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Frazier Life Sciences discloses 5.3% stake in Erasca; corrections to prior attributions

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13G/A

Rhea-AI Filing Summary

Erasca, Inc. (common stock, CUSIP 29479A108) is the subject of a joint Schedule 13G/A filed by multiple Frazier Life Sciences entities and individuals disclosing beneficial holdings of the issuer's common stock. Frazier Life Sciences Public Fund, L.P. directly holds 15,038,753 shares (5.3% of the class) based on 283,287,382 shares outstanding as of May 6, 2025. Additional Frazier vehicles report direct holdings of 2,405,634 shares (0.8%), 1,674,681 shares (0.6%), and 3,610,368 shares (1.3%) respectively.

The filing clarifies voting and dispositive power: the reporting persons state no sole voting or dispositive power over the disclosed shares and report shared voting and dispositive power for those amounts. The statement also corrects prior attributions, removing previously attributed ownership for certain committee members and clarifying the managerial structures that determine who shares investment authority.

Positive

  • FLSPF reports a material holding of 15,038,753 shares, equal to 5.3% of outstanding common stock
  • The filing clarifies and corrects prior attributions, improving transparency of actual beneficial ownership

Negative

  • No reporting person claims sole voting or dispositive power; holdings are reported as shared rather than controlled
  • The amendment indicates previous overstatements of individual attributions, reflecting prior disclosure inaccuracies

Insights

TL;DR: Frazier entities disclose a material >5% stake by FLSPF and additional mid-single-digit holdings across affiliated funds.

The Schedule 13G/A documents that Frazier Life Sciences Public Fund, L.P. holds 15,038,753 shares, representing 5.3% of Erasca's outstanding common stock using the issuer's May 6, 2025 share count. Several affiliated funds report smaller but non-trivial positions ranging from 0.6% to 1.3%. All disclosed holdings are reported as shared voting and dispositive power, not sole control, and the filing expressly corrects prior over-attributions to individual committee members. For investors, this clarifies the distribution of ownership among related investment vehicles and confirms the absence of an asserted controlling position by these reporting persons.

TL;DR: Disclosure refines ownership attribution and governance responsibility, removing prior individual attributions.

The amendment emphasizes governance structure: several general partners and manager entities conduct decisions via investment committees, and the filing corrects prior statements that attributed direct beneficial ownership to individual committee members. The document shows shared rather than sole authority over votes and dispositions for the reported shares, which is material for assessing potential influence but does not assert a concerted control group. This provides greater transparency about who legally exercises voting and investment power within the Frazier family of funds.






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)






SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The shares listed in rows 6, 8 and 9 consist of 1,674,681 shares of Common Stock held directly by Frazier Life Sciences X, L.P. The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G




Comment for Type of Reporting Person: The shares listed in rows 6, 8 and 9 consist of 1,674,681 shares of Common Stock held directly by Frazier Life Sciences X, L.P. The percentage listed in row 11 is calculated based on 283,287,382 shares of Common Stock outstanding on May 6, 2025, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2025.


SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G





SCHEDULE 13G



Frazier Life Sciences Public Fund, L.P.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLSP, L.L.C., GP of FHMLSP, L.P., GP of Frazier Life Sciences Public Fund, L.P.
Date:08/14/2025
FHMLSP, L.P.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLSP, L.L.C., GP of FHMLSP, L.P.
Date:08/14/2025
FHMLSP, L.L.C.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLSP, L.L.C.
Date:08/14/2025
Frazier Life Sciences Public Overage Fund, L.P.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLSP Overage, L.L.C., GP of FHMLSP Overage, L.P., GP of Frazier Life Sciences Public Overage Fund, L.P.
Date:08/14/2025
FHMLSP Overage, L.P.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLSP Overage, L.L.C., GP of FHMLSP Overage, L.P.
Date:08/14/2025
FHMLSP Overage, L.L.C.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLSP Overage, L.L.C.
Date:08/14/2025
Frazier Life Sciences X, L.P.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLS X, L.L.C., GP of FHMLS X, L.P., GP of Frazier Life Sciences X, L.P.
Date:08/14/2025
FHMLS X, L.P.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLS X, L.L.C., GP of FHMLS X, L.P.
Date:08/14/2025
FHMLS X, L.L.C.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLS X, L.L.C.
Date:08/14/2025
Frazier Life Sciences XI, L.P.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLS XI, L.L.C., GP of FHMLS XI, L.P., GP of Frazier Life Sciences XI, L.P.
Date:08/14/2025
FHMLS XI, L.P.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLS XI, L.L.C., GP of FHMLS XI, L.P.
Date:08/14/2025
FHMLS XI, L.L.C.
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, CFO of FHMLS XI, L.L.C.
Date:08/14/2025
James N. Topper
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, Attorney-in-Fact for James N. Topper, pursuant to a Power of Attorney, a copy of which was filed with the SEC on July 31, 2017
Date:08/14/2025
Patrick J. Heron
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, Attorney-in-Fact for Patrick J. Heron, pursuant to a Power of Attorney, a copy of which was filed with the SEC on July 31, 2017
Date:08/14/2025
Albert Cha
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, Attorney-in-Fact for Albert Cha, pursuant to a Power of Attorney, a copy of which was filed with the SEC on August 16, 2021
Date:08/14/2025
James Brush
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, Attorney-in-Fact for James Brush, pursuant to a Power of Attorney, a copy of which was filed with the SEC on August 16, 2021
Date:08/14/2025
Daniel Estes
Signature:/s/ Steve R. Bailey
Name/Title:By Steve R. Bailey, Attorney-in-Fact for Daniel Estes, pursuant to a Power of Attorney, a copy of which was filed with the SEC on April 18, 2022
Date:08/14/2025
Exhibit Information

Exhibit 99.1 Joint Filing Agreement, dated as of May 15, 2025, incorporated by reference into this Statement.

FAQ

Who filed the Schedule 13G/A for Erasca (ERAS)?

A group of Frazier Life Sciences entities and related individuals, including Frazier Life Sciences Public Fund, L.P., FHMLSP entities, Frazier Life Sciences Public Overage Fund, Frazier Life Sciences X, L.P., Frazier Life Sciences XI, L.P., and individuals James N. Topper, Patrick J. Heron, Albert Cha, James Brush and Daniel Estes.

How many Erasca shares does Frazier Life Sciences Public Fund, L.P. report owning?

15,038,753 shares, representing 5.3% of the common stock based on 283,287,382 shares outstanding as of May 6, 2025.

What percentage of Erasca does Frazier Life Sciences XI, L.P. hold?

Frazier Life Sciences XI, L.P. directly holds 3,610,368 shares, representing 1.3% of the class per the filing.

Do any reporting persons claim sole voting or dispositive power over the shares?

No. The filing states 0 shares of sole voting power and 0 shares of sole dispositive power for each reporting person; all reported powers are shared.

What correction does this Schedule 13G/A make to prior filings?

The amendment clarifies that certain investment committee members should not be attributed beneficial ownership of shares held by the funds, correcting prior overstatements of individual attributions.

What share count was used to calculate percentages in the filing?

Percentages are calculated using 283,287,382 shares outstanding on May 6, 2025, as disclosed in the issuer's May 13, 2025 Quarterly Report.
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