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ERAS

Erasca, Inc.

ERAS

Erasca, Inc. • NASDAQ
$3.17 ▲ 1.28% (+0.04)
Market Cap $899.37 M
52w High $3.30
52w Low $1.01
Dividend Yield 0%
P/E -7.37
Volume 1.07M
Outstanding Shares 283.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $34.546M ▼ $-30.612M ▲ 0% $-0.11 ▲ $-29.857M ▼
Q2-2025 $0 $38.125M ▲ $-33.876M ▼ 0% $-0.12 ▼ $-29.838M ▲
Q1-2025 $0 $35.63M ▲ $-30.966M ▲ 0% $-0.11 $-34.808M ▼
Q4-2024 $0 $34.88M ▼ $-32.232M ▼ 0% $-0.11 $-31.4M ▲
Q3-2024 $0 $37.242M $-31.2M 0% $-0.11 $-36.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $288.4M ▼ $420.401M ▼ $72.515M ▼ $347.886M ▼
Q2-2025 $300.661M ▼ $445.386M ▼ $73.128M ▲ $372.258M ▼
Q1-2025 $304.585M ▲ $471.244M ▼ $71.742M ▼ $399.502M ▼
Q4-2024 $298.309M ▼ $502.526M ▼ $79.027M ▲ $423.499M ▼
Q3-2024 $318.912M $528.896M $78.854M $450.042M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-30.612M ▲ $-21.658M ▼ $25.704M ▲ $41K ▼ $4.087M ▲ $-21.664M ▼
Q2-2025 $-33.876M ▼ $-20.531M ▲ $15.745M ▼ $447K ▲ $-4.339M ▼ $-20.561M ▲
Q1-2025 $-30.966M ▲ $-31.555M ▼ $34.265M ▲ $33K ▼ $2.743M ▲ $-31.638M ▼
Q4-2024 $-32.232M ▼ $-24.564M ▼ $22.617M ▲ $801K ▼ $-1.146M ▲ $-24.564M ▼
Q3-2024 $-31.2M $-22.419M $-102.595M $21.097M $-103.917M $-22.424M

Five-Year Company Overview

Income Statement

Income Statement Erasca is still a pure R&D story with no product revenue yet, so its income statement is dominated by research and operating expenses. The company has been running steady losses each year, which is typical for an early-stage biotech pushing multiple programs forward. Losses widened as the pipeline ramped up and then started to moderate more recently, suggesting some cost discipline and sharper focus on priority assets. Still, the path to profitability depends entirely on clinical success and eventual approvals, which remain several years away.

Balance Sheet

Balance Sheet The balance sheet shows a research-focused biotech with a solid but gradually shrinking cash cushion and relatively low debt. Total assets have been fairly stable since the IPO, but cash has trended down as it funds operations. Equity is positive and sizeable, reflecting capital raised from investors, but it has been used to absorb recurring losses. Overall, the company appears funded for ongoing R&D in the near term, yet will likely need additional capital over time if trials continue at their current pace and no partnership or milestone inflows offset the burn.

Cash Flow

Cash Flow Cash flows are consistently negative from operations, reflecting spending on clinical and preclinical programs without any offsetting product sales. Free cash flow is also negative, though capital spending is modest, so the main driver is R&D and supporting overhead. The burn rate has grown with the pipeline but does not appear out of control relative to many clinical-stage peers. The key question is how long the current cash can support operations before new financing, partnerships, or cost adjustments are required.

Competitive Edge

Competitive Edge Erasca is aiming at one of the hottest and most crowded areas in oncology: the RAS/MAPK pathway. Its competitive edge comes from a deep, focused pipeline attacking this pathway at multiple points, including broad “pan” inhibitors that could address many more mutations than first-generation KRAS drugs. The company also differentiates itself with a combination strategy and selective targeting that may improve safety and dosing flexibility. However, it faces formidable competition from large pharma and well-funded biotech peers already in the clinic and, in some cases, on the market, so it must show clearly superior or highly complementary data to stand out.

Innovation and R&D

Innovation and R&D Innovation is the core of Erasca’s story. The company is running a modality-agnostic strategy, using different drug types to shut down RAS/MAPK signaling more completely than single-target approaches. Its AI-driven discovery platform, OPRA, is intended to speed up target selection and drug design. Lead programs like the pan-RAS molecular glue and pan-KRAS inhibitor are positioned as potential best-in-class assets based on early preclinical data, with additional programs and combinations planned behind them. The main risk is that most of this promise is still unproven in humans, with key clinical readouts not expected until around the middle of the decade, so scientific and execution risk remain high.

Summary

Erasca is a classic high-risk, high-upside clinical-stage oncology company: no revenue, steady cash burn, and a balance sheet that currently supports its ambitious research plan but will likely need reinforcement over time. Its strategy is focused and bold—building a broad, integrated attack on one of cancer’s most important pathways, with advanced tools and a pipeline designed for combinations and long patent life. Success depends on translating strong preclinical signals into clear clinical benefits in an increasingly competitive field. Until clinical data arrive, the story is driven by scientific potential, development progress, and capital management rather than financial performance.

NEWS

November 25, 2025 · 9:08 AM UTC

Erasca to Present at the 8th Annual Evercore Healthcare Conference

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November 12, 2025 · 4:01 PM UTC

Erasca Reports Third Quarter 2025 Business Updates and Financial Results

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November 6, 2025 · 8:00 AM UTC

Erasca Announces Issuance of a U.S. Patent Covering Pan-RAS Molecular Glue ERAS-0015

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November 4, 2025 · 8:00 AM UTC

Erasca to Present at Upcoming Conferences in November

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September 2, 2025 · 8:00 AM UTC

Erasca to Present at the Morgan Stanley 23rd Annual Global Healthcare Conference

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