Vedana Therapeutics emerged from stealth with a $46 million Series A to develop internally discovered anti-PACAP antibody programs for migraine prevention, positioning its platform around subcutaneously delivered long-acting antibodies. The company’s board and scientific leadership include veterans tied to multiple CGRP-era medicines and late-stage program experience. In another early-growth signal, Longbio Pharma’s lead LP-003 met the primary endpoint in its phase 3 program for moderate to severe seasonal allergic rhinitis after raising HK$1.255 billion in its IPO earlier this month. Taken together, the financings show where biotech demand remains strongest: migraine innovation tied to clinically validated pathways and allergen-driven assets with late-stage endpoint visibility.