Ratio Therapeutics Raises $70 Million to Advance Cancer Radiopharmaceuticals

Ratio Therapeutics has secured $70 million in Series C financing to accelerate the development of its radiopharmaceutical pipeline, advance clinical trials, and expand its manufacturing capabilities as it works to bring new targeted cancer therapies to patients.

The financing round attracted continued support from existing investors, including Duquesne Family Office and Bristol Myers Squibb, while welcoming new investors Catalio Capital Management, Eli Lilly and Company, and Wasatch Group. The investment provides the clinical-stage biotechnology company with additional resources to strengthen its position in the rapidly growing field of radiopharmaceutical cancer treatments.

The company said the new funding will primarily support its ongoing ATLAS clinical trial, which is evaluating its lead radiotherapeutic candidate, [Ac-225]RTX-2358, in patients with advanced sarcomas. Sarcomas are rare cancers that develop in bones and soft tissues and often have limited treatment options once they reach advanced stages.

In addition to progressing its lead program, Ratio plans to use the proceeds to move its next-generation radioligand therapy (RLT) candidate into clinical development. The company is also investing in expanding its discovery pipeline by targeting additional types of cancer with significant unmet medical needs.

Beyond clinical development, Ratio intends to strengthen its proprietary radiopharmaceutical technology platform and increase its manufacturing capacity. The company believes these investments will be essential to support future clinical programs and prepare for potential commercial demand as its pipeline advances.

Radiopharmaceuticals have emerged as one of the fastest-growing areas in oncology, combining radioactive isotopes with molecules designed to selectively target cancer cells. This approach enables radiation to be delivered directly to tumors while limiting damage to healthy tissue. Several successful approvals in recent years have increased industry investment in the field, with pharmaceutical companies seeking new targeted therapies for difficult-to-treat cancers.

Ratio Therapeutics is positioning itself to capitalize on this momentum through a pipeline of precision radiopharmaceuticals designed to improve tumor targeting and optimize pharmacokinetics. The company’s platform focuses on developing therapies that can deliver more effective treatment while potentially reducing side effects compared with conventional radiation approaches.

Chief Executive Officer Dr. Jack Hoppin said the financing demonstrates the confidence investors and strategic partners have in the company’s scientific progress and long-term strategy.

According to Hoppin, the investment will support continued advancement of the ATLAS study while helping the company prepare for its fifth Investigational New Drug (IND) application. He added that the funding will also play a critical role in supporting both the development and future supply of Ratio’s targeted, pharmacokinetically optimized radiopharmaceutical therapies.

Investors also highlighted the company’s operational progress alongside its scientific achievements.

Sue Meng, Managing Director of Duquesne Family Office, said Ratio has established itself as a leader in radiopharmaceutical innovation by consistently meeting clinical milestones, expanding strategic partnerships and building the manufacturing infrastructure required to support this specialized treatment modality.

She noted that the firm’s continued investment reflects strong confidence in Ratio’s technology platform and its potential to improve outcomes for cancer patients.

The participation of major pharmaceutical companies such as Bristol Myers Squibb and Eli Lilly further underscores growing industry interest in radiopharmaceutical therapies, an area increasingly viewed as a promising frontier in precision oncology.

With fresh capital in place, Ratio Therapeutics is expected to accelerate its clinical programs, broaden its research efforts into additional cancer indications and strengthen its manufacturing capabilities. The company believes these investments will position it for continued growth as it advances a pipeline of targeted radiopharmaceutical therapies aimed at addressing significant unmet needs across multiple types of cancer.