Erasca, Inc. (ERAS): Business Model Canvas

In der dynamischen Landschaft der Präzisionsonkologie entwickelt sich Erasca, Inc. (ERAS) zu einem bahnbrechenden Biotechnologieunternehmen, das die Krebsbehandlung durch innovatives molekulares Targeting und personalisierte Therapieansätze revolutioniert. Durch die Nutzung fortschrittlicher Genomforschung und modernster Arzneimittelentwicklungsstrategien möchte Erasca die Art und Weise verändern, wie wir behandlungsresistente Krebsmutationen verstehen und bekämpfen, und Patienten mit komplexen genetischen Profilen und ungedecktem medizinischem Bedarf Hoffnung geben. Ihr einzigartiges Geschäftsmodell stellt eine ausgeklügelte Schnittstelle aus wissenschaftlicher Innovation, strategischen Partnerschaften und gezielter Forschung dar, die die Krebstherapie in den kommenden Jahren möglicherweise neu definieren könnte.

Erasca, Inc. (ERAS) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Forschungseinrichtungen und akademische Zentren

Erasca hat wichtige Partnerschaften mit folgenden Forschungseinrichtungen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
Medizinische Fakultät der Stanford University	Präzisionsforschung in der Onkologie	2021
MD Anderson Krebszentrum	Entwicklung klinischer Studien	2022
Universität von Kalifornien, San Diego	Molekulare zielgerichtete Therapieforschung	2020

Potenzielle strategische Kooperationen mit Entwicklern onkologischer Arzneimittel

Zu den strategischen Partnerschaften gehören:

• Pfizer Oncology – mögliche gemeinsame Entwicklungsvereinbarungen
• Bristol Myers Squibb – kollaborative Forschungsplattformen
• Merck Oncology – potenzielle Lizenzmöglichkeiten

Auftragsforschungsorganisationen (CROs) für klinische Studien

CRO-Name	Vertragswert	Testphasen werden unterstützt
IQVIA	12,5 Millionen US-Dollar	Phase I/II
Medpace	8,3 Millionen US-Dollar	Phase II/III
Parexel	6,7 Millionen US-Dollar	Onkologische Studien

Biotechnologie-Investmentfirmen und Risikokapitalpartner

Zu den wichtigsten Investitionspartnern gehören:

• ARCH Venture Partners – 45 Millionen US-Dollar Investition
• Boxer Capital – Finanzierung in Höhe von 35 Millionen US-Dollar
• Versant Ventures – strategische Investition in Höhe von 28 Millionen US-Dollar

Gesamtinvestitionskapital der Partnerschaft: 108,5 Millionen US-Dollar

Erasca, Inc. (ERAS) – Geschäftsmodell: Hauptaktivitäten

Innovative Präzisions-Onkologie-Arzneimittelforschung und -entwicklung

Im vierten Quartal 2023 verfügt Erasca über sechs aktive Arzneimittelentwicklungsprogramme, die auf spezifische molekulare Ziele bei Krebs abzielen.

Drogenprogramm	Ziel	Entwicklungsphase
ÄRAS-007	RAS/MAPK-Pfad	Klinische Phase-1/2-Studie
ÄRAS-601	SHP2-Inhibitor	Klinische Phase-1-Studie

Entwurf und Durchführung klinischer Studien

Erasca investierte im Jahr 2022 48,3 Millionen US-Dollar in Forschungs- und Entwicklungskosten für klinische Studien.

• Aktive klinische Studien für mehrere onkologische Indikationen
• Zusammenarbeit mit 12 Forschungseinrichtungen
• Laufende Studien bei Lungen-, Darm- und soliden Tumoren

Molekulares Targeting und genomisches Profiling

Die Forschung konzentrierte sich auf Präzisionsonkologie, die auf spezifische genetische Mutationen abzielt.

Molekulares Ziel	Mutationstyp	Forschungsschwerpunkt
KRAS G12C	Punktmutation	Gezielte Hemmung
SHP2	Signalprotein	Signalwegmodulation

Regulatorische Einreichungs- und Compliance-Prozesse

Regulatorische Interaktionen mit der FDA und der EMA für Anträge auf neue Prüfpräparate (IND).

• 3 aktive Investigational New Drug (IND)-Anträge
• Einhaltung der FDA-Richtlinien für die Entwicklung onkologischer Arzneimittel

Screening und Optimierung von Arzneimittelkandidaten

Proprietäre Screening-Plattform mit 22,7 Millionen US-Dollar für die Entdeckungsforschung im Jahr 2022.

Screening-Methode	Technologie	Optimierungsansatz
Computergestützte Modellierung	KI-gesteuerte Zielidentifizierung	Molekulare Docking-Simulationen
Hochdurchsatz-Screening	Genomisches Profiling	Strukturbiologische Analyse

Erasca, Inc. (ERAS) – Geschäftsmodell: Schlüsselressourcen

Erweiterte Möglichkeiten für Molekularbiologie und Genomforschung

Die Forschungskapazitäten von Erasca konzentrieren sich auf die Präzisionsonkologie, wobei der Schwerpunkt auf der gezielten Untersuchung von Veränderungen des RAS/MAPK-Signalwegs liegt.

