Two neuroscience and hematology-focused companies pushed IPO momentum as Seaport Therapeutics and Hemab Therapeutics filed for listings, with Kailera expected to price soon. The filings add to renewed activity in the spring IPO cohort, underscoring investor interest in near-term clinical and platform potential. Separately, Avalyn Pharma’s registration filing was highlighted as a sign of life in the IPO market after a lull. Avalyn’s pipeline centers on inhaled respiratory disease candidates, including an inhaled pirfenidone program (AP01) and an inhaled nintedanib program (AP02) for pulmonary fibrosis. In the respiratory fibrosis strategy, Avalyn also described a preclinical inhaled fixed-dose combination intended to reduce or eliminate adverse effects associated with oral antifibrotics, aiming to reposition treatment from systemic dosing toward localized inhaled regimens. Taken together, these updates show capital markets are re-opening for biotech, particularly for assets that can translate quickly into clinical milestones and differentiated delivery formats.