2025 has been a cornucopia of massive updates for companies exploring new possibilities in targeting the RAS/MAPK signaling pathway for cancer. I am notably excited about the prospects of companies likeI have my PhD in biochemistry and have worked for years analyzing clinical trials and biotech companies. It is my passion to educate everyone possible on the science behind the businesses that we invest in, and it's my mission to help you do your due diligence and not get burned by the pitfalls of investing i ...

U.S. stock futures were mixed this morning, with the Dow futures falling around 0.1% on Thursday.Shares of Fidus Investment Corp (NASDAQ:FDUS) fell sharply in pre-market trading after the company priced a $100 million public offering of 6.750% notes due 2030.Fidus Investment shares dipped 2.6% to $19.80 in pre-market trading.Here are some other stocks moving lower in pre-market trading.Bolt Biotherapeutics Inc (NASDAQ:BOLT) shares tumbled 13.4% to $4.90 in pre-market trading after the company issued an upda ...

U.S. stock futures were mixed this morning, with the Dow futures falling around 0.1% on Thursday.Shares of Fidus Investment Corp (NASDAQ:FDUS) fell sharply in pre-market trading after the company priced a $100 million public offering of 6.750% notes due 2030.Fidus Investment shares dipped 2.6% to $19.80 in pre-market trading.Here are some other stocks moving lower in pre-market trading.Bolt Biotherapeutics Inc (NASDAQ:BOLT) shares tumbled 13.4% to $4.90 in pre-market trading after the company issued an upda ...

Summary of Erasca's Conference Call Company Overview - **Company**: Erasca - **Focus**: Pure-play RAS-focused biotechnology company aiming to erase cancer, particularly RAS-driven cancer [3][4] Key Molecules in Pipeline - **ERAS-0015**: Pan-RAS molecular glue, currently in Phase 1 dose escalation (Auroras1) [3][9] - **ERAS-4001**: Pan-KRAS molecule, also in Phase 1 dose escalation (Borealis1) [3][18] - **ERAS-012**: Focused on EGFR, still in discovery stage [3][40] - **Naporafenib**: Phase 3 program, currently in partnership discussions [3][29] Competitive Positioning - **Global Industry**: Erasca acknowledges high-quality science in both the U.S. and China, with a focus on generating U.S. data [4] - **Regulatory Interactions**: Positive experiences with the FDA, achieving IND clearance ahead of guidance for both ERAS-0015 and ERAS-4001 [7][8] AI Utilization - **AI in Drug Discovery**: Erasca has previously used AI for drug discovery and is exploring its potential to streamline back-office functions and regulatory processes [5][6] Clinical Development Updates - **ERAS-0015**: Enrollment is progressing well with five marquee sites; data readout expected in 2026 [9][10] - **ERAS-4001**: IND cleared in Q2; preclinical data shows good potency against various KRAS mutations [18][19] Preclinical and Clinical Insights - **ERAS-0015 Advantages**: Higher binding affinity (8 to 21-fold) to cyclophilin A, leading to better potency and tumor residence time [10][11] - **ERAS-4001 Potency**: Single-digit nanomolar potency against both GDP and GTP states of KRAS, which is crucial for addressing resistance mechanisms [19][21] Market Opportunity - **Unmet Need**: Approximately 2.7 million patients diagnosed annually with RAS mutations, with 2.2 million being KRAS mutations [26] - **Combination Strategies**: Exploring both monotherapy and combination strategies with standard of care agents [16][24] Naporafenib Insights - **Efficacy Data**: Historical data shows significant improvement in progression-free survival (PFS) and overall survival (OS) compared to chemotherapy [29][30] - **Partnership Strategy**: Actively seeking a strategic partner, with discussions ongoing; potential for near-term revenue generation [33][34] Financial Position - **Cash Reserves**: As of Q2, Erasca has $387 million in cash, extending runway to the second half of 2028 [42] Conclusion - **Future Outlook**: Erasca is well-positioned for upcoming data releases and is actively engaging with investors, indicating strong interest in their pipeline [45]

Company Overview - Erasca, Inc. is a clinical-stage precision oncology company focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers [3] - The company aims to "erase cancer" by creating novel therapies and combination regimens that comprehensively target the RAS/MAPK pathway [3] Recent Events - Erasca announced its participation in the Morgan Stanley 23rd Annual Global Healthcare Conference, scheduled for September 9, 2025, at 3:20 pm Eastern Time [1] - The company will also engage in one-on-one investor meetings during the conference [1] Accessibility of Information - A live audio webcast of the conference presentation will be available on Erasca's website, with an archived replay accessible for 30 days post-event [2]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section provides Erasca, Inc.'s unaudited condensed consolidated financial statements and comprehensive notes detailing financial position, operational performance, cash flows, and significant accounting policies [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This table presents the company's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :--------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | | Total assets | $445,386 | $502,526 | $(57,140) | | Total liabilities | $73,128 | $79,027 | $(5,899) | | Total stockholders' equity | $372,258 | $423,499 | $(51,241) | | Cash and cash equivalents | $66,143 | $67,739 | $(1,596) | | Short-term marketable securities | $234,518 | $230,570 | $3,948 | | Long-term marketable securities | $86,088 | $142,164 | $(56,076) | | Accumulated deficit | $(832,505) | $(767,663) | $(64,842) | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This table details the company's revenues, expenses, and net loss for the three and six months ended June 30, 2025 and 2024 | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :---------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Research and development | $21,170 | $33,032 | $47,139 | $61,606 | | In-process research and development | $7,500 | $22,500 | $7,500 | $22,500 | | General and administrative | $9,455 | $12,250 | $19,116 | $22,527 | | Total operating expenses | $38,125 | $67,782 | $73,755 | $106,633 | | Net loss | $(33,876) | $(63,201) | $(64,842) | $(98,218) | | Net loss per share, basic and diluted | $(0.12) | $(0.29) | $(0.23) | $(0.53) | - Net