Ray Therapeutics raised $125 million in a Series B financing to advance its retinal gene therapy platform, including late-stage development and commercial readiness for its lead program RTx-015 in retinitis pigmentosa. The company said funding will support an upcoming registrational Phase II/III study. RTx-015 is an optogenetic gene therapy designed with a mutation-agnostic approach: it delivers light-sensitive proteins to targeted retinal cells, aiming to restore visual function independent of the underlying genetic mutation. Ray emphasized that many existing retinal gene therapies are limited to defined patient subsets earlier in disease. The financing matters for the retinal space because development timelines and manufacturing readiness requirements are capital intensive, especially for vision-restoration modalities that require specific vector and delivery considerations. If RTx-015’s clinical readouts support efficacy and safety, Ray could expand the competitive landscape beyond mutation-specific retinal programs and broaden addressable patient populations in late-stage disease.