Erasca Reports First Quarter 2025 Business Updates and Financial Results
- FDA clearance received for ERAS-0015 and IND submitted for ERAS-4001, advancing clinical development pipeline
- Strong cash position of $411.1 million with extended runway into H2 2028
- Reduced net loss by $4 million year-over-year
- Lower operational expenses with R&D down by $2.6M and G&A down by $0.6M
- Initial Phase 1 data for both key programs not expected until 2026
- Quarterly cash burn of approximately $29.4 million (decrease from $440.5M to $411.1M)
Insights
Erasca's strategic focus on RAS-targeting assets strengthens pipeline while extending cash runway to 2028, despite ongoing quarterly losses.
Erasca's Q1 update reveals promising strategic realignment toward its RAS-targeting franchise with significant clinical milestones achieved. The company has secured IND clearance for ERAS-0015 (pan-RAS molecular glue) and filed an IND for ERAS-4001 (pan-KRAS inhibitor), both targeting the critical RAS/MAPK pathway implicated in numerous aggressive cancers including colorectal, pancreatic, and non-small cell lung cancers.
These programs address high-value oncology targets in the RAS pathway, which has historically been considered "undruggable" until recent breakthroughs. The molecular glue approach of ERAS-0015 represents a particularly innovative modality, potentially offering advantages over conventional inhibitors by inducing protein degradation. Preclinical data presented at AACR 2025 suggests both candidates may have best-in-class potential, though this will need validation in human trials expected to produce initial data in 2026.
Most notably, Erasca has strategically deprioritized naporafenib to seek partnership opportunities, allowing the company to extend its cash runway substantially from H2 2027 to H2 2028. With
The strategic decision to focus on novel RAS-targeting assets while partnering on naporafenib demonstrates disciplined pipeline prioritization, though the extended timeline to initial clinical data in 2026 means investors face a significant waiting period before efficacy signals emerge.
Erasca's pipeline focus and $411M cash position extend runway to 2028, though clinical validation remains years away.
Erasca reported mixed Q1 2025 financial results while executing a strategic pipeline prioritization that significantly improves its cash position. The company ended Q1 with
The most financially significant announcement is the extension of cash runway guidance from H2 2027 to H2 2028, providing over three years of operational funding. This extension comes from their strategic decision to seek partnership opportunities for naporafenib while focusing internal resources on their RAS-targeting programs. The company has effectively managed expenses, with R&D costs decreasing
While the extended cash runway provides significant operational flexibility and reduces near-term financing risk, investors should note that initial clinical data for both lead RAS-targeting programs (ERAS-0015 and ERAS-4001) won't be available until 2026. This creates a substantial period without major clinical catalysts, though successful partnering of naporafenib could provide interim validation and potential non-dilutive capital.
The company's focus on the RAS/MAPK pathway represents concentration in a competitive but potentially lucrative oncology space. Erasca's ability to advance two differentiated RAS-targeting approaches into clinical development demonstrates execution capabilities, but the true value inflection remains contingent on clinical validation still years away.
Early entry of RAS-targeting franchise into clinic enabled by strong execution
Initial Phase 1 monotherapy data for pan-RAS molecular glue ERAS-0015 and pan-KRAS inhibitor ERAS-4001 expected in 2026
Robust balance sheet with cash, cash equivalents, and marketable securities of
SAN DIEGO, May 13, 2025 (GLOBE NEWSWIRE) -- Erasca, Inc. (Nasdaq: ERAS), a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, today provided business updates and reported financial results for the fiscal quarter ended March 31, 2025.
“We are pleased with the pace and execution of our RAS-targeting franchise and its early entry into the clinic following the recent IND clearance for ERAS-0015 and IND filing for ERAS-4001,” said Jonathan E. Lim, M.D., Erasca’s chairman, CEO, and co-founder. “Importantly, both product candidates have demonstrated differentiated therapeutic potential in multiple preclinical models and may have broad application across significant areas of unmet medical need for patients, including in colorectal, pancreatic, and non-small cell lung cancers. We look forward to advancing clinical development of these exciting programs with initial monotherapy data for both expected in 2026.”
Dr. Lim added, “Our strategic decision to focus our efforts on our RAS-targeting franchise and pursue partnership opportunities for naporafenib enables us to extend our projected cash runway meaningfully to the second half of 2028. With two promising programs targeting prevalent and validated targets entering the clinic and a robust cash position with more than three years of projected runway, we are in a strong position to execute against our mission of delivering new targeted therapies against RAS/MAPK-driven cancers impacting millions worldwide.”
Research and Development (R&D) Highlights
RAS-Targeting Franchise
- IND Cleared for ERAS-0015: In May 2025, Erasca announced clearance of an investigational new drug (IND) application with the United States Food and Drug Administration (FDA) for pan-RAS molecular glue ERAS-0015 for patients with RAS-mutant (RASm) solid tumors. The AURORAS-1 Phase 1 trial will evaluate ERAS-0015 monotherapy in patients with RASm solid tumors.
- IND Submitted for ERAS-4001: In May 2025, Erasca announced submission of an IND application to the FDA for pan-KRAS inhibitor ERAS-4001 for patients with KRAS-mutant (KRASm) solid tumors. The planned BOREALIS-1 Phase 1 trial will evaluate ERAS-4001 monotherapy in patients with KRASm solid tumors.
