Avalyn Pharma Inc.

For the period ended Mar 31, 2026. Filed Jun 3, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed Jun 3, 2026

AVLN$31.17+5.7%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts) (Unaudited)

	March 31,	December 31,
	2026	2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$92,310	$52,315
Marketable securities, current	30,817	86,044
Prepaid expenses and other current assets	6,860	5,201
Total current assets	129,987	143,560
NON-CURRENT ASSETS:
Property and equipment, net	1,256	792
Operating lease right-of-use asset	1,421	1,530
Other assets	2,999	2,999
Total noncurrent assets	5,676	5,321
TOTAL ASSETS	$135,663	$148,881
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES:
Accounts payable	$3,147	$3,758
Accrued liabilities	8,133	9,889
Operating lease liability	507	444
Total current liabilities	11,787	14,091
NON-CURRENT LIABILITIES:
Term loan	14,808	—
Operating lease liability, noncurrent	1,092	1,225
TOTAL LIABILITIES	27,687	15,316
COMMITMENTS AND CONTINGENCIES (Note 8)
REDEEMABLE CONVERTIBLE PREFERRED STOCK
Series A redeemable convertible preferred stock, $0.001 par value; 51,213,004 shares authorized as of March 31, 2026 and December 31, 2025, 49,651,129 shares issued and outstanding as of March 31, 2026 and December 31, 2025; liquidation preference of $49,651 as of March 31, 2026 and December 31, 2025, net of issuance costs of $475	49,176	49,176
Series B redeemable convertible preferred stock, $0.001 par value; 25,210,789 shares authorized as of March 31, 2026 and December 31, 2025, 25,208,502 shares issued and outstanding as of March 31, 2026 and December 31, 2025; liquidation preference of $35,693 as of March 31, 2026 and December 31, 2025, net of issuance costs of $317	35,376	35,376
Series C-1 redeemable convertible preferred stock, $0.001 par value; 239,092,424 shares authorized as of March 31, 2026 and December 31, 2025, 239,016,017 shares issued and outstanding as of March 31, 2026 and December 31, 2025; liquidation preference of $175,041 as of March 31, 2026 and December 31, 2025, net of issuance costs of $547	174,494	174,494
Series C-2 redeemable convertible preferred stock, $0.001 par value; 20,316,359 shares authorized as of March 31, 2026 and December 31, 2025, 20,316,359 shares issued and outstanding as of March 31, 2026 and December 31, 2025; liquidation preference of $11,903 as of March 31, 2026 and December 31, 2025, net of issuance costs of $49	13,406	13,406
Series D redeemable convertible preferred stock, $0.001 par value; 126,346,412 authorized as of March 31, 2026 and December 31, 2025, 126,036,334 shares issued and outstanding as of March 31, 2026 and December 31, 2025; liquidation preference of $100,363 as of March 31, 2026 and December 31, 2025, net of issuance costs of $594	99,769	99,769
STOCKHOLDERS’ DEFICIT
Common stock, $0.001 par value; 585,000,000 and 575,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively; 1,232,442 and 1,227,186 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	24	24
Additional paid-in capital	27,950	26,548
Accumulated other comprehensive income	12	134
Accumulated deficit	(292,231)	(265,362)
Total stockholders’ deficit	(264,245)	(238,656)
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT	$135,663	$148,881

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