Ratio Therapeutics Closes $70 Million Series C Financing to Advance Clinical Development of Targeted Radiotherapeutics Pipeline and Expand Manufacturing Infrastructure

Round brings total capital raised to over $240 Million.

BOSTON, July 31, 2026 /PRNewswire/ -- Ratio Therapeutics, Inc. (Ratio), a clinical-stage pharmaceutical company developing best-in-class radiopharmaceuticals for cancer treatment, today announced the closing of a $70 million Series C financing.

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

Proceeds from the financing will fuel Ratio's next phase of growth. The company expects to use the funding to advance its ongoing ATLAS study evaluating its lead radiotherapeutic asset [Ac-225]RTX-2358 in advanced sarcomas, and to move its next-generation RLT candidate into the clinic. Ratio also plans to expand its discovery pipeline into new, high-value oncology targets, extending its radiopharmaceutical platform beyond its current indications and into additional tumor types with significant unmet need and substantial market potential. In parallel, the company will continue to strengthen its proprietary radiopharmaceutical technology and scale its manufacturing capabilities to support pipeline expansion and future commercial demand.

"This financing reflects the confidence our investors and strategic partners have in the progress we have made to date and the opportunities that lie ahead," said Dr. Jack Hoppin, Chief Executive Officer of Ratio Therapeutics. "As we march the ATLAS trial forward and prepare for our 5^th IND filing, these proceeds are instrumental across the development and ultimately the supply of our targeted and PK-optimized radiopharmaceuticals."

"Ratio is a leader in radiopharmaceutical innovation and it has backed up science with execution — hitting clinical milestones, deepening strategic partnerships, and building the manufacturing infrastructure this modality demands," said Sue Meng, Managing Director of Duquesne Family Office. "We've tracked that progress closely, and our investment reflects our strong conviction in Ratio's platform and its potential to change outcomes for patients."

About Ratio Therapeutics

Ratio Therapeutics, Inc. is a clinical-stage pharmaceutical company that systematically engineers radiopharmaceuticals to optimize therapeutic index and develop best-in-class cancer treatments. Its lead program, [Ac-225]RTX-2358, is a FAP-targeted therapeutic in the ATLAS Phase 1/2 trial. The broader pipeline includes a next-generation GRPR program, additional mono- and bispecific radioligand therapies, and imaging assets, enabled by Ratio's Trillium pharmacokinetic tuning technology and Macropa chelator platform. Ratio has also demonstrated external validation through partnered programs, including its Novartis SSTR2 radioligand therapy collaboration. Complementing its pipeline is a hybrid manufacturing model anchored by its vertically integrated manufacturing site in Utah, external partners, and diversified isotope supply. View Ratio's pipeline here.

Please visit www.ratiotx.com for more information and follow us on Twitter (X) and LinkedIn.

SOURCE Ratio Therapeutics Inc.