Apnimed Valuation, Funding & Investors

Apnimed is valued at $394M as of April 2025.

Last Apnimed valuation

$394M

Undisclosed stage · Apr 2025

Last Apnimed funding round

$25M

Undisclosed stage · Mar 2026

Cumulative funding Apnimed raised

$249M

across 7 funding rounds

Key investors in Apnimed

  • Tao Capital Partners
  • Alpha Wave Global
  • Sectoral Asset Management
  • Alpha Wave Ventures
  • 5Y Capital
  • Morningside

Apnimed Overview

About Apnimed

Apnimed is a Cambridge-based clinical-stage biopharma company founded in 2017 developing pharmacologic therapies for obstructive sleep apnea. Its lead candidate targets upper airway muscle activity to address the condition affecting over 20 million Americans. Apnimed advances oral treatments as alternatives to CPAP devices.


Founded

2017

HQ

United StatesUnited States

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$394M (Apr 2025)

Apnimed Valuation

Apnimed is currently valued at $394M, based on its undisclosed-stage round in April 2025.

Apnimed's valuation has grown 6.9x from $57M at its undisclosed-stage round in June 2018 to $394M in April 2025, across 3 priced rounds.

Apnimed valuation by funding round

Apnimed valuation by funding round
DateStageValuation
Apr 2025Undisclosed stage$394M
Dec 2022Series C$367M
Jun 2018Undisclosed stage$57M

Apnimed Funding History

Apnimed has raised a total of $249M across 7 funding rounds.

Apnimed's first fundraising round was a $26M undisclosed-stage round in June 2018. The most recent completed round was a $25M undisclosed-stage round in March 2026.

