Erasca, Inc.

Erasca, Inc. (ERAS), a clinical-stage precision oncology company, reported a net loss of $124.5M for FY 2025 ending December 31, 2025, improved from $161.7M in FY 2024, driven by reduced operating expenses. Total operating expenses fell 22% YoY to $140.9M, with R&D down 20% to $92.9M due to lower clinical trial and preclinical costs following pipeline prioritization, in-process R&D decreased to $9.5M from $22.5M, and G&A declined 8% to $38.6M. No revenue was generated as no products are approved. Cash position strengthened to $341.8M in cash equivalents and marketable securities from prior periods, bolstered by $242.7M net proceeds from January 2026 offering (post $150M Joyo payment). Balance sheet shows $396.2M total assets, $325.2M stockholders' equity, and $71.0M liabilities. Operating cash burn improved to $95.5M from $109.4M. With runway into H2 2028, focus remains on RAS/MAPK programs: ERAS-0015 (Phase 1 data H1 2026) and ERAS-4001 (H2 2026), amid high R&D intensity signaling continued investment in clinical advancement.

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