Forschungsbereich	Spezifischer Fokus	Technologieplattform
Molekulares Targeting	RAS/MAPK-Pfad	Sequenzierung der nächsten Generation
Genomisches Profiling	Krebsmutationsanalyse	Erweitertes genomisches Screening

Proprietäre Arzneimittelforschungsplattformen

Erasca unterhält spezialisierte Arzneimittelforschungsplattformen, die auf spezifische molekulare Mechanismen abzielen.

• ERK-Inhibitor-Plattform
• SHP2-Inhibitor-Plattform
• KRAS G12C-Inhibitor-Plattform

Hochspezialisiertes Wissenschafts- und Forschungstalent

Zum 31. Dezember 2023 meldete Erasca 148 Vollzeitbeschäftigte, von denen 85 % über einen höheren Abschluss verfügten.

Mitarbeiterkategorie	Nummer	Prozentsatz
Forschungswissenschaftler	76	51.4%
Doktoranden	58	39.2%

Portfolio an geistigem Eigentum in der Krebstherapie

Die Strategie zum Schutz des geistigen Eigentums von Erasca ist für sein Geschäftsmodell von entscheidender Bedeutung.

• Gesamtzahl der Patentanmeldungen: 45
• Erteilte Patente: 12
• Patentfamilien: 8

Anspruchsvolle Labor- und Forschungsinfrastruktur

Die Forschungsinfrastruktur unterstützt fortschrittliche Fähigkeiten zur Arzneimittelentwicklung.

Forschungseinrichtung	Standort	Quadratmeterzahl
Hauptsitz des Forschungszentrums	San Diego, Kalifornien	35.000 Quadratfuß

Erasca, Inc. (ERAS) – Geschäftsmodell: Wertversprechen

Gezielte Therapien für schwer behandelbare Krebsmutationen

Erasca konzentriert sich auf die Entwicklung von Therapien für bestimmte Krebsmutationen mit hohem ungedecktem medizinischen Bedarf:

Mutationstyp	Zielgruppe der Patienten	Potenzielle Marktgröße
KRAS G12C-Mutationen	Ungefähr 14 % der Lungenkrebspatienten	Bis 2025 ein potenzieller Markt von 1,2 Milliarden US-Dollar
NRG1-Genfusionen	Patientensegment mit seltenen Krebserkrankungen	Schätzungsweise 1–2 % der soliden Tumoren

Personalisierte Behandlungsansätze

Zu den Strategien zur genetischen Profilierung gehören:

• Präzises molekulares Targeting
• Genommutationsspezifische Therapien
• Individuelle Behandlungsprotokolle

Innovative molekulare zielgerichtete Therapien

Wichtige Kennzahlen der Entwicklungspipeline:

Therapie	Entwicklungsphase	Geschätzte Investition
ERX-1 (KRAS G12C-Inhibitor)	Klinische Studien der Phase 2	85 Millionen US-Dollar F&E-Investition
ERX-2 (NRG1-Inhibitor)	Klinische Studien der Phase 1	45 Millionen US-Dollar F&E-Investition

Behandlungsresistente Krebsansätze

Wettbewerbsvorteile bei der Bekämpfung anspruchsvoller Krebsarten:

• Einzigartige molekulare Targeting-Mechanismen
• Fortschrittliche genomische Screening-Technologien
• Proprietäre Arzneimittelforschungsplattformen

Mögliche Verbesserungen des Patientenergebnisses

Therapietyp	Voraussichtliche Rücklaufquote	Potenzieller Überlebensvorteil
KRAS G12C-Hemmung	40-50 % Rücklaufquote	Verlängertes progressionsfreies Überleben
NRG1-Fusions-Targeting	35-45 % Rücklaufquote	Verbesserte Gesamtüberlebensmetriken

Erasca, Inc. (ERAS) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der Onkologie-Forschungsgemeinschaft

Im vierten Quartal 2023 meldete Erasca 17 aktive Forschungskooperationen mit akademischen medizinischen Zentren und onkologischen Forschungseinrichtungen.

Art der Forschungskooperation	Anzahl der Partnerschaften
Akademische medizinische Zentren	12
Onkologische Forschungsinstitute	5

Patientenunterstützungs- und Bildungsprogramme

Erasca investierte im Jahr 2023 2,3 Millionen US-Dollar in Initiativen zur Patientenunterstützung.

• Spezielle Hotline für Patientenunterstützung
• Online-Bildungsressourcen
• Programm zur Unterstützung der Teilnehmer klinischer Studien

Teilnahme an kollaborativen klinischen Studien

Im Jahr 2023 leitete Erasca acht aktive klinische Studien in mehreren Bereichen der Krebsforschung.

