Avalyn Pharma launched a $300 million initial public offering, planning to trade on Nasdaq to fund late-stage work on reformulated inhaled respiratory drugs. The IPO is positioned to support clinical progress across inhaled indications where dosing convenience and delivery can be differentiators. Avalyn’s plan reflects a strategy of investing in next-step development for therapies already established in the market, aiming to translate reformulation and delivery improvements into updated clinical evidence. The size and oversubscription implied by the term sheet highlight continued investor appetite for respiratory franchises with clear regulatory and commercial pathways.