Apnimed, Inc. · NASDAQ:APMD
Apnimed — Investor Presentation (September 2026)
28 slides from Apnimed's investor presentation, September 2026
Slide 1: What if You Could Treat Obstructive Sleep Apnea (OSA) With a Pill?
What if You Could Treat Obstructive Sleep Apnea (OSA) With a Pill? September 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements regarding our future financial condition, results of operations, business s
Slide 3: Board Members and Apnimed Leadership Team
BOARD MEMBERS APNIMED LEADERSHIP TEAM Paul Sekhri Kevin Lind Dennis Molnar Mike Kelly Chair Chief Executive Officer President and Chief Financial Officer Chief Operating Officer Larry Miller, MD Vice Chair Chris Dimitropoulos Alpha Wave Global Graham Goodrich Steven Spector John Cronin, MD Willian (
Slide 4: Potentially Transforming OSA Care by Bringing the First Oral Treatment to Patients
Potentially Transforming OSA Care by Bringing the First Oral Treatment to Patients Significant Medical Risk Current Treatment Gap US Population Untreated OSA can lead to PAP and devices have major ~80M serious comorbidities limitations Our Product Candidate: Oxnimbi* (AD109) for Mild-to-Severe OSA ✓
Slide 5: Substantial Market Opportunity Due to Significant Unmet Need
Substantial Market Opportunity Due to Significant Unmet Need >60% of middle-aged and older adults living with OSA are not obese US OSA Population Prevalence Obese, no Obese + OSA Non-Obese + OSA OSA ~80M1 Diagnosed New diagnosis rate >3M/year ~23M2 Initial target is ~10.5M diagnosed not on PAP Diagn
Slide 6: Current OSA Treatments Have Substantial Limitations
Current OSA Treatments Have Substantial Limitations No existing therapy combines broad eligibility, ease of use, and durable adherence PAP Zepbound® Standard of Care — positive airway pressure GLP-1 / GIP receptor — weekly injectable Limited indication: obese patients with moderate or severe >50% di
Slide 7: Oxnimbi Could Expand the Reach of Care in OSA by Lowering the Burden of Treatment
Oxnimbi Could Expand the Reach of Care in OSA by Lowering the Burden of Treatment SIMPLE FLEXIBLE 1st potential oral medication, once daily Primary endpoint met across severities and body types TARGETED FAST Designed to address key root cause – neuromuscular dysfunction Rapid onset of action CLINICA
Slide 8: OSA May Significantly Affect Health and Quality of Life
OSA May Significantly Affect Health and Quality of Life 1 CONSEQUENCES OF OSA CHRONIC ACUTE SYMPTOMS2-4 CONSEQUENCES5-10 Loud Snoring Cardiovascular Disease Fatigue Metabolic Disease Daytime Sleepiness Neurocognitive Impairment Work-related and Motor Vehicle Accidents 1. Mallampalli M, et al. Sleep
Slide 9: Oxnimbi (AD109) – An Investigational Oral Drug for OSA
Oxnimbi (AD109) – An Investigational Oral Drug for OSA1,2 AROX YBUTYNIN ATOMOX ETINE Novel anti-muscarinic NCE Selective norepinephrine reuptake inhibitor, Aroxybutynin, the R-enantiomer of oxybutynin, promotes adrenergic tone leading to upper has preferential anti-muscarinic effects3,4 airway muscl
Slide 10: Oxnimbi is Designed to Target an Underlying Cause of OSA: Neuromuscular Dysfunction
Oxnimbi is Designed to Target an Underlying Cause of OSA: Neuromuscular Dysfunction AWAKE SLEEP Full upper airway muscle tone Lower tone; upper airway collapse Oxnimbi is designed to stimulate Upper airway muscle Decreased muscle activity muscle activity and increase maintain airflow1 leads to obstr
