[Form 3] Avalyn Pharma Inc. Initial Statement of Beneficial Ownership

Avalyn Pharma Inc. reported the initial holdings of Chief Medical Officer Howard Lazarus on a Form 3.

Rhea-AI Filing Summary

Avalyn Pharma Inc. reported the initial holdings of Chief Medical Officer Howard Lazarus on a Form 3. He holds stock options over 24,564 shares of common stock with a $4.81 exercise price expiring on September 10, 2035 and options over 270,498 shares at $4.62 expiring on January 24, 2034. According to the vesting terms, 25% of one grant vested on August 7, 2024 and the remaining 75% vests in 36 monthly installments, while another grant vests 25% on May 29, 2026 with the balance also vesting monthly over 36 installments, all subject to his continued service.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Lazarus Howard

Role Chief Medical Officer

Type	Security	Shares	Price	Value
holding	Stock Option (right to buy)	--	--	--
holding	Stock Option (right to buy)	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 295,062 contracts (Direct)

Footnotes (2)

1. F1. 25% of the shares underlying this option vested and became on August 7, 2024, with the remaining 75% vesting in thirty-six (36) substantially equal installments thereafter, subject to the Reporting Person's continued service on each such vesting date.
2. F2. 25% of the shares underlying this option vest and become exercisable on May 29, 2026, with the remaining 75% vesting inthirty-six (36) substantially equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

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Accepted by SEC EDGAR 04/29/2026 - 06:27 PM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Lazarus Howard

(Last) (First) (Middle)

105 W FIRST STREET

(Street)

BOSTON MASSACHUSETTS 02127

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
04/29/2026

3. Issuer Name and Ticker or Trading Symbol
Avalyn Pharma Inc. [ AVLN ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Medical Officer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	(1)	01/24/2034	Common Stock	270,498	$4.62	D
Stock Option (right to buy)	(2)	09/10/2035	Common Stock	24,564	$4.81	D

Explanation of Responses:

1. 25% of the shares underlying this option vested and became on August 7, 2024, with the remaining 75% vesting in thirty-six (36) substantially equal installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

2. 25% of the shares underlying this option vest and become exercisable on May 29, 2026, with the remaining 75% vesting inthirty-six (36) substantially equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Douglas Carlson	04/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)