Avalyn Pharma, a Phase 2 biotech developing inhaled medicines for rare respiratory diseases, filed on Wednesday with the SEC for an initial public offering. The company used a placeholder of $100 million for its proposed deal size.
Avalyn Pharma is a clinical-stage biotechnology company developing inhaled antifibrotic therapies for rare respiratory diseases, with a focus on pulmonary fibrosis. Its lead candidates, AP01 and AP02, are inhaled formulations of pirfenidone and nintedanib, respectively, designed to deliver approved antifibrotic drugs directly to the lungs to improve local drug exposure while reducing systemic side effects. AP01, which targets idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF), has completed the ATLAS Phase 1b trial, with participating patients transitioning into an ongoing open-label extension study that also includes additional IPF and PPF cohorts. AP02 is being developed as an inhaled version of nintedanib for pulmonary fibrosis indications, expanding the company’s pipeline across the two most widely used antifibrotic mechanisms.
The Boston, MA-based company was founded in 2011 and plans to list on the Nasdaq under the symbol AVLN. Avalyn Pharma filed confidentially on February 6, 2026. Morgan Stanley, Jefferies, Evercore ISI, and Guggenheim Securities are the joint bookrunners on the deal.
