R1 Therapeutics secured $77.5 million to advance a Phase 2b program targeting hyperphosphatemia in dialysis patients and support clinical development toward a potential market launch by the decade's end. The startup plans to progress its oral candidate that it licensed from a Chinese biotech and says the molecule could offer improved potency and convenience versus current treatments. R1 will use proceeds to fund the Phase 2b trial and expand manufacturing and regulatory activities. The raise reflects investor appetite for renal disease assets as new drug classes and combination strategies reshape nephrology care.