed’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “APMD” on July 31, 2026.
•
Apnimed was included in a preliminary list of additions to the Russell 2000® Index, to be effective on September 21, 2026.

Upcoming Investor Events

Cantor Global Healthcare Conference 2026, September 9-11, 2026, New York, NY

•
Apnimed fireside chat on Thursday, September 10, 2026.

Second Quarter Financial Results

Apnimed reported cash and cash equivalents of approximately $172.8 million at June 30, 2026. Subsequently, the Company completed its upsized initial public offering of 13,800,000 shares of its common stock, including 1,800,000 shares issued pursuant to the full exercise of the underwriters’ overallotment option, at a price to the public of $16.00 per share for gross proceeds of $220.8 million, less underwriting discounts and commissions.  

 

Research and development expenses were $9.9 million for the three months ended June 30, 2026, a decrease of $6.1 million, or 38%, compared to $16.0 million for the three months ended June 30, 2025. The net decrease was primarily driven by $7.6 million lower clinical trial expense related to AD109 (proposed proprietary name Oxnimbi) as LunAIRo and SynAIRgy trials were completed in 2025, and $0.1 million decrease in other projects expense. This decrease was partially offset by an increase of $1.6 million in medical affairs expense due to increased Key Opinion Leader engagement in 2026. 

 

General and administrative expenses were $12.7 million for the three months ended June 30, 2026, an increase of $7.3 million, or greater than 100%, compared to $5.4 million for the three months ended June 30, 2025. The net increase was primarily related to increases of $3.0 million in legal services incurred related to business consulting and contract negotiations, and increased salary expense due to increased headcount, $4.0 million in infrastructure to prepare us, the market, and our brand for the expected launch of Oxnimbi, if approved, including key areas such as education on the unmet needs in OSA, pricing strategy, forecast estimates, market access planning, product positioning and stakeholder messaging, and $0.3 million in stock-based compensation related to increased headcount. 

Other income (expenses) was $137.8 million for the three months ended June 30, 2026, an increase of $137.5 million, or greater than 100%, compared to $0.3 million for the three months ended June 30, 2025. The net increase is primarily related to a $57.1 million gain on reversal of deposit liability, an $85.4 million gain on sale of equity method investment, a $0.6 million increase in interest income, and a change in other income of $0.1 million due to the change in fair value of the contingent asset, offset by a $2.9 million combined change in fair value of long-term debt, revenue interest liability, and the convertible notes, and an increase in other expense related to $2.9 million of long-term debt and revenue interest liability issuance costs.

 

Net income was $125.9 million for the quarter ended June 30, 2026, compared to a net loss of $69.5 million for the quarter ended June 30, 2025. The increase was primarily attributable to the factors impacting the Company’s expenses and other income described above.

 

About AD109 / Oxnimbi

AD109 is Apnimed’s investigational drug candidate, with a proposed proprietary name of Oxnimbi. The proposed name remains subject to final FDA review and acceptance and may change. Oxnimbi is designed to be the first potential pharmacological treatment to improve oxygenation during sleep and target the neuromuscular root cause of upper airway collapse in people with OSA. It is a potentially first-in-class combination of aroxybutynin, a novel antimuscarinic, and atomoxetine, a selective norepinephrine reuptake inhibitor. Oxnimbi is intended to be a once-daily oral pill taken at bedtime that is designed to lower the complexity of treating OSA. Oxnimbi, if approved, may offer an oral solution to help improve oxygenation and health for people living with OSA. Oxnimbi has completed two Phase 3 clinical trials for the treatment of mild, moderate and severe OSA. Apnimed's NDA for Oxnimbi is under review by the FDA and was assigned a PDUFA goal date of February 28, 2027. There can be no assurances that Oxnimbi will be approved by the FDA by the PDUFA target action date, or at all.

 

About Apnimed  

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. We believe the introduction of once-nightly oral drugs has the potential to expand diagnosis and the reach of treatment for people with OSA. We believe that people with OSA would benefit from having multiple treatment options with differing mechanisms to more fully address the heterogeneity of OSA’s disease pathophysiology. Apnimed envisions a new era where novel oral therapies simplify intervention and expand the reach of diagnosis and treatment.

 

Apnimed is advancing its product candidate, AD109 (proposed proprietary name Oxnimbi), which is designed to improve oxygenation in individuals living with OSA. We believe that Oxnimbi could become the catalyst for a new oral treatment paradigm for OSA that has been historically limited to devices or invasive surgeries.

