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

Share price

$31.67

Market cap

$1,404.0M

Cash

$352.4M

Enterprise value

$1,066.4M

Balance sheet

Cash	$352.4M
Debt	$14.8M
Net cash	$337.6M
Enterprise value	$1,066.4M
Basic shares	44.3M shares
Fully diluted shares	53.1M shares
Fully diluted market cap	$1,681.7M
Cash per share	$7.95

Cash figures as of 2026-06-30. Database snapshot: 2026-09-22.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23	AP02	Phase 2	Idiopathic Pulmonary Fibrosis (IPF)	late 2027
Jul 13 - Aug 24	AP01	Phase 2	Pulmonary Fibrosis; Progressive Pulmonary Fibrosis; Pulmonary Fibrosis Secondary to Systemic Sclerosis	—

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
NCT06329401	Phase 2	Active, not recruiting	Sponsor	AVLN	—	Pulmonary Fibrosis; Progressive Pulmonary Fibrosis; Pulmonary Fibrosis Secondary to Systemic Sclerosis	—
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

Institutional holders

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

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

AVLN — Avalyn Pharma Inc.