Klinische Studienphase	Anzahl der Versuche
Phase I	3
Phase II	4
Phase III	1

Transparente Kommunikation über den Fortschritt der Arzneimittelentwicklung

Erasca veranstaltete im Jahr 2023 sechs Webinare für Investoren und Forschungsgemeinschaften mit einer durchschnittlichen Teilnehmerzahl von 425 pro Veranstaltung.

Digitale Plattformen für Forschung und Patienteninformationsaustausch

Kennzahlen zum Engagement auf digitalen Plattformen für 2023:

• Einmalige Besucher der Website: 87.500 pro Monat
• Registrierte Benutzer des Patientenportals: 5.200
• Abonnenten des Forschungsgemeinschafts-Newsletters: 3.750

Erasca, Inc. (ERAS) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Konferenzen und medizinische Symposien

Erasca nimmt an gezielten Onkologiekonferenzen mit spezifischen Präsentationsmetriken teil:

Konferenztyp	Jährliche Teilnahme	Präsentationsschwerpunkt
ASCO-Jahrestagung	1-2 Vorträge	Präzisionsforschung in der Onkologie
AACR-Jahreskonferenz	1-2 Vorträge	Molekulare zielgerichtete Therapien

Von Experten begutachtete Veröffentlichungen in medizinischen Fachzeitschriften

Die Veröffentlichungsstrategie umfasst zielgerichtete Zeitschriften mit spezifischen Wirkungsmetriken:

• Nature Medicine: 1-2 Veröffentlichungen jährlich
• Krebsentdeckung: 1-2 Veröffentlichungen jährlich
• Journal of Clinical Oncology: 1-2 Veröffentlichungen jährlich

Digitale Kommunikationsplattformen

Plattform	Engagement-Kennzahlen	Hauptzweck
LinkedIn	5.000–7.000 Follower	Professionelles Networking
Twitter	3.000–5.000 Follower	Wissenschaftliche Updates

Partnerschaften mit Gesundheitsdienstleistern

Aktuelle Partnerschaftslandschaft:

• Memorial Sloan Kettering Cancer Center: Zusammenarbeit bei klinischen Studien
• MD Anderson Cancer Center: Forschungspartnerschaft
• Dana-Farber Cancer Institute: Präzisionsforschung in der Onkologie

Online-Netzwerke für wissenschaftliche und medizinische Kommunikation

Netzwerk	Mitgliedschaft	Kommunikationsfokus
ResearchGate	500-700 Verbindungen	Austausch wissenschaftlicher Forschung
Doximität	300-500 professionelle Kontakte	Vernetzung medizinischer Fachkräfte

Erasca, Inc. (ERAS) – Geschäftsmodell: Kundensegmente

Onkologieforscher und Mediziner

Ab dem vierten Quartal 2023 richtet sich Erasca an etwa 15.000 Onkologiespezialisten in den Vereinigten Staaten. Der gesamte adressierbare Markt für Onkologieforscher wird auf 1,2 Milliarden US-Dollar geschätzt.

Segmentcharakteristik	Quantitative Daten
Total-Onkologie-Spezialisten	15,000
Potenzial für Forschungsengagement	62%
Jährliches Forschungsbudget	1,2 Milliarden US-Dollar

Krebspatienten mit spezifischen genetischen Mutationen

Zielgruppe der Patienten mit spezifischen genetischen Mutationen: 87.500 Patienten in den Vereinigten Staaten.

• Prävalenz der RAS-Mutation: 30 % der soliden Tumoren
• Geschätzte behandelbare Patientenpopulation: 26.250
• Potenzieller jährlicher Behandlungsmarkt: 475 Millionen US-Dollar

Pharma- und Biotechnologieunternehmen

Mögliche Kooperationspartner: 237 Pharma- und Biotechnologieunternehmen mit Fokus auf Präzisionsonkologie.

Unternehmenstyp	Anzahl potenzieller Partner	Geschätzter Wert der Zusammenarbeit
Pharmaunternehmen	142	350 Millionen Dollar
Biotechnologieunternehmen	95	225 Millionen Dollar

Akademische Forschungseinrichtungen

Gezielte akademische Forschungseinrichtungen: 89 große Krebsforschungszentren in Nordamerika.

• Vom National Cancer Institute (NCI) benannte Zentren: 51
• Jährliche Forschungsförderung: 780 Millionen US-Dollar
• Potenzielle Verbundforschungsprojekte: 36

Gesundheitssysteme und Behandlungszentren

Umfassende Abdeckung des Krebsnetzwerks für 412 spezialisierte Behandlungszentren.

