ERAS · Erasca, Inc.

Erasca's Q1 2026 results reflect significant investment in its RAS-targeting pipeline, with net loss widening to $183.4 million primarily from a $150 million in-process R&D charge for exercising the option to expand ERAS-0015 license territory to worldwide rights, including China, Hong Kong, and Macau. Excluding this non-cash expense, underlying R&D expenses rose modestly to $27.3 million from $26.0 million year-over-year, driven by higher personnel costs and clinical/preclinical activities, offset by lower outsourced services. G&A increased to $10.6 million from $9.7 million, also due to personnel-related expenses including stock-based compensation. CEO Jonathan E. Lim highlighted ERAS-0015's best-in-class potential, citing robust monotherapy efficacy in KRAS G12X NSCLC and PDAC patients during dose escalation, with favorable safety (mostly low-grade AEs, limited dose reductions, no discontinuations). PK data supported 24mg and 32mg QD as recommended expansion doses, and early panitumumab combo data reinforces combination potential. Monotherapy expansion and combo escalation advanced ahead of schedule, with data anticipated H1 2027. New CTCSAs with Merck (KEYTRUDA® combo, Merck supplies at no cost) and Tango (vopimetostat combo, Erasca supplies at no cost) expand partnership opportunities. ERAS-4001 progresses in Phase 1, with H2 2026 data readout. Balance sheet strengthened by January's $258.8 million upsized offering and year-end cash growth to $408.5 million, providing runway into H2 2028 and supporting pipeline advancement without near-term dilution risk.