Hair-loss startup Pelage lands $120M to advance breakthrough regenerative gel

Pelage Pharmaceuticals raised $120 million to develop a topical gel that reactivates dormant hair follicle stem cells, showing early promise as a faster, more inclusive treatment for hair loss.

Why it matters: Current FDA-approved treatments for hair loss are limited, carry side effects, and are less effective, especially for women. Pelage’s regenerative therapy could offer a safer, more effective option with broader appeal.

Backstory: Based in LA, Pelage is developing PP405, a gel that targets cellular metabolism to stimulate hair follicle stem cells. A mid-stage trial showed it was safe, well-tolerated, and led to visible hair regrowth even in areas previously bald.

Big picture: With over 80% of men and 40% of women experiencing hair loss, the market is massive. Pelage is set to hit the ground running in this market, given that nearly one-third of men using Pelage’s gel saw >20% hair density gains in 8 weeks vs. none in the placebo group.

Zoom in: There are limited drugs currently available for hair regrowth, with only minoxidil (Rogaine) and finasteride (Propecia) having FDA approval. These drugs also have limited efficacy and side effects.

What’s next: Pelage plans to share full clinical data in 2026 and launch a late-stage trial.