Orum Therapeutics closed about $100 million to advance a pipeline that fuses antibody targeting with protein‑degrader payloads. The company is pivoting toward ORM‑1153, a CD123‑targeting degrader‑antibody conjugate for acute myeloid leukemia, after shelving an earlier HER2 program due to observed liver toxicity. CEO Sung Joo Lee told reporters the platform’s payload modality could overcome resistance to traditional ADC toxins in hematologic malignancies. Orum holds collaborations with Bristol Myers Squibb and Vertex and expects ORM‑1153 to enter the clinic by late 2026 if preclinical work and IND preparations stay on track. Degrader‑antibody conjugates replace cytotoxic payloads with molecules that induce targeted protein degradation, a mechanistically distinct approach to tumor killing.