Here are 1-2 brief analogies for Erasca (ERAS):

• Like a Moderna or BioNTech, but focused on developing next-generation cancer therapies rather than vaccines.
• An early-stage Bristol Myers Squibb or Merck, specifically concentrating on discovering new cancer drugs.

• naporafenib (ERAS-007): A MEK inhibitor being developed to treat various RAS/MAPK-driven solid tumors, including NRAS-mutant melanoma.
• ERAS-801: A central nervous system (CNS) penetrant EGFR inhibitor being developed for EGFR-mutant non-small cell lung cancer (NSCLC) and other EGFR-driven CNS cancers.
• ERAS-601: A SHP2 inhibitor in development for various RAS/MAPK-driven solid tumors.
• ERAS-400: A pan-RAS inhibitor currently in preclinical development for a broad range of RAS-mutant cancers.

Erasca (NASDAQ: ERAS) is a clinical-stage oncology company focused on discovering, developing, and commercializing new medicines for patients with cancer.

As a clinical-stage biotechnology company, Erasca does not currently have any approved products on the market, and therefore, it does not generate revenue from product sales. Consequently, Erasca does not have major customers in the traditional sense, such as other companies purchasing its products or individual patients.

The company's operations are primarily funded through equity financing. While it may engage in strategic collaborations or receive grants, these are typically non-recurring and do not represent ongoing commercial customer relationships for products or services.

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

Jonathan E. Lim is the Chairman, CEO, and Co-founder of Erasca, which he co-founded in July 2018. A physician-turned-venturepreneur, he has served as Chairman and/or CEO and founding investor of six biotechnology companies, including Halozyme, Eclipse Therapeutics, and Ignyta, that have collectively achieved global regulatory approval for seven therapeutic products. He led the strategic process that resulted in the acquisition of Ignyta by Roche/Genentech in 2018. He also founded City Hill Ventures, a venture capital firm.

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

David Chacko joined Erasca in 2019 as Chief Business Officer and was appointed Chief Financial Officer in 2020. Before joining Erasca, he was a Principal at Versant Ventures, where he held a dual investing/operating role, contributing to company formation, fundraising, and business development for several portfolio companies. He also served as chief of staff to the CEO at Alcon.

Nik Chetwyn, Ph.D., Chief Operating Officer

Nik Chetwyn brings over 20 years of experience in drug development to Erasca, having worked at major pharmaceutical companies such as GlaxoSmithKline, Pfizer, and Genentech.

Chandra Lovejoy, Chief Regulatory Affairs Officer

Chandra Lovejoy has 20 years of global drug development experience, primarily focused on oncology. Prior to Erasca, she was Vice President of Regulatory Affairs at G1 Therapeutics, where she led health authority negotiations that resulted in US Food and Drug Administration (FDA) breakthrough therapy designation and NDA approval for Cosela™.

Robert Shoemaker, Ph.D., Senior Vice President of Research

Robert Shoemaker has served as Erasca's Vice President of Biology since the company's launch in July 2018 and was promoted to Senior Vice President of Research. Before Erasca, he led the computational biology group at Ignyta from its inception in 2011 until its acquisition by Roche in 2018, where he contributed to the successful development of the drug candidate entrectinib.

The key risks to Erasca's (ERAS) business are primarily associated with its status as a clinical-stage biopharmaceutical company, revolving around the success of its drug development pipeline and its financial sustainability.

1. Clinical Trial Outcomes and Regulatory Approval: As a clinical-stage company, Erasca's core business and future success are entirely dependent on the successful discovery, development, and regulatory approval of its product candidates. Clinical and preclinical development is a lengthy, expensive, and inherently uncertain process with a high historical failure rate across the industry. The company's value hinges on positive outcomes from its clinical trials, particularly for its lead candidates ERAS-0015 and ERAS-4001, with initial Phase 1 monotherapy data expected in 2026. Unfavorable results or delays in clinical trials would severely impact the company's prospects and stock performance.
2. Significant Operating Losses and Need for Additional Capital: Erasca has a limited operating history and has not generated any revenue from product sales, consistently incurring substantial net losses. As of December 31, 2024, the company had an accumulated deficit of $767.7 million. While Erasca projects its current cash, cash equivalents, and marketable securities to fund operations into the second half of 2028, it anticipates increased losses as it continues to advance its product candidates. This ongoing "cash burn" means that the company will require substantial additional capital in the future, which could lead to further equity dilution for existing shareholders.
3. Intense Competition: Erasca operates in the highly competitive field of oncology, specifically focusing on RAS/MAPK pathway-driven cancers. The RAS inhibitor space is particularly intense, and Erasca faces competition from other companies, some of which may be more advanced or better capitalized. The ability to successfully develop and commercialize its therapies will depend on its capacity to compete effectively against existing and future treatments.

