Ratio Therapeutics Raises $70 Million Series C to Advance Cancer Radiopharmaceutical Pipeline

Ratio Therapeutics Secures $70 Million in Series C Funding

Boston-based Ratio Therapeutics has raised $70 million in Series C financing to advance its pipeline of targeted cancer radiopharmaceuticals.

The round included participation from existing investors Duquesne Family Office and Bristol Myers Squibb, alongside new investors Catalio Capital Management, Eli Lilly and Company, and Wasatch Group.

With this latest investment, the company has now raised more than $240 million in total funding.

Advancing Targeted Radiopharmaceutical Therapies

Ratio Therapeutics develops radiopharmaceuticals—targeted medicines that use radioactive isotopes to detect and treat cancer.

Its lead clinical candidate, [Ac-225]RTX-2358, targets fibroblast activation protein (FAP) in patients with advanced sarcomas and is currently being evaluated in the ATLAS Phase 1/2 clinical trial.

The company is also preparing its fifth Investigational New Drug (IND) filing as it expands its oncology pipeline.

Funding to Expand Clinical Development and Manufacturing

Ratio Therapeutics said the Series C proceeds will be used to:

• Advance the ATLAS Phase 1/2 trial

• Move its next-generation radiopharmaceutical candidate into clinical development

• Expand its oncology pipeline into additional targets

• Scale manufacturing capacity to support future commercial demand

According to the company, its manufacturing strategy combines a vertically integrated production facility in Utah with external manufacturing partners and a diversified isotope supply network.

The company has also established partnered development programs, including a collaboration with Novartis focused on SSTR2 radioligand therapy.