Ray Therapeutics closed a $125 million Series B financing to accelerate development of its optogenetic retinal gene therapy RTx-015 for retinitis pigmentosa. The funding is earmarked for late-stage clinical development, including an upcoming registrational Phase II/III study, and for capabilities aimed at commercial readiness. The company is pursuing a “mutation-agnostic” strategy by delivering highly light-sensitive proteins to retinal cells, with the goal of improving visual function regardless of the underlying genetic variant. Ray positions the approach as a way to extend benefit beyond the narrow patient groups typical of mutation-specific retinal gene therapies. RTx-015’s value proposition is closely tied to the regulatory and trial-planning path: the company plans to use the financing to support late-stage execution and scale efforts that often become limiting factors as therapies move from early proof into pivotal programs. For investors monitoring retinal degeneration, this round underscores continuing appetite for gene-therapy franchises that can broaden addressable populations through platform design rather than single-mutation targeting.