Cambridge biotech tracker · Cambridge
Apnimed
Listed on Nasdaq as APMD, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $173M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- None
- net loss less stock comp
- Runway
- Self-funding
- Self-funding
- Net loss
- +$126M
- Q2 '26 · net income
- R&D expense
- $9.9M
- 42% of opex
- Raised, last 4 qtrs
- $0
- net financing cash flow
- FDA decision
- Feb 2027
- FDA decision · self-funding
Cash & investments
Quarter-end balance
Not reported in a standard XBRL tag for this company.
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
Self-funding
Cash at Q2 '26 divided by the average burn of the last four quarters.
Management’s own date
Into Jun 2028
Jun 2028
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“Based upon our current operating plan, we believe that our cash and cash equivalents as of June 30, 2026, together with the net proceeds from our IPO, will enable us to fund our operating expenses and capital expenditure requirements through June 2028.”
Cash against the calendar
What the runway has to reach.
Feb 28, 2027
FDA target action date (PDUFA)
Disclosed in the 8-K filed Sep 8, 2026Does the cash reach it?
Self-funding
- Runway
- Self-funding
- Time to the date
- 4 months
It is about 4 months out. Operating cash flow is positive on average, so the date is not a financing deadline.
FDA decision dates disclosed in filings
“…s and Provides Corporate Update U.S. Food and Drug Administration ( FDA ) Accepted the NDA for AD109, with a proposed proprietary name Oxnimbi , and assigned a PDUFA target action date of February 28, 2027 If approved, Oxnimbi has the potential to become the first oral pharmacologic therapy designed to address the neuromuscular root cause…”
Pulled from the company’s own filing text. An approval decision is a financing event as much as a clinical one, since the commercial build-out has to be funded months before any revenue from it arrives.
Pipeline
1 active trial, through phase 3.
Phase 3 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Continuation Protocol for Obstructive Sleep Apnea (OSA)NCT06566820 · OSAPhase 3Jun 2026est. | Phase 3 | Enrolling by invitation | ||
| Parallel Arm Trial of AD109 and Placebo With Patients With OSA (LunAIRo)NCT05811247 · OSAPhase 3May 2025 | Phase 3 | Completed |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companySelf-funding on an operating basis
Operating cash flow was positive on average over the last four quarters, so runway is not the constraint. Cash and investments stood at $173M at Q2 '26.
Cash position up $131M since Q4 '25
No meaningful financing inflows over the last four quarters, so the change is essentially operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 42% of operating expenses
$9.9M of R&D against $23.8M of total operating expenses in Q2 '26, with G&A at $12.7M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $12.1M in Q2 '26
The balance sheet carries $19.5M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Going-concern language in the 10-Q filed Sep 8, 2026
The filing contains definite substantial-doubt language, the conclusion of an ASC 205-40 evaluation that cash may not cover twelve months from the issuance date without additional financing or cost actions. Read the liquidity note in the filing for management's plans and whether they are considered probable.
Material weakness disclosed in the 10-Q filed Sep 8, 2026
Management identified a material weakness in internal control over financial reporting. Common causes at this stage are thin finance teams, manual close processes, and inadequate review of complex areas like revenue or equity. Remediation usually takes two or more quarters to demonstrate.
Stockholders' deficit of $176M
Liabilities exceed assets on the balance sheet. That is common with royalty financings, convertible debt, or large deferred revenue balances, and it is a fact auditors and exchange listing rules both pay attention to.
$40.3M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $204M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q1 '25 · Mar 31, 25 | — | — | −$28.6M | — | — | — | — | — |
| Q2 '25 · Jun 30, 25 | — | — | −$69.5M | $16.0M | $5.4M | $17.1M | — | — |
| Q4 '25 · Dec 31, 25 | $41.9M | — | — | — | — | — | — | — |
| Q1 '26 · Mar 31, 26 | — | — | $67.7M | — | — | — | — | — |
| Q2 '26 · Jun 30, 26 | $173M | — | $126M | $9.9M | $12.7M | $12.1M | — | — |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.