X0202 SCHEDULE 13G 0001388325 XXXXXXXX LIVE Voting Common Stock, par value $0.001 per share 06/30/2026 0001540171 Avalyn Pharma Inc. 05348Y105 105 W First Street Boston MA 02127 Rule 13d-1(d) Novo Holdings A/S G7 3883289.00 0.00 3883289.00 0.00 3883289.00 8.8 CO Avalyn Pharma Inc. 105 W First Street, Boston, MA, 02127. 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. Tuborg Havnevej 19 2900 Hellerup, Denmark Denmark Y 3,883,289 8.8% 3,883,289 0 3,883,289 0 Y Y Y Y Y Y Novo Holdings A/S Barbara Fiorini 08/14/2026