AVLN · Avalyn Pharma Inc. · Insider Trading

The shares underlying this option vest and become exercisable in three equal annual installments following the grant date, subject to the Reporting Person's continued service on each such vesting date.

The reported securities are held directly by SR One Capital Fund II Aggregator, LP ("SR One Fund II Aggregator"). SR One Capital Partners II, LP ("SR One Partners II") is the general partner of SR One Fund II, and SR One Capital Management, LLC ("SR One Capital Management") is the general partner of SR One Partners II. Simeon George, M.D. is the managing member of SR One Capital Management. Each of SR One Partners II, SR One Capital Management and Dr. George may be deemed to have shared power to vote or dispose of these shares, and each disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.

On May 1, 2026, in connection with the completion of the issuer's initial public offering, each share of Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, and Series D Preferred Stock converted on a 1-for-1 basis into shares of Common Stock.

On May 1, 2026, each share of Series D Convertible Preferred Stock (the "Series D Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series D Preferred Stock had no expiration date.

The reported securities are held directly by SR One Capital Fund II Aggregator, LP ("SR One Fund II Aggregator"). SR One Capital Partners II, LP ("SR One Partners II") is the general partner of SR One Fund II, and SR One Capital Management, LLC ("SR One Capital Management") is the general partner of SR One Partners II. Simeon George, M.D. is the managing member of SR One Capital Management. Each of SR One Partners II, SR One Capital Management and Dr. George may be deemed to have shared power to vote or dispose of these shares, and each disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.

On May 1, 2026, in connection with the completion of the issuer's initial public offering, each share of Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, and Series D Preferred Stock converted on a 1-for-1 basis into shares of Common Stock.

The Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock and Series D Preferred Stock automatically converted into voting common stock upon the closing of the Issuer's initial public offering for no additional consideration, on a 1-for-19.2417 basis, and had no expiration date.

On May 1, 2026, each share of Series D Convertible Preferred Stock (the "Series D Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series D Preferred Stock had no expiration date.

The reported securities are held directly by AMZL, LP ("AMZL"). SR One Capital SMA Partners, LP ("SR One SMA Partners") is the general partner of AMZL, and SR One Capital Management is the general partner of SR One SMA Partners. Simeon George, M.D. is the managing member of SR One Capital Management. Each of SR One SMA Partners, SR One Capital Management and Dr. George may be deemed to have shared power to vote or dispose of these shares, and each disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.

On May 1, 2026, in connection with the completion of the issuer's initial public offering, each share of Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, and Series D Preferred Stock converted on a 1-for-1 basis into shares of Common Stock.

The Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock and Series D Preferred Stock automatically converted into voting common stock upon the closing of the Issuer's initial public offering for no additional consideration, on a 1-for-19.2417 basis, and had no expiration date.

Immediately prior to the closing of the Issuer's initial public offering, each share of Series C-1 Convertible Preferred Stock and Series D Convertible Preferred Stock (collectively, the "Preferred Stock") automatically converted into shares of the Issuer's Common Stock on a 19.2417-for-one basis. The Preferred Stock had no expiration date.

The securities are directly held by SR One Capital Fund II Aggregator, LP ("SR One Fund II Aggregator"). SR One Capital Partners II, LP ("SR One Partners II") serves as the general partner of SR One Fund II Aggregator, and SR One Capital Management, LLC serves as the general partner of SR One Partners II. The Reporting Person is a partner of SR One Capital Management, LP, an entity affiliated with SR One Fund II Aggregator, and a limited partner of SR One Partners II. The Reporting Person disclaims beneficial ownership of these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"), except to the extent of her pecuniary interest therein, if any, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for Section 16 or any other purpose.

On May 1, 2026, each share of Series D Convertible Preferred Stock (the "Series D Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series D Preferred Stock had no expiration date.

The securities are directly held by SR One Capital Fund II Aggregator, LP ("SR One Fund II Aggregator"). SR One Capital Partners II, LP ("SR One Partners II") serves as the general partner of SR One Fund II Aggregator, and SR One Capital Management, LLC serves as the general partner of SR One Partners II. The Reporting Person is a partner of SR One Capital Management, LP, an entity affiliated with SR One Fund II Aggregator, and a limited partner of SR One Partners II. The Reporting Person disclaims beneficial ownership of these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"), except to the extent of her pecuniary interest therein, if any, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for Section 16 or any other purpose.

The Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock and Series D Preferred Stock automatically converted into voting common stock upon the closing of the Issuer's initial public offering for no additional consideration, on a 1-for-19.2417 basis, and had no expiration date.

The Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock and Series D Preferred Stock automatically converted into voting common stock upon the closing of the Issuer's initial public offering for no additional consideration, on a 1-for-19.2417 basis, and had no expiration date.

