Pelage Pharmaceuticals closed a $120 million Series B led by ARCH Venture Partners and GV to advance PP405, a topical small molecule designed to reactivate dormant hair‑follicle stem cells, into Phase III planning. The Los Angeles clinical‑stage company said the round closed rapidly and drew participation from existing investors, reflecting renewed investor conviction in regenerative approaches to androgenetic alopecia. PP405 follows encouraging Phase IIa data (NCT06393452) across diverse hair types; Pelage said Phase III planning is underway but not yet finalized. Investors and company executives highlighted the mechanistic difference between PP405 and incumbent hair‑loss drugs: PP405 targets metabolic switches in follicle stem cells rather than only slowing hair fall. For readers: topical small‑molecule reactivation therapies aim to restore follicle cycling by modulating stem‑cell metabolic states rather than systemically altering hormones. The financing will underwrite Phase III operations, scale clinical manufacturing and regulatory interactions.