Kallyope said elismetrep, its experimental acute migraine therapy, succeeded in a Phase 2b study and will advance to Phase 3. The mid‑stage win marks a decade‑old biotech’s first clear clinical success after years of gut‑brain axis research translated into a systemic therapeutic. The Phase 2b readout will prompt commercial and regulatory planning, and the company will need larger trials to confirm efficacy, safety and optimal dosing. The result also highlights growing interest in non‑classic migraine mechanisms and could attract partners seeking differentiated migraine franchises.