Pelage Pharmaceuticals raised $120 million in a Series B to advance its regenerative, topical gel designed to reactivate dormant hair‑follicle stem cells into Phase 3 trials next year. The round attracted GV and Arch Venture Partners and gives the seven‑employee company the resources to scale manufacturing and begin pivotal testing. Pelage’s program is positioned as a non‑systemic alternative to existing hair‑loss therapies, relying on a topical biologic mechanism aimed at follicle stem‑cell activation. The financing will fund clinical sites, regulatory interactions and formulation work required for late‑stage development. Investors cited the large addressable market and attractive pathway for a topical therapy that could avoid systemic safety issues. The raise will put Pelage in direct clinical competition with other regenerative and small‑molecule approaches targeting alopecia and hair‑regrowth, and will test whether a topical regenerative strategy can meet Phase 3 efficacy benchmarks.