Erasca (ERAS) Issues 120,000 Stock Options to Board Member

Rhea-AI Filing Summary

Key points from Erasca, Inc. (ERAS) Form 4

On 06/24/2025 the company granted Director Valerie Denise Harding a stock option for 120,000 common shares at an exercise price of $1.45. The transaction is coded “A” (acquisition) and is held directly by the director. According to the footnote, 100% of the option vests on 06/24/2026, provided the director remains in continuous service, and the option expires on 06/23/2035. After the grant the reporting person holds 120,000 derivative securities; no non-derivative share ownership or sales were reported.

No Rule 10b5-1 trading plan or other special conditions were indicated, and there were no accompanying purchases, sales, or exercises. The filing represents routine director compensation with limited immediate impact on Erasca’s capital structure or cash flow.

Positive

• Incentive alignment: Grant ties director compensation to future share performance, potentially encouraging shareholder-friendly decisions.

Negative

• Minor potential dilution: If exercised, the 120,000 options will modestly increase the share count.

Insights

Corporate Governance Expert

TL;DR – Routine director option grant; aligns incentives, negligible dilution.

This Form 4 simply documents a standard equity compensation grant: 120,000 options at $1.45 to Director Valerie Denise Harding. Vesting occurs after one year, typical for attracting and retaining board talent in growth-stage biotechs. The $1.45 strike sets the performance hurdle slightly above recent trading lows, providing upside motivation without being deep in-the-money. Dilution is de minimis relative to Erasca’s >100 million shares outstanding, and there is no cash cost to the company today. Because no shares were sold, market supply dynamics remain unchanged. Overall, the event is governance-neutral and requires no action from investors.

Portfolio Manager

TL;DR – Neutral for valuation; signals director confidence but not material.

The one-year cliff vest and ten-year life mirror standard biotech board packages. While option grants can hint at insider optimism, the lack of open-market buying limits signaling value. At full exercise the shares represent <0.15% of diluted float, an immaterial dilution factor. Investors should track future Form 4s for purchase or sale activity, which would carry greater informational weight.

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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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^*

Start Valerie Denise Harding

(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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Erasca (ERAS) disclose in the 06/24/2025 Form 4 filing?

The company reported granting Director Valerie Denise Harding 120,000 stock options at a $1.45 exercise price.

How many shares are covered by the option grant to the ERAS director?

The grant covers 120,000 shares of Erasca common stock.

When do the ERAS director options vest and expire?

They vest 100% on 06/24/2026 and expire on 06/23/2035.

Was the transaction a purchase or sale of ERAS shares?

It was an acquisition of derivative securities (options); no shares were bought or sold.

Does the filing mention a Rule 10b5-1 trading plan?

No, the Form 4 does not indicate that the grant was made under a 10b5-1 plan.