Single and Multiple Ascending Dose Study of AER-01

Inclusion Criteria Health Volunteers:

• Healthy volunteers: Male or female aged ≥18 to ≤65 years.

• Current non-smoker or casual smoker Participants

• Females must not be pregnant or lactating

Exclusion Criteria:

• History of unstable medical conditions or major surgical procedures over the 12months prior to Screening.

• History or evidence of any clinically significant cardiovascular, gastrointestinal,endocrinologic, hematologic, hepatic, immunologic, metabolic, urologic (excludinghistory of recurrent urinary tract infection), neurologic (excluding history ofmigraine), dermatologic, psychiatric, renal and/or other major disease ormalignancy, or any other condition that in the opinion of the PI or designee mightobfuscate the study data.

• History of malignancy of any type, other than in situ cervical cancer or surgicallyexcised non melanomatous skin cancers, within 5 years before Screening. Part BParticipants with COPD and Moderate Airflow Limitation

• Has evidence of significant lung restriction on pulmonary function testing or ahistory of interstitial lung disease (including sarcoidosis and idiopathic pulmonaryfibrosis), severe bronchiectasis, cystic fibrosis (asthma is not an exclusion.