Oct 15, 2025

Pelage Pharmaceuticals Announces $120 Million Series B Financing to Advance Regenerative Medicine Treatments for Hair Loss

Financing co-led by ARCH Venture Partners and GV (Google Ventures) to support continued advancement of PP405, a topical therapy designed to reactivate dormant hair follicle stem cells to restore hair growth
Positive Phase 2a results in androgenetic alopecia support progression into Phase 3 trials in 2026
Cathy Friedman of GV has been appointed Chair of the Board; Richard Heyman of ARCH Venture Partners joins the Board of Directors

LOS ANGELES — Pelage Pharmaceuticals, a clinical-stage regenerative medicine biotechnology company, today announced the close of a $120 million Series B financing co-led by ARCH Venture Partners and GV (Google Ventures), with participation from existing investors including Main Street Advisors, Visionary Ventures, and YK Bioventures. The financing will support the continued advancement of Pelage’s lead program, PP405, a topical small molecule designed to reactivate dormant hair follicle stem cells, offering a potential first-in-class approach for both men and women experiencing hair loss.

“At Pelage, our goal is to deliver a clinically-tested treatment to combat hair loss, grounded in innovative science. Despite the growing need for treatments for hair loss, which affects more than 80% of men and 40% of women throughout their lifetimes, innovation has been lacking, and a new FDA-approved option has not become available for decades,” said Daniel Gil, Ph.D., Chief Executive Officer of Pelage Pharmaceuticals. “Our approach is based on the groundbreaking discovery that hair follicle stem cells have a unique metabolic switch. Supported by over ten years of bench research on the mechanism and associated biological pathways, we have designed a first-in-class investigational treatment that reactivates these hair follicle stem cells to regrow hair. This new funding from leading investors reinforces not only the need in the space, but the quality of our scientific approach and clinical results to date, which are enabling us to enter Phase 3 trials for lead program PP405 in 2026.”

“Pelage is a pioneer in the regenerative medicine space, with a scientifically rigorous approach to address hair loss that sets them apart from currently available treatments. This could fulfill an urgent need, as we see a growing portion of the population experiencing hair loss, including women, who only have one FDA-approved option,” said Cathy Friedman, Executive Venture Partner at GV. “We at GV are thrilled to continue working with Pelage, and I look forward to partnering with the board and leadership team to support this new potential treatment option.”

“At ARCH, we are excited by disruptive companies pioneering new approaches to improve public health, and we are proud to join this investor syndicate in support of a first-in-class treatment for hair loss,” said Richard Heyman, Ph.D., Venture Partner at ARCH. “Pelage’s leadership team, with deep expertise in dermatology and regenerative biology, is well-positioned to bring a new treatment that is accessible for all to a space that is lacking in treatment options that promote new hair growth.”

Advancing a first-in-class therapy targeting the root cause of hair loss

PP405 is a novel, non-invasive, topical small molecule designed to reactivate dormant hair follicle stem cells and restart hair growth. In July 2025, the company reported interim results from a randomized, placebo-controlled Phase 2a trial evaluating the safety of PP405 in participants with androgenetic alopecia. The trial enrolled 78 men and women, representing a diverse range of skin phototypes and hair textures, who received topical PP405 or placebo once daily for four weeks; participants were observed for eight weeks following dose completion to track safety and secondary pharmacokinetic endpoints. Preliminary results showed that PP405 met the primary safety endpoint and was well tolerated with no systemic absorption of PP405 detected in the blood and no systemic adverse events. While the trial was designed to assess the safety of PP405, four weeks of dosing demonstrated early differentiation of PP405 from currently available treatments. Notably, at Week 8, four weeks after completion of dosing, 31% of men with a higher degree of hair loss treated with PP405 experienced a greater than 20% increase in hair density compared to 0% in the placebo group. Additionally, PP405 demonstrated an ability to induce new hair growth from follicles where no hair was previously present, offering early validation of its regenerative potential.

Following completion of the randomized controlled phase of the study, participants in the placebo group were eligible to enroll in a three-month open-label extension to assess long-term safety, which is now complete. The company plans to share a full dataset from the trial at a future medical meeting in 2026.

Based on the strong safety profile and initial efficacy observations from this trial, Pelage plans to initiate a Phase 3 trial evaluating the safety and efficacy of PP405 in androgenetic alopecia in 2026.

