AVLN: Breathing Life and a Real Backbone into the Treatment of Pulmonary Fibrosis (PF); Initiating BUY with an $80 PT Ahead of MULTIPLE MAJOR Phase 2 Readouts in 2027

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AVLN: Breathing Life and a Real Backbone into the Treatment of Pulmonary Fibrosis (PF); Initiating BUY with an $80 PT Ahead of MULTIPLE MAJOR Phase 2 Readouts in 2027

Biotechnology May 25, 2026

Seamus Fernandez

seamus.fernandez@guggenheimpartners.com AVLN: Breathing Life and a Real Backbone into the Treatment of Pulmonary

617 859 4637 Fibrosis (PF); Initiating BUY with an $80 PT Ahead of MULTIPLE MAJOR Phase Vamil Divan, M.D.

vamil.divan@guggenheimpartners.com 2 Readouts in 2027

212 823 6543

Zach Dunn, Ph.D. Key Message: We are initiating coverage of Avalyn Pharma (AVLN) with a BUY rating and $80/share price target based on our high zach.dunn@guggenheimpartners.com

617 859 4603 conviction in multi-blockbuster sales for AVLN's inhaled antifibrotics for idiopathic pulmonary fibrosis (IPF) and progressive pulmonary

fibrosis (PPF), which combined currently represent ~300,000 patients with dismal prognoses. Our expert checks and pulmonary fibrosis

Daniel Krizay, Ph.D. survey (n=50) highlight the serious unmet need in IPF/PPF despite approved and new therapies available, as well as high confidence

daniel.krizay@guggenheimpartners.com that Avalyn's pipeline has the potential to make a major impact on treatment simply by improving tolerability (>90% of our surveyed 212 823 6561

docs and 100% of our interviewed experts). Experts also expressed optimism that Avalyn’s improved tolerability and higher direct lung

Colleen Garvey, Ph.D. exposure could lead to enhanced clinical and real-world efficacy. Critical to our thesis is AP01 (inhaled pirfenidone), the most advanced

colleen.garvey@guggenheimpartners.com Avalyn drug candidate, currently in the Phase 2 MIST trial for PPF with a readout in 2H27 following positive Phase 1b data and evidence