Apnimed funding rounds

Apnimed funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2026Undisclosed stage-$25M--
Apr 2025Undisclosed stage-$17M$394MApnimed is a clinical-stage pharmaceutical company developing oral pharmacologic therapies, including AD109 (aroxybutynin + atomoxetine), for obstructive sleep apnea (OSA) and related sleep disorders. AD109 has received Fast Track designation from the FDA and showed promising Phase 2 MARIPOSA trial results, supporting planned Phase 3 trials. The company raised $62.5 million in an initial Series C financing in May 2022 led by Sectoral Asset Management, followed by an oversubscribed $79.75 million Series C extension in January 2023 led by Alpha Wave Ventures, bringing total Series C to $142.25 million to fund Phase 3 trials. Apnimed completed a Series D funding round on April 23, 2025, raising $16.5 million at a post-money valuation of $394.07 million from undisclosed investors. Prior rounds include multiple Series C tranches in 2022 totaling around $142.25 million and earlier Series A and B rounds since 2018, with cumulative funding exceeding $259 million. The Series D supports ongoing development amid a pipeline focused on novel OSA treatments. Apnimed's lead candidate AD109 aims to be the first oral therapy for OSA, targeting patients intolerant to current therapies like CPAP, with Phase 3 enrollment planned post-2023 funding.
Dec 2022Series CAlpha Wave Ventures (lead); Tao Capital Partners; Sectoral Asset Management; Alpha Wave Global$80M$367MApnimed is a clinical-stage pharmaceutical company founded in 2017, focused on developing oral pharmacologic therapies for obstructive sleep apnea (OSA) and related disorders, with its lead candidate AD109 targeting the neurologic control of upper airway muscles. The company raised $79.75 million in a Series C extension round (referred to as Series C-3 or Series C - II) on December 22-24, 2022, from investors including Alpha Wave Global, Alpha Wave Ventures, Sectoral Asset Management, Tao Capital Partners, Columbia Threadneedle/Seligman Investments, and others, bringing the total Series C to $142.25 million. This oversubscribed financing supported advancement of AD109 into Phase 3 development, team expansion, and initial commercial plans, at a post-money valuation of $366.58 million with a price per share of $11.10. Apnimed's total funding across multiple rounds reached approximately $207.8-259.3 million by late 2022, with prior Series C tranches in April/May and November 2022, and earlier Series B and A rounds. Post-2022, Apnimed continued fundraising with a Series D round in April 2025 raising $16.5 million at a $394.07 million valuation, reflecting ongoing development amid positive topline results from the MARIPOSA trial of AD109, positioning it as a potential first oral therapy for OSA. The OSA market lacks pharmaceutical options, driving investor interest in Apnimed's novel approach beyond traditional CPAP devices.
May 2022Series CSectoral Asset Management (lead); Tao Capital Partners; Alpha Wave Ventures; 5Y Capital; Alpha Wave Global$63M-Apnimed is a clinical-stage pharmaceutical company developing oral pharmacologic treatments for obstructive sleep apnea (OSA) and related sleep disorders, with its lead candidate AD109 (aroxybutynin + atomoxetine) advancing toward Phase 3 trials. AD109 targets the underlying causes of OSA, a condition affecting millions underserved by CPAP adherence issues, and received FDA Fast Track designation later. On May 4, 2022, the company announced a $62.5 million Series C financing led by new investor Sectoral Asset Management, with participation from new investors Alpha Wave Ventures, NexPoint, and others, alongside existing investors Morningside Ventures, Seligman Investments, and Tao Capital Partners. The proceeds were designated to initiate Phase 3 development of AD109, expand the team, and support initial commercial plans following positive Phase 2 results. This Series C was later extended multiple times, including an oversubscribed $79.75 million in January 2023 led by Alpha Wave Ventures (bringing total Series C to $142.25 million) to fund two Phase 3 trials starting Q2 2023, and additional tranches in late 2022. The company continued progress toward a potential 2026 NDA filing for AD109.
Mar 2021Series BMorningside (lead); Tao Capital Partners$25M-Apnimed is a clinical-stage pharmaceutical company developing oral pharmacologic therapies, including AD109, for obstructive sleep apnea (OSA) and related disorders. The company, founded in 2017, focuses on addressing the underlying neurologic causes of OSA with safe, effective, and easy-to-use treatments as an alternative to existing options. On March 25, 2021, it closed a $25 million Series B financing round led by existing investor Morningside Ventures, with participation from new investors Seligman Investments and Tao Capital Partners. The proceeds were intended to support ongoing development and commercialization plans, specifically to initiate the Phase 3 program for AD109, which was in late-stage Phase 2 clinical trials at the time, with topline data expected in Q2 2021. CEO Larry Miller highlighted the financing's role in advancing AD109 toward Phase 3. Apnimed has raised over $200 million across multiple rounds, including prior Series A and additional Series B tranches, with later Series C extensions totaling $142.25 million by 2022 and debt financing in 2025. Investors include Alpha Wave Global, Sectoral Asset Management, and others.
Mar 2020Series A-$15M-Apnimed is a clinical-stage pharmaceutical company focused on developing oral pharmacologic treatments for obstructive sleep apnea (OSA) and related sleep disorders. The company's lead candidate, AD109 (a combination of aroxybutynin and atomoxetine), represents a potential first oral therapy for OSA. In March 2020, Apnimed closed a Series B financing round raising $15 million to advance its development programs. The company progressed through clinical trials, reporting positive Phase 2 data from the MARIPOSA study before advancing to Phase 3 trials. Subsequent financing rounds totaled approximately $259 million across multiple tranches through 2025, with the company valued at $440 million as of September 2025.
Jun 2018Undisclosed stage-$26M$57MApnimed is a clinical-stage pharmaceutical company developing oral pharmacologic treatments for obstructive sleep apnea (OSA) and related sleep disorders, with its lead candidate AD109 combining aroxybutynin and atomoxetine to address the underlying neurologic cause of the condition. Subsequent rounds built on this foundation, including another Series A extension of $4.50M in August 2018 and $10M in January 2019, followed by $6M in August 2019, leading to a Series B of $25M in March 2021 led by Morningside Ventures with Seligman Investments and Tao Capital Partners to initiate Phase 3 for AD109 after Phase 2 data. By May 2022, Apnimed secured a $62.5M Series C led by Sectoral Asset Management, with Alpha Wave Ventures and NexPoint joining existing backers, to fund Phase 3 trials and team expansion. This was extended by $79.75M in January 2023 led by Alpha Wave Ventures, bringing total Series C to $142.25M for two Phase 3 trials starting Q2 2023. The company's progress highlights investor confidence in AD109's potential to transform OSA treatment, a serious condition affecting millions with limited pharmaceutical options.