On May 1, 2026, each share of Series D Convertible Preferred Stock (the "Series D Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series D Preferred Stock had no expiration date.

The securities are directly held by SR One Capital Fund II Aggregator, LP ("SR One Fund II Aggregator"). SR One Capital Partners II, LP ("SR One Partners II") serves as the general partner of SR One Fund II Aggregator, and SR One Capital Management, LLC serves as the general partner of SR One Partners II. The Reporting Person is a partner of SR One Capital Management, LP, an entity affiliated with SR One Fund II Aggregator, and a limited partner of SR One Partners II. The Reporting Person disclaims beneficial ownership of these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"), except to the extent of her pecuniary interest therein, if any, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for Section 16 or any other purpose.

On May 1, 2026, in connection with the completion of the issuer's initial public offering, each share of Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, and Series D Preferred Stock converted on a 1-for-1 basis into shares of Common Stock.

Immediately prior to the closing of the Issuer's initial public offering, each share of Series C-1 Convertible Preferred Stock and Series D Convertible Preferred Stock (collectively, the "Preferred Stock") automatically converted into shares of the Issuer's Common Stock on a 19.2417-for-one basis. The Preferred Stock had no expiration date.

The Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock and Series D Preferred Stock automatically converted into voting common stock upon the closing of the Issuer's initial public offering for no additional consideration, on a 1-for-19.2417 basis, and had no expiration date.

On May 1, 2026, in connection with the completion of the issuer's initial public offering, each share of Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, and Series D Preferred Stock converted on a 1-for-1 basis into shares of Common Stock.

On May 1, 2026, each share of Series C-1 Convertible Preferred Stock (the "Series C-1 Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series C-1 Preferred Stock had no expiration date.

The reported securities are held directly by SR One Capital Fund II Aggregator, LP ("SR One Fund II Aggregator"). SR One Capital Partners II, LP ("SR One Partners II") is the general partner of SR One Fund II, and SR One Capital Management, LLC ("SR One Capital Management") is the general partner of SR One Partners II. Simeon George, M.D. is the managing member of SR One Capital Management. Each of SR One Partners II, SR One Capital Management and Dr. George may be deemed to have shared power to vote or dispose of these shares, and each disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.

On May 1, 2026, each share of Series C-1 Convertible Preferred Stock (the "Series C-1 Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series C-1 Preferred Stock had no expiration date.

The reported securities are held directly by SR One Capital Fund II Aggregator, LP ("SR One Fund II Aggregator"). SR One Capital Partners II, LP ("SR One Partners II") is the general partner of SR One Fund II, and SR One Capital Management, LLC ("SR One Capital Management") is the general partner of SR One Partners II. Simeon George, M.D. is the managing member of SR One Capital Management. Each of SR One Partners II, SR One Capital Management and Dr. George may be deemed to have shared power to vote or dispose of these shares, and each disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.

On May 1, 2026, each share of Series D Convertible Preferred Stock (the "Series D Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series D Preferred Stock had no expiration date.

The reported securities are held directly by SR One Capital Fund II Aggregator, LP ("SR One Fund II Aggregator"). SR One Capital Partners II, LP ("SR One Partners II") is the general partner of SR One Fund II, and SR One Capital Management, LLC ("SR One Capital Management") is the general partner of SR One Partners II. Simeon George, M.D. is the managing member of SR One Capital Management. Each of SR One Partners II, SR One Capital Management and Dr. George may be deemed to have shared power to vote or dispose of these shares, and each disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.

On May 1, 2026, in connection with the completion of the issuer's initial public offering, each share of Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, and Series D Preferred Stock converted on a 1-for-1 basis into shares of Common Stock.

On May 1, 2026, each share of Series C-1 Convertible Preferred Stock (the "Series C-1 Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series C-1 Preferred Stock had no expiration date.

The securities are directly held by SR One Capital Fund II Aggregator, LP ("SR One Fund II Aggregator"). SR One Capital Partners II, LP ("SR One Partners II") serves as the general partner of SR One Fund II Aggregator, and SR One Capital Management, LLC serves as the general partner of SR One Partners II. The Reporting Person is a partner of SR One Capital Management, LP, an entity affiliated with SR One Fund II Aggregator, and a limited partner of SR One Partners II. The Reporting Person disclaims beneficial ownership of these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"), except to the extent of her pecuniary interest therein, if any, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for Section 16 or any other purpose.

The Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock and Series D Preferred Stock automatically converted into voting common stock upon the closing of the Issuer's initial public offering for no additional consideration, on a 1-for-19.2417 basis, and had no expiration date.

Immediately prior to the closing of the Issuer's initial public offering, each share of Series C-1 Convertible Preferred Stock and Series D Convertible Preferred Stock (collectively, the "Preferred Stock") automatically converted into shares of the Issuer's Common Stock on a 19.2417-for-one basis. The Preferred Stock had no expiration date.