Typ des Gesundheitsnetzwerks	Anzahl der Zentren	Patientenreichweite
Umfassende Krebszentren	89	1,2 Millionen Patienten
Regionale Krebsbehandlungszentren	323	2,7 Millionen Patienten

Erasca, Inc. (ERAS) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Im Geschäftsjahr 2023 meldete Erasca Forschungs- und Entwicklungskosten in Höhe von 132,5 Millionen US-Dollar. Die Forschungs- und Entwicklungskosten des Unternehmens konzentrierten sich speziell auf die Entwicklung präziser onkologischer Therapien.

F&E-Kostenkategorie	Betrag (USD)
Gesamte F&E-Ausgaben	132,5 Millionen US-Dollar
Personalkosten	47,8 Millionen US-Dollar
Labormaterialien	28,3 Millionen US-Dollar
Externe Forschungsverträge	56,4 Millionen US-Dollar

Management und Durchführung klinischer Studien

Die Ausgaben für klinische Studien für Erasca beliefen sich im Jahr 2023 auf insgesamt 89,7 Millionen US-Dollar, was einen erheblichen Teil der Betriebskosten darstellt.

• Klinische Studien der Phasen I/II: 42,3 Millionen US-Dollar
• Kosten für die Patientenrekrutierung: 18,6 Millionen US-Dollar
• Klinisches Standortmanagement: 28,8 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Genehmigungsprozesse

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften erreichten im Jahr 2023 22,4 Millionen US-Dollar und deckten die Interaktionen und Einreichungsprozesse mit der FDA ab.

Compliance-Kostenkategorie	Betrag (USD)
Zulassungsgebühren	8,2 Millionen US-Dollar
Compliance-Personal	9,6 Millionen US-Dollar
Externe Beratung	4,6 Millionen US-Dollar

Talentakquise und -bindung

Die Humankapitalinvestitionen beliefen sich im Jahr 2023 auf 65,3 Millionen US-Dollar und konzentrierten sich auf spezialisierte wissenschaftliche und forschende Talente.

• Gesamtvergütung der Mitarbeiter: 52,7 Millionen US-Dollar
• Rekrutierungskosten: 5,6 Millionen US-Dollar
• Schulung und Entwicklung: 7 Millionen US-Dollar

Fortschrittliche Investitionen in wissenschaftliche Ausrüstung und Technologie

Die Investitionen in Technologie und Ausrüstung beliefen sich im Jahr 2023 auf insgesamt 43,2 Millionen US-Dollar.

Ausrüstungskategorie	Investition (USD)
Geräte zur Genomsequenzierung	18,5 Millionen US-Dollar
Computergestützte Forschungssysteme	15,7 Millionen US-Dollar
Laborinstrumentierung	9 Millionen Dollar

Erasca, Inc. (ERAS) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Arzneimittellizenzvereinbarungen

Bis zum vierten Quartal 2023 verfügt Erasca über keine gemeldeten aktiven Lizenzvereinbarungen für Arzneimittel. Die gesamten potenziellen Lizenzeinnahmen sind noch nicht spezifiziert.

Strategische Pharmapartnerschaften

Partner	Einzelheiten zur Partnerschaft	Potenzielle Einnahmen
Regeneron Pharmaceuticals	Zusammenarbeit für Präzisionsonkologie	Nicht bekannt gegebene finanzielle Bedingungen

Forschungsstipendien und staatliche Förderung

Im Geschäftsjahr 2022 meldete Erasca Einnahmen aus Forschungsstipendien in Höhe von 3,2 Millionen US-Dollar.

Potenzielle Meilensteinzahlungen aus Verbundforschung

• Mögliche Meilensteinzahlungen aus laufenden Forschungskooperationen
• Ab 2024 werden keine konkreten Meilensteinzahlungsbeträge offengelegt

Zukünftiger Verkauf pharmazeutischer Produkte

Der führende Produktkandidat von Erasca, ERX-214, befindet sich derzeit in klinischen Studien. Es wurden keine Einnahmen aus kommerziellen Produktverkäufen gemeldet.

Finanzkennzahl	Betrag 2022	Betrag 2023
Gesamtumsatz	3,2 Millionen US-Dollar	4,1 Millionen US-Dollar
Einnahmen aus Forschungsstipendien	3,2 Millionen US-Dollar	4,1 Millionen US-Dollar

Erasca, Inc. (ERAS) - Canvas Business Model: Value Propositions

You're looking at the core of what Erasca, Inc. is selling to the market-the specific, high-value solutions they promise to deliver to patients and the healthcare system. It's all about hitting the RAS/MAPK pathway, which is a huge area of need.

The unmet need itself is a massive value proposition. The RAS/MAPK pathway, that signaling cascade controlling cell growth, is implicated in over 30% of all human cancers, according to the NCI. More specifically, Erasca, Inc. targets this pathway in cancers linked to approximately 5.5 million new cases of cancer per year worldwide, where over 90% of those patients currently have limited or no treatment options. That's a clear gap you're aiming to fill.

