Allay Therapeutics has completed a $57.5 million Series D financing round, co-led by Lightstone Ventures and ClavystBio, with participation from existing investors such as NEA, Arboretum Ventures, and Vertex Growth, as well as new investors including IPD Capital, EDBI, and SGInnovate. HSBC Innovation Banking also contributed venture debt financing.

The funds will support a Phase 2b registration trial of Allay’s lead candidate ATX101, a long-acting investigational analgesic aimed at managing post-surgical pain following total knee arthroplasty (TKA). ATX101 is designed to reduce opioid reliance and improve recovery outcomes.