<p>波士顿，2026 年 4 月 29 日（全球新闻通讯社）—— Avalyn Pharma Inc.（“Avalyn”）是一家临床阶段的生物制药公司，致力于开发吸入疗法，以改变严重罕见呼吸疾病的治疗模式。今天宣布其增发的首次公开募股（IPO）定价为 16,666,667 股普通股，公众发行价格为每股 18.00 美元。Avalyn 预计此次发行的总收入在扣除承销折扣和佣金及发行费用之前，将达到 3 亿美元。所有股份均由 Avalyn 提供。此外，Avalyn 已授予承销商一个为期 30 天的选择权，以初始公开发行价格购买额外的 2,500,000 股普通股，扣除承销折扣和佣金。</p>
<p>预计这些股票将于 2026 年 4 月 30 日在纳斯达克全球精选市场开始交易，股票代码为 “AVLN”。此次发行预计将于 2026 年 5 月 1 日完成，前提是满足惯常的交割条件。</p>
<p>摩根士丹利、杰富瑞、Evercore ISI 和古根海姆证券担任此次发行的联合账簿管理人。</p>
<p>与此次发行相关的注册声明已向证券交易委员会提交，并于 2026 年 4 月 29 日获得有效。此次发行仅通过招股说明书进行。最终招股说明书的副本可从以下地址获取：摩根士丹利公司，招股说明书部门，180 Varick Street, New York, NY 10014，电话：1-866-718-1649，电子邮件：prospectus@morganstanley.com；杰富瑞公司，股权承销招股说明书部门，520 Madison Avenue, New York, NY 10022，电话：（877）821-7388，电子邮件：Prospectus_Department@Jefferies.com；Evercore Group L.L.C.，股权资本市场部，55 East 52nd Street, 35th Floor, New York, NY 10055，电话：（888）474-0200，电子邮件：ecm.prospectus@evercore.com；或古根海姆证券，股权承销部门，330 Madison Ave., New York, NY 10017，电话：（212）518-9544，电子邮件：GSEquityProspectusDelivery@guggenheimpartners.com。</p>
<p>本新闻稿不构成出售这些证券的要约或购买这些证券的邀请，也不应在任何州或司法管辖区进行这些证券的出售，除非在该州或司法管辖区的证券法下注册或合格之前。</p>
<p><strong>关于</strong> <strong>Avalyn</strong></p>
<p>Avalyn 旨在改变肺纤维化及其他严重罕见呼吸疾病的治疗模式。该公司正在推进优化的吸入配方，使用已建立的抗纤维化药物，旨在直接将药物输送到肺部，增强局部疗效，并减少全身副作用。Avalyn 的 AP01 项目是优化的吸入配方的吡非尼酮，目前正在 MIST 进行评估，这是一个针对进展性肺纤维化（“PPF”）患者的全球 2b 期临床试验。AP01 在 1b 期和正在进行的多年的开放标签扩展试验中显示出令人鼓舞的耐受性和临床活性，长期数据支持其在改善耐受性的同时保持肺功能的潜力，相较于历史口服吡非尼酮的数据。Avalyn 的 AP02 项目是优化的吸入配方的尼达尼布，目前正在 AURA 进行评估，这是一个针对特发性肺纤维化（“IPF”）患者的全球 2 期临床试验。Avalyn 还在推进 AP03，这是吡非尼酮和尼达尼布的吸入固定剂量组合，旨在通过单一的肺靶向平台提供双重抗纤维化机制。通过利用其专有的药物 - 设备方法和在罕见呼吸疾病开发方面的深厚专业知识，Avalyn 旨在通过吸入的肺靶向疗法建立肺纤维化的新治疗标准。</p>
<p><strong>关于</strong> <strong>前瞻性</strong> <strong>声明的警示说明</strong></p>
<p>本新闻稿包含某些披露，包含 “前瞻性声明”，包括但不限于关于 Avalyn 对其股票在纳斯达克全球精选市场开始交易的预期、发行的完成和交割时间以及预计的发行总收入的声明。前瞻性声明基于 Avalyn 当前的预期，并受到固有的不确定性、风险和假设的影响，这些因素难以预测。可能导致实际结果与预期结果不同的因素包括但不限于与满足惯常交割条件和完成发行相关的风险和不确定性，以及生物制药产品开发中固有的风险。这些及其他风险和不确定性在提交给证券交易委员会的注册声明的 “风险因素” 部分中有更全面的描述。本公告中包含的前瞻性声明截至本日期作出，Avalyn 没有义务更新该信息，除非适用法律要求。读者不应依赖本页上的信息在其发布后仍然是当前或准确的。</p>
<p><strong>媒体联系：</strong></p>
<p>Kat Lippincott，Deerfield Group</p>
<p>kat.lippincott@deerfieldgroup.com</p>
<p>media@avalynpharma.com</p>
<p><strong>投资者联系：</strong></p>
<p>Cassie Saitow，Avalyn Pharma Inc.</p>
<p>高级总监，投资者关系与企业传播</p>
<p>ir@avalynpharma.com</p>
<p>图片：https://www.globenewswire.com/newsroom/ti?nf=OTcxMDE0NCM3NTc0OTAzIzIyNTUxMjU=</p>
<p>图片：https://ml.globenewswire.com/media/ZDNjZjdlMjgtMjA2MC00NGIyLTgzMWEtMDE1NDlkNTI4NjI2LTEyNjY2NzQtMjAyNi0wNC0zMC1lbg==/tiny/Avalyn-Pharma-Inc-.png</p>
<p>图片：主标志</p>
<p>来源：Avalyn Pharma Inc.</p>