loss significantly decreased for both the three-month period (**46.39% reduction**) and six-month period (**34.08% reduction**) ended June 30, 2025, compared to the same periods in 2024[13](index=13&type=chunk) - Research and development expenses decreased by **$11.86 million (35.90%)** for the three months and **$14.47 million (23.50%)** for the six months ended June 30, 2025, compared to 2024[13](index=13&type=chunk) - In-process research and development expenses decreased by **$15.0 million (66.67%)** for both the three and six months ended June 30, 2025, compared to 2024[13](index=13&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This table outlines changes in stockholders' equity, including common stock, additional paid-in capital, and accumulated deficit, for the six months ended June 30, 2025 | Metric | Balance at Dec 31, 2024 (in thousands) | Balance at June 30, 2025 (in thousands) | Change (in thousands) | | :-------------------------------- | :----------------------------------- | :---------------------------------- | :-------------------- | | Common Stock (Amount) | $28 | $28 | $0 | | Additional Paid-in Capital | $1,190,729 | $1,204,320 | $13,591 | | Accumulated Other Comprehensive Income | $405 | $415 | $10 | | Accumulated Deficit | $(767,663) | $(832,505) | $(64,842) | | Total Stockholders' Equity | $423,499 | $372,258 | $(51,241) | - Additional paid-in capital increased by **$13.59 million** from December 31, 2024, to June 30, 2025, primarily due to stock-based compensation expense and exercise of stock options[16](index=16&type=chunk) - Accumulated deficit increased by **$64.84 million** from December 31, 2024, to June 30, 2025, reflecting the net loss incurred during the period[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This table summarizes cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | Change (in thousands) | | :----------------- | :------------------------------------------ | :------------------------------------------ | :-------------------- | | Operating activities | $(52,086) | $(62,434) | $10,348 | | Investing activities | $50,010 | $(76,638) | $126,648 | | Financing activities | $480 | $218,799 | $(218,319) | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(1,596) | $79,727 | $(81,323) | - Net cash used in operating activities decreased by **$10.35 million**, indicating improved operational cash burn in the first half of 2025 compared to 2024[19](index=19&type=chunk) - Investing activities shifted from a net cash outflow of **$76.64 million** in H1 2024 to a net cash inflow of **$50.01 million** in H1 2025, primarily due to decreased purchases and increased maturities of marketable securities[19](index=19&type=chunk) - Net cash provided by financing activities significantly decreased by **$218.32 million**, reflecting substantial equity raises in H1 2024 that did not recur in H1 2025[19](index=19&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, explaining key accounting policies and financial details [Note 1. Organization and basis of presentation](index=7&type=section&id=Note%201.%20Organization%20and%20basis%20of%20presentation) This note describes Erasca, Inc.'s business as a clinical-stage oncology company, its financial position including accumulated deficit, and its liquidity outlook - Erasca, Inc. is a clinical-stage precision oncology company focused on RAS/MAPK pathway-driven cancers[21](index=21&type=chunk) - As of June 30, 2025, the Company had **$386.7 million** in cash, cash equivalents and marketable securities[22](index=22&type=chunk) - The Company had an accumulated deficit of **$832.5 million** as of June 30, 2025[22](index=22&type=chunk) - The Company believes its cash, cash equivalents and marketable securities as of June 30, 2025 will be sufficient to fund operations for at least one year from the issuance date[23](index=23&type=chunk) [Note 2. Summary of significant accounting policies](index=8&type=section&id=Note%202.%20Summary%20of%20significant%20accounting%20policies) This note outlines significant accounting policies, including estimates, interim financial information, credit risk, fair value measurements, and new accounting pronouncements - The Company classifies all marketable securities as available-for-sale, carried at fair value with unrealized gains/losses reported in accumulated other comprehensive income (loss)[31](index=31&type=chunk) - Equity investments without readily determinable fair values are recorded using cost minus impairment and assessed quarterly for potential impairment[33](index=33&type=chunk) - The Company qualifies as an 'emerging growth company' and has elected to use the extended transition period for complying with new or revised accounting standards[37](index=37&type=chunk) [Note 3. Fair value measurements](index=11&type=section&id=Note%203.%20Fair%20value%20measurements) This note details financial assets measured at fair value, primarily money market funds and various debt securities, categorized by Level 1 and Level 2 inputs | Asset Category | June 30, 2025 Fair Value (in thousands) | Level 1 (in thousands) | Level 2 (in thousands) | Level 3 (in thousands) | | :--------------- | :------------------------------------ | :--------------------- | :--------------------- | :--------------------- | | Money market funds | $62,337 | $62,337 | $— | $— | | US treasury securities | $80,844 | $80,844 | $— | $— | | US government agency securities | $41,904 | $— | $41,904 | $— | | Corporate debt securities | $4,993 | $— | $4,993 | $— | | Commercial paper | $101,762 | $— | $101,762 | $— | | Yankee debt securities | $5,015 | $— | $5,015 | $— | | US treasury securities (long-term) | $51,891 | $51,891 | $— | $— | | US government agency securities (long-term) | $34,197 | $— | $34,197 | $— | | **Total fair value of assets** | **$382,943** | **$195,072** | **$187,871** | **$—** | - The Company's equity investment in Affini-T Therapeutics, Inc. was fair valued at **$0** as of June 30, 2025, representing cost less impairment. A **$402,000** impairment adjustment was recorded in Q2 2024[44](index=44&type=chunk) [Note 4. Marketable securities](index=14&type=section&id=Note%204.