Apnimed, Inc. (APMD) — IPO Dossier

One oral candidate for obstructive sleep apnea, an NDA accepted with a February 28, 2027 PDUFA date, and a first session that opened 37.5% above the offer, traded back to within twelve cents of it, and closed at $25.00.

Demand read

BDI 81, frozen at pricing. The score is built from the structured columns on this deal: a four-bank cover led by BofA Securities with Evercore and Cantor as joint representatives and LifeSci Capital as the healthcare boutique; an all-primary offering upsized to 12,000,000 shares priced at $16.00, the top of the marketed $14.00 to $16.00 range, with an 1,800,000-share company greenshoe; approximately 40.0 million shares outstanding after the offering; a 180-day lockup; and a healthcare sector heat input. The pricing factor reads top of range with an upsize, which is what moved the score from the 74 computed against the marketed range before pricing. Two inputs are not what they would be for an operating company. There is no revenue line, so growth and margin factors contribute nothing, and the comparables factor has no revenue multiple to anchor against. What the score does not contain is the February 28, 2027 PDUFA outcome, or the FDA's pre-NDA feedback on clinical meaningfulness. Those are binary regulatory events, and no pricing-time factor set can carry them.