Slide 11: Apnimed Conducted Two Phase 3 Trials
Apnimed Conducted Two Phase 3 Trials Two Pivotal Phase 3 Trials — Oxnimbi met its primary endpoint and certain secondary endpoints in both SynAIRgy1 LunAIRo2 26-week trial 51-week trial Patients randomized 646 660 Primary endpoint Met — change from baseline in AHI* (p<0.0001) Met — change from basel
Slide 12: Oxnimbi Showed Significant AHI Reductions vs Placebo Across Both Phase 3 Trials
Oxnimbi Showed Significant AHI Reductions vs Placebo Across Both Phase 3 Trials1,2 Treatment Policy (n=615) On Treatment (n=556) Treatment Policy (n=650) On Treatment (n=533) ****P<0.0001 ****P<0.0001 vs placebo. vs placebo. 46.8% % 55.6% 44.1% Placebo 33.7% Oxnimbi 19.1% 17.6% %7.3% % 6.8% Treatmen
Slide 13: Oxnimbi Showed Similar Response in Mild, Moderate, and Severe OSA
Oxnimbi Showed Similar Response in Mild, Moderate, and Severe OSA at Week 26 (On Treatment, Pooled) Placebo AD109 AHI <15 n=392 15≤ AHI <30 n=401 AHI ≥30 n=296 63.2 61.0 60.3 60% 57.7 60% 57.7 60% 50.5 48.5 Proportion of Subjects Proportion of Subjects Proportion of Subjects 47.3 44.0 43.1 41.9 39.6
Slide 14: Oxnimbi Showed Similar Response in Participants With or Without Obesity
Oxnimbi Showed Similar Response in Participants With or Without Obesity at Week 26 (On Treatment, Pooled) Placebo AD109 BMI <30 n=351 30≤ BMI <35 n=394 BMI ≥35 n=344 71.5 67.1 60% 57.9 60% 56.0 60% 56.3 53.0 Proportion of Subjects Proportion of Subjects Proportion of Subjects 46.4 45.9 46.8 40.5 40.
Slide 15: Oxnimbi Significantly Reduced Hypoxic Burden Across Both Phase 3 Trials
Oxnimbi Significantly Reduced Hypoxic Burden (HB) Across Both Phase 3 Trials1,2 Treatment Policy (n=615) On Treatment (n=556) Treatment Policy (n=650) On Treatment (n=533) ****P<0.0001 ****P<0.0001 vs placebo. ***P<0.001 vs placebo. 60.5% 58.2% Placebo 44.7% Oxnimbi 37.4% 14.7% 13.8% 8.5% 10.0% HB=
Slide 16: Observed Reductions in HB May Be Associated with Lower CVD and Mortality Risk
Observed Reductions in HB May Be Associated with Lower CVD and Mortality Risk1,a Reduction in Risk of Cardiovascular Event or All-Cause Mortality associated with HB Reduction May Reduce risk by 19.2% May Reduce risk by over approx. 7 years for 11.9% over approx. 7 years on-treatment estimand for tre
Slide 17: Oxnimbi Improved Snoring in Symptomatic Patients
Oxnimbi Improved Snoring in Symptomatic Patients1 Snoring Negative Impacts of Snoring: Phase 3 Pooled: 25dB above baseline breathing noise, on treatment (>15% of breaths, N=414) • Disrupts sleep for both patient and bed partner2-4 • Leads to fragmented and non-restorative sleep 5,6 • Contributes to
Slide 18: Patients with Higher Symptom Burden Showed Improvements vs. Placebo at Week 26
Patients with Higher Symptom Burden Showed Improvements vs. Placebo at Week 26 (Per Protocol) PROMIS-Fatigue T-score PROMIS-Sleep Impairment T-score Pooled per protocol set (n=870) Pooled per-protocol set (n=870) - 6.6 - 7.2 - 6.8 - 7.0 - 7.8 - 7.1 - 8.0 - 7.7 - 7.5 - 7.4 - 8.6 - 8.1 - 8.4 - 8.2 - 8
Slide 19: Adverse Events Leading to Discontinuations
Adverse Events Leading to Discontinuations1,2 Participants (dose reduction was AD109 Placebo AD109 Placebo not allowed, failed or refused PAP) (n=325) Week 26 (n=319) Week 26 (n=328) Week 51 (n=327) Week 51 Subjects with TEAE leading to 69 (21.2) 10 (3.1) 94 (28.7) 33 (10.1) discontinuation TEAEs (>
