Triana Biomedicines closed a $120 million Series B to advance its molecular glue degrader platform and push lead candidate TRI‑611 toward clinical proof‑of‑concept for ALK‑driven non‑small cell lung cancer. The round was co‑led by Ascenta Capital and Bessemer Venture Partners and included participation from strategic and existing investors. Triana said the funding will advance TRI‑611 into the clinic and support selection of a second product candidate in 2026, while expanding platform capabilities. Management emphasized a target‑first, proximity‑first approach to molecular glue design, aiming to degrade oncogenic drivers resistant to conventional inhibitors. Investors and board additions announced alongside the financing underscore growing venture interest in targeted protein degradation as a therapeutic modality and signal continued capital flow into platform companies able to show preclinical efficacy and a clear clinical path.