Ray Therapeutics raised new growth capital to push a retinal gene therapy into later-stage clinical development. The company closed a $125 million Series B financing to support late-stage trials and commercial-readiness activities for RTx-015, an optogenetic gene therapy in patients with retinitis pigmentosa. The financing is positioned around an upcoming registrational Phase II/III study, with the company describing its platform as “mutation-agnostic” by delivering bioengineered light-sensitive proteins to targeted retinal cells. That approach is designed to extend beyond mutation-specific limitations seen in some inherited retinal therapies. Beyond funding, investors will monitor the company’s timelines for the registrational study and manufacturing scale-up needs that typically intensify as retinal gene therapies move from proof-of-concept into registrational evidence. Series B proceeds also help reduce dilution pressure during pivotal trial periods.