华夏上证科创板生物医药ETF

华宝中证医疗ETF

医疗业 ETF - Vanguard

标普生物技术 ETF - SPDR

国泰中证生物医药ETF

美国制药 ETF - iShares

纳斯达克生物科技指数 ETF - iShares Nasdaq

华夏中证生物科技主题ETF

<p>2026 年 4 月 29 日，Avalyn Pharma Inc. 宣布其增量首次公开募股的定价，发行 16,666,667 股，每股定价为 18.00 美元，预计总收益约为 3 亿美元。该公司将提供所有股份，并已授予承销商在 IPO 价格下以净额（扣除折扣和佣金）购买额外 2,500,000 股的 30 天选择权</p>

<p>BOSTON, April 29, 2026 (GLOBE NEWSWIRE) -- Avalyn Pharma Inc. (“Avalyn”), a clinical-stage biopharmaceutical company pioneering inhaled therapies to transform the treatment paradigm of serious, rare respiratory diseases, today announced the pricing of its upsized initial public offering of 16,666,667 shares of its common stock at a price to the public of $18.00 per share. The gross proceeds to Avalyn from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $300 million. All of the shares are being offered by Avalyn. In addition, Avalyn has granted the underwriters a 30-day option to buy an additional 2,500,000 shares of its common stock at the initial public offering price, less underwriting discounts and commissions.</p>
<div class="lb-trans"><p>波士顿，2026 年 4 月 29 日（全球新闻通讯社）—— Avalyn Pharma Inc.（“Avalyn”）是一家临床阶段的生物制药公司，致力于开发吸入疗法，以改变严重罕见呼吸疾病的治疗模式。今天宣布其增发的首次公开募股（IPO）定价为 16,666,667 股普通股，公众发行价格为每股 18.00 美元。Avalyn 预计此次发行的总收入在扣除承销折扣和佣金及发行费用之前，将达到 3 亿美元。所有股份均由 Avalyn 提供。此外，Avalyn 已授予承销商一个为期 30 天的选择权，以初始公开发行价格购买额外的 2,500,000 股普通股，扣除承销折扣和佣金。</p>
</div><p>The shares are expected to begin trading on the Nasdaq Global Select Market on April 30, 2026 under the ticker symbol “AVLN.” The offering is expected to close on May 1, 2026 subject to the satisfaction of customary closing conditions.</p>
<div class="lb-trans"><p>预计这些股票将于 2026 年 4 月 30 日在纳斯达克全球精选市场开始交易，股票代码为 “AVLN”。此次发行预计将于 2026 年 5 月 1 日完成，前提是满足惯常的交割条件。</p>
</div><p>Morgan Stanley, Jefferies, Evercore ISI and Guggenheim Securities are acting as joint book-running managers for the offering.</p>
<div class="lb-trans"><p>摩根士丹利、杰富瑞、Evercore ISI 和古根海姆证券担任此次发行的联合账簿管理人。</p>
</div><p>A registration statement relating to this offering has been filed with the Securities and Exchange Commission and was declared effective on April 29, 2026. The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from: Morgan Stanley &amp; Co. LLC, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014, telephone: 1-866-718-1649, email: prospectus@morganstanley.com; Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, telephone: (877) 821-7388, email: Prospectus_Department@Jefferies.com; Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, telephone: (888) 474-0200, email: ecm.prospectus@evercore.com; or Guggenheim Securities, LLC, Attn: Equity Syndicate Department, 330 Madison Ave., New York, New York 10017, telephone: (212) 518-9544, email: GSEquityProspectusDelivery@guggenheimpartners.com.</p>