The accelerated progress of competing biopharmaceutical companies in developing best-in-class or pan-RAS inhibitors for the highly competitive RAS/MAPK pathway represents a clear emerging threat. Many of these competitors are larger, better-funded organizations with extensive pipelines and commercialization capabilities. The successful and rapid market entry of a superior drug – whether a broadly efficacious pan-RAS inhibitor or a highly potent and safe specific inhibitor – could significantly diminish the market opportunity for Erasca's own pipeline candidates, many of which are combination therapies or target specific nodes within the same pathway. This intensified competitive race poses a direct threat to Erasca's ability to differentiate its future products and capture significant market share.

Erasca (NASDAQ: ERAS) is a clinical-stage precision oncology company primarily focused on developing therapies for RAS/MAPK pathway-driven cancers. The addressable markets for their main product candidates are as follows:

• ERAS-0015 (pan-RAS molecular glue) and ERAS-4001 (pan-KRAS inhibitor): These therapies are aimed at patients with RAS-mutant (RASm) and KRAS-mutant (KRASm) solid tumors, respectively. The addressable market is approximately 2.7 million patients globally who are diagnosed annually with RAS-mutant tumors. Of these, over 2.2 million patients are diagnosed with KRAS-mutant tumors.
• ERAS-801 (CNS-penetrant EGFR inhibitor): This product candidate targets recurrent glioblastoma multiforme (rGBM) in patients with aberrant EGFR signaling. Approximately 125,000 patients with glioblastoma (GBM) worldwide annually are implicated with aberrant EGFR signaling.
• Naporafenib (pan-RAF inhibitor): This lead product is in clinical trials for NRAS-mutated (NRASm) melanoma and RAS Q61X solid tumors. However, a specific addressable market size for NRASm melanoma or RAS Q61X solid tumors was not found in the provided information. Therefore, the market size for Naporafenib is null.

1. Advancement and potential commercialization of ERAS-0015: Erasca's pan-RAS molecular glue, ERAS-0015, is currently in clinical trials for RAS-mutant solid tumors, with initial Phase 1 monotherapy data anticipated in 2026. Positive data and continued progression through clinical development could pave the way for future commercialization, addressing a significant unmet medical need. Analysts project a potential launch in late 2030, with substantial revenue generation by 2035.
2. Advancement and potential commercialization of ERAS-4001: The company's pan-KRAS inhibitor, ERAS-4001, is also in clinical development for KRAS-mutant solid tumors, with initial Phase 1 monotherapy data expected in 2026. Given the high prevalence of KRAS alterations in various cancers, successful clinical development and eventual market entry of ERAS-4001 represent a significant revenue opportunity for Erasca.
3. Progression and potential market entry of naporafenib: Erasca's pan-RAF inhibitor, naporafenib, is undergoing a pivotal Phase 3 trial (SEACRAFT-2) in combination with trametinib for patients with NRAS-mutant melanoma. Stage 1 randomized data from this trial is expected in the second half of 2025. With FDA Fast Track Designation, this combination has the potential to be a first-to-market targeted therapy in an area with high unmet need, which could drive early revenue if approved.

Share Issuance

• Erasca completed an initial public offering (IPO) in July 2021, raising $300 million.
• In 2024, Erasca raised a total of $251 million in equity financings.
• This included an oversubscribed private placement financing of approximately $45 million (gross proceeds) in March 2024 (closed in April 2024) for 21,844,660 shares at $2.06 per share. Additionally, an oversubscribed underwritten public offering in May 2024 closed at approximately $184.0 million (gross proceeds) for 99,459,458 shares at $1.85 per share, including the full exercise of the underwriters' option.

Inbound Investments

• Erasca received approximately $45 million (gross proceeds) from an oversubscribed private placement financing in March 2024, led by a group of new and existing healthcare-focused investors.
• The company generated approximately $184.0 million (gross proceeds) from an oversubscribed underwritten public offering in May 2024.
• These equity financings contributed to extending Erasca's anticipated cash runway into the second half of 2027.

Outbound Investments

• In March 2022, Erasca Ventures made an equity investment in Affini-T Therapeutics, Inc., a company focused on developing T-cell receptor cell therapies.

Capital Expenditures

• Erasca's capital expenditures were reported as $15 million in 2022, $1.78 million in 2023, and $0.06 million in 2024.
• A significant portion of capital is allocated to research and development (R&D) activities, with R&D expenses increasing to $115.4 million for the full year ended December 31, 2024.
• In-process R&D expenses, including upfront payments for license agreements related to ERAS-0015 and ERAS-4001, amounted to $22.5 million for the year ended December 31, 2024.