Slide 20: Oxnimbi Demonstrated Consistent Clinical Response and Tolerability in Patients on Stable GLP-1 Therapy
Oxnimbi Demonstrated Consistent Clinical Response and Tolerability in Patients on Stable GLP-1 Therapy GLP-1 use was stable-dose, primarily semaglutide; tirzepatide was not widely available 109 subjects used Safety profile was similar with and without GLP-1s; common AEs included GLP-1 agents across
Slide 21: Positive Phase 3 Data Show Statistically Significant Improvements
Positive Phase 3 Data Show Statistically Significant Improvements 1-3,a Reduced obstruction1 Improved Oxygenation1 Improvement in Snoring 3,b Reduction in AHI from baseline Improvement in HB from baseline Improvement in loudness and frequency from baseline 52% ~60% ~70% 22.6% 48% Reductions also see
Slide 22: OSA Patients Are Being Starved of Oxygen – Oxnimbi is Designed to Reduce Airway Obstruction
OSA Patients Are Being Starved of Oxygen – Oxnimbi is Designed to Reduce Airway Obstruction and Improve Oxygenation* HCP INTENT TO RX ABILITY TO REENGAGE PATIENT DEMAND 77% 50% 80% of surveyed HCPs indicate likelihood to percentage of surveyed HCPs’ diagnosed, of patients surveyed report likelihood
Slide 23: If Approved, the Launch Will Initially Focus on Untreated, Diagnosed Patients
If Approved, the Launch will Initially Focus on Untreated, Diagnosed Patients, with Broader Utilization Anticipated Over Time Additional Opportunities US OSA Population Launch Focus Concomitant Use Patient Preference Prevalence ~80M1 Monotherapy Adjunct Use Foundational Use Diagnosed, Not-Treating G
Slide 24: Clear “Beachhead” Patient Supports Positive Trial Experience
Clear “Beachhead” Patient Supports Positive Trial Experience We believe that the target patient is readily identifiable, aligns with clinical intuition, and can offer the highest probability of treatment success and positive feedback Characteristics of Target Patient Symptomatic with fatigue, sleepi
Slide 25: If Approved, Launch Will Focus on High-Volume Sleep Specialists and Complementary Channels
If Approved, Launch Will Focus on High-Volume Sleep Specialists and Extending Reach with Complementary Channels Planned Oxnimbi Promotional Launch Model Patient Activation Digital-centric campaign to drive patient requests Field Sales Force Telemedicine Primary 125-150 reps to cover 15K to Channels
Slide 26: Financial Information
Financial Information Certain Key Financial Metrics Cash Balance at 6/30/26 $172.8mm Net IPO Proceeds (July 2026) $200.4mm HCR Debt Outstanding at 6/30/26 $50.3mm Note: See financial statements on file with the SEC. 26
Slide 27: US Intellectual Property Position Related to Oxnimbi
US Intellectual Property Position Related to Oxnimbi Layered method-of-use and formulation patents — U.S. expiries extend from 2038 to 2042 2038 2040 2042 US EX PIRY US EX PIRY US EX PIRY Method-of-Use — OSA Method-of-Use — aroxybutynin Polymorph / composition combination + atomoxetine Polymorph pat
Slide 28: Summary: If Approved, Oxnimbi Has the Opportunity to Transform the Treatment Paradigm in OSA
Summary: If Approved, Oxnimbi Has the Opportunity to Transform the Treatment Paradigm in OSA ~80M diagnosed but newly diagnosed Underserved: addressable ~10.5M >3M per year many are untreated not treated market in OSA in the US • Potentially the first oral therapy in OSA targeting neuromuscular dysf