$70 Million Says Alpha Therapy Is Not Done Yet

The Boston biotech's Series C will fund an actinium-225 sarcoma trial and expanded manufacturing.

2 Aug 2026

Ratio Therapeutics has closed a $70 million Series C financing round, lifting its total capital raised to more than $240 million. The Boston based clinical stage company develops targeted radiopharmaceuticals for cancer treatment. Existing backers Duquesne Family Office and Bristol Myers Squibb joined new investors Catalio Capital Management, Eli Lilly and Wasatch Group in the round.

The financing arrives as radiopharmaceuticals draw sustained institutional interest, with venture and strategic capital increasingly flowing toward companies pairing differentiated science with scalable manufacturing. Ratio plans to use the proceeds to advance its ongoing ATLAS study of its lead radiotherapeutic candidate, an actinium-225 labeled asset, in advanced sarcomas, while preparing its fifth investigational new drug filing.

Beyond the sarcoma program, Ratio intends to move a next generation radioligand therapy candidate into the clinic and widen its discovery pipeline into additional high value oncology targets. Chief Executive Jack Hoppin said the financing reflects investor confidence in the company's progress and the opportunities ahead as the pipeline matures.

The company will also keep strengthening its proprietary radiopharmaceutical technology and scaling manufacturing anchored by a vertically integrated site in Utah. That combination of clinical momentum and manufacturing investment echoes a broader industry pattern, in which companies developing alpha and beta emitting therapeutics race to secure both capital and production capacity ahead of anticipated commercial demand.