UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission File Number: 001-40602 ERASCA, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 83-1217027 (State ...

Efficient execution accelerated clinical entry of pan-RAS molecular glue ERAS-0015 and pan-KRAS inhibitor ERAS-4001 Phase 1 monotherapy data for RAS-targeting franchise expected in 2026 Robust balance sheet with cash, cash equivalents, and marketable securities of $387 million as of June 30, 2025 is expected to fund operations into H2 2028 SAN DIEGO, August 12, 2025 (GLOBE NEWSWIRE) -- Erasca, Inc. (Nasdaq: ERAS), a clinical-stage precision oncology company singularly focused on discovering, developing, and ...

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.

Core Insights - Erasca, Inc. has received IND clearance from the FDA for ERAS-4001, a potential first-in-class pan-KRAS inhibitor, and ERAS-0015, a pan-RAS molecular glue, ahead of company guidance [1][2] - Initial Phase 1 monotherapy data for both RAS-targeting programs is expected in 2026 [1] Company Overview - Erasca is a clinical-stage precision oncology company focused on therapies for RAS/MAPK pathway-driven cancers [5] - The company aims to develop novel therapies to comprehensively shut down the RAS/MAPK pathway [5] Product Details - **ERAS-4001**: - A selective pan-KRAS inhibitor targeting multiple KRAS mutations and wildtype KRAS, with no activity against HRAS or NRAS [4] - Demonstrated potent activity against both active and inactive states of KRAS with single-digit nanomolar IC50s [4] - Induced tumor regression in multiple KRASm models during preclinical studies [4] - **ERAS-0015**: - An oral pan-RAS molecular glue with significantly higher binding affinity and potency compared to existing treatments [3] - Designed to prevent resistance against mutant-selective inhibitors by inhibiting RAS wildtype variants [3] - Showed favorable pharmacokinetic properties in preclinical studies [3] Clinical Trials - The BOREALIS-1 Phase 1 trial will assess the safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary efficacy of ERAS-4001 in KRASm solid tumors [2] - ERAS-0015 is being evaluated in the AURORAS-1 Phase 1 trial for RAS-mutant solid tumors [2]

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 [2] - The company aims to "erase cancer" by creating novel therapies and combination regimens that comprehensively shut down the RAS/MAPK pathway [2] Upcoming Events - Management will participate in the Jefferies Global Healthcare Conference from June 3-5, 2025, with a fireside chat scheduled for June 4 at 5:30 pm Eastern Time [1] - The company will also attend the Goldman Sachs 46th Annual Global Healthcare Conference from June 9-11, 2025, with a fireside chat on June 10 at 2:40 pm Eastern Time [1] - Live audio webcasts of these events will be available on Erasca's website, with archived replays accessible for 30 days post-event [1]

Summary of Erasca (ERAS) 2025 Conference Call Company Overview - **Company**: Erasca (ERAS) - **Event**: Bank of America Health Care Conference, May 14, 2025 - **Speaker**: Jonathan Lim, Chairman, Co-founder, and CEO of Erasca Key Updates and Developments 1. **Clinical Advancements**: - IND clearance of ERAS15, a pan RAS molecular glue, and IND submission of ERAS4001, a pan KRAS small molecule inhibitor, both ahead of schedule [4][21] - ERAS15 is positioned as the lead program, entering Phase 1 dose escalation followed by expansion cohorts [5][21] 2. **Strategic Partnerships**: - Seeking a strategic partner for Naporafenib to enhance development, regulatory, and commercial efforts [4] 3. **Financial Position**: - Cash runway extended from H2 2027 to H2 2028, providing over three years of cash resources [5][22] - More than $400 million on the balance sheet to advance RAS programs [22] Pipeline Focus 1. **ERAS15**: - Potential best-in-class pan RAS molecular glue with strong preclinical activity and low dose requirements for tumor regression [7][8] - High oral bioavailability and expected IP exclusivity through February 2043 [8][9] 2. **ERAS4001**: - KRAS selective inhibitor with good preclinical activity and high oral bioavailability [9][19] - Targets KRAS G12X and G13D mutations effectively [16] 3. **Combination Therapies**: - Promising data on combination treatments with anti-PD-1, showing complete tumor eradication in preclinical models [14][19] Mechanism of Action - ERAS15 binds to cyclophylline A (CYP A) with 8 to 21 fold higher affinity compared to competitors, leading to more potent RAS inhibition [10][11] - Demonstrated superior tumor regression with lower doses compared to existing treatments [11][12] Clinical Development Plan - Focus on major tumor types: colorectal, non-small cell lung cancer, and pancreatic cancer, as well as other tumor types with KRAS mutations [20] - Key milestones include IND filing and Phase I monotherapy data expected in 2026 [21] Additional Insights - ERAS15 shows a favorable pharmacokinetic profile with lower clearance and longer half-life compared to competitors [15][19] - No observed QTc prolongation in cardiovascular studies, indicating a favorable safety profile [19] This summary encapsulates the critical updates and strategic direction of Erasca as discussed during the conference call, highlighting the company's focus on advancing its RAS-targeting therapies and maintaining a strong financial position for future growth.

