Novo Holdings reports 8.8% stake in Avalyn Pharma

Novo Holdings A/S, a Danish investment firm wholly owned by Novo Nordisk Foundation, reports beneficial ownership of Avalyn Pharma Inc. voting common stock.

Rhea-AI Filing Summary

Novo Holdings A/S, a Danish investment firm wholly owned by Novo Nordisk Foundation, reports beneficial ownership of Avalyn Pharma Inc. voting common stock. Novo Holdings A/S holds 3,883,289 shares, representing 8.8% of the outstanding voting common stock.

Novo Holdings A/S has sole voting power and sole dispositive power over all 3,883,289 shares, with no shared voting or dispositive power. The company clarifies that, based on its governance structure, Novo Nordisk Foundation is not deemed to have beneficial ownership of these Avalyn Pharma securities.

Key Figures

Shares beneficially owned: 3,883,289 shares Percent of class: 8.8% Sole voting power: 3,883,289 shares +3 more

6 metrics

Shares beneficially owned 3,883,289 shares Voting common stock of Avalyn Pharma Inc. beneficially owned by Novo Holdings A/S

Percent of class 8.8% Percentage of Avalyn Pharma voting common stock held by Novo Holdings A/S

Sole voting power 3,883,289 shares Shares over which Novo Holdings A/S has sole power to vote

Shared voting power 0 shares Shares over which Novo Holdings A/S has shared power to vote

Sole dispositive power 3,883,289 shares Shares over which Novo Holdings A/S has sole power to dispose

Shared dispositive power 0 shares Shares over which Novo Holdings A/S has shared power to dispose

Key Terms

beneficial ownership, sole voting power, dispositive power, commercial foundation

4 terms

beneficial ownership financial

"Amount beneficially owned: 3,883,289 (b) Percent of class: 8.8%"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole voting power financial

"Sole power to vote or to direct the vote: 3,883,289"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

dispositive power financial

"Sole power to dispose or to direct the disposition of: 3,883,289"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

commercial foundation financial

"Novo Nordisk Foundation, a Danish commercial foundation"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How large is Novo Holdings A/S’s stake in Avalyn Pharma Inc. (AVLN)?

Novo Holdings A/S reports beneficial ownership of 3,883,289 shares of Avalyn Pharma voting common stock, representing 8.8% of the class. This reflects a significant institutional position with sole voting and dispositive power over all reported shares.

What percentage of Avalyn Pharma (AVLN) does Novo Holdings A/S beneficially own?

Novo Holdings A/S beneficially owns 8.8% of Avalyn Pharma’s voting common stock. This percentage is based on 3,883,289 shares over the issuer’s outstanding shares as of the reported date, indicating a substantial institutional holding.

Does Novo Holdings A/S have sole or shared voting power over its AVLN shares?

Novo Holdings A/S has sole voting power over 3,883,289 shares and no shared voting power. It also has sole dispositive power over the same number of shares, with zero shared dispositive power, underscoring its independent control over the stake.

Is Novo Nordisk Foundation considered a beneficial owner of Avalyn Pharma (AVLN) shares?

No. The disclosure states the Novo Nordisk Foundation is not deemed to have beneficial ownership of Avalyn Pharma securities held by Novo Holdings A/S, based on their governance structure and the way the Foundation’s assets are managed.

Who signed the Avalyn Pharma (AVLN) Schedule 13G for Novo Holdings A/S?

The Schedule 13G was signed by Barbara Fiorini, General Counsel, Finance & Operations, on behalf of Novo Holdings A/S. The signature confirms the reported 3,883,289 shares and related ownership details as of the stated date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 05:04 PM Accepted by SEC EDGAR 08/14/2026 - 05:03 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Avalyn Pharma Inc.

(Name of Issuer)

Voting Common Stock, par value $0.001 per share

(Title of Class of Securities)

05348Y105

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 05348Y105

1

Names of Reporting Persons

Novo Holdings A/S

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DENMARK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,883,289.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,883,289.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,883,289.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Avalyn Pharma Inc.
(b)	Address of issuer's principal executive offices: 105 W First Street, Boston, MA, 02127.
Item 2.
(a)	Name of person filing: Novo Holdings A/S, a Danish corporation, is an investment firm focused on life sciences and finance that is wholly owned by Novo Nordisk Foundation (the "Foundation"), a Danish commercial foundation. Novo Holdings A/S is the holding company in the group of Novo companies, currently comprised of Novo Nordisk A/S and Novonesis A/S, and is responsible for managing the Foundation's assets, including its financial assets. Based on the governance structure of Novo Holdings A/S and the Foundation, the Foundation is not deemed to have any beneficial ownership of the securities of the Issuer held by Novo Holdings A/S.
(b)	Address or principal business office or, if none, residence: Tuborg Havnevej 19 2900 Hellerup, Denmark
(c)	Citizenship: Denmark
(d)	Title of class of securities: Voting Common Stock, par value $0.001 per share
(e)	CUSIP Number(s): 05348Y105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,883,289
(b)	Percent of class: 8.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,883,289
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,883,289
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Novo Holdings A/S

Signature:	Barbara Fiorini
Name/Title:	Barbara Fiorini, General Counsel, Finance & Operations
Date:	08/14/2026