Erasca, Inc.
ERAS evidence brief
What we can confirm
- BioSniper Score:
- 9.3 / 10
- Market Cap:
- $5.68B
- Lead Asset:
- ERAS-0015 (Phase 1/Phase 2)
What it means
What to watch
Prepared research question
What matters most for ERAS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ERAS
Erasca, Inc. is a clinical-stage precision oncology company focused on developing therapies targeting RAS/MAPK pathway mutations, with a lead pan-RAS molecular glue program (ERAS-0015) advancing toward registration-enabling trials and a pan-KRAS inhibitor (ERAS-4001) in Phase 1.
Key risk: Cash runway uncertainty
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$5.68B
Cash Runway
—
Lead Asset
ERAS-0015 (Phase 1/Phase 2)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 6 pipeline candidates · 7 clinical trials for Erasca, Inc..
Erasca, Inc. is a clinical-stage precision oncology company focused on developing therapies targeting RAS/MAPK pathway mutations, with a lead pan-RAS molecular glue program (ERAS-0015) advancing toward registration-enabling trials and a pan-KRAS inhibitor (ERAS-4001) in Phase 1.
- Cash & equivalents of $42.5M as of 2026-06-30 [sec]
- Net income of -$44.1M for the period ending 2026-06-30 [sec]
- Shareholders' equity of $361.9M as of 2026-06-30 [sec]
- Lead program ERAS-0015 granted FDA Fast Track designation for metastatic pancreatic adenocarcinoma [news · 2026-08-24]
- Three potentially registration-enabling trials planned for ERAS-0015 in pancreatic and lung cancers [news · 2026-08-11]
What works
- ERAS-0015 has shown compelling monotherapy efficacy in 2L+ KRAS G12X pancreatic cancer with favorable tolerability [news · 2026-08-11]
- FDA Fast Track designation for ERAS-0015 in metastatic pancreatic adenocarcinoma may accelerate development [news · 2026-08-24]
- Robust patent protection through 2043 for ERAS-0015 composition of matter in the U.S. [news · 2025-11-12]
- Multiple pipeline programs (ERAS-0015, ERAS-4001, naporafenib) targeting different nodes of the RAS/MAPK pathway [pipeline]
What to weigh
- Net loss of $44.1M for the period ending 2026-06-30 indicates ongoing cash burn [sec]
- Cash & equivalents of $42.5M as of 2026-06-30 is significantly lower than $362M reported in Q3 2025, suggesting rapid cash consumption [sec]
- All programs are in early-to-mid clinical stages (Phase 1/2/3) with no approved products, creating binary regulatory risk [pipeline]
- Competitive landscape for ERK1/2 inhibitors and pan-RAF inhibitors includes multiple large pharma and biotech players [pipeline]
From the filings
Quoted directly from source documents.
ERAS-0015 monotherapy efficacy in pancreatic cancer
“Updated ERAS-0015 data in U.S. trial highlighted compelling monotherapy efficacy in 2L+ KRAS G12X PDAC and continued favorable tolerability”
News · August 11, 2026
FDA Fast Track designation for ERAS-0015
“Erasca Granted FDA Fast Track Designation for Pan-RAS Molecular Glue ERAS-0015 in Patients with Metastatic Pancreatic Adenocarcinoma”
News · August 24, 2026
Cash position as of Q3 2025
“Robust balance sheet with cash, cash equivalents, and marketable securities of $362 million as of September 30, 2025”
News · November 12, 2025
Phase 3 trial for naporafenib
“A Randomized, Open-label Phase III Study in Patients With Previously Treated Unresectable or Metastatic NRAS Mutant Cutaneous Melanoma Comparing the Combination of Naporafenib + Trametinib to Physician's Choice of Therapy”
Catalysts
Catalyst timeline
- 2021-09-20 · Phase 2 start for HERKULES-3 — Phase 1b/2 study of agents targeting MAPK pathway in advanced gastrointestinal malignancies.
- 2023-08-17 · Phase 1 start for naporafenib + trametinib — Open-label study of naporafenib with trametinib in RAS Q61X mutant solid tumors.
- 2024-04-29 · Phase 3 start for naporafenib + trametinib in NRAS-mutant melanoma — Randomized Phase III study comparing naporafenib + trametinib to physician's choice in NRAS mutant melanoma.
Risks & what to watch (4)›
Key risks
- Cash runway uncertainty — Cash & equivalents dropped from $362M (Sep 2025) to $42.5M (Jun 2026), raising questions about funding duration [sec]
- No approved products — All programs are in clinical stages; no revenue from product sales, relying on equity and cash reserves [pipeline]
- Competitive landscape — ERK1/2 and pan-RAF inhibitor programs face 69 competitors including large pharma [pipeline]
- Clinical trial execution risk — Multiple Phase 1/2/3 trials ongoing; delays or negative data could impact pipeline value [news]
What to watch
- ERAS-0015 Phase 1 monotherapy and combination data expected in H1 2027 [news · 2026-08-11]
- ERAS-4001 Phase 1 preliminary monotherapy data expected in H2 2026 [news · 2026-08-11]
- Stage 1 randomized data from SEACRAFT-2 Phase 3 trial expected in H2 2025 [news · 2025-03-20]
- Cash runway updates in future quarterly filings to assess financial sustainability [sec]
Sources: Catalysts · News · Pipeline · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.20 · 0% dilution
Lead: Phase 3
6 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Regulatory
Financials
Short Interest
as of Apr 19, 2026- % of float
- 10.8%
- Days to cover
- 5.3
- Shares short
- 29,886,446
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ERAS short interestGovernance
Frequently asked questions
What is the AI investment thesis for Erasca, Inc.?
Erasca, Inc. is a clinical-stage precision oncology company focused on developing therapies targeting RAS/MAPK pathway mutations, with a lead pan-RAS molecular glue program (ERAS-0015) advancing toward registration-enabling trials and a pan-KRAS inhibitor (ERAS-4001) in Phase 1.
What is Erasca, Inc.'s lead drug candidate?
Erasca, Inc.'s most advanced tracked candidate is ERAS-0015 (Phase 1/Phase 2) for Metastatic Solid Tumors.
Who is the CEO of Erasca, Inc.?
Dr. Jonathan E. Lim M.D. is the chief executive officer of Erasca, Inc. (ERAS).
Where is Erasca, Inc. headquartered?
Erasca, Inc. (ERAS) is headquartered in San Diego, CA, United States.
What therapeutic areas does Erasca, Inc. focus on?
Erasca, Inc. develops therapies across Oncology, Dermatology, Gastroenterology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.