Avalyn Pharma raised $300 million in an upsized IPO by selling 16.67 million shares at $18 each, priced on April 29, 2026, with trading starting April 30, 2026.123
Shares jumped 44% on debut, opening at $26 from $18 IPO price, valuing the company at about $1.1 billion.1
The Boston-based biotech develops inhaled therapies like AP01 (pirfenidone for progressive pulmonary fibrosis, Phase 2b) and AP02 (nintedanib for IPF, Phase 2).12
Reported $85.2 million net loss in 2025 with no revenue; backed by Novo Holdings (8% stake post-IPO).13
Underwritten by Morgan Stanley, Jefferies, Evercore, Guggenheim; trades on Nasdaq as AVLN.13
Sources:
1. https://www.gurufocus.com/news/8832839/avalyn-pharma-surges-44-after-300-million-upsized-ipo