Ray Therapeutics raised a $125 million Series B to advance its retinal gene therapy program RTx-015 for retinitis pigmentosa. The financing is intended to fund late-stage clinical development and commercial readiness, including an upcoming registrational Phase II/III study. The program is positioned as mutation-agnostic: Ray delivers bioengineered light-sensitive proteins to targeted retinal cells, aiming to preserve function even when specific genetic causes vary. Retinitis pigmentosa remains an orphan-like market with no widely accepted vision-restoring therapies for many patients in late stages. For the sector, the round illustrates continued capital support for ocular gene therapy platforms that aim to expand addressable populations beyond single-mutation strategies.