Erasca(US:ERAS)2024-03-27 20:05Financial Performance - As of December 31, 2023, Erasca reported cash, cash equivalents, and marketable securities of $322 million, down from $436 million as of December 31, 2022[7]. - The net loss for Q4 2023 was $29.7 million, significantly improved from a net loss of $135.3 million in Q4 2022[11]. - Total stockholders' equity decreased to $316.7 million as of December 31, 2023, from $411.9 million in 2022[17]. - The accumulated deficit increased to $606 million as of December 31, 2023, compared to $481 million in 2022[17]. - Comprehensive loss for the year ended December 31, 2023, was $123,924,000, down from $243,684,000 in 2022, a reduction of about 49%[19]. Research and Development - Research and Development (R&D) expenses for Q4 2023 were $24.8 million, a decrease from $29.4 million in Q4 2022, primarily due to reduced clinical trial costs[7]. - For the full year 2023, R&D expenses totaled $103.8 million, down from $112.5 million in 2022, which included $102 million of in-process R&D expenses[9]. - Research and development expenses decreased to $24,805,000 in Q4 2023 from $29,356,000 in Q4 2022, a decline of about 15.5%[19]. - In-process research and development expenses were $100,000 in Q4 2022, with no expenses reported in Q4 2023[19]. Clinical Trials and Regulatory Updates - Erasca gained regulatory clarity for the pivotal Phase 3 SEACRAFT-2 trial for naporafenib, expected to initiate in the first half of 2024[3]. - Fast Track Designation was granted for naporafenib in combination with trametinib for treating NRAS-mutant melanoma patients[8]. - The company entered into two clinical trial collaboration agreements with Novartis for the SEACRAFT-1 and SEACRAFT-2 trials[8]. - The company achieved a median overall survival (mOS) of approximately 13-14 months for patients with NRAS-mutant melanoma treated with naporafenib plus trametinib, nearly doubling historical benchmarks[4]. Operating Expenses - Total operating expenses for Q4 2023 were $33,871,000, a decrease from $138,078,000 in Q4 2022, representing a reduction of approximately 75.5%[19]. - General and administrative expenses rose to $9,066,000 in Q4 2023 from $8,722,000 in Q4 2022, an increase of about 3.9%[19]. Other Financial Metrics - Interest income increased to $4,237,000 in Q4 2023 from $2,878,000 in Q4 2022, reflecting a growth of approximately 47.2%[19]. - Total other income (expense), net for Q4 2023 was $4,170,000, compared to $2,828,000 in Q4 2022, an increase of approximately 47.5%[19]. - Net loss per share, basic and diluted, improved to $0.20 in Q4 2023 from $1.06 in Q4 2022[19]. - Weighted-average shares used in computing net loss per share increased to 150,732,123 in Q4 2023 from 127,540,712 in Q4 2022[19].