Ray Therapeutics secured $125 million in a Series B financing to fund late-stage clinical development and commercial readiness for its mutation-agnostic retinal gene therapy program RTx-015 in retinitis pigmentosa. The financing specifically supports an upcoming registrational Phase II/III study and scaling capabilities toward potential launch. In capital markets, Lucid Diagnostics priced a $18 million registered direct offering to support working capital and general corporate needs. The company’s EsoGuard esophageal DNA test for patients at risk of esophageal cancer remains the focus of its commercialization strategy. Separately, Avalyn Pharma pursued an IPO plan targeting roughly $181.8 million to push inhaled reformulations of approved respiratory drugs into late-stage studies, reflecting continued investor appetite for rescoping existing therapies into next-generation respiratory franchises.