Erasca prices $10 stock offering, raising $211M

Erasca, Inc. entered into an underwriting agreement to sell 22,500,000 shares of its common stock at a public offering price of $10.00 per share, with underwriters purchasing at $9.40 per share.

Rhea-AI Filing Summary

Erasca, Inc. entered into an underwriting agreement to sell 22,500,000 shares of its common stock at a public offering price of $10.00 per share, with underwriters purchasing at $9.40 per share. The company also granted the underwriters a 30-day option to buy up to 3,375,000 additional shares at the same public price, less discounts and commissions. Net proceeds to Erasca are expected to be about $211.0 million, or approximately $242.7 million if the option is fully exercised, after fees and expenses. The offering is expected to close on January 23, 2026, subject to customary closing conditions, and is being conducted under an effective shelf registration statement and related prospectus supplement.

Insights

Equity capital markets analyst

Erasca prices a sizable primary stock offering raising about $211.0M in gross proceeds.

Erasca, Inc. has arranged an underwritten public offering of 22,500,000 common shares at $10.00 per share, with underwriters paying $9.40. This is a primary issuance, so all shares are being sold by the company rather than existing holders, which typically increases the share count while bringing in new cash.

The company expects net proceeds of approximately $211.0M, or about $242.7M if the 3,375,000-share underwriters’ option is fully exercised, after underwriting discounts and estimated expenses. The transaction is subject to customary closing conditions and is expected to close on January 23, 2026. The actual impact on shareholders will depend on the final closing and whether the additional shares are purchased.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What equity offering did Erasca (ERAS) announce in this 8-K?

Erasca, Inc. entered into an underwriting agreement for the issuance and sale of 22,500,000 shares of its common stock at a public offering price of $10.00 per share.

How much cash does Erasca (ERAS) expect to raise from the stock sale?

Erasca expects net proceeds of approximately $211.0 million, or about $242.7 million if the underwriters’ option to purchase additional shares is exercised in full, after discounts and estimated expenses.

What is the underwriters’ option in Erasca’s new stock offering?

The company granted the underwriters a 30-day option to buy up to 3,375,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions.

When is Erasca’s equity offering expected to close?

The offering is expected to close on January 23, 2026, subject to the satisfaction of customary closing conditions.

Under what registration statement is Erasca (ERAS) conducting this offering?

The offering is being made pursuant to Erasca’s shelf registration statement on Form S-3 (Registration No. 333-289537), which became effective on August 22, 2025, along with a related prospectus supplement.

Who are the underwriters for Erasca’s common stock offering?

The underwriters are led by J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Jefferies LLC, and Evercore Group L.L.C. as representatives of the several underwriters.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 01/22/2026 - 05:12 PM Learn about SEC filing dates

false 0001761918 0001761918 2026-01-21 2026-01-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 21, 2026

Erasca, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware		001-40602		83-1217027
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)
3115 Merryfield Row Suite 300
San Diego, California				92121
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (858) 465-6511

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		ERAS		NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On January 21, 2026, Erasca, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Jefferies LLC and Evercore Group L.L.C., as representatives of the several underwriters named therein (collectively, the “Underwriters”), relating to the issuance and sale of 22,500,000 shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at an offering price to the public of $10.00 per Share. The Underwriters have agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $9.40 per Share. In addition, the Company has granted the Underwriters a 30-day option to purchase up to 3,375,000 additional shares of Common Stock at the public offering price, less underwriting discounts and commissions. The net proceeds to the Company from this offering are expected to be approximately $211.0 million, or approximately $242.7 million if the Underwriters’ option to purchase additional shares is exercised in full, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The offering is expected to close on January 23, 2026, subject to the satisfaction of customary closing conditions.

The offering is being made pursuant to the Company’s shelf registration statement on Form S-3 (Registration Statement No. 333-289537) which became effective with the Securities and Exchange Commission (the “SEC”) on August 22, 2025, and prospectus supplement and accompanying prospectus filed with the SEC.

The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties.

The foregoing description of the Underwriting Agreement is not complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is filed as Exhibit 1.1 to this report and is incorporated by reference herein. A copy of the opinion of Latham & Watkins LLP relating to the legality of the issuance and sale of Common Stock in the offering is attached as Exhibit 5.1 to this report.

The Company issued press releases on January 20, 2026 and January 21, 2026 announcing the commencement and pricing of the offering, respectively. Copies of the press releases are attached as Exhibits 99.1 and 99.2 to this report.

Forward-Looking Statements

The Company cautions you that statements contained in this report regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on the Company’s current beliefs and expectations and include, but are not limited to: the Company’s expectations regarding the completion of the offering and the expected net proceeds therefrom. The inclusion of forward-looking statements should not be regarded as a representation by the Company that any of these results will be achieved. Actual results may differ from those set forth in this report due to the risks and uncertainties associated with market conditions, the satisfaction of customary closing conditions related to the offering, as well as risks and uncertainties inherent in the Company’s business described in the Company’s prior filings with the SEC, including under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in 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 the Company undertakes 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.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
1.1		Underwriting Agreement, dated January 21, 2026, by and among Erasca, Inc. and J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Jefferies LLC and Evercore Group L.L.C., as representatives of the several underwriters named therein
5.1		Opinion of Latham & Watkins LLP
23.1		Consent of Latham & Watkins LLP (included in Exhibit 5.1)
99.1		Press Release dated January 20, 2026
99.2		Press Release dated January 21, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

						Erasca, Inc.
Date: January 22, 2026				By:		/s/ Ebun Garner
						Ebun Garner, General Counsel