Avalyn Pharma has filed its registration statement for an initial public offering, signaling a renewed push of public-market capital into respiratory fibrosis drug development. The Boston-based company is seeking funding to advance an inhaled pipeline for progressive pulmonary fibrosis and idiopathic pulmonary fibrosis (IPF). In the filing, Avalyn highlighted three lead candidates: AP01 (an inhaled pirfenidone program), AP02 (an inhaled nintedanib program), and AP03 (a preclinical fixed-dose inhaled combination of AP01 and AP02). AP01 is in Phase 2b within the MIST trial (NCT06329401), while AP02 is set to move toward the Phase 2 AURA-IPF trial (NCT07194382) after completing Phase 1 SAD/MAD work. Avalyn’s approach centers on shifting from oral antifibrotics to targeted inhaled dosing, aiming to reduce tolerability limitations associated with current standard-of-care tablets. If the offering proceeds, the IPO would support progression from Phase 2b topline data into Phase 3 and potentially expand combination-inhaler development in fibrosis.