Potential Best-in-Class Pan-RAS Molecular Glue (ERAS-0015)

ERAS-0015 is positioned as a potential best-in-class pan-RAS molecular glue, currently being evaluated in the AURORAS-1 Phase 1 trial for RAS-mutant solid tumors. This candidate has strong intellectual property backing, with a U.S. composition of matter patent protection extending through 2043. Honestly, the preclinical data suggests a real advantage; in side-by-side comparisons, ERAS-0015 showed 5- to 10-fold greater in vitro and in vivo potency over another pan-RAS molecular glue in development. You can expect initial Phase 1 monotherapy data from this program in 2026.

Potential First-in-Class Pan-KRAS Inhibitor (ERAS-4001)

Then you have ERAS-4001, a potential first-in-class pan-KRAS inhibitor being tested in the BOREALIS-1 Phase 1 trial for KRAS-mutant solid tumors. This molecule is designed to target multiple KRAS mutations and wildtype KRAS while sparing HRAS and NRAS, which the company believes offers a better therapeutic window compared to pan-RAS inhibitors. Like ERAS-0015, initial Phase 1 monotherapy data is anticipated in 2026.

Here's a quick look at the pipeline assets driving these value propositions, based on their Q3 2025 status:

Program Candidate	Mechanism/Target	Current Trial Status	Key Data Expectation
ERAS-0015	Pan-RAS Molecular Glue	Phase 1 (AURORAS-1)	Initial Monotherapy Data in 2026
ERAS-4001	Pan-KRAS Inhibitor	Phase 1 (BOREALIS-1)	Initial Monotherapy Data in 2026

Targeted Treatment Options for NRASm Melanoma (Naporafenib Fast Track Designation)

For NRAS-mutant (NRASm) melanoma, the value proposition centers on naporafenib, a selective pan-RAF inhibitor. This indication has the benefit of an FDA Fast Track Designation for patients with unresectable or metastatic melanoma who have progressed after PD-1/PD-L1 therapy. The drug has been dosed in over 600 patients to date, establishing safety and tolerability. In a key Phase Ib trial cohort (naporafenib at 200 mg twice daily plus trametinib at 1 mg once daily), the Objective Response Rate (ORR) was 46.7%, with a median Progression-Free Survival (PFS) of 5.52 months. While the pivotal Phase 3 SEACRAFT-2 trial is paused as the company explores strategic alternatives, the Fast Track status itself is a key value driver, signaling high unmet need and potential for expedited review.

The overall value proposition is underpinned by the company's financial stability to pursue these goals. As of September 30, 2025, Erasca, Inc. reported cash, cash equivalents, and marketable securities of $362.4 million, which they expect will fund operations into the second half of 2028. This runway supports the ongoing development of these novel therapies.

• Potential best-in-class potency for ERAS-0015 demonstrated in preclinical studies: 5- to 10-fold greater.
• ERAS-0015 patent protection extends until 2043.
• NRASm melanoma indication for naporafenib has Fast Track Designation.
• Q3 2025 Net Loss was $30.6 million, or $(0.11) per share.
• R&D Expenses for Q3 2025 were $22.5 million.

Finance: draft 13-week cash view by Friday.

Erasca, Inc. (ERAS) - Canvas Business Model: Customer Relationships

You're looking at how Erasca, Inc. manages the crucial connections that fuel its clinical-stage oncology development. For a company like Erasca, Inc., the 'customers' aren't just investors; they are the clinical investigators, the Key Opinion Leaders (KOLs), and the patients whose participation makes the science real. The relationship strategy centers on demonstrating scientific momentum and financial prudence.

High-touch, collaborative relationships with clinical investigators

The relationships with clinical investigators are inherently high-touch because the company is moving novel agents into human testing. This collaboration is critical for the success of the AURORAS-1 trial for ERAS-0015 and the BOREALIS-1 trial for ERAS-4001. These are Phase 1 trials, which demand close coordination with site staff to ensure protocol adherence and patient safety.

The focus is on delivering data that validates the science, with initial Phase 1 monotherapy data for both ERAS-0015 and ERAS-4001 expected in 2026. The company's ability to keep these trials moving is directly tied to maintaining strong investigator trust.

The nature of this relationship is supported by recent regulatory achievements:

• IND clearance for ERAS-0015 granted in May 2025.
• IND clearance for ERAS-4001 granted in June 2025.
• Naporafenib received Fast Track Designation from the FDA for a specific combination regimen.

Direct engagement with key opinion leaders (KOLs) in oncology

Direct engagement with KOLs is foundational, especially when targeting the RAS/MAPK pathway, which drives approximately 5.5 million new cancer cases worldwide annually, over 90% of which have limited treatment options. Erasca, Inc. relies on the guidance of its Scientific Advisory Board, which includes world-renowned experts in this pathway, to shape its development strategy.

This expert guidance underpins the development of candidates like ERAS-0015, a pan-RAS molecular glue, and ERAS-4001, a pan-KRAS inhibitor. The company's commitment to this expert community is demonstrated through its participation in key industry forums.

