Avalyn reports Q2 net loss $28.9M; completes MIST enrollment with 398 patients

Avalyn Pharma Inc.

Net loss $28.9M in Q2 2026 vs $20.2M in Q2 2025; R&D $24.7M, G&A $6.6M.
Cash, equivalents, marketable securities $413.5M at June 30, 2026; runway into 2029.
MIST Phase 2b fully enrolled with 398 patients (target 375); topline data expected H2 2027.
AURA Phase 2 enrollment on track (160 patients); topline late 2027; AP03 Phase 1 to start by end 2026.
May 2026 IPO raised ~$316.6M in net proceeds.

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