%20Marketable%20securities) This note details available-for-sale marketable securities, their fair values, and unrealized loss positions attributed to market factors rather than credit risk | Security Type | June 30, 2025 Fair Value (in thousands) | December 31, 2024 Fair Value (in thousands) | | :------------------------------ | :------------------------------------ | :------------------------------------ | | US treasury securities (<=1 year) | $80,844 | $42,849 | | US government agency securities (<=1 year) | $41,904 | $22,420 | | Corporate debt securities (<=1 year) | $4,993 | $30,701 | | Commercial paper (<=1 year) | $101,762 | $129,561 | | Yankee debt securities (<=1 year) | $5,015 | $5,039 | | US treasury securities (1-2 years) | $51,891 | $71,784 | | US government agency securities (1-2 years) | $34,197 | $70,380 | | **Total** | **$320,606** | **$372,734** | - As of June 30, 2025, there were **14** available-for-sale securities with an estimated fair value of **$70.1 million** in gross unrealized loss positions, none for more than 12 months[48](index=48&type=chunk) - Unrealized losses are not attributed to credit risk but rather to market factors and changes in interest rates[49](index=49&type=chunk) [Note 5. Property and equipment, net](index=15&type=section&id=Note%205.%20Property%20and%20equipment,%20net) This note details the net value of property and equipment, which decreased due to accumulated depreciation and amortization | Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------- | :----------------------------- | :------------------------------- | | Laboratory equipment | $4,638 | $4,741 | | Furniture and fixtures | $3,712 | $3,712 | | Leasehold improvements | $16,313 | $16,313 | | Computer equipment and software | $1,624 | $1,564 | | Property and equipment | $26,287 | $26,330 | | Less accumulated depreciation and amortization | $(11,462) | $(10,009) | | **Property and equipment, net** | **$14,825** | **$16,321** | - Depreciation and amortization expense for the six months ended June 30, 2025, was **$1.6 million**, down from **$2.1 million** in the prior year period[51](index=51&type=chunk) [Note 6. Accrued expenses and other current liabilities](index=15&type=section&id=Note%206.%20Accrued%20expenses%20and%20other%20current%20liabilities) This note details the decrease in total accrued expenses and other current liabilities, primarily driven by reductions in accrued compensation and R&D expenses | Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Accrued research and development expenses | $14,366 | $14,872 | | Accrued compensation | $6,643 | $10,651 | | Accrued professional services | $371 | $451 | | Other accruals and current liabilities | $399 | $334 | | **Total** | **$21,779** | **$26,308** | [Note 7. Asset acquisitions](index=16&type=section&id=Note%207.%20Asset%20acquisitions) This note describes the Asana Merger Agreement, including upfront payments, stock issuance, and future milestone obligations for ERK1 and ERK2 inhibitors - In November 2020, the Company acquired an exclusive, worldwide license for ERK1 and ERK2 inhibitors (ERAS-007) through the Asana Merger Agreement[54](index=54&type=chunk) - The acquisition included an upfront payment of **$20.0 million** and the issuance of **4,000,000** shares of Series B-2 convertible preferred stock (total fair value of **$30.0 million**)[55](index=55&type=chunk) - Future obligations include up to **$90.0 million** in development and regulatory milestone cash payments and the issuance of **3,888,889** common shares upon a specific clinical milestone[55](index=55&type=chunk) [Note 8. License agreements](index=16&type=section&id=Note%208.%20License%20agreements) This note details key license agreements for naporafenib, pan-RAS, and pan-KRAS inhibitors, including upfront payments, milestones, and royalties - Novartis Agreement (Dec 2022) for naporafenib: **$20.0 million** upfront cash, **$80.0 million** in common stock, up to **$280.0 million** in future milestones, low-single digit royalties[58](index=58&type=chunk) - Joyo License Agreement (May 2024) for pan-RAS inhibitors: **$12.5 million** upfront cash, up to **$182.5 million** in future milestones, low- to mid-single digit royalties. **$7.5 million** IPR&D expense recorded in Q2 2025 for milestones[61](index=61&type=chunk) - Medshine License Agreement (May 2024) for pan-KRAS inhibitors: **$10.0 million** upfront cash, up to **$160.0 million** in future milestones, low-single digit royalties. **$10.0 million** IPR&D expense recorded in Q2 2024 for upfront payment[63](index=63&type=chunk) - Katmai License Agreement for ERAS-801 was terminated in April 2025, with assets assigned to Katmai and future payments to Erasca based on Katmai's development and commercialization[66](index=66&type=chunk) [Note 9. Stockholders' equity](index=18&type=section&id=Note%209.%20Stockholders'%20equity) This note details outstanding common stock, shares reserved for future issuance, and proceeds from private placement and underwritten offerings in 2024 | Category | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Stock options issued and outstanding | 47,790,988 | 33,910,721 | | Awards available for future grant | 13,435,804 | 13,265,858 | | Shares available for purchase under the ESPP | 4,081,044 | 1,569,952 | | **Total reserved for future issuance** | **65,307,836** | **48,746,531** | - In May 2024, the Company completed an underwritten offering of **99,459,458** common shares, generating **$174.4 million** net proceeds[70](index=70&type=chunk) - In March 2024, the Company completed a private placement of **21,844,660** common shares, generating **$43.6 million** net proceeds[71](index=71&type=chunk) [Note 10. Stock-based compensation](index=19&type=section&id=Note%2010.%20Stock-based%20compensation) This note details stock-based compensation expenses, stock option activity, and the impact of the May 2024 Option Repricing | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------- | :-------------------------------------------- | :-------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Research and development | $2,938 | $3,788 | $6,056 | $7,272 | | General and administrative | $3,460 | $3,392 | $7,055 | $6,756 | | **Total stock-based compensation expense** | **$6,398** | **$7,180** | **$13,111** | **$14,028** | - As of June 30, 2025, **47,790,988** stock options were outstanding with a weighted-average exercise price of **$3.25**[76](index=76&type=chunk) - An Option Repricing in May 2024 reduced the exercise price of **7,478,918** options to **$2.35** per share, resulting in **$1.1 million** of incremental cost[79](index=79&type=chunk) [Note 11. Leases](index=22&type=section&id=Note%2011.