Sep 8, 2026, 5:10 PM ETHealthcare

Apnimed — Q2 2026 Earnings Summary

APMDAPNIMED INC

Financial Performance

Reported net income of $125.9 million for the quarter ended June 30, 2026, compared to a net loss of $69.5 million for the same period in 2025.
Cash and cash equivalents totaled approximately $172.8 million as of June 30, 2026, up from $41.9 million at December 31, 2025.
Research and development expenses were $9.9 million for the quarter, a 38% decrease ($6.1 million) compared to $16.0 million in Q2 2025, driven by the completion of Phase 3 trials for Oxnimbi.
General and administrative expenses increased to $12.7 million for the quarter, a rise of over 100% ($7.3 million) compared to $5.4 million in Q2 2025, due to legal services, increased headcount, and infrastructure costs for commercial readiness.
Other income (expenses) was $137.8 million for the quarter, an increase of over 100% compared to $0.3 million in Q2 2025, primarily driven by a $57.1 million gain on reversal of deposit liability and an $85.4 million gain on the sale of an equity method investment.
Total assets increased to $195.5 million as of June 30, 2026, from $72.9 million at December 31, 2025.
Total liabilities decreased to $125.7 million as of June 30, 2026, from $224.5 million at December 31, 2025.
Stockholders' deficit improved to $(176.2) million as of June 30, 2026, from $(372.8) million at December 31, 2025.
Short-term deferred revenue decreased to $19.5 million as of June 30, 2026, from $97.8 million at December 31, 2025.

FDA assigned a PDUFA target action date of February 28, 2027, for the New Drug Application (NDA) for AD109 (proposed proprietary name Oxnimbi).
Company is advancing commercial readiness activities and building capabilities to support a potential U.S. launch of Oxnimbi pending FDA approval.
Management anticipates Oxnimbi has the potential to address the unmet need in the estimated 80 million people in the U.S. living with obstructive sleep apnea (OSA).

AD109 (Oxnimbi) is an investigational oral therapy designed to address the neuromuscular root cause of upper airway collapse in OSA patients; it completed two Phase 3 clinical trials (SynAIRgy and LunAIRo).
The company completed the strategic monetization of its interest in Shionogi-Apnimed Sleep Science, generating $100 million in upfront proceeds.
Oxnimbi is a combination of aroxybutynin and atomoxetine, intended as a once-daily oral pill.
The company presented pooled analyses of Phase 3 trial data at ATS 2026 and SLEEP 2026 and published two peer-reviewed articles on Oxnimbi.

Oxnimbi is positioned as the first potential pharmacological treatment to improve oxygenation during sleep and target the neuromuscular root cause of upper airway collapse in OSA.
The company believes the introduction of once-nightly oral drugs has the potential to expand diagnosis and treatment reach compared to historically limited device or invasive surgery options.
Apnimed was included in a preliminary list of additions to the Russell 2000® Index, effective September 21, 2026.

There can be no assurance that Oxnimbi will be approved by the FDA by the PDUFA target action date or at all.
Risks include inherent uncertainties in biopharmaceutical product development, regulatory approval processes, and the competitive landscape for OSA products.
The company faces risks related to the need for substantial additional funding to complete development and commercialization activities.
Risks include the ability to attract, integrate, and retain key personnel and establishing/maintaining intellectual property protections.

CEO Kevin Lind described the quarter as "highly productive," highlighting the FDA acceptance of the NDA and the strengthened financial position following the IPO.
Management expressed confidence that Oxnimbi represents a significant commercial opportunity given the scale of untreated OSA patients in the U.S.
The company strengthened its leadership team with the appointments of Kevin Lind (CEO), Michael Kelly (CFO), and Steven Spector (Chief Legal Officer and Head of Corporate Affairs).

Completed an upsized initial public offering (IPO) of 13,800,000 shares at $16.00 per share, generating gross proceeds of $220.8 million.
Common stock began trading on the Nasdaq Global Select Market under the ticker symbol "APMD" on July 31, 2026.
Secured a senior secured credit facility for up to $150 million with funds managed by HealthCare Royalty Partners.
Apnimed will participate in a fireside chat at the Cantor Global Healthcare Conference 2026 on September 10, 2026.