Erasca, Inc.
ERAS evidence brief
What we can confirm
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 biotechnology company focused on discovering and developing therapies for RAS/MAPK pathway-driven cancers, with a pipeline including ERAS-0015 and ERAS-4001 and ongoing Phase 3 trials AURORAS-1 and BOREALIS-1.
Key risk: No approved products or revenue
BioSniper Score
Based on 6 of 6 signals
Market Cap
$6.31B
Cash Runway
28.7 moLead Asset
ERAS-0015 (Phase 1)
Next Catalyst
Phase3_Topline · Dec 1, 2028Financial data as of Jun 30, 2026.
Tracking 6 pipeline candidates · 7 clinical trials · 1 catalyst for Erasca, Inc..
Erasca, Inc. is a clinical-stage biotechnology company focused on discovering and developing therapies for RAS/MAPK pathway-driven cancers, with a pipeline including ERAS-0015 and ERAS-4001 and ongoing Phase 3 trials AURORAS-1 and BOREALIS-1.
- Erasca has no approved products and has not generated any revenue from product sales [sec_mda · as of 2026-05-11].
- As of June 30, 2026, the company reported cash and equivalents of $43.0M and shareholders' equity of $372.3M [sec].
- Net loss for the three months ended March 31, 2026 was $44.1M [sec].
- The company's pipeline includes ERAS-0015 and ERAS-4001, with dose-escalation cohorts planned for 2027 [sec · filed 2026-01-12].
- Erasca expects its cash runway to fund operations into the second half of 2028 based on current operating plans [sec_mda · as of 2026-05-11].
What works
- Erasca has a cash runway expected to fund operations into the second half of 2028, providing a multi-year development horizon [sec_mda · as of 2026-05-11].
- The company has raised a total of $1.3 billion to fund operations as of March 31, 2026, indicating strong historical capital access [sec_mda · as of 2026-05-11].
- Erasca is advancing two Phase 3 trials (AURORAS-1 and BOREALIS-1) and has dose-escalation cohorts for ERAS-0015 and ERAS-4001 planned for 2027, reflecting a broad pipeline [sec · filed 2026-01-12].
What to weigh
- Erasca has no approved products and has not generated any revenue from product sales, relying entirely on external financing [sec_mda · as of 2026-05-11].
- The company has incurred significant operating losses since inception, with an accumulated deficit of $892.2 million as of December 31, 2025 [sec_mda · as of 2026-03-12].
- Net losses were $183.4 million for the three months ended March 31, 2026, indicating a high cash burn rate [sec_mda · as of 2026-05-11].
- Preliminary clinical results are not necessarily indicative of final outcomes, and there is risk that unconfirmed responses may not become confirmed [sec · filed 2026-01-12].
From the filings
Quoted directly from source documents.
Erasca has no approved products and no product revenue.
“We do not have any products approved for sale and have not generated any revenue.”
SEC MD&A · May 11, 2026
Erasca's cash runway is expected to fund operations into the second half of 2028.
“Based upon our current operating plans, we believe that our cash, cash equivalents, and marketable securities as of March 31, 2026 will be sufficient to fund our operations into the second half of 2028.”
SEC MD&A · May 11, 2026
Erasca has an accumulated deficit of $892.2 million as of December 31, 2025.
“As of December 31, 2025, we had an accumulated deficit of $892.2 million.”
SEC MD&A · March 12, 2026
Erasca plans dose-escalation cohorts for ERAS-0015 and ERAS-4001 in 2027.
“escalation cohorts planned for 2027 ** Topline safety, tolerability, PK, and initial efficacy data”
SEC filings · January 12, 2026
Catalyst timeline
- 2028-12-01 · Phase3_Topline — Phase 3 Topline: A Randomized, Open-label Phase III Study in Patients With Previously Treated Unresectable or Metasta — Topline data from a Phase 3 study in previously treated unresectable or metastatic patients will be a key efficacy and safety readout.
Risks & what to watch (4)›
Key risks
- No approved products or revenue — Erasca has no products approved for sale and has not generated any revenue, relying entirely on external financing [sec_mda · as of 2026-05-11].
- Significant accumulated deficit — Accumulated deficit of $892.2 million as of December 31, 2025, with ongoing net losses [sec_mda · as of 2026-03-12].
- Clinical trial outcome uncertainty — Preliminary clinical results may change as more data become available; unconfirmed responses may not become confirmed [sec · filed 2026-01-12].
- High cash burn rate — Net loss of $183.4 million for the three months ended March 31, 2026, indicating rapid cash consumption [sec_mda · as of 2026-05-11].
What to watch
- Phase 3 topline data from the AURORAS-1 and BOREALIS-1 trials, with a catalyst date of 2028-12-01 [catalyst_timeline].
- Dose-escalation data for ERAS-0015 and ERAS-4001, with cohorts planned for 2027 [sec · filed 2026-01-12].
- Cash runway updates, as the company expects funding into the second half of 2028 but actual results may vary [sec_mda · as of 2026-05-11].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
Run Erasca, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Erasca, Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
28.7 months
D/E 0.20 · 0% dilution
Lead: Phase 1/Phase 2
6 candidates
1 upcoming, next in ~824d
0 buys · 2 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
219
Total value held
$2.96B
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 22,499,476 | $364.0M |
| blackrock, inc. | 20,151,406 | $326.0M |
| rtw investments, lp | 16,157,175 | $261.4M |
| state street corp | 9,300,084 | $150.5M |
| janus henderson group plc | 7,421,932 | $120.0M |
| arch venture management, llc | 7,091,557 | $114.7M |
| geode capital management, llc | 5,996,149 | $97.0M |
| cormorant asset management, lp | 5,800,000 | $93.8M |
| woodline partners lp | 5,663,076 | $91.6M |
| affinity asset advisors, llc | 5,350,000 | $86.6M |
Showing top 10 of 219 institutional holders of Erasca, Inc.. Open the full 13F history after sign-in.
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 biotechnology company focused on discovering and developing therapies for RAS/MAPK pathway-driven cancers, with a pipeline including ERAS-0015 and ERAS-4001 and ongoing Phase 3 trials AURORAS-1 and BOREALIS-1.
What is Erasca, Inc.'s lead drug candidate?
Erasca, Inc.'s most advanced tracked candidate is ERAS-0015 (Phase 1) for Metastatic Solid Tumors.
What is Erasca, Inc.'s next catalyst?
Erasca, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Randomized, Open-label Phase III Study in Patients With Previously Treated Unresectable or Metasta" — expected December 1, 2028.
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.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.