Learn more at apnimed.com or follow us on  X  and  LinkedIn.  

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain disclosures that contain “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Examples of forward-looking statements contained in this press release include, without limitation, statements regarding our expectations as to commercial readiness activities, the potential approval and commercialization of Oxnimbi, the potential acceptance of Oxnimbi as the proprietary name for AD109, the clinical and therapeutic potential of Oxnimbi (including to address OSA), the size of the commercial opportunity for Oxnimbi, the occurrence and timing of the PDUFA goal date for Oxnimbi, and other statements that are not historical facts. We intend these forward- looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, and are making this statement for purposes of complying with those safe harbor provisions.

Forward-looking statements are based on our current expectations, estimates and projections only as of the date of this release and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, the risks inherent in biopharmaceutical product development; our ability to execute on our strategy, including obtaining the requisite regulatory approvals on the expected timeline, if at all; risks related to our financial condition and the need for substantial additional funding in order to complete development activities and commercialize Oxnimbi; risks related to the competitive landscape for OSA products; our ability to attract, integrate and retain key personnel; risks related to regulatory developments and approval processes of the FDA and comparable foreign regulatory authorities; and risks related

 

to establishing and maintaining our intellectual property protections. These and other risks and uncertainties concerning our business and operations are described more fully in the sections titled “Risk Factors” of the final prospectus related to the offering filed with the U.S. Securities and Exchange Commission (“SEC”) and in its most recent periodic report filed with the SEC. Forward-looking statements contained in this announcement are made as of this date, and Apnimed undertakes no duty to update such information except as required under applicable law.

Media Contact: 
media@apnimed.com

Investor Contact: 
ir@apnimed.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APNIMED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share and per share amounts)

 

 

 

June 30, 2026

 

 

December 31, 2025

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

172,804

 

 

$

41,890

 

Prepaid research and development

 

 

1,407

 

 

 

1,541

 

Accounts receivable

 

 

690

 

 

 

959

 

Deferred transaction costs

 

 

4,779

 

 

 

—

 

Prepaid expenses and other current assets

 

 

5,092

 

 

 

665

 

Total current assets

 

 

184,772

 

 

 

45,055

 

PROPERTY AND EQUIPMENT, NET

 

 

53

 

 

 

66

 

ASSETS HELD FOR SALE

 

 

—

 

 

 

26,893

 

CONTINGENT ASSET

 

 

9,893

 

 

 

—

 

OPERATING LEASE RIGHT-OF-USE ASSET

 

 

714

 

 

 

835

 

OTHER ASSETS

 

 

24

 

 

 

24

 

TOTAL ASSETS

 

$

195,456

 

 

$

72,873

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND
   STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable

 

$

6,598

 

 

$

1,788

 

Accrued expenses and other current liabilities

 

 

9,184

 

 

 

11,026

 

Operating lease liability

 

 

265

 

 

 

250

 

Short-term deferred revenue

 

 

19,531

 

 

 

97,812

 

Total current liabilities

 

 

35,578

 

 

 

110,876

 

LONG TERM LIABILITIES:

 

 

 

 

 

 

Operating lease liability, net of current

 

 

485

 

 

 

623

 

Convertible notes

 

 

39,331

 

 

 

40,646

 

Debt

 

 

40,267

 

 

 

—

 

Revenue interest liability

 

 

10,037

 

 

 

—

 

Deposit liability

 

 

—

 

 

 

57,120

 

Deferred revenue

 

 

—

 

 

 

15,244

 

TOTAL LIABILITIES

 

 

125,698

 

 

 

224,509

 

COMMITMENTS AND CONTINGENCIES (NOTE 7)

 

 

 

 

 

 

Convertible Preferred Stock, $0.00001 par value, 29,557,303 and 25,934,116 shares
   authorized as of June 30, 2026 and December 31, 2025, respectively; 28,522,107 shares
   issued and outstanding as of June 30, 2026 and December 31, 2025.
   Liquidation preference of $249,518 and $224,518 as of June 30, 2026 and
   December 31, 2025, respectively.

