Erasca Inc (NASDAQ: ERAS) is a clinical-stage oncology company developing small-molecule therapies targeting RAS/MAPK pathway mutations in solid tumors. The company generates no product revenue and funds operations through equity financings, including an underwriting agreement with J.P. Morgan Securities, Morgan Stanley, Jefferies, and Evercore Group dated January 21, 2026. Erasca's pipeline centers on two in-licensed compounds, ERAS-0015 and ERAS-4001, acquired via license agreements with Guangzhou Joyo Pharmatech and Medshine Discovery in May 2024, plus naporafenib and other discovery-stage programs. Cash used in operating activities was $95.5 million for the year ended December 31, 2025, driven by a net loss of $124.5 million. The company had a net loss of $161.7 million for the year ended December 31, 2024. Erasca is pre-revenue and relies on external capital to advance candidates through clinical trials toward potential FDA or EMA approval.

Revenue model

Pre-revenue. No approved products as of the 10-K filed March 12, 2026. Operations are funded through equity offerings. Stock-based compensation was $24.9 million for the year ended December 31, 2025.

Products and services

ERAS-0015: pan-RAS molecular glue in development for RAS-mutated solid tumors; IND cleared by FDA in May 2025; Phase 1 trial called AURORAS-1. ERAS-4001: in-licensed from Medshine Discovery in May 2024. Naporafenib: included in other clinical programs. Additional discovery and preclinical programs targeting the RAS/MAPK pathway.

Customers and end markets

No commercial customers. End market is oncology patients with RAS-mutated solid tumors. Potential future payors include private insurers and U.S. government programs such as Medicare and Medicaid.

Value-chain role

Drug discovery and clinical development. Relies on contract research organizations (CROs), third-party manufacturers, and external licensors (Guangzhou Joyo Pharmatech and Medshine Discovery) for compound sourcing and preclinical materials.

Geographic exposure

Headquartered in the United States. Regulatory filings reference both FDA (United States) and EMA (European Union) approval pathways. No disclosed commercial geographic revenue.

Source: SEC 10-K, filed 2026-03-12

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