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Erasca, Inc. reported a net loss of $31.0 million in Q1 2025, a decrease from $35.0 million in Q1 2024, maintaining $411.1 million in liquidity [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $471.2 million as of March 31, 2025, from $502.5 million at year-end 2024, while total liabilities and stockholders' equity also saw reductions Condensed Consolidated Balance Sheets (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $70,482 | $67,739 | | Short-term marketable securities | $234,103 | $230,570 | | Total current assets | $314,617 | $308,793 | | Long-term marketable securities | $106,492 | $142,164 | | **Total assets** | **$471,244** | **$502,526** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $25,471 | $31,395 | | **Total liabilities** | **$71,742** | **$79,027** | | **Total stockholders' equity** | **$399,502** | **$423,499** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The company reported a net loss of $31.0 million for Q1 2025, a reduction from $35.0 million in Q1 2024, primarily due to lower operating expenses Statements of Operations Highlights (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Research and development | $25,969 | $28,574 | | General and administrative | $9,661 | $10,277 | | **Total operating expenses** | **$35,630** | **$38,851** | | Loss from operations | ($35,630) | ($38,851) | | Interest income | $4,740 | $3,900 | | **Net loss** | **($30,966)** | **($35,017)** | | Net loss per share, basic and diluted | ($0.11) | ($0.23) | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity decreased to $399.5 million by March 31, 2025, mainly due to the net loss, partially offset by stock-based compensation expense - The primary drivers of change in stockholders' equity for Q1 2025 were the **net loss of $30,966 thousand** and **stock-based compensation expense of $6,713 thousand**[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $31.6 million in Q1 2025, offset by $34.3 million from investing activities, resulting in a net increase of $2.7 million in cash Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($31,555) | ($33,251) | | Net cash provided by investing activities | $34,265 | $9,971 | | Net cash provided by financing activities | $33 | $6,931 | | **Net increase (decrease) in cash** | **$2,743** | **($16,349)** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's oncology focus, liquidity assessment, significant license agreements, stock option repricing, and sublease activities, operating as a single segment - The company is a clinical-stage precision oncology company focused on therapies for RAS/MAPK pathway-driven cancers. It believes its cash, cash equivalents, and marketable securities as of March 31, 2025, are sufficient to fund operations for at least one year[21](index=21&type=chunk)[23](index=23&type=chunk) - The company has multiple license agreements (Novartis, Joyo, Medshine, NiKang) and an asset acquisition (Asana) that require potential future milestone payments totaling **hundreds of millions of dollars**, contingent on development, regulatory, and sales achievements. As of March 31, 2025, no such milestone payments were accrued[55](index=55&type=chunk)[58](index=58&type=chunk)[67](index=67&type=chunk) - In May 2024, the company repriced **7,478,918 outstanding stock options** for eligible employees (excluding Section 16 officers and directors) to an exercise price of **$2.35 per share**. This resulted in **$1.1 million of incremental stock-based compensation cost**[72](index=72&type=chunk)[74](index=74&type=chunk) - The company has entered into multiple agreements to sublease portions of its corporate headquarters in San Diego. In June 2024, this led to a **noncash impairment charge of $4.7 million** related to the operating lease assets and property of the first floor[84](index=84&type=chunk)[86](index=86&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses its strategy for RAS/MAPK pathway-driven cancers, prioritizing the RAS-targeting franchise and evaluating alternatives for naporafenib, with a reduced Q1 2025 net loss and sufficient liquidity into H2 2028 - The company is singularly focused on discovering, developing, and commercializing therapies for patients with **RAS/MAPK pathway-driven cancers**[96](index=96&type=chunk) - In May 2025, a strategic review led to the decision to prioritize the **RAS-targeting franchise (ERAS-0015 and ERAS-4001)** and to evaluate strategic alternatives, including partnerships, for the Stage 2 portion of the naporafenib Phase 3 trial[108](index=108&type=chunk) - The company believes its cash, cash equivalents, and marketable securities of **$411.1 million** as of March 31, 2025, will be sufficient to fund operations into the **second half of 2028**[118](index=118&type=chunk)[145](index=145&type=chunk) R&D Expense Breakdown (in thousands) | Program | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | ERAS-0015 | $6,544 | $— | | Naporafenib | $10,597 | $12,970 | | Other clinical programs | $— | $7,047 | | Other discovery and preclinical programs | $8,828 | $8,557 | | **Total R&D Expenses** | **$25,969** | **$28,574** | [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As of March 31, 2025, the company reported no material changes to its market risk profile, including interest rate, foreign currency, and inflation risks, since its 2024 Annual Report - There have been no material changes surrounding the company's market risk from the discussion provided in its Annual Report on Form 10-K for the year ended December 31, 2024[160](index=160&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of March 31, 2025, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level[162](index=162&type=chunk) - There have been no changes in internal control over financial reporting during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[163](index=163&type=chunk) [PART II. OTHER INFORMATION](index=44&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings, acknowledging the possibility of future claims in the ordinary course of business - The company is not currently a party to any material proceedings[165](index=165&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported, except for a new risk concerning potential negative effects from changes to US tariff and import/export regulations - A new risk factor was added regarding potential negative effects from changes to United States tariff and import/export regulations, which could disrupt international trade and adversely affect the business[167](index=167&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities for the period covered by the report - None[168](index=168&type=chunk) [Defaults Upon Senior Securities](index=44&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the company - Not applicable[169](index=169&type=chunk) [Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[170](index=170&type=chunk) [Other Information](index=44&type=section&id=Item%205.%20Other%20Information) During Q1 2025, no officers or directors adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - During the three months ended March 31, 2025, no officers or directors adopted, materially modified or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement[171](index=171&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, CEO/CFO certifications, and Inline XBRL documents - The exhibits filed with the report include corporate governance documents, CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906, and interactive data files (XBRL)[174](index=174&type=chunk) [Signatures](index=46&type=section&id=Signatures)