- Presented Encouraging Preclinical Data for RAS-Targeting Franchise: In April 2025, Erasca presented new preclinical data reinforcing the potential best-in-class profiles of Erasca’s RAS-targeting franchise at the 2025 American Association for Cancer Research (AACR) Annual Meeting. The company also presented potential first-in-class examples of direct SHOC2 binders and modulators of SMP complex assembly, representing a new approach to block the RAS/MAPK pathway.
Corporate Highlights
- Extended Projected Cash Runway into H2 2028: In May 2025, Erasca announced a meaningful extension of cash runway guidance from the second half of 2027 to the second half of 2028, following the strategic decision to evaluate potential partnership opportunities for naporafenib.
Key Upcoming Milestones
- AURORAS-1: Phase 1 trial for ERAS-0015 (pan-RAS molecular glue) in patients with RASm solid tumors
- Initial Phase 1 monotherapy data expected in 2026
- BOREALIS-1: Phase 1 trial for ERAS-4001 (pan-KRAS inhibitor) in patients with KRASm solid tumors
- Initial Phase 1 monotherapy data expected in 2026
First Quarter 2025 Financial Results
Cash Position: Cash, cash equivalents, and marketable securities were
Research and Development (R&D) Expenses: R&D expenses were
General and Administrative (G&A) Expenses: G&A expenses were
Net Loss: Net loss was
About Erasca
At Erasca, our name is our mission: To erase cancer. We are a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. Our company was co-founded by leading pioneers in precision oncology and RAS targeting to create novel therapies and combination regimens designed to comprehensively shut down the RAS/MAPK pathway for the treatment of patients with cancer. We believe our team’s capabilities and experience, further guided by our scientific advisory board which includes the world’s leading experts in the RAS/MAPK pathway, uniquely position us to achieve our bold mission of erasing cancer.
Cautionary Note Regarding Forward-Looking Statements
Erasca cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on our current beliefs and expectations and include, but are not limited to: our expectations regarding the potential therapeutic benefits and potential patient population for each of our product candidates and early-stage development projects, including naporafenib, ERAS-0015, ERAS-4001, and our SHOC2 binding project; the planned advancement of our development pipeline, including the anticipated IND clearance for the BOREALIS-1 trial, and the anticipated timing of data readouts for the AURORAS-1 and BOREALIS-1 trials; the potential application of our product candidates across significant areas of unmet medical need for patients; our plans to partner naporafenib; and the sufficiency of our cash, cash equivalents, and marketable securities to fund operations into the second half of 2028. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: our approach to the discovery and development of product candidates based on our singular focus on shutting down the RAS/MAPK pathway, a novel and unproven approach; results from preclinical studies or early clinical trials not necessarily being predictive of future results; our assumptions around which programs may have a higher probability of success may not be accurate, and we may expend our limited resources to pursue a particular product candidate and/or indication and fail to capitalize on product candidates or indications with greater development or commercial potential; potential delays in the commencement, enrollment, data readout, and completion of clinical trials and preclinical studies, including the risk that our IND for the BOREALIS-1 trial may not be cleared; our dependence on third parties in connection with manufacturing, research, and preclinical and clinical testing; unexpected adverse side effects or inadequate efficacy of our product candidates that may limit their development, regulatory approval, and/or commercialization, or may result in recalls or product liability claims; unfavorable results from preclinical studies or clinical trials; we may be unable to secure partnerships or other strategic collaborations for naporafenib on acceptable terms or at all; the inability to realize any benefits from our current licenses, acquisitions, and collaborations, and any future licenses, acquisitions, or collaborations, and our ability to fulfill our obligations under such arrangements; regulatory developments in the United States and foreign countries; our ability to obtain and maintain intellectual property protection for our product candidates and maintain our rights under intellectual property licenses; our ability to fund our operating plans with our current cash, cash equivalents, and marketable securities; and other risks described in our prior filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024, and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
| Erasca, Inc. Selected Condensed Consolidated Balance Sheet Data (In thousands) (Unaudited) | |||||||
| March 31, | December 31, | ||||||
| 2025 | 2024 | ||||||
| Balance Sheet Data: | |||||||
| Cash, cash equivalents, and marketable securities | $ | 411,077 | $ | 440,473 | |||
| Working capital | 289,146 | 277,398 | |||||
| Total assets | 471,244 | 502,526 | |||||
| Accumulated deficit | (798,629 | ) | (767,663 | ) | |||
| Total stockholders’ equity | 399,502 | 423,499 | |||||
| Erasca, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Operating expenses: | |||||||
| Research and development | $ | 25,969 | $ | 28,574 | |||
| General and administrative | 9,661 | 10,277 | |||||
| Total operating expenses | 35,630 | 38,851 | |||||
| Loss from operations | (35,630 | ) | (38,851 | ) | |||
| Other income (expense) | |||||||
| Interest income | 4,740 | 3,900 | |||||
| Other expense, net | (76 | ) | (66 | ) | |||
| Total other income (expense), net | 4,664 | 3,834 | |||||
| Net loss | $ | (30,966 | ) | $ | (35,017 | ) | |
| Net loss per share, basic and diluted | $ | (0.11 | ) | $ | (0.23 | ) | |
| Weighted-average shares of common stock used in computing net loss per share, basic and diluted | 283,260,289 | 151,161,741 | |||||
| Other comprehensive income (loss): | |||||||
| Unrealized gain (loss) on marketable securities, net | 223 | (287 | ) | ||||
| Comprehensive loss | $ | (30,743 | ) | $ | (35,304 | ) | |
Contact:
Joyce Allaire
LifeSci Advisors, LLC
jallaire@lifesciadvisors.com
Source: Erasca, Inc.
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