Neomorph raised $100 million in a Series B round to advance its oral molecular glue degrader NEO-811 through clinical development in clear cell renal cell carcinoma. The company is funding an ongoing Phase I/II trial (NCT07300241) evaluating safety, tolerability, pharmacokinetics and preliminary anti-tumor activity. NEO-811 is designed to induce targeted degradation of ARNT (HIF-1β), a signaling node in the HIF pathway. The financing also signals growing investor confidence in molecular glue modalities that aim to reach targets considered difficult to drug. The funding came led by Deerfield Management, with participation from Regeneron Ventures, Longwood Fund, Alexandria Venture Investments and Binney Street Capital of Dana-Farber Cancer Institute. Neomorph additionally highlighted partnerships with Novo Nordisk, Biogen and AbbVie, describing more than $3 billion in potential milestones. For the sector, the deal is notable as a large, modality-affirming bet at a moment when investors are selectively rewarding programs with credible target validation and clear clinical entry points.