Pelage Pharmaceuticals, a clinical-stage regenerative medicine biotechnology company based in Los Angeles, has raised $120 million in Series B financing to accelerate development of its flagship hair restoration therapy.

The round was co-led by ARCH Venture Partners and GV (formerly Google Ventures), with participation from existing backers Main Street Advisors, Visionary Ventures, and YK Bioventures. The new capital will support continued clinical advancement of PP405, Pelage’s lead program — a topical small molecule designed to reactivate dormant hair follicle stem cells, potentially offering a first-in-class solution for both men and women experiencing hair loss.

Founded on breakthrough research in stem cell biology and metabolism, Pelage Pharmaceuticals aims to address one of the most common and psychologically impactful medical conditions: hair loss. Its lead candidate, PP405, is currently in Phase 2a clinical trials, representing a novel, non-invasive approach to restoring natural hair growth by targeting the body’s regenerative potential.

Pelage’s chief executive, Daniel Gil, Ph.D., is a veteran scientist and biotech leader known for bridging cutting-edge research with translational medicine. Before founding Pelage, Dr. Gil held senior scientific roles at Amgen and Regeneron Pharmaceuticals, where he led discovery programs in stem cell signaling and tissue regeneration. At Pelage, Gil has steered the company from early preclinical discovery through human trials, cultivating a multidisciplinary team that merges academic research with commercial drug development. In interviews, Dr. Gil has emphasized Pelage’s long-term ambition to “redefine regenerative medicine through stem cell activation,” positioning the company not only in dermatology but also across broader tissue-repair applications. His leadership reflects a blend of scientific rigor and strategic vision aimed at creating a durable, science-driven biotech enterprise in a field often dominated by cosmetic claims.

As part of the financing, Cathy Friedman, Executive Venture Partner at GV who led Pelage’s Series A round, has been appointed Chair of the Board. Richard Heyman, Ph.D., Venture Partner at ARCH Venture Partners, will also join the board, alongside Dr. Gil and William Lowry, Ph.D., Pelage’s Co-Founder and President. The strengthened board underscores investor confidence in Pelage’s scientific foundation and commercial potential, as the company moves closer to demonstrating clinical proof of concept in a market projected to exceed $10 billion globally by 2030, according to industry analysts.

Pelage joins a growing cadre of biotechnology companies pursuing regenerative approaches to hair restoration, including Stemson Therapeutics and Allergan’s regenerative dermatology initiatives. But unlike many of its competitors that focus on cell therapy or transplant-based interventions, Pelage’s small-molecule approach seeks to stimulate the body’s own regenerative machinery—a strategy that could simplify treatment delivery and dramatically broaden patient access. If successful, Pelage could redefine the landscape of hair restoration and mark a significant step forward in translating stem cell science into practical, consumer-ready medicine.

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