%20Leases) This note details total lease costs, cash payments for operating leases, increased sublease income, and a Q2 2024 impairment charge on lease assets | Lease Cost Category | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------ | :-------------------------------------------- | :-------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Operating lease cost | $1,815 | $2,434 | $3,646 | $4,345 | | Variable lease cost | $1,026 | $918 | $2,169 | $1,834 | | Sublease income | $(715) | $(132) | $(1,428) | $(216) | | **Total lease cost** | **$2,126** | **$3,220** | **$4,387** | **$5,963** | - The weighted-average remaining lease term was **6.89 years** and the weighted-average discount rate was **8.98%** at June 30, 2025[85](index=85&type=chunk) - A noncash impairment charge of **$4.7 million** was recognized in Q2 2024 related to the sublease plan for the first floor of the San Diego corporate headquarters[91](index=91&type=chunk) [Note 12. Commitments and contingencies](index=26&type=section&id=Note%2012.%20Commitments%20and%20contingencies) This note describes the May 2024 strategic reprioritization, including deprioritized clinical trials and an 18% workforce reduction with associated termination benefits - In May 2024, the Company initiated a strategic reprioritization to focus on naporafenib, ERAS-0015, and ERAS-4001 programs[94](index=94&type=chunk) - This reprioritization included deprioritizing the HERKULES-3, THUNDERBBOLT-1, and ERAS-4 pan-KRAS clinical trials[94](index=94&type=chunk) - An approximately **18%** workforce reduction resulted in **$2.2 million** in one-time cash charges for termination benefits in Q2 2024[94](index=94&type=chunk) [Note 13. Income taxes](index=26&type=section&id=Note%2013.%20Income%20taxes) This note states no income tax provision due to net operating losses, a full valuation allowance, and the impact of the One Big Beautiful Bill Act - No provision for federal, state, or foreign income taxes was recorded due to net operating losses[95](index=95&type=chunk) - A full valuation allowance has been recorded against all deferred tax assets[95](index=95&type=chunk) - The One Big Beautiful Bill Act (OBBBA) restores tax deductibility of domestic R&D expenses in the year incurred, and the Company is evaluating its impact[96](index=96&type=chunk) [Note 14. Net loss per share](index=26&type=section&id=Note%2014.%20Net%20loss%20per%20share) This note details basic and diluted net loss per share, which improved for the three and six months ended June 30, 2025, compared to 2024 | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(33,876) | $(63,201) | $(64,842) | $(98,218) | | Weighted-average shares of common stock used in computing net loss per share, basic and diluted | 283,355,730 | 217,806,567 | 283,308,273 | 184,484,154 | | **Net loss per share, basic and diluted** | **$(0.12)** | **$(0.29)** | **$(0.23)** | **$(0.53)** | - Potentially dilutive securities (options to purchase common stock, ESPP shares) were excluded from diluted net loss per share computation due to their anti-dilutive effect[98](index=98&type=chunk) [Note 15. Segment Information](index=27&type=section&id=Note%2015.%20Segment%20Information) This note states Erasca operates as a single segment, with the CEO allocating resources and assessing performance on a consolidated basis - The Company operates as a single operating and reportable segment focused on precision oncology for cancer patients[99](index=99&type=chunk) - The Chief Executive Officer (CODM) manages and allocates resources on a consolidated basis, assessing performance based on net loss and cash forecast models[99](index=99&type=chunk)[101](index=101&type=chunk) [Note 16. Subsequent Events](index=27&type=section&id=Note%2016.%20Subsequent%20Events) This note details the August 12, 2025, Amended and Restated Open Market Sale Agreement with Jefferies for up to $200 million in common stock - On August 12, 2025, Erasca entered into an Amended and Restated Open Market Sale Agreement with Jefferies to sell up to **$200 million** of common stock in 'at the market' offerings[102](index=102&type=chunk) - The Agent will receive a commission of up to **3.0%** of the gross proceeds[102](index=102&type=chunk) - The Company is not obligated to sell, and the Agent is not obligated to buy or sell, any shares under the agreement[103](index=103&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Erasca's financial condition, operational results, strategic priorities, pipeline progress, and liquidity, focusing on its clinical-stage precision oncology programs [Overview](index=28&type=section&id=Overview) This overview highlights Erasca's focus on RAS/MAPK pathway-driven cancers, its pipeline progress, and its financial position as of June 30, 2025 - Erasca is a clinical-stage precision oncology company focused on RAS/MAPK pathway-driven cancers, with a pipeline including naporafenib, ERAS-0015, ERAS-4001, and ERAS-12[106](index=106&type=chunk)[109](index=109&type=chunk) - ERAS-0015 (pan-RAS molecular glue) and ERAS-4001 (pan-KRAS inhibitor) INDs were cleared by the FDA in May 2025, with Phase 1 monotherapy data readouts anticipated in 2026[111](index=111&type=chunk)[112](index=112&type=chunk) - Naporafenib (pan-RAF inhibitor) received FDA Fast Track Designation in December 2023 for NRASm melanoma. Preliminary SEACRAFT-1 data showed a **40%** response rate in NRAS Q61X melanoma[114](index=114&type=chunk)[116](index=116&type=chunk) - In May 2025, the company decided to evaluate strategic alternatives for the Stage 2 portion of the naporafenib Phase 3 trial to prioritize its RAS-targeting franchise[118](index=118&type=chunk) - As of June 30, 2025, Erasca had **$386.7 million** in cash, cash equivalents, and marketable securities, and an accumulated deficit of **$832.5 million**[126](index=126&type=chunk)[127](index=127&type=chunk) [Our acquisition and license agreements](index=34&type=section&id=Our%20acquisition%20and%20license%20agreements) This section details the termination of the Katmai License Agreement for ERAS-801 and future payment obligations from Katmai to Erasca - In April 2025, the Katmai License Agreement for ERAS-801 was terminated as part of a strategic reprioritization[132](index=132&type=chunk) - Erasca assigned certain know-how, IP rights, and materials related to ERAS-801 to Katmai, and Katmai is obligated to make future payments to Erasca upon