Avalyn Pharma priced an upsized $300 million IPO to fund late-stage studies of inhaled respiratory drugs already on market for fibrosis. The company’s plan includes advancing inhaled reformulations of pirfenidone and nintedanib across progressive pulmonary fibrosis and other pulmonary fibrosis indications. The IPO’s size and initial trading strength indicate continued investor demand for reformulation plays where differentiation is tied to delivery route, adherence, and potential improved tolerability. For biotech professionals, this is a reminder that late-stage capital formation is still active—especially when assets can leverage existing efficacy and regulatory precedent to accelerate trial execution. The near-term watch is whether Avalyn’s inhaled candidates can demonstrate clinically meaningful advantages over established oral and current approved therapies while building a commercial narrative for payer and guideline uptake.