Seaport Therapeutics’ peer Hemab is joined by Avalyn Pharma as the IPO market shows renewed activity, with Avalyn filing a registration statement to raise capital for respiratory treatments. The company’s pipeline centers on inhaled approaches designed to compete in pulmonary fibrosis, including a Phase IIb program for inhaled pirfenidone (AP01) and a planned move into Phase II for inhaled nintedanib (AP02). Avalyn’s strategy also includes a preclinical fixed-dose combination (AP03) intended to reduce or eliminate adverse effects tied to oral antifibrotics. The filing comes as the company cited a treatment-paradigm opportunity in idiopathic pulmonary fibrosis and other fibrosing interstitial lung diseases.