$ERAS
Erasca, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023009496 Filed on March 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.440M $8.722M $32.99M
YoY Change 33.41% 26.04% 45.88%
% of Gross Profit
Research & Development $27.59M $29.36M $112.5M
YoY Change 0.57% 21.67% 52.13%
% of Gross Profit
Depreciation & Amortization $894.0K $933.0K $2.600M
YoY Change 121.84% 191.56% 213.63%
% of Gross Profit
Operating Expenses $37.03M $38.08M $247.5M
YoY Change 1.42% 22.64% 98.15%
Operating Profit -$37.03M -$247.5M
YoY Change 1.42% 98.15%
Interest Expense $3.877M $2.878M $4.902M
YoY Change 3300.88% 3497.5% 2480.0%
% of Operating Profit
Other Income/Expense, Net $3.826M -$50.00K $4.645M
YoY Change 8040.43% -109.92% 119.21%
Pretax Income -$33.20M -$135.3M -$242.8M
YoY Change -8.94% 343.97% 97.78%
Income Tax
% Of Pretax Income
Net Earnings -$33.20M -$135.3M -$242.8M
YoY Change -8.94% 343.97% 97.78%
Net Earnings / Revenue
Basic Earnings Per Share -$0.22 -$1.99
Diluted Earnings Per Share -$0.22 -$1.06 -$1.99
COMMON SHARES
Basic Shares Outstanding 150.6M 122.4M 122.0M
Diluted Shares Outstanding 149.5M 122.0M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $389.7M $435.6M $435.6M
YoY Change -0.71% 5.1% 5.1%
Cash & Equivalents $272.8M $284.2M $284.2M
Short-Term Investments $117.0M $151.4M $151.4M
Other Short-Term Assets $8.142M $8.876M $8.876M
YoY Change -24.9% 60.16% 60.16%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $397.9M $444.5M $444.5M
YoY Change -1.36% 5.83% 5.83%
LONG-TERM ASSETS
Property, Plant & Equipment $24.62M $24.82M $65.23M
YoY Change 20.66% 55.54% 95.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $4.836M $4.772M $5.180M
YoY Change -5.66% 63.99% 56.12%
Total Long-Term Assets $69.66M $70.41M $70.41M
YoY Change -3.38% -13.5% -13.5%
TOTAL ASSETS
Total Short-Term Assets $397.9M $444.5M $444.5M
Total Long-Term Assets $69.66M $70.41M $70.41M
Total Assets $467.5M $514.9M $514.9M
YoY Change -1.67% 2.69% 2.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.353M $23.05M $23.05M
YoY Change -28.84% 392.82% 392.82%
Accrued Expenses $20.72M $23.95M $23.95M
YoY Change 45.15% 27.26% 27.26%
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 $25.52M $48.69M $48.69M
YoY Change 19.32% 84.56% 84.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $630.0K $573.0K $54.37M
YoY Change -97.86% -96.9% 193.77%
Total Long-Term Liabilities $630.0K $573.0K $54.37M
YoY Change -97.86% -96.9% 193.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.52M $48.69M $48.69M
Total Long-Term Liabilities $630.0K $573.0K $54.37M
Total Liabilities $81.09M $103.1M $103.1M
YoY Change 59.6% 129.59% 129.59%
SHAREHOLDERS EQUITY
Retained Earnings -$514.2M -$481.0M
YoY Change 87.25% 101.96%
Common Stock $901.1M $893.9M
YoY Change 28.69% 28.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $386.5M $411.9M $411.9M
YoY Change
Total Liabilities & Shareholders Equity $467.5M $514.9M $514.9M
YoY Change -1.67% 2.69% 2.69%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$33.20M -$135.3M -$242.8M
YoY Change -8.94% 343.97% 97.78%
Depreciation, Depletion And Amortization $894.0K $933.0K $2.600M
YoY Change 121.84% 191.56% 213.63%
Cash From Operating Activities -$26.36M -$26.37M -$103.3M
YoY Change 2.14% 17.3% 29.73%
INVESTING ACTIVITIES
Capital Expenditures $1.206M $864.0K $14.55M
YoY Change -83.56% -114.82% 29.86%
Acquisitions
YoY Change
Other Investing Activities $15.92M -$4.003M -$56.53M
YoY Change 187.26% -93.11% 5.89%
Cash From Investing Activities $14.71M -$4.867M -$71.08M
YoY Change -920.18% -92.39% 10.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $95.25M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 183.0K 96.20M 98.08M
YoY Change -60.22% 8589.79% -77.68%
NET CHANGE
Cash From Operating Activities -26.36M -26.37M -103.3M
Cash From Investing Activities 14.71M -4.867M -71.08M
Cash From Financing Activities 183.0K 96.20M 98.08M
Net Change In Cash -11.46M 64.96M -76.27M
YoY Change -57.77% -176.13% -125.84%
FREE CASH FLOW
Cash From Operating Activities -$26.36M -$26.37M -$103.3M
Capital Expenditures $1.206M $864.0K $14.55M
Free Cash Flow -$27.56M -$27.24M -$117.8M
YoY Change -16.83% 63.56% 29.75%

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CY2021 eras Issuance Of Common Stock In Connection With License Agreement
