Triana Biomedicines closed an oversubscribed $120 million Series B to advance its molecular-glue degrader platform and push lead candidate TRI-611 toward the clinic for ALK-driven non–small-cell lung cancer. The round was co-led by Ascenta Capital and Bessemer Venture Partners, with participation from strategic investors including Pfizer Ventures and others. Triana said the financing will fund IND-enabling work, selection of a second product candidate in 2026, and continued platform development aimed at selective degradation of oncogenic drivers. The company will add board representation for key investors as part of the financing. The raise reflects heightened investor appetite for proximity-based protein degradation platforms—particularly molecular glues—and signals continued capital flows into targeted-degrader modalities that attempt to address resistance to kinase inhibitors and other precision medicines.