Triana Biomedicines has closed an oversubscribed $120 million Series B financing round that will accelerate development of its molecular glue degrader platform and advance its lead program, TRI-611, toward clinical proof-of-concept in patients with ALK-positive non-small cell lung cancer. The round was co-led by Ascenta Capital and Bessemer Venture Partners, with participation from new investors including YK Bioventures, Regeneron Ventures, Invus, and Finchley Healthcare Ventures. Existing backers, including RA Capital Management, Atlas Venture, Lightspeed Venture Partners, Pfizer Ventures, and Surveyor Capital, also continued their support.
As part of the financing, Ascenta Capital’s Lorence Kim, M.D., and Bessemer Venture Partners’ Andrew Hedin will join the company’s board of directors.
The funding will advance TRI-611, a molecular glue degrader designed to selectively degrade ALK variants with promising pharmacologic properties. The capital will also support the selection of a second development candidate in 2026 and drive broader maturation of Triana’s molecular glue pipeline. The company aims to address the limitations of current ALK inhibitor therapies, including resistance and tolerability challenges that continue to affect a predominantly younger lung cancer population.
Triana, headquartered in Lexington, Massachusetts, has built a discovery engine that integrates bespoke chemical libraries, mechanistic biological insights, and high-resolution structural biology to design rational molecular glues for oncology applications. The company’s target-first and proximity-first strategy is intended to expand therapeutic possibilities for difficult-to-drug cancer targets.
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“We are pleased to have the strong backing of world-class investors for our Series B and thank both our new & existing partners for their commitment to advancing our mission. We look forward to the clinical development of TRI-611 for lung cancer patients.”
Dr. Patrick Trojer, President and CEO of Triana Biomedicines
“We’ve long viewed molecular glues as one of the most promising frontiers in targeted protein degradation. We’ve followed TRIANA closely as their world-class team has built a leading discovery engine to unlock this next-generation modality and deliver new therapies to patients. Their rapid execution and lead ALK+ non-small cell lung cancer program designed to overcome resistance seen with current treatments reflect the kind of bold, science-driven innovation that can transform patient outcomes.”
Andrew Hedin, Partner at Bessemer Venture Partners
“We are impressed by TRIANA’s platform, with its target-first approach to rational molecular-glue design, and TRI-611, that selectively degrades ALK variants with a compelling pharmacologic profile. At Ascenta, we are drawn to platforms that unite deep mechanistic insight with clear clinical potential, and we look forward to supporting TRIANA as it grows to support a full clinical development effort to bring medicines closer to patients.”
Dr. Lorence Kim, Managing Partner and Co-Founder of Ascenta Capital
