Paradigm BioCapital and related reporting persons disclosed beneficial ownership positions in Erasca, Inc. common stock. Paradigm BioCapital Advisors LP/GP and Senai Asefaw report 10,392,702 shares (representing 3.3% of the class) as of the close of business on March 31, 2026. The filing shows Paradigm BioCapital International Fund Ltd. directly owns 9,157,687 shares (2.9%).
The percentages use a share base of 310,806,888 shares outstanding as of March 31, 2026, cited from the issuer's Form 10-Q filed May 11, 2026. Reporting persons disclaim ownership except for the shares they directly beneficially own; the Adviser is identified as investment manager of the Fund and related accounts.
Positive
None.
Negative
None.
Insights
Large institutional holder reports single-digit stakes across related entities.
The filing lists 10,392,702 shares (3.3%) held by Paradigm-related reporting persons and 9,157,687 shares (2.9%) held by the Fund, using March 31, 2026 as the time anchor. These positions are disclosed as direct beneficial ownership and are tied to the Adviser’s managed accounts.
Ownership disclosure is routine under Schedule 13G/A; cash-flow treatment or sale intentions are not stated in the excerpt. Subsequent filings or press releases would be required to reveal any active buying or selling intent.
Key Figures
Paradigm beneficially owned:10,392,702 sharesParadigm BioCapital International Fund Ltd.:9,157,687 sharesShares outstanding (used for percentages):310,806,888 shares
3 metrics
Paradigm beneficially owned10,392,702 sharesreported as of March 31, 2026
Paradigm BioCapital International Fund Ltd.9,157,687 sharesreported as of March 31, 2026
Shares outstanding (used for percentages)310,806,888 sharesoutstanding as of March 31, 2026 per issuer Form 10-Q
Key Terms
Beneficially own, Sole Voting Power / Sole Dispositive Power, Schedule 13G/A
3 terms
Beneficially ownregulatory
"The Fund and one or more separately managed accounts managed by the Adviser directly beneficially own the Common Stock"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Sole Voting Power / Sole Dispositive Powerregulatory
"Sole Voting Power 10,392,702.00 ... Sole Dispositive Power 10,392,702.00"
Schedule 13G/Aregulatory
"This is filed by the following (the "Reporting Persons"): ..."
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Erasca, Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
29479A108
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
29479A108
1
Names of Reporting Persons
Paradigm BioCapital Advisors LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,392,702.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,392,702.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,392,702.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
29479A108
1
Names of Reporting Persons
Paradigm BioCapital Advisors GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,392,702.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,392,702.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,392,702.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.3 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: limited liability company
SCHEDULE 13G
CUSIP Number(s):
29479A108
1
Names of Reporting Persons
Senai Asefaw, M.D.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,392,702.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,392,702.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,392,702.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.3 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
29479A108
1
Names of Reporting Persons
Paradigm BioCapital International Fund Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
9,157,687.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
9,157,687.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,157,687.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.9 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Erasca, Inc.
(b)
Address of issuer's principal executive offices:
3115 Merryfield Row, Suite 300, San Diego, CA 92121
Item 2.
(a)
Name of person filing:
This Schedule 13G is filed by the following (the "Reporting Persons"): (1) Paradigm BioCapital Advisors LP (the "Adviser"); (2) Paradigm BioCapital Advisors GP LLC (the "Adviser GP"); (3) Senai Asefaw, M.D. ("Senai Asefaw"); and (4) Paradigm BioCapital International Fund Ltd. (the "Fund"). The Fund is a private investment vehicle. The Fund and one or more separately managed accounts managed by the Adviser (the "Account") directly beneficially own the Common Stock reported in this statement. The Adviser is the investment manager of the Fund and the Account. The Adviser GP is the general partner of the Adviser. Senai Asefaw is the managing member of the Adviser GP. The Adviser, the Adviser GP and Senai Asefaw may be deemed to beneficially own the Common Stock directly beneficially owned by the Fund and the Account. Each Reporting Person disclaims beneficial ownership with respect to any Common Stock other than the Common Stock directly beneficially owned by such Reporting Person.
(b)
Address or principal business office or, if none, residence:
The principal business office of the Fund is c/o Walkers, 190 Elgin Avenue, George Town, Grand Cayman KY1-9001, Cayman Islands. The principal business office of the Adviser, the Adviser GP and Senai Asefaw is 520 Fifth Avenue, 23rd Floor, New York, NY 10036.
(c)
Citizenship:
For citizenship or place of organization see Item 4 of the cover page of each Reporting Person.
(d)
Title of class of securities:
Common Stock, $0.0001 par value per share
(e)
CUSIP No.:
29479A108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on March 31, 2026, the Date of Event which requires the filing of this Schedule 13G.
(b)
Percent of class:
See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on 310,806,888 shares of Common Stock outstanding as of March 31, 2026, as reported by the Issuer in its Form 10-Q filed with the SEC on May 11, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 on the cover page for each Reporting Person.
(ii) Shared power to vote or to direct the vote:
See Item 6 on the cover page for each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 on the cover page for each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 on the cover page for each Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does Paradigm BioCapital report in ERAS?
Paradigm BioCapital Advisors and affiliated reporting persons report 10,392,702 shares, representing 3.3% of Erasca common stock as of March 31, 2026. The amount is shown on the cover-page ownership fields in the filing.
How many shares does Paradigm BioCapital International Fund Ltd. hold in ERAS?
The Fund is reported to directly own 9,157,687 shares, equal to 2.9% of the class as of March 31, 2026. This figure appears on the cover-page ownership line for the Fund.
What share count is used to calculate percentages in the filing?
Percentages are calculated using 310,806,888 shares outstanding as of March 31, 2026, cited from Erasca’s Form 10-Q filed with the SEC on May 11, 2026. That anchor is stated in Item 4(b) of the filing.
Does the filing state any planned sales or purchases by Paradigm?
No. The Schedule 13G/A excerpt discloses beneficial ownership only and does not state any intent to buy or sell shares. The filing limits itself to ownership amounts and managerial relationships.
Who controls the reported shares according to the filing?
The filing says the Adviser is investment manager of the Fund and accounts, the Adviser GP is general partner, and Senai Asefaw is managing member; these parties may be deemed beneficial owners of the Fund and accounts’ shares.
