# EDGAR Filing Document

**Accession Number:** 0001540171
**File Stem:** 0001193125-26-201894
**Filing Date:** 2026-5
**Character Count:** 7839
**Document Hash:** abdcd02461b58b17bf142fc401c0fe2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-201894.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-201894

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260501

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Carroll Jill
- **CENTRAL INDEX KEY:** 0001598542

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43251
- **FILM NUMBER:** 26934206

**MAIL ADDRESS:**
- **STREET 1:** C/O SR ONE CAPITAL MANAGEMENT, LP
- **STREET 2:** 929 MAIN STREET, SUITE 200
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94063
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Avalyn Pharma Inc.
- **CENTRAL INDEX KEY:** 0001540171
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 452463191
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 105 W FIRST ST.
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02127
- **BUSINESS PHONE:** (206) 707-0340

**MAIL ADDRESS:**
- **STREET 1:** 105 W FIRST ST.
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Genoa Pharmaceuticals, Inc.
- **DATE OF NAME CHANGE:** 20120120

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Carroll Jill<br><sub>(Last) (First) (Middle)</sub><br>929 MAIN STREET<br>SUITE 200<br><sub>(Street)</sub><br>REDWOOD CITY, CA 94063<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-05-01 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Avalyn Pharma Inc. [ AVLN ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2026-05-01 |  | C<sup>(1)</sup> |  | 1419298 | A | <sup>(1)</sup> | 1419298 | I | See Note 2<sup>(2)</sup> |
| Common Stock | 2026-05-01 |  | C<sup>(3)</sup> |  | 489486 | A | <sup>(3)</sup> | 1908784 | I | See Note 2<sup>(2)</sup> |
| Common Stock | 2026-05-01 |  | P |  | 277778 | A | $18.00 | 2186562 | I | See Note 2<sup>(2)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Series C-1 Convertible Preferred Stock | <sup>(1)</sup> | 2026-05-01 |  | C |  |  | 27309719 | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock | 1419298 | <sup>(1)</sup> | 0 | I | See Note 2<sup>(2)</sup> |
| Series D Convertible Preferred Stock | <sup>(3)</sup> | 2026-05-01 |  | C |  |  | 9418561 | <sup>(3)</sup> | <sup>(3)</sup> | Common Stock | 489486 | <sup>(3)</sup> | 0 | I | See Note 2<sup>(2)</sup> |

---

### Footnotes:

(1) 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.

(2) 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.

(3) 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.

**Signature:** /s/ Sasha Keough, attorney-in-fact for Jill Carroll  
**Date:** 2026-05-01

### Remarks:

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 4 (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.**