$ERAS
Erasca, Inc.

2022 Q1 Form 10-K Financial Statement

#000095017022004557 Filed on March 24, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.076M $6.920M $22.62M
YoY Change 92.18% 138.21% 184.23%
% of Gross Profit
Research & Development $27.43M $24.13M $73.92M
YoY Change 124.0% 139.6% 150.16%
% of Gross Profit
Depreciation & Amortization $403.0K $320.0K $829.0K
YoY Change 170.47% 119.18% 53.52%
% of Gross Profit
Operating Expenses $36.51M $31.05M $124.9M
YoY Change 86.18% 139.38% 14.31%
Operating Profit -$36.51M -$124.9M
YoY Change 86.18% 14.31%
Interest Expense $114.0K $80.00K $190.0K
YoY Change 280.0% 86.05% -43.45%
% of Operating Profit
Other Income/Expense, Net $47.00K $504.0K $2.119M
YoY Change -97.04% -89.97% -72.09%
Pretax Income -$36.46M -$30.46M -$122.8M
YoY Change 102.35% -50.79% 20.76%
Income Tax
% Of Pretax Income
Net Earnings -$36.46M -$30.46M -$122.8M
YoY Change 102.35% -50.79% 20.76%
Net Earnings / Revenue
Basic Earnings Per Share -$0.31 -$1.85
Diluted Earnings Per Share -$305.1K -$255.1K -$1.852M
COMMON SHARES
Basic Shares Outstanding 121.6M 121.3M 66.29M
Diluted Shares Outstanding 119.5M 66.29M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $392.5M $414.5M $414.5M
YoY Change 84.86% 249.18%
Cash & Equivalents $333.3M $360.5M $360.5M
Short-Term Investments $59.19M $53.99M $53.99M
Other Short-Term Assets $10.84M $5.542M $5.542M
YoY Change 440.97% 329.95%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $403.4M $420.0M $420.0M
YoY Change 88.19% 250.04% 250.04%
LONG-TERM ASSETS
Property, Plant & Equipment $20.41M $15.95M $33.31M
YoY Change 437.12% 763.78% 718.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $29.22M $44.77M $44.77M
YoY Change 484.48%
Other Assets $5.126M $2.910M $3.318M
YoY Change 245.19% 545.23% 334.86%
Total Long-Term Assets $72.10M $81.40M $81.40M
YoY Change 601.04% 1583.52% 1583.52%
TOTAL ASSETS
Total Short-Term Assets $403.4M $420.0M $420.0M
Total Long-Term Assets $72.10M $81.40M $81.40M
Total Assets $475.5M $501.4M $501.4M
YoY Change 111.67% 301.69% 301.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.712M $4.677M $4.677M
YoY Change 352.21% 432.69% 432.69%
Accrued Expenses $14.27M $18.82M $18.82M
YoY Change 110.84% 83.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.39M $26.38M $26.38M
YoY Change 90.75% 92.84% 92.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $29.42M $18.51M $18.51M
YoY Change 1468.85% 396.94%
Total Long-Term Liabilities $29.42M $18.51M $18.51M
YoY Change 1468.85% 396.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.39M $26.38M $26.38M
Total Long-Term Liabilities $29.42M $18.51M $18.51M
Total Liabilities $50.81M $44.89M $44.89M
YoY Change 288.17% 157.91% 157.91%
SHAREHOLDERS EQUITY
Retained Earnings -$274.6M -$238.2M
YoY Change 106.38%
Common Stock $700.2M $694.9M
YoY Change 48971.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $424.7M $456.5M $456.5M
YoY Change
Total Liabilities & Shareholders Equity $475.5M $501.4M $501.4M
YoY Change 111.67% 301.69% 301.69%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$36.46M -$30.46M -$122.8M
YoY Change 102.35% -50.79% 20.76%
Depreciation, Depletion And Amortization $403.0K $320.0K $829.0K
YoY Change 170.47% 119.18% 53.52%
Cash From Operating Activities -$25.81M -$22.48M -$79.60M
YoY Change 64.73% 71.68% 143.53%
INVESTING ACTIVITIES
Capital Expenditures $7.336M -$5.830M $11.21M
YoY Change 5913.11% 23220.0% 1083.21%
Acquisitions
YoY Change
Other Investing Activities $5.542M -$58.12M -$53.39M
YoY Change -13955.0% -450.33% -24.01%
Cash From Investing Activities -$1.794M -$63.95M -$64.59M
YoY Change 1007.41% -486.05% -9.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 460.0K 1.107M 439.4M
YoY Change -99.62% -1097.3% 213.87%
NET CHANGE
Cash From Operating Activities -25.81M -22.48M -79.60M
Cash From Investing Activities -1.794M -63.95M -64.59M
Cash From Financing Activities 460.0K 1.107M 439.4M
Net Change In Cash -27.14M -85.32M 295.2M
YoY Change -125.92% -2640.16% 717.63%
FREE CASH FLOW
Cash From Operating Activities -$25.81M -$22.48M -$79.60M
Capital Expenditures $7.336M -$5.830M $11.21M
Free Cash Flow -$33.14M -$16.65M -$90.81M
YoY Change 109.92% 27.41% 169.99%