Leadership and Organization

In conjunction with the financing, Cathy Friedman, who led the company’s Series A financing, has been appointed Chair of the Board. Additionally, Dr. Heyman will join Pelage’s board of directors, alongside CEO Daniel Gil and William Lowry, Ph.D., Co-Founder and President of Pelage.

Ms. Friedman currently advises the life sciences portfolio at GV and invests across the healthcare continuum. Before joining GV in 2021, Ms. Friedman spent 15 years on the boards of leading public and private life sciences and technology companies. Earlier in her career, Ms. Friedman spent nearly 24 years at Morgan Stanley, during which she held several executive positions, including managing director, head of West Coast healthcare, and co-head of the biotech practice.

In addition to his role at ARCH, Dr. Heyman is a founder and Chairman of ORIC Pharma, and also serves as Chairman of Enliven Pharma, PMV Pharma, Architect Therapeutics, and Alterome Therapeutics. He also serves on the Board of Trustees of the Salk Institute for Biological Studies and is a board member of UCSD Cancer Center. Previously, he was a founder and leader of several companies, including Seragon Pharmaceuticals (acquired by Genentech/Roche), Aragon Pharmaceuticals (purchased by Johnson & Johnson), and X-Ceptor Therapeutics (acquired by Exelixis). Dr. Heyman is the author of or inventor on more than 120 publications and patents.

About Pelage Pharmaceuticals

Pelage Pharmaceuticals is a clinical-stage regenerative medicine company developing first-in-class treatments for hair loss. With a focus on stem cell biology and metabolism, Pelage is advancing a new class of treatments designed to reactivate dormant hair follicle stem cells and restore the body’s ability to naturally grow hair. Its lead program, PP405, is currently in Phase 2a clinical trials. Through its rigorous scientific foundation, Pelage is pioneering first-in-class hair growth solutions for people of all hair types experiencing hair loss.

For more information about Pelage, visit https://pelagepharma.com/ and follow us on LinkedIn and X. To learn more about upcoming trials for PP405, sign up for updates at https://www.pelagepp405.com/.

Pelage Contact

Business development and investor inquiries: info@pelagepharma.com

Media inquiries: media@pelagepharma.com

About Pelage Pharmaceuticals

Pelage Pharmaceuticals is pioneering the first regenerative approach to hair loss, grounded in stem cell biology.

Pelage’s platform targets an intrinsic metabolic switch in hair follicles and is being developed for androgenetic alopecia and other forms of hair loss, with the aim of delivering a clinically tested, FDA-approved treatment suitable for all genders, skin types, and hair types.

Clinical Advisory Board

Arash Mostaghimi, M.D., M.P.A., M.P.H., F.A.A.D.

Vice Chair of Clinical Trials and Innovation, Director of the Dermatology Inpatient Service at Brigham & Women’s Hospital
Associate Professor of Dermatology, Harvard Medical School

Dr. Arash Mostaghimi is the Vice Chair of Clinical Trials and Innovation and Director of the Consult Service for the Department of Dermatology at Brigham & Women’s Hospital. With board certifications in dermatology, internal medicine, and clinical informatics, Dr. Mostaghimi is an active clinician with an emphasis on complex medical dermatology and hair loss disorders. As a clinical researcher, Dr. Mostaghimi has over 275 peer reviewed publication, and served as a principal investigator involved in the design and implementation of numerous clinical trials. He has received numerous teaching and mentorship awards and is co-director of the Complex Medical Dermatology Fellowship.

Clinical Advisory Board

Amy McMichael, M.D., F.A.A.D.

Professor and Past Chair of Dermatology, Wake Forest School of Medicine

Dr. Amy McMichael is a Philadelphia native who received her medical degree from the University of Pennsylvania School of Medicine. She completed Dermatology residency training at the University of Michigan School of Medicine.

Dr. McMichael is a Professor in the Department of Dermatology at Wake Forest School of Medicine in Winston-Salem, NC. She has held leadership positions in the Department for over 20 years first as Residency Program Director for 12 years and Chair of the Department for 11 years. She has been a leader in her field, including her roles as past President of Skin of Color Society and past President of the National Medical Association Dermatology Section. She recently served as a Board member of the American Academy of Dermatology.
Dr. McMichael’s clinical and research interests include: hair and scalp disorders, psoriasis, and skin of color. She is co-editor of several medical

Clinical Advisory Board

Mathew Avram, M.D., J.D., F.A.A.D.

