Pelage Pharmaceuticals closed an oversubscribed $120 million Series B to advance PP‑405, a topical regenerative small molecule intended to reactivate dormant hair follicle stem cells, into a planned Phase 3 program. The round was led by GV and Arch Venture Partners and came together rapidly, the company said. Pelage will deploy proceeds to initiate phase‑III‑enabling activities and scale clinical operations for PP‑405, which targets an area that has seen limited innovation in decades. CEO Daniel Gil highlighted investor enthusiasm and the speed of the financing as signals of market readiness for regenerative approaches to hair loss. The fundraising underscores continued investor appetite for late‑stage consumer‑facing regenerative therapies that can reach large addressable markets with topical formulations.