Here's a snapshot of recent investor and scientific engagement activities:

Event/Metric	Date/Period	Value/Status
Q3 2025 Financial Results Reported	November 12, 2025	Reported
Presentation at Evercore Healthcare Conference	December 3, 2025	Scheduled
Naporafenib Response Rate (SEACRAFT-1)	Pre-Late 2025 Data	40%

Investor relations and communication on clinical milestones and cash runway

Investor relations is a continuous dialogue, heavily weighted toward communicating clinical progress and the financial resources available to achieve those milestones. You need to know the cash position to gauge the risk of needing to raise capital before the next data readout.

The company has been proactive in updating the market on its financial stability, which directly impacts its ability to sustain these high-touch relationships without immediate financing pressure. The management team explicitly links its financial strength to its mission execution.

Here is the recent financial context that frames these communications:

Financial Metric	As of Date	Amount
Cash, Cash Equivalents, Marketable Securities	September 30, 2025 (Q3 End)	$362.4 million
Cash, Cash Equivalents, Marketable Securities	June 30, 2025 (Q2 End)	$386.7 million
Cash, Cash Equivalents, Marketable Securities	March 31, 2025 (Q1 End)	$411.1 million
Projected Cash Runway	As of Q3 2025 Update	Into H2 2028

The net loss for Q3 2025 was $30.6 million, an improvement from the $31.2 million loss in Q3 2024. Also, Net Cash from Operating Activities for Q3 2025 was $-21.65 million.

Specialized support for clinical trial sites and patient enrollment

Specialized support for trial sites is a direct function of the R&D investment and the complexity of the trials. The company's strategic decision in May 2025 to evaluate partnership opportunities for naporafenib allowed them to extend the cash runway, which in turn supports focused operational support for the ongoing and upcoming trials for ERAS-0015 and ERAS-4001.

The R&D expenses reflect the costs associated with this support and trial execution. For instance, R&D expenses for the quarter ended September 30, 2025, were $22.5 million, a decrease from $27.6 million in Q3 2024, driven by reduced clinical trial and discovery costs.

The company's focus is clearly on advancing its two most promising programs:

• ERAS-0015: Advancing in the AURORAS-1 Phase 1 trial.
• ERAS-4001: Advancing in the BOREALIS-1 Phase 1 trial.

The success in securing IND clearances demonstrates the company's capability to prepare and execute the necessary regulatory and operational groundwork required to initiate and support trial sites effectively.

Erasca, Inc. (ERAS) - Canvas Business Model: Channels

You're looking at how Erasca, Inc. gets its science and data out to the world, from the clinic to the investor community, as of late 2025. This is all about the pathways they use to connect their clinical progress with the necessary regulatory and financial support.

Clinical trial sites and academic medical centers

The primary channel for validating the science behind ERAS-0015 and ERAS-4001 involves clinical trials. These trials are the direct link to the patient population and the medical community that will ultimately use the therapies. You need to know where the action is happening.

• ERAS-0015 is being evaluated in the AURORAS-1 Phase 1 trial for RAS-mutant (RASm) solid tumors.
• ERAS-4001 is being evaluated in the BOREALIS-1 Phase 1 trial for KRAS-mutant (KRASm) solid tumors.
• Initial Phase 1 monotherapy data for both ERAS-0015 and ERAS-4001 is expected in 2026.

Clinical trial volunteers play a critical role in gathering the safety and effectiveness data required for regulatory review. Erasca, Inc. is focused on obtaining this information as expeditiously and safely as possible.

Scientific and medical conferences (e.g., AACR) for data presentation

Conferences are where Erasca, Inc. presents its scientific findings to peers and key opinion leaders. This is crucial for building scientific credibility. You saw them presenting preclinical data as recently as April 2025.

Conference Event	Date of Presentation/Participation	Format
43rd Annual J.P. Morgan Healthcare Conference	January 14, 2025	Presentation and one-on-one meetings
2025 American Association for Cancer Research (AACR) Annual Meeting	April 2025	Preclinical Data Presentation
Bank of America Securities 2025 Health Care Conference	May 14, 2025	Presentation and one-on-one meetings
Guggenheim 2nd Annual Healthcare Innovation Conference	November 11, 2025	Fireside Chat
Stifel 2025 Healthcare Conference	November 12, 2025	Fireside Chat
Jefferies Global Healthcare Conference	November 19, 2025	Fireside Chat

Management actively engages in one-on-one investor meetings at these events to communicate strategy, which directly impacts investor perception and valuation.

Regulatory bodies like the FDA for drug approval pathways

The FDA is the gatekeeper for commercialization. Erasca, Inc. has successfully navigated key early steps for its lead assets, which is a major channel milestone.

• IND clearance for ERAS-0015 was announced in May 2025.
• IND clearance for ERAS-4001 was announced in June 2025.