specific development and commercialization events[132](index=132&type=chunk) [Components of results of operations](index=34&type=section&id=Components%20of%20results%20of%20operations) This section explains the components of operating expenses, including research and development, in-process research and development, and general and administrative costs - The Company does not expect to generate revenue from product sales until regulatory approval is obtained[134](index=134&type=chunk) - Research and development expenses include external costs (CROs, CMOs, consultants) and internal costs (employee-related, lab supplies, facilities, depreciation)[135](index=135&type=chunk) - In-process research and development expenses are upfront and pre-commercial milestone payments for acquired or in-licensed product candidates without regulatory approval or alternative future use[140](index=140&type=chunk) - General and administrative expenses primarily cover employee-related costs, allocated facility expenses, and professional fees[142](index=142&type=chunk) [Results of operations](index=38&type=section&id=Results%20of%20operations) This section compares operating expenses and net loss for the three and six months ended June 30, 2025 and 2024, highlighting key changes | Operating Expense | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Change (in thousands) | | :-------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------- | | Research and development | $21,170 | $33,032 | $(11,862) | | In-process research and development | $7,500 | $22,500 | $(15,000) | | General and administrative | $9,455 | $12,250 | $(2,795) | | **Total operating expenses** | **$38,125** | **$67,782** | **$(29,657)** | | Net loss | $(33,876) | $(63,201) | $29,325 | | Operating Expense | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | Change (in thousands) | | :-------------------------- | :------------------------------------------ | :------------------------------------------ | :-------------------- | | Research and development | $47,139 | $61,606 | $(14,467) | | In-process research and development | $7,500 | $22,500 | $(15,000) | | General and administrative | $19,116 | $22,527 | $(3,411) | | **Total operating expenses** | **$73,755** | **$106,633** | **$(32,878)** | | Net loss | $(64,842) | $(98,218) | $33,376 | - Research and development expenses decreased by **$11.9 million (36%)** for the three months and **$14.5 million (24%)** for the six months ended June 30, 2025, primarily due to reduced personnel costs, outsourced services, clinical trial expenses, and a prior year impairment charge[147](index=147&type=chunk)[152](index=152&type=chunk) - In-process research and development expenses decreased by **$15.0 million (67%)** for both periods, reflecting lower milestone achievements in 2025 compared to upfront payments in 2024[148](index=148&type=chunk)[153](index=153&type=chunk) - General and administrative expenses decreased by **$2.8 million (23%)** for the three months and **$3.4 million (15%)** for the six months, mainly due to a prior year impairment charge, reduced legal fees, and facilities costs[149](index=149&type=chunk)[154](index=154&type=chunk) [Liquidity and capital resources](index=40&type=section&id=Liquidity%20and%20capital%20resources) This section details the company's cash position, expected funding runway, future capital requirements, and financing plans - As of June 30, 2025, the Company had **$386.7 million** in cash, cash equivalents, and marketable securities[161](index=161&type=chunk) - Current capital is expected to fund operations into the second half of 2028[161](index=161&type=chunk) - Future capital requirements are substantial and will depend on R&D progress, manufacturing costs, regulatory outcomes, and intellectual property maintenance[162](index=162&type=chunk) - The Company plans to finance future cash needs through equity offerings (including the ATM program), debt financings, or collaborations[163](index=163&type=chunk) | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :----------------- | :------------------------------------------ | :------------------------------------------ | | Operating activities | $(52,086) | $(62,434) | | Investing activities | $50,010 | $(76,638) | | Financing activities | $480 | $218,799 | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(1,596) | $79,727 | [Emerging growth company and smaller reporting company status](index=45&type=section&id=Emerging%20growth%20company%20and%20smaller%20reporting%20company%20status) This section confirms Erasca's status as an 'emerging growth company' and 'smaller reporting company,' allowing for scaled disclosures - Erasca is an 'emerging growth company' (EGC) and has elected to use the extended transition period for complying with new or revised accounting standards[173](index=173&type=chunk) - The Company is also a 'smaller reporting company' (SRC) and can take advantage of scaled disclosures[175](index=175&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk disclosures, including interest rate, foreign currency, and inflation risks, were reported as of June 30, 2025 - No material changes to market risk disclosures (interest rate, foreign currency, inflation) as of June 30, 2025[176](index=176&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - Disclosure controls and procedures were evaluated as effective at the reasonable assurance level as of June 30, 2025[178](index=178&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[179](index=179&type=chunk) PART II. OTHER INFORMATION This part contains other information not covered in the financial statements, including legal proceedings, risk factors, and equity sales [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) Erasca is not currently involved in any material legal proceedings, though ordinary course claims could impact operations - The Company is not currently a party to any material legal proceedings[181](index=181&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the 2024 Annual Report on Form 10-K, except as noted in the Q1 2025 10-Q - No material changes to risk factors since the Annual Report on Form 10-K for 2024, except as noted in the Q1 2025 10-Q[182](index=182&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report during the period - No unregistered sales of equity securities or use of proceeds to report[183](index=183&type=chunk) [Item 3. Defaults Upon Senior Securities](index=47&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the company for the reporting period - Not applicable[184](index=184&type=chunk) [Item 4. Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company for the reporting period - Not applicable[185](index=185&type=chunk) [Item 5. Other Information](index=47&type=section&id=Item%205.%20Other%20Information) This section covers Rule 10b5-1 trading plans and the new $200 million At the Market (ATM) Sales Agreement with Jefferies [Rule 10b5-1 Trading Plans](index=47&type=section&id=Rule%2010b5-1%20Trading%20Plans) No officers or directors adopted, modified, or terminated Rule 10b5-1 trading plans during the three months ended June 30, 2025 - No officers or directors adopted, materially modified, or terminated any Rule 10b5-1 trading arrangements during the three months ended June 30, 2025[186](index=186&type=chunk) [At the Market Sales Agreements](index=47&type=section&id=At%20the%20Market%20Sales%20Agreements) The 2022 ATM Offering was discontinued, and a new 2025 ATM Offering for up to $200 million in common stock was established on August 12, 2025 - The 2022 Open Market Sale Agreement (ATM Offering) was discontinued, with **$178.1 million** of shares remaining available for sale as of June 30, 2025[187](index=187&type=chunk) - On August 12, 2025, an Amended and Restated Open Market Sale Agreement (2025 ATM Offering) was entered into with Jefferies, allowing for the sale of up to **$200 million** of common stock[188](index=188&type=chunk) - Sales under the 2025 ATM Offering will be at prevailing market prices, with the Agent receiving up to a **3.0%** commission, and the Company is not obligated to sell any shares[188](index=188&type=chunk)[189](index=189&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed, including certifications from CEO and CFO, and Inline XBRL documents - Includes certifications from the CEO and CFO as required by Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act of 2002[194](index=194&type=chunk) - Contains Inline XBRL Instance Document, Taxonomy Extension Schema Document, and Cover Page Interactive Data File[194](index=194&type=chunk) [Signatures](index=50&type=section&id=Signatures) The report is duly signed by the Principal Executive Officer and Principal Financial and Accounting Officer on August 12, 2025 - Report signed by Jonathan E. Lim, M.D., Chairman, CEO, and Co-Founder, and David M. Chacko, M.D., CFO and CBO, on August 12, 2025[198](index=198&type=chunk)

[Erasca Reports Second Quarter 2025 Business Updates and Financial Results](index=1&type=section&id=Erasca%20Reports%20Second%20Quarter%202025%20Business%20Updates%20and%20Financial%20Results) Erasca advanced its RAS-targeting oncology franchise with two IND clearances and maintains a strong financial position into H2 2028 [Q2 2025 Business and Financial Highlights](index=1&type=section&id=Q2%202025%20Business%20and%20Financial%20Highlights) Erasca achieved clinical entry for two RAS-targeting candidates and secured its financial runway into the second half of 2028 - Efficient execution accelerated clinical entry of pan-RAS molecular glue ERAS-0015 and pan-KRAS inhibitor ERAS-4001[1](index=1&type=chunk) - Phase 1 monotherapy data for RAS-targeting franchise (ERAS-0015 and ERAS-4001) expected in **2026**[1](index=1&type=chunk)[2](index=2&type=chunk) - Robust balance sheet with **$387 million** in cash, cash equivalents, and marketable securities as of June 30, 2025, expected to fund operations into **H2 2028**[1](index=1&type=chunk)[2](index=2&type=chunk) [Research and Development (R&D) Highlights](index=1&type=section&id=Research%20and%20Development%20(R%26D)%20Highlights) Erasca made significant R&D advancements, including IND clearances and promising preclinical data for its RAS-targeting pipeline [Recent R&D Achievements](index=1&type=section&id=Recent%2620R%2626D%2620Achievements) Erasca achieved significant R&D milestones in Q2 2025, including IND clearances for two key drug candidates and presentation of encouraging preclinical data for its RAS-targeting franchise - IND cleared for ERAS-4001 (pan-KRAS inhibitor) in June 2025 for KRAS-mutant solid tumors, now being evaluated in the BOREALIS-1 Phase 1 trial[5](index=5&type=chunk) - IND cleared for ERAS-0015 (pan-RAS molecular glue) in May 2025 for RAS-mutant solid tumors, now being evaluated in the AURORAS-1 Phase 1 trial[5](index=5&type=chunk) - Presented new preclinical data reinforcing potential best-in-class profiles of Erasca's RAS-targeting franchise at the 2025 American Association for Cancer Research (AACR) Annual Meeting in April 2025[5](index=5&type=chunk) [Key Upcoming Milestones](index=1&type=section&id=Key%20Upcoming%20Milestones) The company anticipates delivering initial Phase 1 monotherapy data for its lead RAS-targeting candidates, ERAS-0015 and ERAS-4001, in 2026 - Initial Phase 1 monotherapy data for ERAS-0015 (pan-RAS molecular glue) from the AURORAS-1 trial expected in **2026**[5](index=5&type=chunk) - Initial Phase 1 monotherapy data for ERAS-4001 (pan-KRAS inhibitor) from the BOREALIS-1 trial expected in **2026**[5](index=5&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) Erasca reported a reduced net loss in Q2 2025, driven by lower R&D and G&A expenses, while maintaining a strong cash position [Financial Results Summary](index=2&type=section&id=Financial%20Results%20Summary) Erasca's Q2 2025 net loss decreased significantly due to lower R&D and G&A expenses, with cash runway extending into H2 2028 Key Financials for Three Months Ended June 30 (in thousands) | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Research and Development Expenses | $21,170 | $33,032 | -35.9% | | In-process Research and Development | $7,500 | $22,500 | -66.7% | | General and Administrative Expenses | $9,455 | $12,250 | -22.8% | | Net Loss | $(33,876) | $(63,201) | -46.4% | | Net Loss per Share (basic and diluted) | $(0.12) | $(0.29) | -58.6% | - Cash, cash equivalents, and marketable securities were **$386.7 million** as of June 30, 2025, compared to **$440.5 million** as of December 31, 2024. This balance is expected to fund operations into the second half of **2028**[6](index=6&type=chunk) - Decrease in R&D expenses was primarily driven by an impairment charge in Q2 2024, and decreases in personnel costs, outsourced services, clinical trial expenses, preclinical studies, and facilities-related