The spring IPO market showed new momentum as Boston-based Avalyn Pharma filed an S-1 to support development of respiratory disease treatments, with multiple inhaled programs tied to pulmonary fibrosis. Avalyn’s pipeline includes AP01, an inhaled form of pirfenidone, AP02, an inhaled version of nintedanib for idiopathic pulmonary fibrosis, and AP03, a preclinical fixed-dose inhaled combination of AP01 and AP02. The filing links AP01 to a Phase 2b MIST trial (NCT06329401) and AP02 to a planned Phase 2 AURA-IPF trial (NCT07194382). The company’s stated plan includes advancing AP02 after completion of Phase 1 single-ascending and multiple-ascending dose studies in healthy volunteers and IPF patients. The report notes the S-1 includes a placeholder “$100 million” fundraising figure, which will likely be updated as the offering is refined with SEC review.