Fibrosis biotechnology company Avalyn Pharma (AVLN.US) applies for listing in the United States, aiming to raise up to $100 million.

Focused on the research and development of inhaled drugs for rare respiratory diseases, Avalyn Pharma (AVLN.US), which is in Phase II clinical trials, submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) on Wednesday, planning to raise up to $100 million. Avalyn Pharma is a clinical-stage biotechnology company specializing in inhaled anti-fibrotic therapy for rare respiratory diseases, with a focus on the field of pulmonary fibrosis. The company's core candidate drugs, AP01 and AP02, are inhaled formulations of pirfenidone and nintedanib, respectively, aiming to deliver approved anti-fibrotic drugs directly to the lungs to increase local drug concentration while reducing systemic side effects. Among them, AP01 targets idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF), has completed the ATLAS Phase Ib clinical trial, and patients in the trial have transitioned to an ongoing open-label extension study, which has added idiopathic pulmonary fibrosis and progressive pulmonary fibrosis cohorts. AP02 is an inhaled formulation of nintedanib targeting indications for pulmonary fibrosis, expanding the company's product pipeline by leveraging the two most widely used anti-fibrotic mechanisms. Founded in 2011 and headquartered in Boston, Massachusetts, USA, the company plans to list on the NASDAQ under the ticker symbol AVLN. Avalyn Pharma submitted its IPO application confidentially on February 6, 2026. Morgan Stanley, Jefferies Financial Group Inc., Evercore ISI, and Guggenheim Securities are serving as joint bookrunners for this IPO.