Ray Therapeutics raised $125 million in a Series B financing to advance retinal gene therapy programs, including its lead optogenetic asset RTx-015 for retinitis pigmentosa. The funding is set to support late-stage development and commercial readiness ahead of a planned registrational Phase II/III study. RTx-015 is designed as a “mutation-agnostic” optogenetic therapy that delivers engineered, light-sensitive proteins into retinal cells—an approach intended to expand eligibility beyond mutation-specific gene corrections. The company said the proceeds will fund the clinical path and the operational capabilities needed for potential launch. The raise highlights continued investor appetite for advanced modality retinal programs where unmet need remains high and endpoints can be operationalized through functional vision measures.