Avalyn Pharma

In July 2025, Avalyn raised $100 million in an oversubscribed Series D financing round co-led by Suvretta Capital Management and SR One, with participation from Novo Holdings, Catalio Capital and T. Rowe Price funds. This brings total capital raised to over $300 million since inception. As part of the financing, David Friedman of Suvretta joined the board, and Catalio’s Diamantis Xylas became a board observer.

Avalyn’s lead products are two reformulated inhaled therapies: AP01 (inhaled pirfenidone), now in a global Phase 2b study named MIST targeting progressive pulmonary fibrosis, and AP02 (inhaled nintedanib), which recently completed Phase 1 trials showing good safety, tolerability and low systemic exposure. In addition, Avalyn is working on AP03, a fixed‑dose combination of the two compounds, currently in preclinical development with Phase 1 planned following IND‑enabling studies 

Lyn Baranowski, CEO, leads the company with experience in respiratory and rare disease biotech. She is supported by a leadership team including Doug Carlson (CFO/CBO) and Howard M. Lazarus (Chief Medical Officer).