Avalyn Pharma Inc. (NASDAQ: AVLN) announced the pricing of its upsized initial public offering of 16,666,667 shares of common stock at $18.00 per share. The gross proceeds from the offering are expected to be $300 million before deducting underwriting discounts, commissions and offering expenses.

The clinical-stage biopharmaceutical company has granted underwriters a 30-day option to purchase an additional 2,500,000 shares at the IPO price, less underwriting discounts and commissions. All shares are being offered by the company.

Shares are expected to begin trading on the Nasdaq Global Select Market on April 30, 2026 under the ticker symbol "AVLN." The offering is expected to close on May 1, 2026, subject to customary closing conditions.

Morgan Stanley, Jefferies, Evercore ISI and Guggenheim Securities are serving as joint book-running managers for the offering. A registration statement relating to the offering was filed with the Securities and Exchange Commission and declared effective on April 29, 2026.

Avalyn focuses on developing inhaled therapies for serious, rare respiratory diseases. The company is advancing its AP01 program, an inhaled formulation of pirfenidone being evaluated in a global Phase 2b clinical trial for patients with progressive pulmonary fibrosis. Its AP02 program involves an inhaled formulation of nintedanib in a global Phase 2 trial for idiopathic pulmonary fibrosis patients.

The company is also developing AP03, an inhaled combination of pirfenidone and nintedanib designed to deliver dual antifibrotic mechanisms through a single lung-targeted platform.