Neomorph secured a $100 million Series B financing to advance NEO-811, an oral molecular glue degrader designed to degrade ARNT (HIF-1β) in clear cell renal cell carcinoma. The financing led by Deerfield Management and joined by investors including Regeneron Ventures and Dana-Farber-linked capital supports ongoing Phase I/II work (NCT07300241). The company positions ARNT degradation as a strategy for ccRCC, citing frequent loss of VHL function and resulting HIF pathway signaling reliance. Neomorph also highlighted prior partnership value across multiple therapeutic areas, including milestone potential tied to collaborations. For oncology pipeline watchers, the round signals continued investor appetite for degradation modalities as clinical programs enter proof-of-mechanism and early efficacy phases.