Here are 1-3 brief analogies to describe Erasca:

• Like a clinical-stage Genentech, but focused on difficult-to-treat RAS/MAPK pathway cancers.
• A nascent Pfizer, entirely dedicated to discovering new drugs for specific cancer pathways.
• A specialized Amgen, developing targeted therapies for challenging cancer pathways.

• ERAS-007: An oral inhibitor of ERK1/2 for the treatment of non-small cell lung cancer, colorectal cancer, and acute myeloid leukemia.
• ERAS-601: An oral SHP2 inhibitor for patients with advanced or metastatic solid tumors.
• ERAS-801: A central nervous system-penetrant EGFR inhibitor for the treatment of patients with recurrent glioblastoma multiforme.

Erasca, Inc. (ERAS) is a clinical-stage biopharmaceutical company. This means it is currently focused on the research, discovery, and development of therapeutic candidates, and conducting clinical trials. As such, Erasca does not yet have commercial products on the market or major customers in the traditional sense of purchasing its therapies. Its primary activities involve drug development and clinical testing for future commercialization.

Jonathan E. Lim, M.D., Chairman, CEO and Co-founder

Jonathan E. Lim, M.D., co-founded Erasca in July 2018. He is described as a physician-turned-venturepreneur at City Hill and ARCH Venture, focusing on founding, funding, and leading for-profit and non-profit ventures. Prior to Erasca, Dr. Lim served as Chairman and/or CEO and founding investor of six biotechnology companies. These companies collectively achieved global regulatory approval and launched seven therapeutic products in oncology, immunology, and drug delivery, generating approximately $10 billion of shareholder value. He co-founded Ignyta in 2011 and served as its Chairman, President, and CEO until its acquisition by Roche in 2018. He also served as Chairman and co-founder of Bonti from 2015 until its 2018 acquisition by Allergan, and Chairman, CEO, and co-founder of Eclipse Therapeutics from 2011 to its 2012 acquisition by Bionomics. Additionally, he was President, CEO, and a board member of Halozyme Therapeutics from 2003 to 2010. Dr. Lim also founded his own family office fund, City Hill Ventures, which primarily invests in biotechnology companies.

David Chacko, M.D., Chief Financial Officer and Chief Business Officer

David Chacko serves as Erasca's Chief Financial Officer and Chief Business Officer, overseeing finance, investor relations, corporate and business development, and other functions. He joined Erasca in 2019 as Chief Business Officer and assumed the role of Chief Financial Officer in 2020. Before joining Erasca, Dr. Chacko was a Principal at Versant Ventures, where he held a dual investing and operating role, involved in company formation, fundraising, business development, and clinical and regulatory activities for several portfolio companies. Prior to Versant, he was Chief of Staff to the CEO at Alcon, where he worked with the executive leadership team on corporate initiatives.

Nik Chetwyn, Ph.D., Chief Operating Officer

Nik Chetwyn is the Chief Operating Officer at Erasca. Before joining Erasca, he was the Co-founder and President of MindScienceConnection, Inc., a strategy and leadership development company that partnered with biopharmaceutical companies. Prior to that, during his tenure at Genentech, Dr. Chetwyn served on multiple governance committees and was a technical development team leader.

Ebun Garner, J.D., Chief Legal Officer

Ebun Garner is Erasca's Chief Legal Officer and Corporate Secretary. He has nearly 30 years of experience representing publicly traded life science companies and has served as in-house counsel since 2005. Throughout his career, Mr. Garner has held roles such as Chief Legal Officer, General Counsel, or Assistant General Counsel at various biotechnology, biopharmaceutical, and medical device companies, including Imbria Pharmaceuticals, Neurocrine Biosciences, Acadia Pharmaceuticals, and Alphatec Spine.

