Cambridge biotech tracker · Boston
Avalyn Pharma
Listed on Nasdaq as AVLN, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $414M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $24.0M
- avg. operating cash flow, 4 qtrs
- Runway
- 4.3 yrs
- 3+ years
- Net loss
- $28.9M
- Q2 '26
- R&D expense
- $24.7M
- 79% of opex
- Raised, last 4 qtrs
- +$421M
- net financing cash flow
- Next readout
- Dec 2026
- Phase 2 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
4.3 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $8.0M a month.
Management’s own date
Into 2029
Jan–Dec 2029
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“We believe, based on our current operating plans, that our cash, cash equivalents and investments in marketable securities will enable us to fund our operating expenses and capital expenditures into 2029.”
Cash against the calendar
What the runway has to reach.
Dec 2026estimated
AURA-IPF: A Randomized Phase 2 Study to Evaluate the Safety and Efficacy of AP02 (Nintedanib Solution) in IPF
Idiopathic Pulmonary Fibrosis (IPF)
NCT07194382 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 4.3 years
- Time to the date
- 4 weeks
It is about 4 weeks out. At the current burn there is roughly 51 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Pipeline
3 active trials, through phase 2.
Phase 2 · 3
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| AURA-IPF: A Randomized Phase 2 Study to Evaluate the Safety and Efficacy of AP02 (Nintedanib Solution) in IPFNCT07194382 · Idiopathic Pulmonary Fibrosis (IPF)Phase 2Dec 2026est. | Phase 2 | Recruiting | ||
| A Study Evaluating the Safety and Efficacy of Inhaled AP01 in Participants With Progressive Pulmonary FibrosisNCT06329401 · Pulmonary Fibrosis, Progressive Pulmonary FibrosisPhase 2Jun 2027est. | Phase 2 | Active, not recruiting | ||
| An Extension Study of Subjects Who Received an Avalyn Inhaled Antifibrotic Agent (SAIL)NCT06951217 · Progressive Pulmonary Fibrosis, Idiopathic Pulmonary Fibrosis (IPF)Phase 2Dec 2031est.· not a catalyst | Phase 2 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 2 readout in Dec 2026, about 4 weeks out. That leaves roughly 51 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 4.3 years of runway
Cash and investments of $414M at Q2 '26 against an average operating cash burn of $24.0M per quarter over the last four reported quarters runs out around September 2030. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $390M since Q4 '24
Net financing inflows of $421M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 79% of operating expenses
$24.7M of R&D against $31.3M of total operating expenses in Q2 '26, with G&A at $6.6M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
$14.8M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $321M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $24.0M | — | — | — | — | — | — | — |
| Q1 '25 · Mar 31, 25 | $28.8M | −$19.3M | −$17.5M | $15.3M | $3.4M | — | $543K | $0 |
| Q2 '25 · Jun 30, 25 | $61.3M | −$20.7M | −$20.2M | $17.9M | $3.9M | — | $1.1M | $89.9M |
| Q4 '25 · Dec 31, 25 | $138M | — | — | — | — | — | — | — |
| Q1 '26 · Mar 31, 26 | $123M | −$29.9M | −$26.9M | $22.9M | $5.0M | — | $1.2M | $14.9M |
| Q2 '26 · Jun 30, 26 | $414M | −$26.1M | −$28.9M | $24.7M | $6.6M | — | $2.8M | $317M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.