Two notable private financings signaled investor appetite returning to specialty biotechs. Pelage Pharmaceuticals closed a $120 million Series B to advance its hair‑follicle stem cell therapy PP405 toward Phase III studies for androgenetic alopecia; ARCH Venture Partners and GV co‑led the round. The funds will support registrational planning and expanded clinical programs. In a separate hair‑loss play, Veradermics secured $150 million in a Series C to fund Phase 3 development of an oral minoxidil analogue and scale commercialization capabilities. Both rounds underline investor confidence in regenerative and dermatology categories where clear commercial pathways exist and late‑stage efficacy signals can drive rapid valuation inflection. Clarification: Series B/C rounds at this scale typically finance pivotal studies, manufacturing scale up and commercial launch readiness for mid‑stage clinical programs.