Erasca (ERAS) Awards Director Jean Liu Incentive Options – SEC Form 4

Rhea-AI Filing Summary

SEC Form 4 snapshot for Erasca, Inc. (ERAS)

On June 26 2025, Director Jean I. Liu reported the receipt of a new equity award under Erasca’s incentive plan. The filing discloses 120,000 stock options (right to buy common shares) granted on June 24 2025 at an exercise price of $1.45 per share. All of the options vest in a single tranche on June 24 2026, provided Ms. Liu remains in continuous service, and they expire on June 23 2035.

• No non-derivative share transactions were reported; the disclosure relates solely to the derivative option grant.
• Following the grant, Ms. Liu shows beneficial ownership of 120,000 options, held directly.
• The transaction is coded “A” (grant without payment) and was executed outside a Rule 10b5-1 trading plan.

Option awards are routine director compensation meant to align governance incentives with shareholder value creation. The long-dated expiration (10 years) and one-year cliff vesting structure encourage strategic, long-term decision-making. The filing does not indicate any open-market buying or selling, nor does it alter Erasca’s capital structure. From an investment perspective, the event is informational rather than financially material, but it does confirm continued board engagement and standard equity-based retention practices.

Positive

• 120,000 stock options granted to a board member at $1.45 strike, reinforcing long-term alignment with shareholders

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine option grant; negligible direct financial impact on ERAS shares.

The 120,000-share option award to Director Jean Liu is a standard component of board compensation. The strike price of $1.45 simply sets the hurdle for future value creation, while the one-year cliff aligns near-term service incentives. There is no cash outflow, dilution is minimal (≈0.1% of a 100 M share base, if that were the case, but exact share count is not provided in the filing). Because the award vests in 2026, there is no immediate earnings or cash-flow effect. Investors should view the filing as neutral housekeeping rather than a catalyst for the stock.

Corporate Governance Expert

TL;DR: Positive governance signal—equity ties director upside to shareholders.

Option grants remain best practice for growth-stage biotech boards, fostering alignment without cash burn. The single-tranche vesting requires a full year of continued service, incentivising board continuity through a critical development period. The 10-year term matches typical industry standards, ensuring long-range perspective. No red flags—no early vesting, reloads or discounted exercise terms—are present. While not market-moving, the filing indicates Erasca is adhering to conventional equity-based governance, a marginal positive for long-term shareholders.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider LIU JEAN I

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock option (right to buy)	120,000	$0.00	--

Holdings After Transaction: Stock option (right to buy) — 120,000 shares (Direct)

Footnotes (1)

1. [object Object]

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
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^*

LIU JEAN I

(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 its latest Form 4?

A grant of 120,000 stock options to Director Jean I. Liu, exercisable at $1.45 and vesting on June 24 2026.

How many shares are covered by Jean Liu’s new option grant?

The filing shows 120,000 common shares underlying the options.

When do the ERAS options granted to Director Liu vest and expire?

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

Was the transaction executed under a Rule 10b5-1 plan?

No. The box indicating a Rule 10b5-1 trading plan was not checked.

Does the Form 4 indicate any share sales by the director?

No sales were reported; the filing covers only the option grant.