Apnimed has filed an S-1 with the US Securities and Exchange Commission (SEC) laying out the terms for its initial public offering (IPO). This mechanism of action targets what the company describes as the underlying neurobiological cause of obstructive sleep apnea (OSA). “We believe Oxnimbi, if approved, can be prescribed for most adults diagnosed with mild, moderate or severe OSA, including obese and non-obese patients. The US Food and Drug Administration (FDA) accepted Apnimed's New Drug Application for Oxnimbi in July 2026. Eli Lilly's Zepbound, which became the first FDA-approved drug for sleep apnea in December 2024, is only available to patients who also have obesity.