Pelage

Pelage Pharmaceuticals is a clinical-stage regenerative medicine biotechnology company based in Los Angeles that develops treatments for hair loss grounded in stem cell biology and metabolism. Its lead program, PP405, is a non-invasive topical small molecule designed to reactivate dormant hair follicle stem cells and restore the body's natural ability to grow hair. The approach is based on UCLA research identifying a metabolic switch that governs hair follicle stem cell activation; PP405 is described as a mitochondrial pyruvate carrier (MPC) inhibitor that blocks transport of pyruvate into mitochondria, causing intracellular pyruvate build-up and increased lactate dehydrogenase activity, which switches on hair follicle stem cells.

Pelage positions PP405 against the existing treatment landscape, in which only two medicines (minoxidil and finasteride) are FDA-approved for androgenetic alopecia, only one of which is approved for women, and where existing therapies act on secondary factors such as hormones or require oral dosing or invasive procedures. PP405 is being developed as a non-hormonal option intended for all genders, skin types and hair types, and is applied topically with no systemic absorption detected in clinical testing. Company materials also reference development for other forms of hair loss including chemotherapy-induced alopecia.

The company's program has progressed from Phase 1 (data presented at AAD 2024) through a randomized, placebo-controlled Phase 2a trial in 78 men and women with androgenetic alopecia, with late-stage/Phase 3 studies planned to begin in 2026. Pelage maintains a clinical advisory board of dermatologists from Brigham and Women's Hospital, Wake Forest, Massachusetts General Hospital and private practice.

Founding story

Pelage's science originates from UCLA research on a metabolic switch controlling hair follicle stem cell activation, including published work on lactate dehydrogenase activity driving hair follicle stem cell activation (Nature Cell Biology, 2017) and the development of mitochondrial pyruvate carrier inhibitors for hair loss (Journal of Medicinal Chemistry, 2021). In 2018, Pelage licensed the intellectual property to PP405 and related topical small molecules from UCLA. Co-founders identified in company materials include William Lowry, Ph.D. (Co-Founder and President) and Michael Jung, Ph.D., Professor of Chemistry and Biochemistry at UCLA. [0][2][4][5]

Business model

Pelage is a clinical-stage biotechnology developer advancing an investigational prescription therapy through the FDA clinical development pathway; it has no disclosed marketed products and is funded by venture capital. Its core asset is intellectual property licensed from UCLA in 2018 covering PP405 and related topical small molecules. [3][4][5]

Traction

Phase 1 data presented at AAD 2024 met primary safety endpoints and showed statistically significant Ki67 activation in hair follicles after one week of dosing. The Phase 2a randomized, placebo-controlled trial enrolled 78 men and women with androgenetic alopecia dosed once daily for four weeks and followed to 12 weeks; it met its primary safety and secondary pharmacokinetic endpoints, with 31% of treated men with higher degrees of hair loss showing a greater than 20% increase in hair density at week 8 versus 0% on placebo. A three-month open-label extension for placebo participants has been completed, a full dataset is planned for a 2026 medical meeting, and late-stage/Phase 3 studies are planned for 2026. Total disclosed venture funding across Series A, A-1 and B is approximately $150.75 million. [2][3][4][5][6]

Latest developments

In October 2025 Pelage closed a $120 million Series B co-led by ARCH Venture Partners and GV with participation from Main Street Advisors, Visionary Ventures and YK Bioventures, appointing Cathy Friedman as Board Chair and adding Richard Heyman to the board. In February 2026 it appointed Maykin Ho, Ph.D. to the board, named Nathan Wheeler, MPH, Chief Operating Officer, and promoted Lisa Sherman to Vice President, Head of Clinical Operations, citing preparation for late-stage PP405 trials. In March 2026 it announced that PP405 and follicular regeneration would be featured in a presentation by Arash Mostaghimi at the AAD Annual Meeting in Denver on March 28, 2026. [2][3][4]