Avalyn Pharma priced a $300 million IPO to fund late-stage studies of inhaled therapies for pulmonary fibrosis, including a reformulated inhaled form of pirfenidone for progressive pulmonary fibrosis and inhaled nintedanib for idiopathic pulmonary fibrosis. The company is selling about 16.6 million shares at $18 each. The IPO upsizing follows investor demand for its inhalable respiratory pipeline. Avalyn’s mid-stage data are expected to roll forward into later development, with data from two mid-stage studies targeted for 2027. For biotech investors and pipeline planners, the capital infusion highlights continued funding appetite for inhaled niche formulations that can differentiate within established pulmonary fibrosis standards-of-care.