Treeline Biosciences plans to debut on public markets through a reverse merger with Standard BioTools, combining the two companies into Treeline Biosciences under the Nasdaq ticker TRLN. The all-stock deal gives Standard BioTools stockholders about 16% of the combined company and Treeline backers about 84%. The merger is structured to fund operations into 2029 and is expected to leave the combined company with more than $900 million in cash. The transaction also includes a contingent value right tied to proceeds for Standard BioTools’ pre-merger assets. Treeline will bring a pipeline focused on targeted cancer degraders, including TLN-121 (BCL6 degrader), TLN-254 (EZH2), TLN-372 (pan-KRAS inhibition), and a BCL-XL program expected to enter Phase 1 later this year. Company leadership described the development approach as centered on repeatability in target nomination and candidate selection. The move signals how early oncology platforms are seeking liquidity after scaling private funding—especially when they hold multiple early clinical assets and can leverage non-core platform cash from the merger partner.