Avalyn targets Nasdaq IPO to fund late-stage push

US biotech Avalyn Pharma has filed for a Nasdaq initial public offering, aiming to raise $100 million to fund late-stage development of its inhaled therapies for pulmonary fibrosis. The Boston-based company plans to list under the ticker AVLN, with proceeds focused on advancing two lead candidates.

The pipeline centers on reformulated antifibrotics delivered directly to the lungs. Lead candidate AP01, an inhaled version of pirfenidone, is in a Phase IIb trial in progressive pulmonary fibrosis. AP02, based on nintedanib, is in Phase II, while AP03, a dual inhaled combination, is being prepared for first-in-human studies.