Erasca (NASDAQ: ERAS) widens Q2 loss but lifts cash with $632.5M raise

Rhea-AI Filing Summary

Erasca, Inc. reported second quarter 2026 results and business updates centered on its RAS/MAPK-targeted oncology pipeline. Lead candidate ERAS-0015 showed a 57% uORR8wk as monotherapy in second-line or later KRAS G12X pancreatic cancer at the 32 mg once-daily dose, with ongoing treatment for all responders and favorable tolerability, including no dose-limiting toxicities or treatment-related discontinuations. The company is advancing ERAS-0015 toward three potentially registration-enabling trials in pancreatic and lung cancers, with multiple Phase 1 monotherapy and combination data readouts expected in the first half of 2027. ERAS-4001, a potential first-in-class pan-KRAS inhibitor, has preliminary Phase 1 monotherapy data expected in the second half of 2026.

Cash, cash equivalents, and marketable securities were $384.3 million as of June 30, 2026, up from $341.8 million at year-end 2025, and were further bolstered by an upsized July 2026 public offering raising approximately $632.5 million in gross proceeds. The company expects its capital, including proceeds from the July offering, to be sufficient to fund its stated key upcoming milestones. For the quarter, research and development expenses were $35.9 million, general and administrative expenses were $11.7 million, and net loss was $44.1 million, or $(0.14) per share, compared with a net loss of $33.9 million, or $(0.12) per share, in the prior-year quarter.

Positive

• Cash strengthened to $384.3M plus $632.5M raise, providing funding the company expects will cover the key upcoming clinical milestones described.
• ERAS-0015 showed 57% uORR8wk in 2L+ KRAS G12X pancreatic cancer at the 32 mg dose, with favorable tolerability and no dose-limiting toxicities reported at the recommended doses.

Negative

• Quarterly net loss widened to $44.1M (from $33.9M a year earlier), reflecting higher operating expenses as programs advance.
• Research and development expenses rose to $35.9M for the quarter (from $21.2M), increasing cash burn as multiple clinical programs progress.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Cash, cash equivalents, and marketable securities: $384.3 million Upsized public offering: $632.5 million Research and development expenses: $35.9 million +5 more

8 metrics

Cash, cash equivalents, and marketable securities $384.3 million As of June 30, 2026

Upsized public offering $632.5 million Gross proceeds from July 2026 public offering

Research and development expenses $35.9 million Quarter ended June 30, 2026

General and administrative expenses $11.7 million Quarter ended June 30, 2026

Net loss $44.1 million Quarter ended June 30, 2026; $33.9 million in prior-year quarter

Net loss per share $(0.14) Basic and diluted, quarter ended June 30, 2026

Weighted-average shares outstanding 311,336,806 Basic and diluted, quarter ended June 30, 2026

uORR8wk in 2L+ KRAS G12X PDAC 57% ERAS-0015 monotherapy at 32 mg once daily, AURORAS-1 trial

Key Terms

uORR8wk, dose-limiting toxicities, panitumumab, in-process research and development, +2 more

6 terms

uORR8wk medical

"with a 57% uORR8wk and ongoing treatment across all responding patients"

dose-limiting toxicities medical

"including mostly low-grade treatment-related adverse events, no dose-limiting toxicities (DLTs)"

Dose-limiting toxicities are the harmful side effects seen in early clinical trials that are severe enough to stop researchers from raising a drug’s dose. Like a car’s speed limiter marking the safe top speed, DLTs define the maximum tolerable dose, and they matter to investors because they determine whether a medicine can reach effective levels, influence development timelines, costs, and regulatory chances, and thus affect a drug’s commercial prospects.

panitumumab medical

"combination with the approved dose of panitumumab after demonstrating no DLTs"

Panitumumab is a lab-made protein called a monoclonal antibody that attaches to a specific growth receptor on some cancer cells, blocking signals those cells use to grow and divide. For investors, clinical trial results, regulatory approval, patent protection and competition determine its revenue potential and risk: positive data or approvals can boost sales expectations, while safety issues, failed trials or cheaper alternatives can reduce future returns and move stock prices.

in-process research and development financial

"Erasca also recorded $7.5 million of in-process R&D expense"

Unfinished research and development work—such as drug candidates, prototypes, or process designs—that a company is actively developing but has not yet completed or commercialized. Investors care because it represents potential future products or technologies (like a half-built prototype) whose value is uncertain; it affects how acquisitions are priced, how future profits and costs are forecast, and can be written down if the project fails.

registration-enabling regulatory

"program advancing toward three potentially registration-enabling trials in pancreatic and lung cancers"

pan-KRAS inhibitor medical

"BOREALIS-1: Phase 1 trial for ERAS-4001 (potential first-in-class pan-KRAS inhibitor)"

A pan-KRAS inhibitor is a drug designed to block multiple common mutant forms of the KRAS protein, which can drive cancer cell growth. Investors care because such drugs can potentially treat a broader group of tumors with KRAS mutations—like a single adapter that fits several broken machines—so clinical success could open a larger market but also carries typical drug-development and regulatory risks.