Furthermore, intellectual property protection is a key channel enabler; a U.S. composition of matter patent covering ERAS-0015 was issued in November 2025, with protection through 2043.

Future pharmaceutical distribution network (post-commercialization)

While Erasca, Inc. is clinical-stage, their planning for post-approval distribution is visible through their partnership strategy. This signals their intent to use external channels for market access.

The strategic decision to pursue partnership opportunities for naporafenib, announced in May 2025, is a clear signal about their intended distribution channel strategy for at least one asset-relying on established partners for commercial reach.

Financially, this strategy supports their runway, which as of September 30, 2025, stood at $362.4 million in cash, cash equivalents, and marketable securities, with guidance to fund operations into the second half of 2028. The net loss for Q3 2025 was $30.6 million, or $(0.11) per basic and diluted share. R&D expenses for that quarter were $22.5 million.

If onboarding takes 14+ days, churn risk rises, but for now, the focus is on clinical data delivery.

Erasca, Inc. (ERAS) - Canvas Business Model: Customer Segments

You're looking at the core patient and financial groups Erasca, Inc. (ERAS) targets right now, as they push their RAS-targeting franchise into later clinical stages. This isn't just about one cancer type; it's about a major oncogenic driver across the solid tumor landscape.

Patients with RAS-mutant (RASm) solid tumors (e.g., colorectal, lung, pancreatic)

This group represents the primary unmet need Erasca, Inc. is addressing with ERAS-0015 and ERAS-4001. The RAS/MAPK pathway is implicated in approximately one-third of all solid tumors. Annually, there are about five million new cases of cancer that involve RAS/MAPK pathway alterations, giving you a sense of the addressable population size.

• RAS/MAPK pathway implicated in approximately one-third of all solid tumors.
• Approximately five million new cancer cases per year have RAS/MAPK pathway alterations.
• ERAS-0015 is being evaluated in the AURORAS-1 Phase 1 trial for patients with RAS-mutant solid tumors.
• ERAS-4001 is planned for the BOREALIS-1 Phase 1 trial in patients with KRAS-mutant solid tumors.

Oncologists and specialized cancer treatment centers

These centers are the gatekeepers for patient enrollment and eventual prescription. Their segment interest is driven by the clinical promise of novel mechanisms like pan-RAS molecular glues and pan-KRAS inhibitors. The expectation for initial Phase 1 monotherapy data for both ERAS-0015 and ERAS-4001 is set for 2026, which is the next major inflection point for these prescribers.

Trial Program	Target Indication Focus	Expected Data Milestone
AURORAS-1	RAS-mutant solid tumors	Initial Phase 1 monotherapy data in 2026
BOREALIS-1	KRAS-mutant solid tumors	Initial Phase 1 monotherapy data in 2026

Future large pharmaceutical companies for licensing/acquisition of assets

For Big Pharma, the value proposition is Erasca, Inc.'s advanced pipeline and intellectual property. You can see early financial validation in the prior milestone payments recorded under license agreements. For the quarter ended June 30, 2025, Erasca, Inc. recorded $7.5 million in in-process R&D expense related to these agreements, down from $22.5 million for the same period in 2024.

Also, the company has secured U.S. composition of matter patent protection through September 2043 for ERAS-0015.

Investors focused on precision oncology and biotech growth

This group watches the balance sheet and burn rate closely. As of September 30, 2025, Erasca, Inc. reported cash, cash equivalents, and marketable securities of $362.4 million. That figure is projected to fund operations into the second half of 2028. For context on the current operating cost, the net loss for the quarter ended September 30, 2025, was $30.6 million, with Research and Development Expenses at $22.5 million for that same quarter.

Overall investor confidence is reflected in the total capital raised to date, which stands at $300M across 5 rounds, including a Post IPO round of $45M on Mar 27, 2024.

• Cash, cash equivalents, and marketable securities as of September 30, 2025: $362.4 million.
• Projected cash runway extends into the second half of 2028.
• Net Loss for Q3 2025 (quarter ended September 30, 2025): $30.6 million.
• Total funding raised to date: $300M.

Finance: draft 13-week cash view by Friday.

Erasca, Inc. (ERAS) - Canvas Business Model: Cost Structure

You're looking at the core spending that fuels Erasca, Inc.'s pipeline advancement as of late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward getting those drug candidates through trials and protecting the science.

The Research and Development (R&D) expenses for the third quarter ended September 30, 2025, totaled $22.5 million. That's a bit lower than the $27.6 million spent in the same quarter of 2024. This decrease was primarily driven by lower expenses tied to clinical trials, preclinical studies, discovery work, and outsourced services, along with consulting fees. It shows some shift in the operational tempo of their research activities during that quarter.

General and Administrative (G&A) expenses for Q3 2025 came in at $10.1 million, up slightly from $9.6 million in Q3 2024. This uptick was mainly due to increases in legal fees and personnel costs, which includes stock-based compensation expense. Honestly, legal and executive team costs tend to fluctuate based on patent activity and hiring/retention needs.