Who has invested in Apnimed?

6 investors have backed Apnimed across its funding rounds, including Tao Capital Partners, Alpha Wave Global, Sectoral Asset Management, Alpha Wave Ventures, 5Y Capital and Morningside.

Lead investors include Alpha Wave Ventures, Sectoral Asset Management and Morningside.


Apnimed Investors

Investors in Apnimed by funding rounds participated
InvestorHQRoundsRoleFirst check
Tao Capital PartnersUnited StatesSan Francisco, CA3ParticipantMar 2021
Alpha Wave VenturesUnited StatesMiami, FL2LeadMay 2022
Sectoral Asset ManagementCanadaMontreal2LeadMay 2022
Alpha Wave GlobalUnited StatesMiami, FL2ParticipantMay 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Apnimed Competitors

Apnimed competitors include listed companies like PureTech Health, BridgeBio Oncology, Larimar Therapeutics and Benitec Biopharma, and private ones like Fosun Kite Biotechnology and Cellarity.

Public and private companies comparable to Apnimed
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Fosun Kite BiotechnologyChinaShanghaiPrivate--$393M-
PureTech HealthUnited StatesUnited StatesPublicly listed$5M($75M)$393M13.6x
BridgeBio OncologyUnited StatesUnited StatesPublicly listed-($145M)$392M-
Larimar TherapeuticsUnited StatesUnited StatesPublicly listed-($165M)$396M-
Benitec BiopharmaUnited StatesUnited StatesPublicly listed-($51M)$396M-
CellarityUnited StatesBoston, MAPrivate--$398M-

Apnimed Public Comps

Apnimed is still privately-owned, but its public comps include PureTech Health, BridgeBio Oncology, Larimar Therapeutics, Benitec Biopharma, Recbio, Lumosa Therapeutics, Hansa Biopharma, Formycon, Zota Health Care and Rocket Pharmaceuticals.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
PureTech Health$5M($75M)27.8x13.6x(1.7x)(1.4x)
BridgeBio Oncology-($145M)--(1.2x)(0.8x)
Larimar Therapeutics-($165M)--(1.5x)(1.6x)
Benitec Biopharma-($51M)--(4.3x)-
Recbio$2M($72M)243.7x250.3x(6.4x)(6.9x)
Lumosa Therapeutics$1M($11M)338.8x332.7x(34.6x)-
Hansa Biopharma$23M($39M)19.2x10.6x(11.3x)17.6x
Formycon$51M($3M)6.9x4.6x(103.3x)77.8x

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Common questions about Apnimed

When was Apnimed founded?Apnimed was founded in 2017.
Where is Apnimed headquartered?Apnimed is headquartered in United States.
Is Apnimed publicly listed?No, Apnimed is a private, VC-backed company.
What is Apnimed's valuation?Apnimed was last valued at $394M in its undisclosed-stage round in April 2025.
How much funding has Apnimed raised?Apnimed has raised $249M across 7 funding rounds.
What was Apnimed's last funding round?Apnimed's last funding round was a $25M undisclosed-stage round in March 2026.
Who are Apnimed's investors?Apnimed's investors include Tao Capital Partners, Alpha Wave Ventures, Sectoral Asset Management, Alpha Wave Global, 5Y Capital and Morningside.
Which companies are comparable to Apnimed?Companies comparable to Apnimed include Fosun Kite Biotechnology, PureTech Health, BridgeBio Oncology, Larimar Therapeutics, Benitec Biopharma and Cellarity.

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