Avalyn Pharma, a Boston-based biotech, filed for a Nasdaq IPO (symbol:
AVLN) on April 8, 2026, aiming to raise approximately $100 million to fund phase 3 trials of its lead inhaled drug candidates.123
The company's pipeline includes AP01 (inhaled pirfenidone/Esbriet) in phase 2b for progressive pulmonary fibrosis (PPF) with data expected by end of 2027, AP02 (inhaled nintedanib/Ofev) in phase 2 for idiopathic pulmonary fibrosis (IPF), and preclinical AP03 (combination of both).123
These inhaled formulations target limitations of oral IPF drugs like Ofev, Esbriet, and Jascayd by delivering directly to lungs to improve efficacy and reduce systemic side effects.135
Avalyn had $138 million in cash as of end-2025, raised over $370 million in venture funding including a $100M Series D in July 2025 backed by Novo Holdings, and employs 51 staff.12
Pulmonary fibrosis affects ~100,000 in the US, causes lung scarring with 3-5 year median survival; Avalyn uses PARI nebulizer technology licensed for delivery.135
Sources:
1. https://www.biopharmadive.com/news/avalyn-pharma-ipo-idiopathic-pulmonary-fibrosis/817072/
2. https://www.fiercebiotech.com/biotech/avalyn-plans-ipo-fund-phase-3-trials-inhaled-versions-approved-respiratory-drugs
3. https://pharmaphorum.com/news/pulmonary-fibrosis-drug-developer-avalyn-files-ipo
5. https://www.renaissancecapital.com/Profile/AVLN/Avalyn-Pharma/IPO