Neomorph closed a $100 million Series B to advance its lead molecular glue degrader, NEO-811, through a Phase I/II study. The oral therapy is designed to induce targeted degradation of ARNT (HIF-1β), aiming to disrupt signaling relevant to clear cell renal cell carcinoma. The company said the $100 million round was led by Deerfield Management, with added participation from Regeneron Ventures and other investors. Neomorph highlighted the clinical rationale, including the prevalence of lost VHL activity in up to 90% of ccRCC cases, which drives HIF-pathway signaling. Beyond NEO-811, the financing is intended to expand the molecular glue pipeline across additional therapeutic areas, reflecting growing clinical appetite for degradation-based mechanisms that can reach targets deemed “undruggable.”