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CY2022 us-gaap Stockholders Equity Reverse Stock Split
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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
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">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>
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CY2021 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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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.
CY2022Q4 eras Shares Of Common Stock Subject To Repurchase
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CY2021Q4 eras Shares Of Common Stock Subject To Repurchase
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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0
CY2021 eras Effective Income Tax Rate Reconciliation Fair Value Of Purchase Right Liability
EffectiveIncomeTaxRateReconciliationFairValueOfPurchaseRightLiability
0.003
CY2022 eras Effective Income Tax Rate Reconciliation Other Permanent Differences
EffectiveIncomeTaxRateReconciliationOtherPermanentDifferences
0.003
CY2021 eras Effective Income Tax Rate Reconciliation Other Permanent Differences
EffectiveIncomeTaxRateReconciliationOtherPermanentDifferences
0.007
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.029
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.029
CY2022 eras Effective Income Tax Rate Reconciliation State Net Operating Loss
EffectiveIncomeTaxRateReconciliationStateNetOperatingLoss
-0.001
CY2021 eras Effective Income Tax Rate Reconciliation State Net Operating Loss
EffectiveIncomeTaxRateReconciliationStateNetOperatingLoss
0.024
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.008
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.006
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022 eras Minimum Stock Holding Percentage For Ownership Change
MinimumStockHoldingPercentageForOwnershipChange
0.50
CY2022 eras Stock Holding Period For Ownership Change
StockHoldingPeriodForOwnershipChange
P3Y
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1182000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
191000
CY2022 eras Unrecognized Tax Benefits Increases Decrease Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesDecreaseResultingFromPriorPeriodTaxPositions
0
CY2021 eras Unrecognized Tax Benefits Increases Decrease Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesDecreaseResultingFromPriorPeriodTaxPositions
156000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1543000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
835000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2725000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1182000
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2500000
CY2022 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2021 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2022 eras Employee Retention Credit Cares Act
EmployeeRetentionCreditCaresAct
2200000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-242805000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-122764000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122024848
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122024848
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66290592
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66290592
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.99
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.99
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.85
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.85
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19312268
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16482780
CY2022 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.030
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
858000
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
533000
CY2020 eras Credit Percentage On Qualified Wages On Employment Taxes
CreditPercentageOnQualifiedWagesOnEmploymentTaxes
0.50
CY2021 eras Credit Percentage On Qualified Wages On Employment Taxes
CreditPercentageOnQualifiedWagesOnEmploymentTaxes
0.70
CY2021Q3 eras Disgorgement Of Short Swing Profits
DisgorgementOfShortSwingProfits
553000

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