AVLN Stock — Avalyn Pharma Inc.: Cash, EV, Pipeline

What they do

Avalyn Pharma Inc., or the Company or Avalyn, is a clinical-stage biopharmaceutical company developing inhaled medicines to treat rare respiratory diseases, including progressive pulmonary fibrosis, idiopathic pulmonary fibrosis, and other interstitial lung diseases.

Source: 10-Q FY2026 via SEC EDGAR

Share price

$29.84

Market cap

$1,320.1M

Cash

$386.6M

Enterprise value

$948.3M

Balance sheet

Cash	$386.6M
Debt	$14.8M
Net cash	$371.8M
Enterprise value	$948.3M
Basic shares	44.5M shares
Fully diluted shares	51.8M shares
Fully diluted market cap	$1,545.1M
Cash per share	$8.68
Quarterly burn	$26.1M
Cash runway	15.9 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-13.

Share structure

Common

44.3M

Pre-funded warrants

0.0M

Options

6.9M

RSUs

0.0M

Warrants

0.2M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.4M

FDSO

51.8M

Cap table as of 2026-06-30.

Price history

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Next catalyst

AP02 · Jan 12 - Feb 23 in 8 wks · Phase 2 · Idiopathic Pulmonary Fibrosis (IPF)

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23 in 8 wks	AP02	Phase 2	Idiopathic Pulmonary Fibrosis (IPF)	late 2027 Est. Oct 31, 2027 · guidance midpoint
Jul 13 - Aug 24 in 8 mo	AP01	Phase 2	Pulmonary Fibrosis; Progressive Pulmonary Fibrosis; Pulmonary Fibrosis Secondary to Systemic Sclerosis	2H 2027 Est. Sep 30, 2027 · half midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

AP01 (inhaled pirfenidone)

Phase 2 · Active Modality: inhaled formulation

Partnerships PARI license agreement for nebulizer devices and proprietary accessories

Indications

Progressive pulmonary fibrosis (PPF) (Phase 2)

Catalysts

— second half of 2027

Status note Lead product candidate. MIST is a global randomized, double-blind, placebo-controlled Phase 2b trial evaluating two doses; open-label extension (OLE) trial ongoing.

AP02 (inhaled nintedanib)

Phase 2 · Active Modality: inhaled formulation

Partnerships Nintedanib licensed from Novartis for use with the nebulizer devices

Indications

Idiopathic pulmonary fibrosis (IPF) (Phase 2)

Status note Second product candidate; evaluated in AURA, a global Phase 2 trial in IPF patients. Phase 1 SAD/MAD in healthy volunteers and IPF patients completed per filing.

AP03 (inhaled fixed-dose combination of pirfenidone and nintedanib)

Preclinical · Active Modality: inhaled formulation

Catalysts

— end of 2026

Status note Designed to deliver multiple antifibrotic mechanisms through a single lung-targeted platform. Scale-up activities underway.

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	AP02
Lead indication	Idiopathic Pulmonary Fibrosis (IPF)
Lead phase	Phase 2
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07194382	Phase 2	Recruiting	Sponsor	AVLN	—	Idiopathic Pulmonary Fibrosis (IPF)	late 2027 Est. Oct 31, 2027 · guidance midpoint
NCT06329401	Phase 2	Active, not recruiting	Sponsor	AVLN	—	Pulmonary Fibrosis; Progressive Pulmonary Fibrosis; Pulmonary Fibrosis Secondary to Systemic Sclerosis	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT06951217	Phase 2	Recruiting	Sponsor	AVLN	—	Progressive Pulmonary Fibrosis; Idiopathic Pulmonary Fibrosis (IPF)	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Avalyn Pharma Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	350,000	+350,000	0.06%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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AVLN — Avalyn Pharma Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

AVLN — Avalyn Pharma Inc.