Earnings Snapshot

Net loss: $44.1 million · Guidance included

Quarter ended June 30, 2026

Net loss $44.1 million Higher net loss than $33.9 million in the prior-year quarter

Net loss per share $(0.14) Lower than $(0.12) per share in the prior-year quarter

R&D expenses $35.9 million Increased from $21.2 million in the prior-year quarter

G&A expenses $11.7 million Increased from $9.5 million in the prior-year quarter

Cash, cash equivalents, and marketable securities $384.3 million Up from $341.8 million as of December 31, 2025

Guidance

The company expects its cash, cash equivalents, and marketable securities, including net proceeds from the July 2026 offering, to be sufficient to fund the key upcoming milestones described.

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

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Available on EDGAR 08/11/2026 - 04:06 PM Accepted by SEC EDGAR 08/11/2026 - 04:05 PM Learn about SEC filing dates

FAQ

What were Erasca (ERAS) cash and investments as of June 30, 2026?

Erasca reported $384.3 million in cash, cash equivalents, and marketable securities as of June 30, 2026, up from $341.8 million at December 31, 2025. This figure excludes an additional $632.5 million in gross proceeds from a July 2026 upsized public offering.

How did Erasca (ERAS) perform financially in the second quarter of 2026?

For the quarter ended June 30, 2026, Erasca reported a net loss of $44.1 million, or $(0.14) per share, compared with a net loss of $33.9 million, or $(0.12) per share, for the same period in 2025, driven by higher operating expenses.

What were Erasca (ERAS) research and development and G&A expenses in Q2 2026?

In the second quarter of 2026, Erasca’s R&D expenses were $35.9 million and G&A expenses were $11.7 million. R&D increased from $21.2 million and G&A from $9.5 million in the prior-year quarter, largely due to clinical, preclinical, and personnel-related costs.

What clinical results did Erasca (ERAS) report for ERAS-0015 in pancreatic cancer?

At the 32 mg once-daily dose, ERAS-0015 showed a 57% uORR8wk in second-line or later KRAS G12X pancreatic ductal adenocarcinoma, with all responding patients remaining on treatment and mostly low-grade treatment-related adverse events, including no dose-limiting toxicities or treatment-related discontinuations at the recommended doses.

What upcoming clinical milestones did Erasca (ERAS) highlight for ERAS-0015 and ERAS-4001?

Erasca expects ERAS-4001 preliminary Phase 1 monotherapy data in the second half of 2026, and for ERAS-0015 Phase 1 monotherapy and combination data, plus a potentially registration-enabling 2L+ NSCLC trial, in the first half of 2027, with additional pivotal trials planned through 2028.

How much capital did Erasca (ERAS) raise in its July 2026 public offering?

In July 2026, Erasca completed an upsized public offering raising approximately $632.5 million in gross proceeds. Combined with its June 30, 2026 cash and investments, the company expects this capital to fund the key upcoming clinical milestones it has outlined.

0001761918false00017619182026-08-112026-08-11

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): August 11, 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 2.02 Results of Operations and Financial Condition.

On August 11, 2026, Erasca, Inc. (the “Company”) announced the Company’s financial results for the three months ended June 30, 2026. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit Description

99.1 Press Release issued August 11, 2026

104 Cover Page Interactive Data File

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 hereunto duly authorized.

			Erasca, Inc.
Date:	August 11, 2026	By:	/s/ Ebun Garner
			Ebun Garner, Chief Legal Officer

Exhibit 99.1

Erasca Reports Second Quarter 2026 Business Updates and Financial Results

Updated ERAS-0015 data in U.S. trial highlighted compelling monotherapy efficacy in 2L+ KRAS G12X PDAC and continued favorable tolerability, as well as further advancement of panitumumab CRC combination

ERAS-0015 program advancing toward three potentially registration-enabling trials in pancreatic and lung cancers

Additional ERAS-0015 monotherapy and combination data expected in H1 2027; ERAS-4001 Phase 1 preliminary monotherapy data expected in H2 2026

Cash, cash equivalents, and marketable securities of $384 million as of June 30, 2026; further strengthened balance sheet with upsized public offering of $632 million in July

SAN DIEGO, August 11, 2026 (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 June 30, 2026.

