Avalyn Pharma filed for an IPO to fund late-stage development of inhaled reformulations of approved pulmonary fibrosis drugs. The Cambridge-based company plans to move AP01 (inhaled pirfenidone) from a Phase 2b study into Phase 3, and take AP02 (inhaled nintedanib) into Phase 3 as well. Avalyn also has AP03, an inhaled combination of pirfenidone and nintedanib, currently supported by preclinical work aimed at addressing prior limits from additive side effects. The company reported $138 million in cash in an April 8 SEC filing and disclosed prior capital raises, including a $100 million Series D in July 2025 backed by Novo Holdings. For the market, the filing highlights continued demand for differentiated delivery approaches—especially inhaled dosing—using known drug molecules to potentially broaden tolerability and dosing convenience versus oral regimens.