The IPO Buzz: Avalyn Pharma (AVLN) Priced Upsized IPO at $18 – Top – & Stock Pops

Avalyn Pharma (AVLN), a clinical biotech pioneering inhaled treatments for rare respiratory disorders, priced its upsized IPO of 16.67 million shares at $18.00 – the top of its $16.00-to-$18.00 price range – and raised $300.06 million on Wednesday night, April 29, 2026. Shares of Avalyn Pharma (AVLN) surged in their NASDAQ debut to open at $26.00 – up $8.00 from the IPO price for a 44.44 percent gain – at 12:23 p.m. EDT today – Thursday, April 30, 2026 – on volume of 813,133 shares. Avalyn Pharma’s stock kept climbing – trading at $27.45 at 12:54 p.m. EDT.

Morgan Stanley, Jefferies, Evercore ISI and Guggenheim Securities acted as the joint book-runners on Avalyn’s IPO.

Avalyn Pharma, focused on pulmonary fibrosis, increased its IPO’s size yesterday to 16.67 million shares – up from 11.8 million shares originally – to raise $283.39 million, if priced at the $17.00 mid-point of its range.

Avalyn Pharma (AVLN), based in Boston, is focused on developing inhaled treatments for progressive pulmonary fibrosis (PPF) and idiopathic pulmonary fibrosis  (IPF).

In the prospectus, Avalyn Pharma (AVLN) said its leading drug candidate, AP01 , is an inhaled formulation of pirfenidone to treat progressive pulmonary fibrosis (PPF), and its other leading drug candidate, AP02, is an inhaled formulation of nintedanib to treat idiopathic pulmonary fibrosis, or IPF.

AP01 is currently being evaluated in MIST, a global Phase 2b clinical trial for the treatment of PPF, according to the prospectus.

AP02 is currently being evaluated in AURA, a global Phase 2 clinical trial for the treatment of IPF.

“We are also advancing AP03 into a Phase 1 clinical trial. AP03 is a fixed-dose combination of inhaled pirfenidone and nintedanib designed to deliver dual antifibrotic mechanisms with the potential for additive or synergistic benefit,” Avalyn Therapeutics said in the prospectus.

Avalyn Pharma (AVLN) is not profitable: The company reported a net loss of $85.2 million on no revenue for the 12 months that ended Dec. 31, 2025, according to financial statements in the prospectus.

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