$ERAS
Erasca, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023022282 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.752M $9.440M $7.076M
YoY Change 15.86% 33.41% 92.18%
% of Gross Profit
Research & Development $26.22M $27.59M $27.43M
YoY Change -4.62% 0.57% 124.0%
% of Gross Profit
Depreciation & Amortization $955.0K $894.0K $403.0K
YoY Change 78.84% 121.84% 170.47%
% of Gross Profit
Operating Expenses $35.97M $37.03M $36.51M
YoY Change 0.18% 1.42% 86.18%
Operating Profit -$35.97M -$37.03M -$36.51M
YoY Change 0.18% 1.42% 86.18%
Interest Expense $4.251M $3.877M $114.0K
YoY Change 995.62% 3300.88% 280.0%
% of Operating Profit
Other Income/Expense, Net $4.189M $3.826M $47.00K
YoY Change 1310.44% 8040.43% -97.04%
Pretax Income -$31.78M -$33.20M -$36.46M
YoY Change -10.75% -8.94% 102.35%
Income Tax
% Of Pretax Income
Net Earnings -$31.78M -$33.20M -$36.46M
YoY Change -10.75% -8.94% 102.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.21 -$0.22 -$0.31
Diluted Earnings Per Share -$0.21 -$0.22 -$305.1K
COMMON SHARES
Basic Shares Outstanding 150.8M 150.6M 121.6M
Diluted Shares Outstanding 150.0M 149.5M 119.5M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $317.2M $389.7M $392.5M
YoY Change -14.6% -0.71% 84.86%
Cash & Equivalents $138.8M $272.8M $333.3M
Short-Term Investments $178.5M $117.0M $59.19M
Other Short-Term Assets $6.606M $8.142M $10.84M
YoY Change -33.57% -24.9% 440.97%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $323.9M $397.9M $403.4M
YoY Change -15.09% -1.36% 88.19%
LONG-TERM ASSETS
Property, Plant & Equipment $23.91M $24.62M $20.41M
YoY Change -1.17% 20.66% 437.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $48.08M $29.22M
YoY Change 148.95% 484.48%
Other Assets $5.248M $4.836M $5.126M
YoY Change 11.38% -5.66% 245.19%
Total Long-Term Assets $116.8M $69.66M $72.10M
YoY Change 84.24% -3.38% 601.04%
TOTAL ASSETS
Total Short-Term Assets $323.9M $397.9M $403.4M
Total Long-Term Assets $116.8M $69.66M $72.10M
Total Assets $440.7M $467.5M $475.5M
YoY Change -0.94% -1.67% 111.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.631M $3.353M $4.712M
YoY Change 14.84% -28.84% 352.21%
Accrued Expenses $19.86M $20.72M $14.27M
YoY Change 11.2% 45.15% 110.84%
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 $23.29M $25.52M $21.39M
YoY Change 4.36% 19.32% 90.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $697.0K $630.0K $29.42M
YoY Change -97.46% -97.86% 1468.85%
Total Long-Term Liabilities $697.0K $630.0K $29.42M
YoY Change -97.46% -97.86% 1468.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.29M $25.52M $21.39M
Total Long-Term Liabilities $697.0K $630.0K $29.42M
Total Liabilities $77.96M $81.09M $50.81M
YoY Change 56.68% 59.6% 288.17%
SHAREHOLDERS EQUITY
Retained Earnings -$546.0M -$514.2M -$274.6M
YoY Change 76.02% 87.25%
Common Stock $909.4M $901.1M $700.2M
YoY Change 28.72% 28.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $362.7M $386.5M $424.7M
YoY Change
Total Liabilities & Shareholders Equity $440.7M $467.5M $475.5M
YoY Change -0.94% -1.67% 111.67%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$31.78M -$33.20M -$36.46M
YoY Change -10.75% -8.94% 102.35%
Depreciation, Depletion And Amortization $955.0K $894.0K $403.0K
YoY Change 78.84% 121.84% 170.47%
Cash From Operating Activities -$25.95M -$26.36M -$25.81M
YoY Change -4.38% 2.14% 64.73%
INVESTING ACTIVITIES
Capital Expenditures $247.0K $1.206M $7.336M
YoY Change -105.42% -83.56% 5913.11%
Acquisitions
YoY Change
Other Investing Activities -$108.4M $15.92M $5.542M
YoY Change 2240.67% 187.26% -13955.0%
Cash From Investing Activities -$108.7M $14.71M -$1.794M
YoY Change 1082.32% -920.18% 1007.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 649.0K 183.0K 460.0K
YoY Change -34.58% -60.22% -99.62%
NET CHANGE
Cash From Operating Activities -25.95M -26.36M -25.81M
Cash From Investing Activities -108.7M 14.71M -1.794M
Cash From Financing Activities 649.0K 183.0K 460.0K
Net Change In Cash -134.0M -11.46M -27.14M
YoY Change 279.09% -57.77% -125.92%
FREE CASH FLOW
Cash From Operating Activities -$25.95M -$26.36M -$25.81M
Capital Expenditures $247.0K $1.206M $7.336M
Free Cash Flow -$26.20M -$27.56M -$33.14M
YoY Change 16.01% -16.83% 109.92%

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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 condensed 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 condensed consolidated financial statements and accompanying notes. Accounting estimates and management judgments reflected in the condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, fair value of common stock, 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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CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
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CY2023Q1 eras Share Based Compensation Arrangement By Share Based Payment Award Shares Subject To Repurchase
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CY2022Q4 eras Share Based Compensation Arrangement By Share Based Payment Award Shares Subject To Repurchase
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CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2023Q1 eras Operating Leases Cancelable And Non Cancellable Expiration Dates
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CY2022Q1 us-gaap Variable Lease Cost
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CY2023Q1 us-gaap Short Term Lease Cost
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CY2022Q1 us-gaap Short Term Lease Cost
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CY2023Q1 eras Lessee Operating Lease Liability Payments Due After Year Four
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 us-gaap Operating Lease Liability
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CY2022Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2022Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2023Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2022Q1 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CY2023Q1 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CY2023Q1 us-gaap Income Tax Examination Penalties And Interest Expense
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CY2022Q1 us-gaap Income Tax Examination Penalties And Interest Expense
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CY2023Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19541698

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