--- title: "Avalyn Pharma prices IPO of 16,666,667 shares at $18.00" url: "https://aibio.space/news/avalyn-pharma-prices-ipo-16-666-667-shares-18-00/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-04-30" section: "Financings" tickers: "NASDAQ:AVLN" source: "https://www.sec.gov/Archives/edgar/data/1540171/000119312526197686/424b4.htm" summary: "The offering totals $300,000,006 before fees. The shares have been approved for listing on the Nasdaq Global Select Market as AVLN." --- By the aibio.space news desk. Sources - [Avalyn Pharma Inc. 424B4 (2026-04-30)](https://www.sec.gov/Archives/edgar/data/1540171/000119312526197686/424b4.htm) [AVLN](https://aibio.space/companies/avalyn-pharma/) 2026-04-30 # Avalyn Pharma prices IPO of 16,666,667 shares at $18.00 Tickers [AVLN](https://aibio.space/companies/avalyn-pharma/) The offering totals $300,000,006 before fees. The shares have been approved for listing on the Nasdaq Global Select Market as AVLN. ## Key facts - **Company**: Avalyn Pharma Inc. (NASDAQ: AVLN) - **News type**: Financings - **Primary source**: [Avalyn Pharma Inc. 424B4 (2026-04-30)](https://www.sec.gov/Archives/edgar/data/1540171/000119312526197686/424b4.htm) *A conference room set for a meeting. CC0, via rawpixel. The picture shows the field, not the companies named.* Avalyn Pharma Inc. priced its initial public offering at $18.00 per share, according to a final prospectus dated April 29, 2026, and filed on April 30, 2026. The company is offering 16,666,667 shares of common stock, and they are approved for listing on the Nasdaq Global Select Market under the symbol AVLN. The underwriters expect to deliver the shares against payment on or about May 1, 2026. The pricing table shows an offering price of $300,000,006 in total. Underwriting discounts and commissions are $1.26 per share, or $21,000,000 in total. Proceeds to Avalyn before expenses are $16.74 per share, or $279,000,006. The underwriters have an option to buy up to 2,500,000 more shares from the company. ## Underwriters, lender and counsel Morgan Stanley, Jefferies, Evercore ISI and Guggenheim Securities are named on the cover as underwriters. The cover does not say which of them is lead or sole book-runner. The cover names no counsel. A footnote to the pro forma figures says the company had $15.0 million borrowed as of April 1, 2026, under a term loan facility it entered into in February 2026 with Banc of California. The footnote gives the lender and the amount borrowed, but no interest rate or maturity. The prospectus says the net proceeds, together with existing cash and the $15.0 million borrowed, will fund operating expenses and capital requirements into 2029. The company calls that belief an estimate based on assumptions that may prove wrong. ## The business and its market Avalyn is a rare-disease company focused on inhaled treatments for pulmonary fibrosis. AP01 is an inhaled pirfenidone, and the company calls it its most clinically advanced candidate for progressive pulmonary fibrosis. AP02 is an inhaled nintedanib for idiopathic pulmonary fibrosis. The company says it has completed ATLAS, a Phase 1b trial of AP01 in idiopathic pulmonary fibrosis, and that patients from it moved into an open-label extension with over four and a half years of data. The company describes its clinical activity data as preliminary, including near-stabilization of lung function. AP01 is in MIST, a global Phase 2b trial for progressive pulmonary fibrosis, and AP02 is in AURA, a global Phase 2 trial for idiopathic pulmonary fibrosis. AP03, a fixed-dose combination, is moving into a Phase 1 trial. The prospectus says Avalyn is substantially dependent on AP01 and AP02, and that it is early in its development efforts. The market figures come from footnotes that cite a 2024 publication and the company's own market research. The prospectus says about 650,000 people in the United States have interstitial lung disease, of whom about 300,000 have pulmonary fibrosis. It puts idiopathic pulmonary fibrosis at about 120,000 U.S. patients and progressive pulmonary fibrosis at about 180,000. It also says the median survival with pulmonary fibrosis is three to five years. On competition, the prospectus says three oral antifibrotics are already approved, pirfenidone (ESBRIET), nintedanib (OFEV) and nerandomilast (JASCAYD), and that oral antifibrotic therapies slow but do not halt or reverse progression. It says ESBRIET and OFEV generated more than $4.0 billion in gross global sales in 2024, despite limited use. It also says that because of side effects, around 50% of patients who start treatment with available therapies discontinue within one year. ## The finances Avalyn reported net losses of $85.2 million for 2025 and $49.7 million for 2024. Its accumulated deficit was $265.4 million at December 31, 2025, up from $180.2 million a year earlier. At December 31, 2025, cash, cash equivalents and marketable securities totaled $138,359 thousand. The pro forma column, which reflects the $15.0 million term loan, shows $153,359 thousand. The pro forma as adjusted column, which also reflects this offering at $18.00 per share, shows $427,559 thousand. The actual stockholders' deficit was $238,656 thousand, after $372,221 thousand of convertible preferred stock, which converts into common stock. Shares outstanding after the offering are based on 25,145,380 shares as of December 31, 2025, after conversion of 23,918,194 preferred shares. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story AVLN Avalyn Pharma Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/avalyn-pharma-prices-ipo-16-666-667-shares-18-00/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Avalyn Pharma prices IPO of 16,666,667 shares at $18.00", 2026-04-30, https://aibio.space/news/avalyn-pharma-prices-ipo-16-666-667-shares-18-00/