Aerovate's initial focus is on advancing AV-101, its proprietary dry powder inhaled formulation of the antiproliferative drug imatinib. Developed specifically for pulmonary arterial hypertension (PAH), AV-101 targets cellular hyperproliferation and resistance to apoptosis, driven by improper signaling in cells of the distal pulmonary arteries.

As of June 2024, Aerovate has approximately $100 million of cash, cash equivalents and short-term investments.