<div class="lb-trans"><p>与此次发行相关的注册声明已向证券交易委员会提交，并于 2026 年 4 月 29 日获得有效。此次发行仅通过招股说明书进行。最终招股说明书的副本可从以下地址获取：摩根士丹利公司，招股说明书部门，180 Varick Street, New York, NY 10014，电话：1-866-718-1649，电子邮件：prospectus@morganstanley.com；杰富瑞公司，股权承销招股说明书部门，520 Madison Avenue, New York, NY 10022，电话：（877）821-7388，电子邮件：Prospectus_Department@Jefferies.com；Evercore Group L.L.C.，股权资本市场部，55 East 52nd Street, 35th Floor, New York, NY 10055，电话：（888）474-0200，电子邮件：ecm.prospectus@evercore.com；或古根海姆证券，股权承销部门，330 Madison Ave., New York, NY 10017，电话：（212）518-9544，电子邮件：GSEquityProspectusDelivery@guggenheimpartners.com。</p>
</div><p>This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.</p>
<div class="lb-trans"><p>本新闻稿不构成出售这些证券的要约或购买这些证券的邀请，也不应在任何州或司法管辖区进行这些证券的出售，除非在该州或司法管辖区的证券法下注册或合格之前。</p>
</div><p><strong>About</strong> <strong>Avalyn</strong></p>
<div class="lb-trans"><p><strong>关于</strong> <strong>Avalyn</strong></p>
</div><p>Avalyn aims to transform the treatment paradigm for pulmonary fibrosis and other serious, rare respiratory diseases. The company is advancing optimized inhaled formulations of established antifibrotic medicines designed to deliver drug directly to the lungs, enhance local efficacy, and reduce systemic side effects. Avalyn’s AP01 program is an optimized inhaled formulation of pirfenidone currently being evaluated in MIST, a global Phase 2b clinical trial in patients with progressive pulmonary fibrosis (“PPF”). AP01 has demonstrated encouraging tolerability and clinical activity across Phase 1b and an ongoing, multi-year open-label extension trial, with long-term data supporting the potential to preserve lung function while improving tolerability relative to historical oral pirfenidone data. Avalyn’s AP02 program is an optimized inhaled formulation of nintedanib currently being evaluated in AURA, a global Phase 2 clinical trial in patients with idiopathic pulmonary fibrosis (“IPF”). Avalyn is also advancing AP03, an inhaled fixed-dose combination of pirfenidone and nintedanib, designed to deliver dual antifibrotic mechanisms through a single lung-targeted platform. By leveraging its proprietary drug-device approach and deep expertise in rare respiratory disease development, Avalyn aims to establish a new standard of care in pulmonary fibrosis through inhaled, lung-targeted therapies.</p>
<div class="lb-trans"><p>Avalyn 旨在改变肺纤维化及其他严重罕见呼吸疾病的治疗模式。该公司正在推进优化的吸入配方，使用已建立的抗纤维化药物，旨在直接将药物输送到肺部，增强局部疗效，并减少全身副作用。Avalyn 的 AP01 项目是优化的吸入配方的吡非尼酮，目前正在 MIST 进行评估，这是一个针对进展性肺纤维化（“PPF”）患者的全球 2b 期临床试验。AP01 在 1b 期和正在进行的多年的开放标签扩展试验中显示出令人鼓舞的耐受性和临床活性，长期数据支持其在改善耐受性的同时保持肺功能的潜力，相较于历史口服吡非尼酮的数据。Avalyn 的 AP02 项目是优化的吸入配方的尼达尼布，目前正在 AURA 进行评估，这是一个针对特发性肺纤维化（“IPF”）患者的全球 2 期临床试验。Avalyn 还在推进 AP03，这是吡非尼酮和尼达尼布的吸入固定剂量组合，旨在通过单一的肺靶向平台提供双重抗纤维化机制。通过利用其专有的药物 - 设备方法和在罕见呼吸疾病开发方面的深厚专业知识，Avalyn 旨在通过吸入的肺靶向疗法建立肺纤维化的新治疗标准。</p>
</div><p><strong>Cautionary</strong> <strong>Note</strong> <strong>Regarding</strong> <strong>Forward-Looking</strong> <strong>Statements</strong></p>
<div class="lb-trans"><p><strong>关于</strong> <strong>前瞻性</strong> <strong>声明的警示说明</strong></p>
