Avalyn Pharma (Ticker: AVLN US) is a US-based clinical-stage biopharmaceutical company pioneering inhaled therapies to transform the treatment of serious, rare respiratory diseases. Avalyn Pharma plans to list on the NASDAQ on April 30, 2026, planning to offer 11.8 million shares at a price range of $16.00 to $18.00, raising around $200 million. The company is expected to achieve a market capitalization of $628 million at the IPO.

According to the prospectus, the company's clinical pipeline is heavily focused on treating pulmonary fibrosis by delivering optimized inhaled formulations of approved oral medicines directly to the lungs, aiming to enhance efficacy and minimize systemic side effects. Its most advanced clinical candidates, AP01 and AP02, are inhaled formulations of pirfenidone and nintedanib targeting progressive and idiopathic pulmonary fibrosis. As reported in the prospectus, the pre-revenue company recorded a net loss of $85.2 million for the year ended December 31, 2025. Morgan Stanley, Jefferies, Evercore ISI, and Guggenheim Securities are serving as the joint managers for the offering.