 

 

245,939

 

 

 

221,147

 

STOCKHOLDERS’ DEFICIT:

 

 

 

 

 

 

Common stock, $0.00001 par value, 51,712,954 (48,567,709 Class A, 2,948,668 Class B,
   and 196,577 Class C) shares authorized as of June 30, 2026 and 45,627,228
   (42,481,983 Class A, 2,948,668 Class B, and 196,577 Class C) shares authorized as of
   December 31, 2025; 4,801,823 (1,853,155 Class A, 2,752,091 Class B, and 196,577
   Class C) shares issued and outstanding as of June 30, 2026 and 4,781,256 (1,832,588
   Class A, 2,752,091 Class B, and 196,577 Class C) shares issued and outstanding as of
   December 31, 2025.

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

27,508

 

 

 

24,560

 

Accumulated deficit

 

 

(203,690

)

 

 

(397,344

)

Total stockholders’ deficit

 

 

(176,181

)

 

 

(372,783

)

TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND
   STOCKHOLDERS’ DEFICIT

 

$

195,456

 

 

$

72,873

 

 

 

 

 

 

 

APNIMED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except share and per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

REVENUE - RELATED PARTY

 

$

12,080

 

 

$

17,110

 

 

$

96,894

 

 

$

20,241

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

9,900

 

 

 

15,969

 

 

 

18,004

 

 

 

39,425

 

General and administrative

 

 

12,674

 

 

 

5,353

 

 

 

19,180

 

 

 

10,823

 

Cost of services - related party

 

 

1,210

 

 

 

1,724

 

 

 

3,370

 

 

 

3,041

 

Total operating expenses

 

 

23,784

 

 

 

23,046

 

 

 

40,554

 

 

 

53,289

 

INCOME (LOSS) FROM OPERATIONS

 

 

(11,704

)

 

 

(5,936

)

 

 

56,340

 

 

 

(33,048

)

OTHER INCOME (EXPENSES):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

970

 

 

 

309

 

 

 

1,188

 

 

 

740

 

Gain on sale of equity method investment

 

 

85,380

 

 

 

—

 

 

 

85,380

 

 

 

—

 

Gain on reversal of deposit liability

 

 

57,120

 

 

 

—

 

 

 

57,120

 

 

 

—

 

Change in fair value of long-term debt

 

 

(1,659

)

 

 

—

 

 

 

(1,659

)

 

 

—

 

Change in fair value of revenue interest liability

 

 

(460

)

 

 

—

 

 

 

(460

)

 

 

—

 

Change in fair value of convertible notes

 

 

(796

)

 

 

—

 

 

 

1,315

 

 

 

—

 

Other income (expense)

 

 

(2,738

)

 

 

—

 

 

 

(2,738

)

 

 

—

 

Total other income

 

 

137,817

 

 

 

309

 

 

 

140,146

 

 

 

740

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

 

126,113

 

 

 

(5,627

)

 

 

196,486

 

 

 

(32,308

)

Income tax expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

126,113

 

 

 

(5,627

)

 

 

196,486

 

 

 

(32,308

)

Loss from discontinued operations

 

 

(178

)

 

 

(63,847

)

 

 

(2,832

)

 

 

(65,812

)

NET INCOME (LOSS)

 

$

125,935

 

 

$

(69,474

)

 

$

193,654

 

 

$

(98,120

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share of Class A, Class B and Class C - Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

26.29

 

 

$

(1.18

)

 

$

40.97

 

 

$

(6.80

)

Discontinued operations

 

$

(0.04

)

 

$

(13.43

)

 

$

(0.59

)

 

$

(13.85

)

Basic net income (loss) per share

 

$

26.25

 

 

$

(14.61

)

 

$

40.38

 

 

$

(20.65

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share of Class A, Class B and Class C - Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

3.92

 

 

$

(1.18

)

 

$

6.07

 

 

$

(6.80

)

Discontinued operations

 

$

(0.01

)

 

$

(13.43

)

 

$

(0.09

)

 

$

(13.85

)

Diluted net income (loss) per share

 

$

3.91

 

 

$

(14.61

)

 

$

5.98

 

 

$

(20.65

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

 

4,797,152

 

 

 

4,754,020

 

 

 

4,795,472

 

 

 

4,751,347

 

Weighted average common shares outstanding, diluted

 

 

32,353,048

 

 

 

4,754,020

 

 

 

32,173,441

 

 

 

4,751,347

 

 

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

2 documents

Press Releases

Other Documents

Keep reading

More on APMD

Trending in the feed

Open the live feed