“Our mission is to deliver novel precision therapies that address unmet needs across a broad range of RAS-driven cancers, and we believe the encouraging early findings for ERAS-0015 represent an important step toward realizing that goal,” said Jonathan E. Lim, M.D., Erasca’s chairman, CEO, and co-founder. “Updated clinical data from our U.S. trial further bolster our excitement for advancing ERAS-0015, with compelling monotherapy activity in 2L+ KRAS G12X pancreatic cancer, previously disclosed encouraging data in 2L+ KRAS G12X lung cancer, sustained tolerability with longer follow-up, and promising combination potential. Our recent financing should position us to accelerate ERAS-0015 toward three potentially registration-enabling trials while maintaining momentum across our broader pipeline, including the upcoming ERAS-4001 clinical data readout expected later this year. We are entering our next phase of growth with significant momentum across our RAS-targeting franchise and an exciting path toward multiple pipeline catalysts.”

Research and Development (R&D) Highlights

•Updated Clinical Data for ERAS-0015: In July 2026, Erasca announced updated preliminary data from the ongoing AURORAS-1 Phase 1 trial in the U.S., building on the Company's April 2026 announcement with additional patients and longer follow-up. At the recommended dose for expansion (RDE) of 32 mg once daily (QD), ERAS-0015 demonstrated encouraging monotherapy activity in second-line or later (2L+) KRAS G12X pancreatic ductal adenocarcinoma (PDAC), with a 57% uORR8wk and ongoing treatment across all responding patients and most enrolled patients.1,2 ERAS-0015 continued to demonstrate favorable tolerability, including mostly low-grade treatment-related adverse events, no dose-limiting toxicities (DLTs), no treatment-related discontinuations, and a median relative dose intensity of 100% at both the 24 mg QD and 32 mg QD RDEs.1 The Company also cleared the first dose escalation cohort of ERAS-0015 (16 mg) in combination with the approved dose of panitumumab after demonstrating no DLTs. Backfill enrollment is ongoing in the 16 mg combination cohort, with continued dose escalation in the 24 mg combination cohort.3

•Registration-Enabling Plans for ERAS-0015: In July 2026, Erasca announced plans to accelerate the clinical development of ERAS-0015 in high-value KRAS-mutant indications, including potentially registration-enabling development in pancreatic and lung cancers.

1 Data cutoff (DCO) May 25, 2026
2 The uORR8wk is the overall response rate (ORR) (confirmed and unconfirmed responses) for patients who received first dose of ERAS-0015 at least 8 weeks prior to the May 25, 2026 DCO
3 DCO July 6, 2026

Corporate Highlights

•Completed Upsized Financing: In July 2026, Erasca completed a successful upsized public offering, raising approximately $632.5 million in gross proceeds. The transaction, supported by high-quality new and existing healthcare-focused investors, along with the Company’s January 2026 upsized public offering (approximately $258.8 million in gross proceeds), significantly strengthened Erasca’s balance sheet.

•Strengthened Financial and Clinical Leadership:In May 2026, Erasca promoted Alison Milhous to senior vice president of accounting and to the Company’s leadership team. In August 2026, Erasca appointed Charles Fuchs, M.D., M.P.H., as president of research and development, and David Chonzi, M.D., as senior vice president of global pharmacovigilance, both of whom joined the Company’s leadership team.

Key Upcoming Milestones

AURORAS-1 to -3: Trials for ERAS-0015 (potential best-in-class pan-RAS molecular glue)

•Phase 1 monotherapy expansion data expected in the first half of 2027

•Phase 1 combination dose escalation data, including panitumumab combination, expected in the first half of 2027

•Potentially registration-enabling trial in 2L+ NSCLC expected to initiate in the first half of 2027

•Phase 3 pivotal trial in 1L PDAC expected to initiate in 2027

•Phase 3 pivotal trial in RASm NSCLC expected to initiate in the second half of 2027 to the first half of 2028

BOREALIS-1: Phase 1 trial for ERAS-4001 (potential first-in-class pan-KRAS inhibitor)

•Preliminary Phase 1 monotherapy data expected in the second half of 2026

•Initiation of monotherapy expansion cohorts and combination dose escalation cohorts planned for 2027

Second Quarter 2026 Financial Results

Cash Position: Cash, cash equivalents, and marketable securities were $384.3 million as of June 30, 2026, compared to $341.8 million as of December 31, 2025. Erasca expects its current cash, cash equivalents, and marketable securities (inclusive of the net proceeds received from the July 2026 underwritten offering) will be sufficient to fund the Key Upcoming Milestones set forth above in this press release.

