Avalyn Pharma filed for an IPO as it prepares to move inhaled pulmonary fibrosis assets into Phase 3. The Cambridge, Massachusetts-based biotech’s lead program, AP01, is an inhaled formulation of pirfenidone currently in a Phase 2b study for progressive pulmonary fibrosis, with planned Phase 3 follow-ons if results support advancement. Avalyn also targets AP02, an inhaled version of nintedanib for idiopathic pulmonary fibrosis, and is building toward AP03, an inhaled combination of pirfenidone and nintedanib based on preclinical work. The company disclosed it raised a $100 million Series D in July 2025 (including Novo Holdings), entered 2026 with $138 million in cash, and employs 51 staff with 32 in R&D. The IPO strategy reflects ongoing investor interest in new formulations of approved respiratory drugs, aiming to expand uptake and strengthen dosing options while reducing barriers tied to existing administration modalities.