AVLN Avalyn Pharma Inc.
Executive Summary
Avalyn Pharma filed Amendment No. 2 to its S-1 registration statement for an IPO of 16,666,667 shares of common stock, with an estimated price range of $16.00 to $18.00 per share. The company is a clinical-stage biopharmaceutical company developing inhaled therapies for pulmonary fibrosis, with net losses of $85.2 million in 2025 and an accumulated deficit of $265.4 million. The offering is expected to generate net proceeds of approximately $258.7 million to fund clinical development of its lead candidates AP01 and AP02 through 2029.
Key Financial Metrics
Actionable Insight
Monitor the IPO pricing and first-day trading performance for AVLN. Key catalysts to watch are Phase 2b data for AP01 (MIST trial) expected in H2 2027 and Phase 2 data for AP02 (AURA trial) expected in late 2027. The company's cash runway into 2029 reduces near-term financing risk.
Key Facts
- Offering 16,666,667 shares of common stock at an estimated price range of $16.00 to $18.00 per share.
- Underwriters have a 30-day option to purchase up to an additional 2,500,000 shares.
- Net proceeds estimated at $258.7 million (or $298.2 million if underwriters exercise option in full), based on the $17.00 midpoint.
- Net losses were $85.2 million for 2025 and $49.7 million for 2024; accumulated deficit of $265.4 million as of December 31, 2025.
- Cash, cash equivalents, and marketable securities were $138.4 million as of December 31, 2025.
- Proceeds intended to fund development of AP01, AP02, and AP03, with cash runway into 2029.
- Company has an exclusive license to PARI's eRapid Nebulizer System for its product candidates.
- Lead candidates: AP01 (inhaled pirfenidone) in Phase 2b for PPF; AP02 (inhaled nintedanib) in Phase 2 for IPF.
Financial Impact
IPO expected to raise ~$258.7M in net proceeds; company has $138.4M in cash and $15.0M drawn on a $30.0M term loan facility.
Risk Factors
- Clinical-stage company with no approved products or revenue; history of significant operating losses.
- Dependence on successful clinical development and regulatory approval of AP01 and AP02.
- Novel inhaled formulation approach for pulmonary fibrosis carries development and regulatory uncertainty.
- Reliance on third-party manufacturers and the PARI device license for product delivery.
- Substantial additional funding will be needed beyond the IPO to complete development and commercialization.
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-189477 |
| Document: ck0001540171-ex10_9.htm | 0001193125-26-189477 |
| Document: ck0001540171-exfiling_fees.htm | 0001193125-26-189477 |
| Document: ck0001540171-ex5_1.htm | 0001193125-26-189477 |
| Document: ck0001540171-ex23_1.htm | 0001193125-26-189477 |
| Document: 0001193125-26-189477-index-headers.html | 0001193125-26-189477 |
| Document: 0001193125-26-189477-index.html | 0001193125-26-189477 |
| Document: 0001193125-26-189477.txt | 0001193125-26-189477 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 3, 2026
6d ago
|
8-K
| $26.40 $26.99 | ▲ +2.23% | ▲ +1.84% | $28.06 (+6.29%) |
|
May 5, 2026
5w ago
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Press Release
| $27.71 $27.71 | · 0.00% | ▲ +0.33% | $28.06 (+1.26%) |
|
May 1, 2026
5w ago
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Insider Cluster
| $29.84 $29.07 | ▼ −2.58% | ▼ −2.24% | $28.06 (−5.97%) |
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May 1, 2026
5w ago
|
Insider Cluster
| $29.84 $29.07 | ▼ −2.58% | ▼ −2.24% | $28.06 (−5.97%) |
|
Apr 30, 2026
5w ago
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424B4
| $29.84 $29.07 | ▼ −2.58% | ▼ −2.24% | $28.06 (−5.97%) |
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Apr 30, 2026
5w ago
|
Press Release
| $29.49 $29.84 | ▲ +1.19% | ▲ +0.97% | $28.06 (−4.85%) |
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Apr 30, 2026
5w ago
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3
| $29.49 $29.84 | ▲ +1.19% | ▲ +0.97% | $28.06 (−4.85%) |
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Apr 30, 2026
5w ago
|
3
| $29.49 $29.84 | ▲ +1.19% | ▲ +0.97% | $28.06 (−4.85%) |
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Apr 29, 2026
5w ago
|
3
| $29.49 $29.84 | ▲ +1.19% | ▲ +0.97% | $28.06 (−4.85%) |
|
Apr 29, 2026
5w ago
|
S-1/A
| — | awaiting T+1 | — | — |
US Market Status
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