Ray Therapeutics closed a $125 million Series B to advance its retinal gene therapy pipeline, with plans for late-stage execution behind its lead optogenetic program RTx-015 for retinitis pigmentosa. The company said the funding will support an upcoming registrational Phase II/III study and commercial readiness capabilities. Ray’s mutation-agnostic approach aims to improve visual function by delivering bioengineered light-sensitive proteins into targeted retinal cells, potentially broadening the eligible patient population compared with mutation-correcting gene therapies. The financing highlights investor willingness to fund platform-driven late-stage retinal development, particularly as retinal degeneration programs move toward pivotal trials and launch preparation requirements.