Erasca(ERAS)2024-05-08 20:08Financial Performance - The net loss for Q1 2024 was $35.0 million, or $(0.23) per share, compared to a net loss of $33.2 million, or $(0.22) per share, in Q1 2023[10]. - Total operating expenses for Q1 2024 were $38.9 million, compared to $37.0 million in Q1 2023[17]. - General and administrative expenses rose to $10.3 million in Q1 2024 from $9.4 million in Q1 2023, driven by increased legal fees and personnel costs[8]. - R&D expenses for Q1 2024 were $28.6 million, an increase from $27.6 million in Q1 2023, primarily due to higher clinical trial costs[7]. - The accumulated deficit as of March 31, 2024, was $641.0 million, up from $606.0 million at the end of 2023[16]. Funding and Cash Position - Erasca's pro forma cash, cash equivalents, and marketable securities are expected to be $334 million, which will fund operations into the second half of 2026[6]. - Erasca secured $45 million in private placement financing from high-quality investors, extending its cash runway into the second half of 2026[9]. Clinical Trials and Research - The company plans to initiate the pivotal SEACRAFT-2 trial evaluating naporafenib in Q2 2024, with a randomized readout expected in 2025[2]. - Initial Phase 1b combination data for SEACRAFT-1 is anticipated between Q2 and Q4 2024[9]. - The median overall survival (mOS) for naporafenib plus trametinib in patients with NRAS-mutant melanoma is reported as 13.0 to 14.1 months in a pooled analysis[3].