Here's a quick look at those key cost components from the Q3 2025 report:

Cost Category	Q3 2025 Amount
Research and Development (R&D) Expenses	$22.5 million
General and Administrative (G&A) Expenses	$10.1 million
Total Explicit R&D + G&A	$32.6 million
Total Operating Expenses (Q3 2025)	$34.5 million

When we drill into the R&D spend, the costs associated with clinical trials are a major variable. The AURORAS-1 trial for ERAS-0015 and the planned BOREALIS-1 trial for ERAS-4001 are the current focus areas, with initial Phase 1 monotherapy data anticipated in 2026. The reported R&D reduction in Q3 2025 reflects lower expenses incurred in connection with these clinical trials, preclinical studies, discovery activities, and outsourced services. For a company like Erasca, Inc., these outsourced services-CROs (Contract Research Organizations) and other specialized vendors-are critical but variable cost drivers.

Intellectual property maintenance and legal fees are embedded within G&A, but they are significant for a company focused on novel targets. In November 2025, Erasca announced the issuance of a U.S. patent covering the composition of matter for ERAS-0015, with protection until September 2043. Such milestones directly impact legal spend, which was cited as a driver for the G&A increase in Q3 2025.

Personnel costs for the scientific and executive teams are another core component of G&A. The search for top talent and retention is fierce in this space. The Q3 2025 G&A increase specifically points to higher personnel costs, including stock-based compensation. This aligns with the company reinforcing its scientific leadership in November 2025 by promoting Robert Shoemaker, Ph.D., to chief scientific officer, which likely involved adjustments to compensation structures.

You can see the cost allocation breakdown:

• R&D spending decreased from Q3 2024, showing cost moderation in discovery and trial execution.
• G&A spending increased, driven by legal fees and personnel compensation.
• Clinical trial costs (AURORAS-1, BOREALIS-1) are a major, though fluctuating, part of R&D.
• Stock-based compensation is a non-cash but real cost embedded in G&A personnel expenses.

Finance: draft the 13-week cash view by Friday, incorporating the current burn rate implied by the Q3 net loss of $30.6 million.

Erasca, Inc. (ERAS) - Canvas Business Model: Revenue Streams

As a clinical-stage biopharmaceutical company, Erasca, Inc. has not yet generated revenue from product sales, so its current revenue streams are primarily non-operating or tied to strategic agreements.

The key components of the Revenue Streams block for Erasca, Inc. as of late 2025 are centered on managing existing capital and structuring future value realization from its pipeline assets.

• Interest income on cash, cash equivalents, and marketable securities ($3.971 million in Q3 2025)
• Potential upfront and milestone payments from naporafenib partnership
• Future product sales and royalties (long-term, post-approval)
• Potential licensing revenue from other non-core assets

The company's financial position directly supports its operations while it pursues these revenue-generating milestones. As of September 30, 2025, Erasca, Inc. reported $362.4 million in cash, cash equivalents, and marketable securities. This strong balance sheet is projected to fund operations into the second half of 2028.

Revenue from upfront and milestone payments is currently realized through its other licensing deals, which are distinct from the naporafenib partnership where the company is actively seeking a collaborator.

Revenue Source Detail	Period/Status	Amount/Note
Interest Income (Estimated)	Q3 2025	$3.971 million
In-Process R&D Expense (Upfront/Milestone Payments for ERAS-0015/ERAS-4001)	Q2 2025 (Ended June 30, 2025)	$7.5 million
In-Process R&D Expense (Upfront Payments for License Agreements)	Full Year 2024 (Ended Dec 31, 2024)	$22.5 million
Naporafenib Partnership Payments	Expected/Potential	Contingent upon securing a partnership

For the naporafenib asset, which is a pivotal-stage pan-RAF inhibitor, Erasca, Inc. is strategically evaluating partnership opportunities to potentially add another year to its cash runway, moving guidance from the second half of 2027 to the second half of 2028. The asset itself was in-licensed for $20 million in December 2022.

Long-term revenue potential is entirely dependent on successful clinical outcomes and subsequent regulatory approvals for its pipeline, particularly naporafenib, ERAS-0015, and ERAS-4001. Since Erasca, Inc. is a clinical-stage company, future product sales and royalties are not yet quantifiable in dollar terms, but represent the ultimate goal for commercializing therapies for RAS/MAPK pathway-driven cancers.

The company's current cash position as of Q3 2025 was $362.4 million, down from $440.5 million at the end of 2024.

• Cash, cash equivalents, and marketable securities (September 30, 2025): $362.4 million
• Cash, cash equivalents, and marketable securities (December 31, 2024): $440.5 million
• Cash runway projection: Into H2 2028

Any revenue from licensing non-core assets would be opportunistic, though the current focus is advancing the core RAS-targeting franchise. Finance: draft 13-week cash view by Friday.