Pelage Pharmaceuticals raised $120 million in a Series B led by ARCH Venture Partners and GV to advance its topical stem‑cell reactivation candidate PP405 into Phase III development. The company says PP405 targets metabolic switches in hair‑follicle stem cells to reactivate growth and that Phase IIa results supported advancement across diverse skin types and hair textures. Pelage plans to use the capital to scale trials and prepare pivotal study designs; investors cited the large addressable market and a differentiated mechanism that could position the company beyond incremental treatments.