Robert Shoemaker, Ph.D., Chief Scientific Officer

Robert Shoemaker is Erasca's Chief Scientific Officer. He previously served as Erasca's SVP of Research and Vice President of Biology since helping launch the company in July 2018. With over 20 years of experience in computational biology, he possesses expertise in biology, bioinformatics, and drug development. Prior to Erasca, Dr. Shoemaker led the computational biology group at Ignyta from its inception in 2011 until its acquisition by Roche in 2018. He played a key role in developing a patient selection strategy for the lead drug candidate, entrectinib, at Ignyta.

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Erasca's success is fundamentally dependent on the successful outcome of its clinical trials and the subsequent regulatory approval of its product candidates, such as ERAS-007, ERAS-601, and ERAS-801. There are inherent uncertainties in clinical trials, including the risk of unfavorable results, delays, or outright failure, which could significantly impact the company's prospects. The company currently has no commercially approved products and generates zero revenue, making the progression and success of its pipeline critical.
2. Financial Sustainability and Future Funding Needs: Erasca is currently unprofitable, reporting ongoing operational losses and negative earnings per share. While the company has bolstered its cash position and expects its current funds to support operations into the second half of 2028, substantial research and development expenses and cash burn continue. There is a high likelihood that future equity raises will be necessary to fund continued operations and drug development, which could lead to dilution for existing shareholders.
3. Intense Competition: Erasca operates within a highly competitive landscape, particularly in the RAS inhibitor space. Larger and more established biopharmaceutical companies are also pursuing similar therapeutic targets, which could make Erasca's market positioning challenging, even if its product candidates are successful.

Expected Drivers of Future Revenue Growth for Erasca (ERAS) over the Next 2-3 Years:

• Advancement and Potential Approval of ERAS-0015: Erasca's pan-RAS molecular glue, ERAS-0015, is a key program with promising early Phase 1 activity, demonstrating ongoing responses across various RAS-mutant tumors and a favorable safety profile. The company expects to release Phase 1 monotherapy data from both its U.S. and China trials in the first half of 2026, with plans to initiate expansion and combination cohorts in the second half of 2026 and 2027. Erasca has also expanded its worldwide licensing agreement for ERAS-0015, indicating a strong commitment to its global development and commercialization.
• Advancement and Potential Approval of ERAS-4001: As a "potential first-in-class and best-in-class pan-KRAS inhibitor," ERAS-4001 represents another significant driver within Erasca's focused RAS-targeting franchise. Initial Phase 1 monotherapy data for ERAS-4001 is anticipated in the second half of 2026, with subsequent plans for the initiation of monotherapy expansion and combination dose escalation cohorts in 2027. Given the high prevalence of KRAS alterations in numerous cancers, ERAS-4001 targets a substantial market opportunity.
• Successful Progression and Potential Approval of Naporafenib in NRASm Melanoma: Naporafenib, a pan-RAF inhibitor, is currently undergoing a pivotal Phase 3 registrational trial, SEACRAFT-2, for patients with NRAS-mutant (NRASm) melanoma. The trial has received FDA Fast Track Designation, and Stage 1 randomized data is expected in the second half of 2025. Naporafenib holds the potential to be a "first-to-market" targeted therapy in NRASm melanoma, an area with significant unmet medical need and no currently approved targeted treatments.

Share Issuance

• Erasca completed its Initial Public Offering (IPO) on July 16, 2021, raising approximately $345 million in gross proceeds.
• In January 2026, the company completed an upsized public offering of common stock, which generated approximately $258.8 million in gross proceeds.

Inbound Investments

• Erasca has raised a total funding of $300 million across five rounds, including a post-IPO funding round on March 27, 2024.
• As of December 31, 2025, Erasca held $341.8 million in cash, cash equivalents, and marketable securities, with pro forma cash expected to fund operations into the second half of 2028 following a January 2026 public offering.

Outbound Investments

• In 2022, Erasca acquired naporafenib from Novartis for $20 million.
• The company spent $22.5 million in 2024 to license ERAS-4001 from Medshine Discovery and secure ex-China rights for ERAS-0015 from Joyo Pharmatech.