Private funding surged this week as Pelage Pharmaceuticals closed a $120 million Series B to advance a hair‑follicle stem cell therapy into Phase III, and Tubulis raised $361 million in a record ADC-focused Series C. Pelage will use proceeds to finalize registrational plans for its topical stem‑cell activator, while Tubulis plans to accelerate clinical development and manufacturing of its engineered ADCs. Investors cited strong Phase II signals, differentiated mechanisms, and the improving biotech financing backdrop as drivers for these mega‑rounds.