Apnimed is a late-stage clinical pharmaceutical company developing an oral treatment for obstructive sleep apnea. Its primary candidate, Oxnimbi, is a once-nightly tablet that combines two active ingredients to address the underlying neuromuscular dysfunction that causes airway collapse. The company focuses on providing a pharmacological alternative for patients who cannot tolerate or refuse standard positive airway pressure therapy. Apnimed submitted an NDA to the FDA in 2026 and expects a regulatory decision in early 2027. Currently a pre-commercial entity, Apnimed plans to build its own sales organization to market the drug to sleep specialists and primary care providers in the United States. The company does not operate its own manufacturing facilities, instead relying on contract manufacturing organizations for supply. Apnimed's operations prioritize R&D, though these expenses have recently declined following the completion of pivotal trials. While the company previously generated revenue through research services for a joint venture partner, its future business model centers on product sales and potential milestone payments. The company is funded through equity, debt, and asset dispositions, with debt agreements requiring revenue interest payments to lenders tied to future sales.