Avalyn Pharma set out to raise capital for advanced development of inhaled respiratory therapies, signaling renewed public-market appetite for respiratory biotech. The company is targeting an IPO that aims to generate roughly $182 million in net proceeds, earmarked for moving inhaled programs into later clinical stages. Avalyn’s focus includes inhaled versions of already approved pulmonary fibrosis medicines, an approach that can shorten translational risk by leveraging existing active ingredients while expanding route-of-administration and dosing strategy. The IPO plan also underscores that investors are still placing value on respiratory assets with clear differentiation and measurable endpoints for later-stage readouts.