Erasca — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled $947.8 million as of September 30, 2026, compared to $341.8 million as of December 31, 2025.
• Research and development expenses were $47.2 million for the quarter ended September 30, 2026, an increase from $22.5 million in the same period in 2025.
• General and administrative expenses were $12.3 million for the quarter ended September 30, 2026, compared to $10.1 million in the same period in 2025.
• Net loss was $51.3 million, or $(0.15) per basic and diluted share, for the quarter ended September 30, 2026, compared to $30.6 million, or $(0.11) per basic and diluted share, in the same period in 2025.
• Total operating expenses for the quarter were $59.5 million, compared to $34.5 million in the prior year period.
• Interest income was $8.3 million for the quarter ended September 30, 2026, compared to $4.0 million in the same period in 2025.
• Working capital was $611.2 million as of September 30, 2026, compared to $257.7 million as of December 31, 2025.
• Total assets were $998.9 million as of September 30, 2026, compared to $396.2 million as of December 31, 2025.
• Accumulated deficit was $(1.17) billion as of September 30, 2026, compared to $(892.2) million as of December 31, 2025.
• Total stockholders' equity was $916.7 million as of September 30, 2026, compared to $325.2 million as of December 31, 2025.

Guidance and Future Outlook:

• Preliminary data for ERAS-4001 is expected in the second half of 2026.
• Preliminary ERAS-4015 data is expected in the first half of 2027.
• Phase 1 monotherapy expansion data for ERAS-4001 is expected in the second half of 2026.
• Phase 1 combination dose escalation data for ERAS-4015 is expected in the first half of 2027.
• A potentially registration-enabling trial in second-line or greater NSCLC is expected to initiate in the first half of 2027.
• A Phase 3 pivotal trial in first-line PDAC is expected to initiate in 2027.
• A Phase 3 pivotal trial in RASm NSCLC is expected to initiate in the second half of 2027 to the first half of 2028.
• The company expects its current cash position to be sufficient to fund the key upcoming milestones outlined in the release.

Business Segments and Product Lines:

• ERAS-0015 received FDA Fast Track Designation in August 2026 for the treatment of metastatic pancreatic adenocarcinoma.
• Updated ERAS-0015 monotherapy data from the ongoing AURORAS-1 Phase 1 trial will be presented at the 38th EORTC-NCI-AACR (ENA) Symposium.
• Nonclinical data for the combination of ERAS-0015 and ERAS-4001 targeting active and inactive KRAS, including synergy in KRAS G12X-driven models, will be presented at the ENA Symposium.
• Charles Fuchs, M.D., M.P.H., was appointed president of research and development in August 2026.
• David Chonzi, M.D., was appointed senior vice president of global pharmacovigilance in August 2026.

Market and Competitive Landscape:

• Erasca is focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers.
• The company is advancing toward three potentially registration-enabling trials in pancreatic and lung cancers.
• ERAS-0015 is described as a potential best-in-class pan-RAS molecular glue.
• ERAS-4001 is described as a potential first-in-class pan-KRAS inhibitor.

Risks and Challenges:

• Clinical data readouts, including for AURORAS-1 to -3 and BOREALIS-1 trials, may be delayed.
• Product candidates may not demonstrate expected therapeutic benefits.
• Interim, topline, and preliminary results may not be indicative of final results.
• FDA Fast Track Designation does not guarantee expedited development or regulatory review, nor does it increase the likelihood of marketing approval.
• The approach to shutting down the RAS/MAPK pathway is novel and unproven.
• Results from preclinical studies may not be predictive of future results.
• The company faces potential litigation from Revolution Medicines regarding patent infringement or trade secret derivation related to ERAS-0015.
• There is a risk that the company may use capital resources sooner than expected.

Management Commentary and Tone:

• CEO Jonathan E. Lim stated that the emerging clinical profile of ERAS-0015 supports its potential as a foundational therapy across RAS-mutant cancers.
• Management expressed confidence in executing near-term milestones with a strengthened balance sheet and experienced R&D leadership.
• The company highlighted the opportunity for closer engagement with the FDA following the Fast Track Designation.

Other Key Points:

• In July 2026, Erasca completed an upsized public offering, raising approximately $632.5 million in gross proceeds.
• The company is singularly focused on RAS/MAPK pathway-driven cancers.
• The press release includes a cautionary note regarding forward-looking statements and risks inherent in the business.