expenses[7](index=7&type=chunk) - Decrease in G&A expenses was primarily driven by an impairment charge in Q2 2024, and a decrease in legal fees[8](index=8&type=chunk) [Selected Condensed Consolidated Balance Sheet Data](index=4&type=section&id=Selected%20Condensed%20Consolidated%20Balance%20Sheet%20Data) The balance sheet reflects a decrease in cash and total assets, alongside an increased accumulated deficit, impacting equity [Balance Sheet Overview](index=4&type=section&id=Balance%20Sheet%20Overview) The balance sheet shows decreased cash and total assets from December 2024 to June 2025, with working capital slightly increasing, while the accumulated deficit grew, reducing total stockholders' equity Selected Condensed Consolidated Balance Sheet Data (in thousands) | Balance Sheet Data | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Cash, cash equivalents, and marketable securities | $386,749 | $440,473 | | Working capital | $282,509 | $277,398 | | Total assets | $445,386 | $502,526 | | Accumulated deficit | $(832,505) | $(767,663) | | Total stockholders' equity | $372,258 | $423,499 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Statements of operations show reduced operating expenses and net loss for Q2 and H1 2025, primarily from lower R&D and G&A [Statements of Operations Overview](index=5&type=section&id=Statements%20of%20Operations%20Overview) Erasca's statements of operations show a significant reduction in operating expenses and net loss for both the three and six months ended June 30, 2025, compared to the same periods in 2024, primarily due to lower R&D and G&A costs Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except per share amounts) | Operating Expenses | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $21,170 | $33,032 | $47,139 | $61,606 | | In-process research and development | $7,500 | $22,500 | $7,500 | $22,500 | | General and administrative | $9,455 | $12,250 | $19,116 | $22,527 | | **Total operating expenses** | **$38,125** | **$67,782** | **$73,755** | **$106,633** | | Loss from operations | $(38,125) | $(67,782) | $(73,755) | $(106,633) | | Interest income | $4,330 | $5,041 | $9,070 | $8,941 | | Other expense, net | $(81) | $(460) | $(157) | $(526) | | **Total other income (expense), net** | **$4,249** | **$4,581** | **$8,913** | **$8,415** | | **Net loss** | **$(33,876)** | **$(63,201)** | **$(64,842)** | **$(98,218)** | | Net loss per share, basic and diluted | $(0.12) | $(0.29) | $(0.23) | $(0.53) | | Weighted-average shares of common stock used in computing net loss per share, basic and diluted | 283,355,730 | 217,806,567 | 283,308,273 | 184,484,154 | | Unrealized (loss) gain on marketable securities, net | $(213) | $14 | $10 | $(273) | | **Comprehensive loss** | **$(34,089)** | **$(63,187)** | **$(64,832)** | **$(98,491)** | [About Erasca](index=2&type=section&id=About%20Erasca) Erasca is a clinical-stage precision oncology company focused on RAS/MAPK pathway-driven cancers [Company Mission and Focus](index=2&type=section&id=Company%20Mission%20and%20Focus) Erasca is a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, aiming to 'erase cancer' through novel therapies and combination regimens - Erasca's mission is to 'erase cancer' by focusing on RAS/MAPK pathway-driven cancers[10](index=10&type=chunk) - The company develops novel therapies and combination regimens designed to comprehensively shut down the RAS/MAPK pathway[10](index=10&type=chunk) - Co-founded by leading pioneers in precision oncology and RAS targeting, guided by a scientific advisory board of world's leading experts[10](index=10&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=2&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section outlines risks and uncertainties associated with forward-looking statements, emphasizing potential divergence from actual results [Forward-Looking Statements and Risks](index=2&type=section&id=Forward-Looking%20Statements%20and%20Risks) This disclaimer highlights that forward-looking statements regarding future events, therapeutic benefits, clinical trial timings, and financial sufficiency are subject to inherent risks and uncertainties, potentially differing from actual results - Forward-looking statements include expectations regarding therapeutic benefits, planned advancement of the development pipeline, anticipated timing of data readouts, ability to advance differentiated approaches, and sufficiency of cash to fund operations[11](index=11&type=chunk) - Actual results may differ due to risks such as the novel and unproven approach of shutting down the RAS/MAPK pathway, preclinical/early clinical trial results not being predictive, potential delays in clinical trials, dependence on third parties, unexpected adverse side effects, and ability to obtain intellectual property protection[11](index=11&type=chunk)[12](index=12&type=chunk) - Readers are cautioned not to place undue reliance on these statements, which speak only as of the date of the press release, and Erasca undertakes no obligation to update them[12](index=12&type=chunk) [Contact Information](index=5&type=section&id=Contact%20Information) Contact details for investor relations are provided for inquiries [Investor Relations Contact](index=5&type=section&id=Investor%20Relations%20Contact) Contact details for investor relations are provided for inquiries - Contact: Joyce Allaire, LifeSci Advisors, LLC, jallaire@lifesciadvisors.com[16](index=16&type=chunk)

Core Insights - Erasca, Inc. is advancing its RAS-targeting franchise with the expectation of initial Phase 1 monotherapy data for its pan-RAS molecular glue ERAS-0015 and pan-KRAS inhibitor ERAS-4001 in 2026, addressing significant unmet medical needs in oncology [2][6] - The company reported a robust cash position of $387 million as of June 30, 2025, which is anticipated to fund operations into the second half of 2028 [4][12] - R&D expenses decreased to $21.2 million for the quarter ended June 30, 2025, compared to $33.0 million for the same period in 2024, primarily due to reduced personnel costs and other operational efficiencies [5][13] Financial Performance - The net loss for the quarter ended June 30, 2025, was $33.9 million, or $(0.12) per share, a significant reduction from a net loss of $63.2 million, or $(0.29) per share, for the same quarter in 2024 [8][13] - General and administrative expenses decreased to $9.5 million for the quarter ended June 30, 2025, down from $12.3 million in the same quarter of 2024, reflecting cost management efforts [7][13] Research and Development Highlights - The company received IND clearance from the FDA for both ERAS-0015 and ERAS-4001, enabling the initiation of clinical trials for patients with RAS-mutant and KRAS-mutant solid tumors, respectively [6] - Encouraging preclinical data supporting the potential of the RAS-targeting franchise was presented at the 2025 American Association for Cancer Research Annual Meeting [6] Upcoming Milestones - Initial Phase 1 monotherapy data for both ERAS-0015 and ERAS-4001 is expected in 2026, marking a significant step in the development of these therapies [2][6]

