Pelage Pharmaceuticals closed a $120 million Series B to finance a Phase III program for PP‑405, a topical small molecule designed to activate dormant hair‑follicle stem cells. Investors included GV and Arch Venture Partners; Pelage said the capital will support registrational‑stage studies starting next year and scale clinical operations. The topical regenerative approach targets a significant unmet need in androgenetic alopecia with an alternative to systemic therapies and injectables. Pelage positions PP‑405 as a differentiated, science‑driven candidate intended for broad market use if Phase III results replicate earlier efficacy and safety signals. The round underscores investor interest in regenerative and dermatologic therapeutics that can move into late‑stage testing with focused clinical endpoints and clear commercial pathways.