</div><p>This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation, statements regarding Avalyn’ expectations regarding the commencement of trading of its shares on the Nasdaq Global Select Market, the completion and timing of the closing of the offering and the anticipated gross proceeds from the offering. Forward-looking statements are based on Avalyn’ current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions and the completion of the offering, and the risks inherent in biopharmaceutical product development. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” section of the registration statement filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Avalyn undertakes no duty to update such information except as required under applicable law. Readers should not rely upon the information on this page as current or accurate after its publication date.</p>
<div class="lb-trans"><p>本新闻稿包含某些披露，包含 “前瞻性声明”，包括但不限于关于 Avalyn 对其股票在纳斯达克全球精选市场开始交易的预期、发行的完成和交割时间以及预计的发行总收入的声明。前瞻性声明基于 Avalyn 当前的预期，并受到固有的不确定性、风险和假设的影响，这些因素难以预测。可能导致实际结果与预期结果不同的因素包括但不限于与满足惯常交割条件和完成发行相关的风险和不确定性，以及生物制药产品开发中固有的风险。这些及其他风险和不确定性在提交给证券交易委员会的注册声明的 “风险因素” 部分中有更全面的描述。本公告中包含的前瞻性声明截至本日期作出，Avalyn 没有义务更新该信息，除非适用法律要求。读者不应依赖本页上的信息在其发布后仍然是当前或准确的。</p>
</div><p><strong>Media Contact:</strong></p>
<div class="lb-trans"><p><strong>媒体联系：</strong></p>
</div><p>Kat Lippincott, Deerfield Group</p>
<div class="lb-trans"><p>Kat Lippincott，Deerfield Group</p>
</div><p>kat.lippincott@deerfieldgroup.com</p>
<div class="lb-trans"><p>kat.lippincott@deerfieldgroup.com</p>
</div><p>media@avalynpharma.com</p>
<div class="lb-trans"><p>media@avalynpharma.com</p>
</div><p><strong>Investor Contact:</strong></p>
<div class="lb-trans"><p><strong>投资者联系：</strong></p>
</div><p>Cassie Saitow, Avalyn Pharma Inc.</p>
<div class="lb-trans"><p>Cassie Saitow，Avalyn Pharma Inc.</p>
</div><p>Sr. Director, IR and Corporate Communications</p>
<div class="lb-trans"><p>高级总监，投资者关系与企业传播</p>
</div><p>ir@avalynpharma.com</p>
<div class="lb-trans"><p>ir@avalynpharma.com</p>
</div><p>Image: https://www.globenewswire.com/newsroom/ti?nf=OTcxMDE0NCM3NTc0OTAzIzIyNTUxMjU=</p>
<div class="lb-trans"><p>图片：https://www.globenewswire.com/newsroom/ti?nf=OTcxMDE0NCM3NTc0OTAzIzIyNTUxMjU=</p>
</div><p>Image: https://ml.globenewswire.com/media/ZDNjZjdlMjgtMjA2MC00NGIyLTgzMWEtMDE1NDlkNTI4NjI2LTEyNjY2NzQtMjAyNi0wNC0zMC1lbg==/tiny/Avalyn-Pharma-Inc-.png</p>
<div class="lb-trans"><p>图片：https://ml.globenewswire.com/media/ZDNjZjdlMjgtMjA2MC00NGIyLTgzMWEtMDE1NDlkNTI4NjI2LTEyNjY2NzQtMjAyNi0wNC0zMC1lbg==/tiny/Avalyn-Pharma-Inc-.png</p>
</div><p>Image: Primary Logo</p>
<div class="lb-trans"><p>图片：主标志</p>
</div><p>Source: Avalyn Pharma Inc.</p>
<div class="lb-trans"><p>来源：Avalyn Pharma Inc.</p>
</div>

Avalyn Announces Pricing of Upsized Initial Public Offering

Fidelity

摩根士丹利

Jefferies Financial

Evercore

纳斯达克 OMX 交易所

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Avalyn 宣布扩大规模的首次公开募股定价