Paradigm BioCapital discloses 5.3% Erasca (ERAS) ownership stake

Rhea-AI Filing Summary

Erasca, Inc. received a Schedule 13G reporting that Paradigm BioCapital entities and Senai Asefaw, M.D. collectively beneficially own 15,159,095 shares of its common stock. This represents 5.3% of Erasca’s outstanding common shares, based on 283,711,805 shares reported outstanding as of November 5, 2025.

Within this total, Paradigm BioCapital International Fund Ltd. directly holds 13,377,027 shares, or 4.7% of the class, while additional shares are held in separately managed accounts overseen by Paradigm BioCapital Advisors LP. The reporting persons state that the securities were not acquired and are not held for the purpose of changing or influencing control of Erasca, indicating a passive investment intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Erasca, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

29479A108

(CUSIP Number)

01/07/2026

(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)

SCHEDULE 13G

CUSIP No. 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 15,159,095.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 15,159,095.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,159,095.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 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 15,159,095.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 15,159,095.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,159,095.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: limited liability company

SCHEDULE 13G

CUSIP No. 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 15,159,095.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 15,159,095.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,159,095.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 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 13,377,027.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,377,027.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,377,027.00

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)

4.7 %

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 767 Third Avenue, 17th Floor, New York, NY 10017.
(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 January 7, 2026.
(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 283,711,805 shares of Common Stock outstanding as of November 5, 2025 as reported by the Issuer in its Form 10-Q filed with the SEC on November 12, 2025.
(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.
	Not Applicable
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.

Paradigm BioCapital Advisors LP

Signature:	/s/ David K. Kim
Name/Title:	David K. Kim / Authorized Signatory
Date:	01/14/2026

Paradigm BioCapital Advisors GP LLC

Signature:	/s/ David K. Kim
Name/Title:	David K. Kim / Authorized Signatory
Date:	01/14/2026

Senai Asefaw, M.D.

Signature:	/s/ Senai Asefaw, M.D.
Name/Title:	N/A
Date:	01/14/2026

Paradigm BioCapital International Fund Ltd.

Signature:	/s/ David K. Kim
Name/Title:	David K. Kim / Authorized Signatory
Date:	01/14/2026

Exhibit Information

Exhibit 99.1 - Joint Filing Agreement.

FAQ

What ownership stake in Erasca (ERAS) is reported in this Schedule 13G?

The filing reports that the Paradigm BioCapital entities and Senai Asefaw, M.D. beneficially own 15,159,095 shares of Erasca common stock, representing 5.3% of the class.

Who are the reporting persons in the Erasca (ERAS) Schedule 13G?

The reporting persons are Paradigm BioCapital Advisors LP, Paradigm BioCapital Advisors GP LLC, Senai Asefaw, M.D., and Paradigm BioCapital International Fund Ltd.

How many Erasca (ERAS) shares does Paradigm BioCapital International Fund Ltd. hold?

Paradigm BioCapital International Fund Ltd. directly beneficially owns 13,377,027 shares of Erasca common stock, representing 4.7% of the outstanding class.

What share count was used to calculate the 5.3% ownership of Erasca (ERAS)?

The reported ownership percentages are based on 283,711,805 Erasca common shares outstanding as of November 5, 2025, as stated in the company’s Form 10-Q.

Is the Paradigm BioCapital stake in Erasca (ERAS) intended to influence control of the company?

The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing the control of Erasca and are not held in connection with any such transaction.

Who has voting and dispositive power over the Erasca (ERAS) shares reported?

Each of Paradigm BioCapital Advisors LP, Paradigm BioCapital Advisors GP LLC, and Senai Asefaw, M.D. is reported with sole voting power and sole dispositive power over 15,159,095 Erasca shares, subject to the ownership structure described in the filing.