[Business and R&D Highlights](index=1&type=section&id=Business%20and%20R%26D%20Highlights) Erasca advanced its RAS-targeting franchise with new INDs and extended its cash runway into H2 2028 via strategic partnerships - The company's strategic focus on its RAS-targeting franchise and the decision to pursue partnerships for naporafenib has extended its projected cash runway to the **second half of 2028**[2](index=2&type=chunk)[5](index=5&type=chunk) - The FDA cleared the Investigational New Drug (IND) application for ERAS-0015, a pan-RAS molecular glue, for patients with RAS-mutant solid tumors, with the AURORAS-1 Phase 1 trial evaluating its monotherapy[3](index=3&type=chunk) - An IND application was submitted to the FDA for ERAS-4001, a pan-KRAS inhibitor, for patients with KRAS-mutant solid tumors, with the planned BOREALIS-1 Phase 1 trial assessing its monotherapy[3](index=3&type=chunk) - New preclinical data presented at the 2025 AACR Annual Meeting reinforced the potential best-in-class profiles of the RAS-targeting franchise[3](index=3&type=chunk) [Key Upcoming Milestones](index=2&type=section&id=Key%20Upcoming%20Milestones) Erasca expects initial Phase 1 monotherapy data for ERAS-0015 and ERAS-4001 in **2026** - Initial Phase 1 monotherapy data for the AURORAS-1 trial (ERAS-0015) in patients with RASm solid tumors is expected in **2026**[10](index=10&type=chunk)[1](index=1&type=chunk) - Initial Phase 1 monotherapy data for the BOREALIS-1 trial (ERAS-4001) in patients with KRASm solid tumors is also expected in **2026**[10](index=10&type=chunk)[1](index=1&type=chunk) [First Quarter 2025 Financial Results](index=2&type=section&id=First%20Quarter%202025%20Financial%20Results) Erasca reported a **$411.1 million** cash position, reduced operating expenses, and a lower net loss for Q1 2025 Financial Highlights | Financial Metric | Q1 2025 ($ millions) | Q1 2024 ($ millions) | | :--- | :--- | :--- | | **Cash Position** | $411.1 | N/A | | **R&D Expenses** | $26.0 | $28.6 | | **G&A Expenses** | $9.7 | $10.3 | | **Net Loss** | $31.0 | $35.0 | | **Net Loss per Share** | $(0.11) | $(0.23) | - The company's cash, cash equivalents, and marketable securities decreased from **$440.5 million** at the end of 2024 to **$411.1 million** as of March 31, 2025[6](index=6&type=chunk) - The decrease in R&D expenses was primarily due to lower personnel costs, clinical trial expenses, and preclinical activities[7](index=7&type=chunk) - The decrease in G&A expenses was mainly driven by reduced legal fees and insurance costs[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents Erasca's unaudited condensed consolidated financial statements for Q1 2025 Selected Condensed Consolidated Balance Sheet Data | Balance Sheet Data (In thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | $411,077 | $440,473 | | Working capital | $289,146 | $277,398 | | Total assets | $471,244 | $502,526 | | Accumulated deficit | $(798,629) | $(767,663) | | Total stockholders' equity | $399,502 | $423,499 | Condensed Consolidated Statements of Operations and Comprehensive Loss | (In thousands, except per share amounts) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $25,969 | $28,574 | | General and administrative | $9,661 | $10,277 | | **Total operating expenses** | **$35,630** | **$38,851** | | Loss from operations | $(35,630) | $(38,851) | | Interest income | $4,740 | $3,900 | | **Net loss** | **$(30,966)** | **$(35,017)** | | Net loss per share, basic and diluted | $(0.11) | $(0.23) |

