ERAS Stock — Erasca Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. Molecular alterations in RAS, the most frequently mutated oncogene, and the MAPK pathway, one of the most frequently altered signaling pathways in cancer, account for more than five million new patients diagnosed with cancer globally each year.

Source: 10-K FY2025 via SEC EDGAR

Share price

$14.41

Market cap

$5,040.1M

Cash

$384.3M

Enterprise value

$4,655.8M

Balance sheet

Cash	$384.3M
Debt	$0.0M
Net cash	$384.3M
Enterprise value	$4,655.8M
Basic shares	349.8M shares
Fully diluted shares	410.6M shares
Fully diluted market cap	$5,916.9M
Cash per share	$1.10
Quarterly burn	$27.3M
Cash runway	14.1 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

349.8M

Pre-funded warrants

0.0M

Options

57.6M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

3.2M

FDSO

410.6M

Cap table as of 2026-06-30.

Price history

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Next catalyst

ERAS-4001 · Est. Nov 7, 2026 · half midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 7, 2026 Now half midpoint	ERAS-4001 Phase 1 monotherapy	Phase 1	Not disclosed	2H 2026
Dec 13, 2026 - Jan 24, 2027 in 5 wks	ERAS-007	Phase 2	Advanced or Metastatic Solid Tumors	—
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	ERAS-0015 Phase 1 monotherapy expansion	Phase 1	Not disclosed	1H 2027
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	ERAS-0015 Phase 1 combination dose escalation (incl. panitumumab)	Phase 1	Not disclosed	1H 2027
May 13 - Jun 24 in 18 mo	Naporafenib	Phase 3	Advanced or Metastatic NRAS-mutant Melanoma	—
Jun 12 - Jul 24 in 19 mo	ERAS-0015	Phase 1	Metastatic Solid Tumors	—
Sep 12 - Oct 24 in 22 mo	ERAS-4001	Phase 1	Metastatic Solid Tumors	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

ERAS-0015

Phase 1 · Active Modality: molecular glue

Target RAS (pan-RAS)

Partnerships Guangzhou Joyo Pharmatech: exclusive worldwide license to pan-RAS inhibitors ($150M paid March 2026 to expand territory to China/HK/Macau; royalty-bearing); Tango Therapeutics: clinical collaboration (Tango-sponsored Phase 1 with vopimetostat); Merck: KEYTRUDA supplied at no cost for AURORAS-1

Indications

RAS-mutated solid tumors (Phase 1)

Catalysts

— H1 2027
— H1 2027
— 2027
— H2 2027 to H1 2028

Status note AURORAS-1 IND cleared May 2025; monotherapy expansion and combination dose-escalation cohorts (panitumumab, pembrolizumab) initiated Q1-Q2 2026 ahead of guidance.

ERAS-4001

Phase 1 · Active

Target KRAS (pan-KRAS)

Indications

KRAS-mutated solid tumors (Phase 1)

Catalysts

— H2 2026
— 2027

Status note BOREALIS-1 IND cleared May 2025. Spares wildtype HRAS/NRAS.

ERAS-12

Discovery · Active Modality: biparatopic antibody (EGFR D2/D3)

Target EGFR

Indications

EGFR-driven tumors (Stage not disclosed)

Status note Lead candidate identified, but no internal resources committed; company intends to seek a partner to continue development.

Naporafenib

Stage not disclosed · Terminated

Partnerships Novartis: exclusive worldwide license terminated effective June 3, 2026

Indications

Advanced or Metastatic NRAS-mutant Melanoma (Phase 3)
Advanced or Metastatic Solid Tumors (Phase 3)

Status note Development stopped following May 2025 pipeline review to prioritize the RAS franchise. Patients enrolled in SEACRAFT-1 and SEACRAFT-2 trials permitted to continue treatment.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Naporafenib
Lead indication	Advanced or Metastatic NRAS-mutant Melanoma
Lead phase	Phase 3
Active trials	6
Collaborator trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06346067	Phase 3	Active, not recruiting	Sponsor	ERAS	—	Advanced or Metastatic NRAS-mutant Melanoma	—
NCT04866134	Phase 2	Active, not recruiting	Sponsor	ERAS	—	Advanced or Metastatic Solid Tumors	—
NCT06983743	Phase 1	Recruiting	Sponsor	ERAS	MRK	Metastatic Solid Tumors	1H 2027 Est. Jun 30, 2027 · PCD + 6 wks (Jun 30-Jun 30) 1H 2027 Est. Jun 30, 2027 · PCD + 6 wks (Jun 30-Jun 30)
NCT07021898	Phase 1	Recruiting	Sponsor	ERAS	—	Metastatic Solid Tumors	2H 2026 Est. Nov 7, 2026 · half midpoint
NCT05907304	Phase 1	Active, not recruiting	Sponsor	ERAS	—	Advanced or Metastatic Solid Tumors	—
NCT04670679	Phase 1	Active, not recruiting	Sponsor	ERAS	—	Advanced or Metastatic Solid Tumors	—
NCT05222802	Phase 1	Active, not recruiting	Collaborator	Katmai Pharmaceuticals Inc.	—	Glioblastoma Multiforme	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 1 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 7 active trials for Erasca, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	24,975,188	+300,000	9.96%	2026-08-14
RTW Investments	17,946,754	+1,789,579	2.81%	2026-08-14
Logos Global Management	12,150,000	+1,000,000	9.58%	2026-08-14
Cormorant Asset Management	6,000,000	+200,000	5.63%	2026-08-14
Vivo Capital	4,127,412	-8,024,068	6.90%	2026-08-14
OrbiMed Advisors	495,900	+495,900	0.17%	2026-08-14
EcoR1 Capital	330,000	-570,000	0.30%	2026-08-14
ADAR1 Capital Management	0	-10,000	0.00%	2026-08-14
Tang Capital Partners	0	-200,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ERAS — Erasca Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

ERAS — Erasca Inc.