Triana Biomedicines closed a $120 million Series B financing to advance its molecular glue degrader platform and push lead candidate TRI-611 into clinical development for ALK-driven non–small cell lung cancer. The round was co-led by Ascenta Capital and Bessemer Venture Partners and included strategic backers such as Pfizer Ventures. Triana said the funds will support IND-enabling studies, selection of a second program in 2026, and platform expansion. The company emphasizes a “target-first” and “proximity-first” discovery approach designed to degrade disease-driving proteins that have resisted traditional small-molecule inhibition. Investors and partners are watching molecular glue approaches as a high-value route to address resistant oncogenic drivers; Triana’s oversubscribed round underscores venture appetite for proximity-based degradation modalities.