Aerovate Therapeutics, Inc. (“Aerovate” or the “Company”) is a clinical stage biopharmaceutical company focused on developing drugs for patients with rare cardiopulmonary disease. Aerovate’s initial focus is on advancing AV-101, a dry powder inhalation formulation of imatinib for the treatment of pulmonary arterial hypertension, or PAH, a devastating disease impacting approximately 70,000 people in the United States and Europe. Imatinib is an orally administered tyrosine kinase inhibitor marketed as Gleevec for multiple cancers. Aerovate was formed to develop an inhaled formulation of imatinib as a means of delivering therapeutically relevant drug concentrations to the lungs while minimizing systemic and gastrointestinal exposure.