Neomorph raised $100 million in a Series B to push its molecular glue degrader NEO-811 through an ongoing Phase I/II trial in clear cell renal cell carcinoma. The company’s approach targets ARNT (HIF-1β), aiming to disrupt signaling central to the HIF pathway that can drive ccRCC biology. The financing was led by Deerfield Management, with participation from Regeneron Ventures, Longwood Fund, Alexandria Venture Investments, and Dana-Farber-linked Binney Street Capital. In the financing update, the company also highlighted more than $3 billion in potential milestone payments from partnerships with Novo Nordisk, Biogen, and AbbVie. NEO-811 is described as an oral molecular glue degrader, and the company framed the upcoming clinical work around safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity. Additional capital is earmarked to expand the broader molecular glue pipeline beyond a single program. For investors and development teams, the headline is that the molecular glue category continues to attract large follow-on capital as sponsors move into clinical efficacy windows and leverage milestone-backed partner validation.