Summary of Erasca (ERAS) FY Conference Call - June 10, 2025 Company Overview - **Company Name**: Erasca (ERAS) - **Mission**: Focused on eradicating RAS-driven cancers, which are mutated in approximately 30% to 50% of all diagnosed cancers annually [3][4] Key Programs - **Current Pipeline**: - **ERAS 15**: A pan RAS molecular glue, recently cleared IND [4][11] - **ERAS 4,001**: A pan KRAS inhibitor, also recently cleared IND [4][11] - **ERAS 12**: A bispecific antibody targeting EGFR, in earlier stages [5] Market Opportunity - **Unmet Need**: Millions of patients diagnosed annually with RAS mutant tumors, with 2.2 million for KRAS and 2.7 million including H and NRAS [7][38] - **Competitive Landscape**: - ERAS 15 has one main competitor, Revolution Medicine's RMC-6,236, but the space is relatively uncrowded due to chemistry and IP challenges [8][10] - The pan KRAS market is more competitive, but ERAS believes their program has a strong profile [8][10] Clinical Development Timeline - **IND Clearances**: Both ERAS 15 and 4,001 received IND clearances in May 2025, ahead of guidance [11][12] - **Phase I Data**: Expected in calendar year 2026 for both programs [12][37] - **Enrollment**: No concerns regarding enrollment due to high unmet need and interest from leading centers [38][39] Preclinical Data Highlights - **Binding Affinity**: ERAS 15 shows 8 to 20 times higher binding affinity to cyclophilin A compared to RMC-6,236 [14] - **In Vitro Potency**: 4 to 5 times greater potency than RMC-6,236 [15] - **Dosing**: Anticipated human dose for ERAS 15 to be about one-tenth of the comparator's dose, potentially leading to better tolerability [18][29] Safety and Efficacy Considerations - **Toxicity Monitoring**: Accumulation of the drug will be monitored, but no major concerns anticipated regarding drug-induced liver injury due to different binding mechanisms [30][31] - **Combination Therapies**: Plans to explore combinations with standard care agents, including cetuximab and PD-1 inhibitors [49][50] Financial Overview - **Licensing Agreements**: - ERAS 15: Upfront payment of $12.5 million, total deal value around $189 million [53] - ERAS 4,001: Upfront payment of $10 million, total deal value around $170 million [55] - **Cash Runway**: Extended guidance to the second half of 2028, providing over three years of cash [67] Strategic Focus - **Reprioritization**: Shifted focus from a pan RAF inhibitor (neparafenib) to RAS programs due to higher unmet needs and potential [59] - **Partnership Opportunities**: Open to finding strategic partners for neparafenib, with no rush to finalize a deal [63] Investor Sentiment - **Positive Feedback**: Investors have responded favorably to the strategic focus on RAS assets and extended cash runway [66][68] Conclusion - **Future Outlook**: Erasca is well-positioned with a strong pipeline and ample cash runway to advance its RAS programs, aiming to address significant unmet needs in oncology [73]

Summary of Eraska Conference Call Company Overview - **Company Name**: Eraska - **Mission**: Focused on erasing cancer, particularly RAS-driven cancers, with a pipeline centered on the RAS MAP kinase pathway [1][2] Key Programs and Pipeline - **Pan RAS Molecule**: ERAS 15, a pan RAS molecular glue, recently cleared for IND [2][4] - **Pan KRAS Inhibitor**: ERAS 4001, a switch to pocket binder, also cleared for IND [2][4] - **Pan RAF Inhibitor**: Naporafenib, currently in phase three for NRAS mutant melanoma, seeking a strategic partner for further development [2][31] - **Biologic**: ERAS 12, a bispecific antibody targeting both active and inactive confirmations of EGFR [3] Clinical Trials - **Trial Design**: Phase one trials for ERAS 15 (AURORAS one) and ERAS 4001 (Borealis one) involve dose escalation followed by monotherapy expansions [6][9] - **Patient Enrollment**: Focus on RAS naive patients for dose escalation [13] - **Expected Dosing Frequency**: ERAS 15 predicted half-life of 24 hours for once daily dosing; ERAS 4001 may require twice daily dosing [11][12] Competitive Landscape - **Market Position**: Eraska is positioned as a strong competitor in the RAS space, with fewer players and a solid preclinical profile compared to competitors like RevMed [39][40] - **Challenges**: Development of new pan RAS molecular glues is complex due to chemistry and limited IP space [40] Efficacy and Safety - **Efficacy Expectations**: ERAS 15 may achieve comparable efficacy at lower doses than RevMed's drug, with a potential one-tenth dose requirement for tumor regression [16][18] - **Safety Profile**: Preclinical data suggest potential safety advantages due to longer tumor residence time [19] Data Disclosure and Future Plans - **Data Guidance**: Expecting to disclose monotherapy data for both ERAS 15 and ERAS 4001 in 2026, with dozens of patients involved [32][50] - **Development Timeline**: Plans to move quickly on dose escalation and explore combination therapies in key indications [34][37] Financial Position - **Cash Reserves**: Approximately $411 million, providing a runway into the second half of 2028, positioning Eraska as one of the best-capitalized companies in the RAS space [49] Strategic Decisions - **Naporafenib Development**: Development paused to extend cash runway and focus on RAS programs [31] - **Partnership Strategy**: Actively seeking a partner for Naporafenib while maintaining focus on advancing RAS programs [46][47] Conclusion - Eraska is strategically positioned in the oncology market with a focused pipeline targeting RAS-driven cancers, strong financial backing, and a clear plan for clinical development and data disclosure. The company aims to leverage its competitive advantages to capture market share in a challenging landscape.