On May 1, 2026, each share of Series C-1 Convertible Preferred Stock (the "Series C-1 Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series C-1 Preferred Stock had no expiration date.

The securities are directly held by SR One Capital Fund II Aggregator, LP ("SR One Fund II Aggregator"). SR One Capital Partners II, LP ("SR One Partners II") serves as the general partner of SR One Fund II Aggregator, and SR One Capital Management, LLC serves as the general partner of SR One Partners II. The Reporting Person is a partner of SR One Capital Management, LP, an entity affiliated with SR One Fund II Aggregator, and a limited partner of SR One Partners II. The Reporting Person disclaims beneficial ownership of these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"), except to the extent of her pecuniary interest therein, if any, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for Section 16 or any other purpose.

On May 1, 2026, each share of Series C-1 Convertible Preferred Stock (the "Series C-1 Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series C-1 Preferred Stock had no expiration date.

The reported securities are held directly by AMZL, LP ("AMZL"). SR One Capital SMA Partners, LP ("SR One SMA Partners") is the general partner of AMZL, and SR One Capital Management is the general partner of SR One SMA Partners. Simeon George, M.D. is the managing member of SR One Capital Management. Each of SR One SMA Partners, SR One Capital Management and Dr. George may be deemed to have shared power to vote or dispose of these shares, and each disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.

On May 1, 2026, in connection with the completion of the issuer's initial public offering, each share of Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, and Series D Preferred Stock converted on a 1-for-1 basis into shares of Common Stock.

On May 1, 2026, in connection with the completion of the issuer's initial public offering, each share of Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, and Series D Preferred Stock converted on a 1-for-1 basis into shares of Common Stock.

On May 1, 2026, in connection with the completion of the issuer's initial public offering, each share of Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, and Series D Preferred Stock converted on a 1-for-1 basis into shares of Common Stock.

On May 1, 2026, each share of Series C-1 Convertible Preferred Stock (the "Series C-1 Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series C-1 Preferred Stock had no expiration date.

The reported securities are held directly by AMZL, LP ("AMZL"). SR One Capital SMA Partners, LP ("SR One SMA Partners") is the general partner of AMZL, and SR One Capital Management is the general partner of SR One SMA Partners. Simeon George, M.D. is the managing member of SR One Capital Management. Each of SR One SMA Partners, SR One Capital Management and Dr. George may be deemed to have shared power to vote or dispose of these shares, and each disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.

On May 1, 2026, in connection with the completion of the issuer's initial public offering, each share of Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, and Series D Preferred Stock converted on a 1-for-1 basis into shares of Common Stock.

On May 1, 2026, each share of Series D Convertible Preferred Stock (the "Series D Preferred Stock") automatically converted into shares of Common Stock on a one-for-19.2417 basis without payment of further consideration immediately prior to the closing of the Issuer's initial public offering. The Series D Preferred Stock had no expiration date.

The reported securities are held directly by AMZL, LP ("AMZL"). SR One Capital SMA Partners, LP ("SR One SMA Partners") is the general partner of AMZL, and SR One Capital Management is the general partner of SR One SMA Partners. Simeon George, M.D. is the managing member of SR One Capital Management. Each of SR One SMA Partners, SR One Capital Management and Dr. George may be deemed to have shared power to vote or dispose of these shares, and each disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.

The reported securities are held directly by AMZL, LP ("AMZL"). SR One Capital SMA Partners, LP ("SR One SMA Partners") is the general partner of AMZL, and SR One Capital Management is the general partner of SR One SMA Partners. Simeon George, M.D. is the managing member of SR One Capital Management. Each of SR One SMA Partners, SR One Capital Management and Dr. George may be deemed to have shared power to vote or dispose of these shares, and each disclaims beneficial ownership of the shares except to the extent of any pecuniary interest therein.

25% of the shares underlying this option vest and become exercisable on September 12, 2025, with the remaining 75% vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

25% of the shares underlying this option vest and become exercisable on September 12, 2025, with the remaining 75% vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

25% of the shares underlying this option vest and become exercisable on September 12, 2025, with the remaining 75% vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

25% of the shares underlying this option vest and become exercisable on April 23, 2027, with the remaining 75% vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

25% of the shares underlying this option vest and become exercisable on September 12, 2025, with the remaining 75% vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

25% of the shares underlying this option vest and become exercisable on September 12, 2025, with the remaining 75% vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

25% of the shares underlying this option vest and become exercisable on September 12, 2025, with the remaining 75% vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

25% of the shares underlying this option vest and become exercisable on September 12, 2025, with the remaining 75% vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

25% of the shares underlying this option vest and become exercisable on September 12, 2025, with the remaining 75% vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.