Erasca, Inc.
ERAS · Pharmaceutical Preparations · 311.0M shares · +52%/yr ↑ dilution · EDGAR filings ↗
Reference price $16.40 · est. market cap ~$5.1B — last insider sale, 2026-04-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — RAS/MAPK oncology clinical, well-funded.
Strengths
- Liquidity — current ratio 10.0 (78th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-95.6M)
- Chronic dilutionShare count +52%/yr over 3y (dilution, book value/share -78%)
- Strong balance sheetStrong balance sheet — $408M cash & investments, ~17 quarters of runway
- Insider sellingInsider selling — 3 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$2M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-11-01 — PHASE1/PHASE2 · Advanced or Metastatic Solid Tumors
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +2 more (as of 2026-03-31)
Key metrics
Return on equity
-38.3%
Return on assets
-31.4%
Current ratio
10.0×
Free cash flow
-$96M
EBITDA
-$138M
Tangible book value
$325M
Cash & investments
$408M
Cash runway
17q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-01 | Garner Ebun | Sell | 80K | $16.40 |
| 2026-04-01 | Garner Ebun | Option exercise | 80K | $1.70 |
| 2026-03-04 | Morris Shannon | Option exercise | 20K | $1.70 |
| 2026-03-04 | Morris Shannon | Sell | 20K | $15.04 |
| 2026-01-07 | Garner Ebun | Option exercise | 120K | $1.70 |
| 2026-01-07 | Garner Ebun | Sell | 120K | $5.59 |
| 2025-12-15 | Garner Ebun | Grant | 3.9K | $1.19 |
| 2025-12-15 | Chacko David M. | Other | 18K | $1.19 |
| 2025-05-23 | Multani Pratik S | Gift | 6.2K | — |
| 2025-05-23 | Multani Pratik S | Gift | 6.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07021898 ↗ | A Study of ERAS-4001 in Patients With Advanced or Metastatic Solid Tumors. Metastatic Solid Tumors | PHASE1 | Recruiting | 2028-08-01 |
| NCT06983743 ↗ | A Study of ERAS-0015 in Patients With Advanced or Metastatic Solid Tumors Metastatic Solid Tumors | PHASE1 | Recruiting | 2028-05-01 |
| NCT06346067 ↗ | A Study to Assess Naporafenib (ERAS-254) Administered With Trametinib in Patients With NRAS-mutant Melanoma (SEACRAFT-2) Advanced or Metastatic NRAS-mutant Melanoma | PHASE3 | Active Not Recruiting | 2028-04-01 |
| NCT04866134 ↗ | A Study of ERAS-007 as Monotherapy or in Combination With ERAS-601 in Patients With Advanced or Metastatic Solid Tumors Advanced or Metastatic Solid Tumors | PHASE1/PHASE2 | Active Not Recruiting | 2026-11-01 |
| NCT04670679 ↗ | A Dose Escalation/Expansion Study of ERAS-601 in Patients With Advanced or Metastatic Solid Tumors Advanced or Metastatic Solid Tumors | PHASE1 | Active Not Recruiting | 2026-02-01 |
| NCT05907304 ↗ | A Study to Assess Naporafenib (ERAS-254) Administered With Trametinib in Patients With RAS Q61X Mutations Advanced or Metastatic Solid Tumors | PHASE1 | Active Not Recruiting | 2025-07-01 |
| NCT05039177 ↗ | A Study of ERAS-007 in Patients With Advanced Gastrointestinal Malignancies Metastatic Colorectal Cancer, Metastatic Pancreatic Ductal Adenocarcinoma | PHASE1/PHASE2 | Completed | 2025-08-15 |
| NCT05279859 ↗ | A Study of Anti-Cancer Therapies Targeting the MAPK Pathway in Patients With Hematologic Malignancies Acute Myeloid Leukemia | PHASE1/PHASE2 | Withdrawn | 2025-03-01 |
| NCT04959981 ↗ | A Study of Anti-Cancer Therapies Targeting the MAPK Pathway in Patients With Advanced NSCLC Advanced Non-squamous Non-small-cell Lung Cancer | PHASE1 | Completed | 2023-04-27 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-11 | 2026-03-31 | 0001193125-26-216788 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001193125-26-216739 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001193125-26-182137 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001193125-26-179214 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0001193125-26-165297 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001193125-26-104105 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001193125-26-104150 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0001193125-26-029467 ↗ |
| 8-K | 2026-01-22 | 2026-01-21 | 0001193125-26-019651 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0001193125-26-016556 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009820 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001193125-25-277571 ↗ |