Research and Development (R&D) Expenses: R&D expenses were $35.9 million for the quarter ended June 30, 2026, compared to $21.2 million for the quarter ended June 30, 2025. The increase was primarily driven by increases in expenses incurred in connection with clinical trials, preclinical studies, discovery activities, outsourced services, consulting fees, and personnel costs, including stock-based compensation expense. Erasca also recorded $7.5 million of in-process R&D expense during the quarter ended June 30, 2025 related to the achievement of milestones under Erasca's ERAS-0015 license agreement.

General and Administrative (G&A) Expenses: G&A expenses were $11.7 million for the quarter ended June 30, 2026, compared to $9.5 million for the quarter ended June 30, 2025. The increase was primarily driven by increases in personnel costs, including stock-based compensation expense, and legal costs.

Net Loss: Net loss was $44.1 million, or $(0.14) per basic and diluted share, for the quarter ended June 30, 2026, compared to $33.9 million, or $(0.12) per basic and diluted share, for the quarter ended June 30, 2025.

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 for each of our product candidates, including ERAS-0015 and ERAS-4001; the planned advancement of our development pipeline, including the anticipated timing of data readouts for the AURORAS-1 and BOREALIS-1 trials; our expectations related to the initiation of our clinical trials and patient cohorts; our belief that our recent financing positions us to accelerate ERAS-0015 toward three potentially registration-enabling trials while maintaining momentum across our broader pipeline; our belief that we have significant momentum across our RAS-targeting franchise as we progress on our path to multiple pipeline catalysts; our expectations that our planned clinical trials will serve as registrational-enabling studies; characterizations of the

clinical profile of ERAS-0015; the potential for ERAS-0015 to be used in combination therapies; the potential for ERAS-0015 to be best-in-class; the potential for ERAS-4001 to be first-in-class or best-in-class; and the sufficiency of our cash, cash equivalents, and marketable securities to fund the Key Upcoming Milestones set forth in this press release. 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: the timing of our clinical data readouts, including for the AURORAS-1 and BOREALIS-1 trials, may be delayed; our product candidates, including ERAS-0015 and ERAS-4001, may not demonstrate therapeutic benefits that we expect; interim, topline and preliminary results of a clinical trial are not necessarily indicative of final results and one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data and as more patient data becomes available, including the risk that an unconfirmed partial response to treatment may not ultimately result in a confirmed partial response to treatment after follow-up evaluations; our approach to the discovery and development of product candidates is based on our singular focus on shutting down the RAS/MAPK pathway, a novel and unproven approach; results from preclinical studies 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; 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; our planned potentially registration-enabling trials may be delayed based on Food and Drug Administration (FDA) feedback or requirements, as the FDA retains broad discretion to require additional clinical data prior to the conduct of a registrational trial or submission for regulatory approval; even if our planned trials are successful, they may not support regulatory approval; unfavorable results from preclinical studies or clinical trials; 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, including our ability to successfully defend against allegations raised by, or any future litigation initiated by, Revolution Medicines (RevMed) that ERAS-0015 infringes patents held by RevMed or was derived from RevMed trade secrets; the sufficiency of our cash, cash equivalents, and marketable securities; we may use our capital resources sooner than we expect; 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, 2025, 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)

		June 30,				December 31,
		2026				2025
Balance Sheet Data:
Cash, cash equivalents, and marketable securities		$	384,271			$	341,796
Working capital			244,871				257,728
Total assets			435,054				396,154
Accumulated deficit			(1,119,728	)			(892,209	)
Total stockholders’ equity			361,869				325,171

Erasca, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(Unaudited)

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Operating expenses:
Research and development		$	35,900			$	21,170			$	63,165			$	47,139
In-process research and development			—				7,500				150,000				7,500
General and administrative			11,719				9,455				22,365				19,116
Total operating expenses			47,619				38,125				235,530				73,755
Loss from operations			(47,619	)			(38,125	)			(235,530	)			(73,755	)
Other income (expense)
Interest income			3,603				4,330				8,052				9,070
Other expense, net			(63	)			(81	)			(41	)			(157	)
Total other income (expense), net			3,540				4,249				8,011				8,913
Net loss		$	(44,079	)		$	(33,876	)		$	(227,519	)		$	(64,842	)
Net loss per share, basic and diluted		$	(0.14	)		$	(0.12	)		$	(0.74	)		$	(0.23	)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted			311,336,806				283,355,730				307,846,523				283,308,273
Other comprehensive income (loss):
Unrealized (loss) gain on marketable securities, net			(550	)			(213	)			(1,877	)			10
Comprehensive loss		$	(44,629	)		$	(34,089	)		$	(229,396	)		$	(64,832	)

Investor Contact:
Joyce Allaire
LifeSci Advisors, LLC
jallaire@lifesciadvisors.com

Media Contact:
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com

Source: Erasca, Inc.

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