Avalyn Pharma Inc 2026年季度报告

OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______________________ to ______________________Commission File Number: 001-43251 Avalyn Pharma Inc. (Exact Name of Registrant as Specified in its Charter) Delaware(State or other jurisdiction ofincorporation or organization)105 W First StreetBoston, Massachusetts(Address of principal executive offices) 45-2463191(I.R.S. EmployerIdentification No.) Registrant’s telephone number, including area code: (206) 707-0340 Securities registered pursuant to Section 12(b) of the Act: Title of each classTradingSymbol(s)Name of each exchange on which registeredVoting Common Stock, $0.001 par value per shareAVLNNasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.Yes☐No☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒ Accelerated filer☐Smaller reporting company☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of June 2, 2026, the registrant had 44,333,095 shares of voting common stock, $0.001 par value per share, outstanding. Table of Contents PART I.FINANCIAL INFORMATION Item 1.Financial Statements (Unaudited)6Condensed Consolidated Balance Sheets6Condensed Consolidated Statements of Comprehensive Income (Loss)7Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders'Deficit8Condensed Consolidated Statements of Cash Flows9Notes to Unaudited Condensed Consolidated Financial Statements10Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23Item 3.Quantitative and Qualitative Disclosures About Market Risk31Item 4.Controls and Procedures31 PART II.OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures 3233899090909193 This Quarterly Report on Form 10-Q, or this Quarterly Report, contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of theSecurities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or theExchange Act. All statements other than statements of historical facts contained in this Quarterly Report, including statementsregarding our future results of operations and financial position, business strategy, product candidates, planned preclinical studies andclinical trials, results of preclinical studies, clinical trials, research and development costs, regulatory approvals, commercial strategy,timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements.These statements involve known and unknown risks, uncertainties, and other important factors that are in some cases beyond ourcontrol and may cause our actual results, performance or achievements to be materially different from any future results, performanceor achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “expect,”“plan,” “anticipate,” “could,” “intend,” “target,” “project,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negativeof these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report include, but are not limitedto, statements about: •the initiation, timing, progress and results of our current