Ray Therapeutics raised $125 million in a Series B financing to advance retinal gene therapy programs, including clinical development and commercial readiness for its lead optogenetic asset RTx-015 in retinitis pigmentosa. The funding is intended to support an upcoming registrational Phase II/III study and build the operational capabilities required for a potential product launch. Ray positioned RTx-015 as “mutation-agnostic,” aiming to improve visual function regardless of underlying genetic mutation by delivering light-sensitive proteins to targeted retinal cells. The round reflects continued capital support for late-stage translational gene therapy platforms where proof-of-concept in functional outcomes drives investment momentum.