Avalyn Pharma Inc. (NASDAQ: AVLN) completed its initial public offering, raising $345 million in gross proceeds before underwriting fees and expenses. The clinical-stage biopharmaceutical company sold 19,166,667 shares at $18.00 per share, including 2,500,000 additional shares purchased through the full exercise of underwriters' overallotment option.

The company develops inhaled therapies for rare respiratory diseases. Its common stock began trading on the Nasdaq Global Select Market under the ticker symbol "AVLN" following the Securities and Exchange Commission's approval of its registration statement on April 29, 2026.

Morgan Stanley, Jefferies, Evercore ISI and Guggenheim Securities served as joint book-running managers for the offering. All shares in the offering were sold by Avalyn Pharma, according to the company's statement.

The IPO represents one of the larger biotechnology public offerings in recent months, with the proceeds expected to fund the company's clinical development programs for its respiratory disease treatments.