[Form 4] Erasca, Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 06/24/2025, Erasca, Inc. (ERAS) director Alexander W. Casdin was granted 120,000 stock options to purchase common shares at an exercise price of $1.45. The award was disclosed in a Form 4 filed on 06/26/2025 and is classified as an acquisition rather than an open-market buy.

The options vest 100% on 06/24/2026, contingent on continued board service, and will expire on 06/23/2035. Casdin now holds 120,000 derivative securities, all directly owned. Because no underlying shares were bought or sold and the grant carries no immediate cash outlay, the filing reflects routine director compensation designed to align long-term incentives rather than a directional view on near-term share price.

Positive

• 120,000 stock options granted at $1.45 strengthen insider alignment with shareholder value.
• One-year cliff vesting encourages retention and longer-term focus by the director.

Negative

• Additional option issuance increases potential dilution, though scale appears modest relative to total shares outstanding.

Insights

Corporate Governance Expert

TL;DR: Standard director option grant; neutral governance signal; modest alignment benefit.

The single-tranche grant of 120,000 at-the-money options is typical for small-cap biotech boards. Vesting after one year promotes retention without imposing long vesting cliffs. No sale of underlying equity means there is no negative signal. Dilutive impact is marginal given Erasca’s float, and the $1.45 strike aligns with prevailing market price, producing no immediate accounting charge beyond standard SBC. Overall, the filing is routine and unlikely to affect governance risk assessments.

Portfolio Manager

TL;DR: No insider buying or selling; option grant is compensation; near-term share impact neutral.

The transaction does not inject fresh capital nor signal management’s market view. While an additional 120,000 options add to option overhang, Erasca’s average daily volume and share count make the dilution immaterial. Investors may view the one-year cliff as a mild positive for alignment, but the event is too small to meaningfully alter valuation models or position sizing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Casdin Alexander W.

(Last) (First) (Middle)

C/O ERASCA, INC.

3115 MERRYFIELD ROW, SUITE 300

(Street)

SAN DIEGO CA 92121

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Erasca, Inc. [ ERAS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock option (right to buy)	$1.45	06/24/2025		A		120,000		06/24/2026(1)	06/23/2035	Common Stock	120,000	$0	120,000	D

Explanation of Responses:

1. 100% of the options to purchase shares vest on June 24, 2026, subject to the Reporting Person's continuous service to the Issuer on such vesting date.

	/s/ Ebun S. Garner, as Attorney-in-Fact	06/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many options did Erasca (ERAS) director Alexander Casdin receive?

He was granted 120,000 stock options.

What is the exercise price of the newly granted ERAS options?

The exercise price is $1.45 per share.

When do Casdin’s options vest?

The options vest 100% on 06/24/2026, assuming continued service.

Did the Form 4 report any sale of Erasca shares?

No, the filing shows only an option grant; no shares were sold or purchased on the open market.

What is the expiration date of the granted options?

The options expire on 06/23/2035.