Two IPO-related items highlighted fresh capital access for drug developers targeting respiratory disease and oncology commercialization. Avalyn Pharma priced a $300 million IPO to fund late-stage work for inhaled therapies in pulmonary fibrosis, including reformulated versions of already approved respiratory drugs. In parallel, another IPO headline signaled broader market appetite for new listings, continuing a stretch of large financings for drugmakers seeking to translate pipeline data into clinical scale and manufacturing readiness. For investors and operators, these deals emphasize that inhaled and immuno-oncology-adjacent franchises remain attractive—especially when they can point to mid-stage proof and near-term development timelines.