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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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36105000
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021 eras Issuance Of Common Stock To Erasca Foundation
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IssuanceOfCommonStockInConnectionWithAssetAcquisition
1680000
CY2021 eras Issuance Of Common Stock In Connection With License Agreement
IssuanceOfCommonStockInConnectionWithLicenseAgreement
5488000
CY2020 eras Issuance Of Convertible Preferred Stock In Connection With Asset Acquisition
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CY2020 eras Amounts Accrued For In Process Research And Development Expenses
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CY2020 eras Vesting Of Early Exercised Options
VestingOfEarlyExercisedOptions
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16774000
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CY2021Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
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CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2021 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On July 9, 2021, the Company effected a one-for-1.2 reverse stock split of its issued and outstanding shares of common stock (the Reverse Stock Split).
CY2021Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;">Use of estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">The preparation of the Company’s consolidated financial statements in conformity with US GAAP requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. Accounting estimates and management judgments reflected in the consolidated financial statements include, but are not limited to, the accrual of research and development expenses, fair value of common stock, preferred stock and freestanding instruments, stock-based compensation expense, and the incremental borrowing rate for determining the operating lease asset and liability. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</span></p>
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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CY2020Q4 us-gaap Restricted Cash Noncurrent
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CashAndCashEquivalentsAtCarryingValue
65376000
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RestrictedCashAndCashEquivalents
408000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
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312000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
360895000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
65688000
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CY2020Q4 us-gaap Deferred Offering Costs
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0
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AvailableForSaleSecuritiesDebtSecurities
53325000
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CommonStockSharesAuthorized
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CommonStockSharesOutstanding
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ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
The restricted stock vests 25% one year from the vesting commencement date and monthly thereafter over a three-year period and is subject to repurchase by the Company in the event of any voluntary or involuntary termination of services to the Company prior to vesting.
CY2021Q4 eras Shares Of Common Stock Subject To Repurchase
SharesOfCommonStockSubjectToRepurchase
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CY2020Q4 eras Shares Of Common Stock Subject To Repurchase
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
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CY2021Q4 eras Share Based Compensation Arrangement By Share Based Payment Award Shares Subject To Repurchase
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesSubjectToRepurchase
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CY2020Q4 eras Share Based Compensation Arrangement By Share Based Payment Award Shares Subject To Repurchase
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesSubjectToRepurchase
2131510
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AllocatedShareBasedCompensationExpense
8331000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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OperatingLeaseLiability
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CommonStockCapitalSharesReservedForFutureIssuance
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CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2021 eras Operating Leases Cancelable And Non Cancellable Expiration Dates
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CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
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ShortTermLeaseCost
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OperatingLeasePayments
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CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
51884000
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
16319000
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CY2020 eras Effective Income Tax Rate Reconciliation Fair Value Of Purchase Right Liability
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EffectiveIncomeTaxRateReconciliationInProcessResearchAndDevelopment
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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LossContingencyNumberOfPlaintiffs
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CY2020 us-gaap Loss Contingency Number Of Plaintiffs
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CY2021 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2020 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2021 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2020 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2021 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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533000
CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0

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