Director of the Dermatology Laser & Cosmetic Center, Massachusetts General Hospital
Associate Professor of Dermatology, Harvard Medical School

Dr. Mathew M. Avram is the Director of the Massachusetts General Hospital Dermatology Laser & Cosmetic Center and serves as Faculty Director for Dermatology Cosmetic Training at Harvard Medical School. He is the Past-President of both the American Society for Dermatologic Surgery and American Society for Laser Medicine & Surgery. Dr. Avram has co-authored 7 textbooks and 90 peer-reviewed publications. Dr. Avram has delivered over 800 invited lectures, co-chaired teaching sessions for the FDA for three years, and has two U.S. patents. Dr. Avram has been recognized by Newsweek as one of the Top 10 cosmetic dermatologists in America.

Clinical Advisory Board

Amelia K. Hausauer, M.D., F.A.A.D.

Director of Dermatology and Minimally Invasive Aesthetics at Aesthetx

Dr. Amelia K. Hausauer is the Director of Dermatology and Head of Aesthetic Medicine at Aesthetx, a hybrid dermatology and plastic surgery practice in Northern California. She is a key opinion leader for early pipeline innovation and development of multiple injectable and regenerative therapies as well as an active research investigator. Dr. Hausauer spearheaded one of the largest clinical trials using PRP for hair growth and served as the chief editor for Platelet Rich Plasma (PRP) and Microneedling in Aesthetic Medicine. Earning a bachelor’s degree from Stanford University and medical doctorate from University of California San Francisco, Dr. Hausauer completed residency at New York University then an American Society for Dermatologic Surgery cosmetic surgery fellowship.

Leadership

Qing Yu Christina Weng, MD

Chief Medical Officer

Chief Medical Officer

Dr. Weng is the CMO of Pelage. She is a physician-scientist and entrepreneur, board-certified dermatologist, and Lecturer at Harvard Medical School. She is experienced in corporate startup strategy as Head of Business Development & Strategy at Kira Pharma and CSO and cofounder of Mymiel Skincare. She is on the Board of Directors for the Dermatology Innovation Forum and Dermatology Summit. Dr. Weng has an undergraduate degree from the California Institute of Technology, MD from Harvard, and she completed dermatology residency and fellowship at Harvard.

Leadership

Daniel Gil, PhD

Chief Executive Officer

Chief Executive Officer

Dr. Gil is the CEO of Pelage. He is also a Venture Partner with Visionary Ventures. Until 2018, Dr. Gil was a Vice President at Allergan, overseeing the research portfolio and early clinical development. His research contributed to development of 5 marketed drugs and he led 8 clinical development projects. He is an inventor on 70+ issued US patents and author on 45 peer-reviewed research articles. Dr. Gil has an undergraduate degree in Biology from Harvard University and a PhD in Pharmacology from the University of Pennsylvania.

Leadership

Michael Jung, PHD

Co-Founder

Co-Founder
Professor, UCLA Chemistry & Biochemistry

Dr. Jung is a renowned Medicinal Chemist and co-founder of several successful startups. He is also co-inventor of two FDA approved drugs for prostate cancer (Xtandi & Erleada) with several drugs currently in clinical trials.

Leadership

Heather Christofk , PhD

Co-Founder

Co-Founder
Professor, UCLA Biological Chemistry

Dr. Christofk is a leader in the metabolism field with a research focus on how metabolism regulates cell state transitions. Her groundbreaking collaborative research with Dr. Lowry revealed that changes in metabolism can instruct hair follicle stem cell activation, forming the basis for the Pelage’s approach to treat hair loss. She is a Professor of Biological Chemistry at the David Geffen School of Medicine at UCLA and Associate Director of Basic and Translational Research at the UCLA Jonsson Comprehensive Cancer Center. She earned her bachelor’s degree from UCLA, her PhD from Harvard, and conducted postdoctoral research at UCSF before joining the faculty at UCLA in 2008.

Leadership

William Lowry, PhD

President & Co-Founder

President & Co-Founder
Professor, UCLA Molecular, Cell and Dev. Biology

Dr. Lowry is a leader in the stem cell field with 20+ years of research experience resulting in the discovery that hair follicle stem cells can be activated by metabolic manipulation. His work has led to the creation of several startups including Pelage and Sardona, as well as other efforts under development.