Core Insights - Erasca, Inc. is advancing its RAS-targeting franchise with the clearance of IND for ERAS-0015 and submission for ERAS-4001, with initial Phase 1 monotherapy data expected in 2026 [2][6][7] - The company reported a robust cash position of $411 million as of March 31, 2025, extending its cash runway guidance to the second half of 2028 [4][8] - The R&D expenses decreased to $26 million for Q1 2025, down from $28.6 million in Q1 2024, indicating improved cost management [9] RAS-Targeting Franchise - The RAS-targeting franchise includes two promising product candidates: ERAS-0015, a pan-RAS molecular glue, and ERAS-4001, a pan-KRAS inhibitor, both showing differentiated therapeutic potential in preclinical models [2][3] - The AURORAS-1 Phase 1 trial will evaluate ERAS-0015 in patients with RAS-mutant solid tumors, while the BOREALIS-1 Phase 1 trial will assess ERAS-4001 in patients with KRAS-mutant solid tumors [6][7] Financial Highlights - As of March 31, 2025, cash, cash equivalents, and marketable securities totaled $411.1 million, a decrease from $440.5 million at the end of 2024, but sufficient to fund operations into H2 2028 [8][16] - The net loss for Q1 2025 was $31 million, or $(0.11) per share, an improvement from a net loss of $35 million, or $(0.23) per share, in Q1 2024 [10][17] Strategic Decisions - The company has strategically decided to focus on its RAS-targeting franchise while exploring partnership opportunities for naporafenib, which has contributed to extending its cash runway [2][4]