Avalyn Pharma filed for an IPO on April 23 to raise approximately $181.8 million by offering 11.8 million shares priced $16-$18, potentially up to $209.7 million with underwriter options1.
Proceeds will fund:
$150M for AP01 (inhaled pirfenidone for IPF) through phase 2b and into phase 3; $90M for AP02 (inhaled nintedanib for IPF) through phase 2 and into phase 3; $10M to advance AP03 (inhaled pirfenidone-nintedanib combo) into clinic1.
Company raised $100M Series D in July 2025, had $138.5M cash at year-start, employs 51 staff (32 in R&D)1.
AP01 reformulates oral Esbriet (pirfenidone); AP02 reformulates oral Ofev/Vargatef (nintedanib) for better lung delivery1.
Sources:
1. https://www.fiercebiotech.com/biotech/avalyn-aims-181m-ipo-fund-phase-3-trials-reformulated-respiratory-drugs