Erasca, Inc. (ERAS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la oncología de precisión, Erasca, Inc. (ERAS) surge como una compañía de biotecnología innovadora que revoluciona el tratamiento del cáncer a través de la innovadora orientación molecular y los enfoques terapéuticos personalizados. Al aprovechar la investigación genómica avanzada y las estrategias de desarrollo de fármacos de vanguardia, Erasca tiene como objetivo transformar la forma en que entendemos y combatemos las mutaciones de cáncer resistentes al tratamiento, ofreciendo esperanza a pacientes con perfiles genéticos complejos y necesidades médicas no satisfechas. Su modelo de negocio único representa una intersección sofisticada de innovación científica, asociaciones estratégicas e investigaciones específicas que podrían redefinir la terapia contra el cáncer en los próximos años.

Erasca, Inc. (época) - Modelo de negocios: asociaciones clave

Instituciones de investigación farmacéutica y centros académicos

Erasca ha establecido asociaciones clave con las siguientes instituciones de investigación:

Institución	Enfoque de colaboración	Año establecido
Facultad de Medicina de la Universidad de Stanford	Investigación de oncología de precisión	2021
Centro de cáncer de MD Anderson	Desarrollo de ensayos clínicos	2022
Universidad de California, San Diego	Investigación de terapia dirigida molecular	2020

Posibles colaboraciones estratégicas con desarrolladores de drogas oncológicas

Las asociaciones estratégicas incluyen:

• Oncología de Pfizer - Acuerdos posibles de desarrollo conjunto
• Bristol Myers Squibb - Plataformas de investigación colaborativa
• Oncología de Merck - Oportunidades potenciales de licencia

Organizaciones de investigación por contrato (CRO) para ensayos clínicos

Nombre de Cro	Valor de contrato	Fases de prueba respaldadas
IQVIA	$ 12.5 millones	Fase I/II
Medpacio	$ 8.3 millones	Fase II/III
Parexel	$ 6.7 millones	Pruebas de oncología

Empresas de inversión de biotecnología y socios de capital de riesgo

Los socios de inversión clave incluyen:

• Arch Venture Partners - Inversión de $ 45 millones
• Boxer Capital - Financiación de $ 35 millones
• Versant Ventures - Inversión estratégica de $ 28 millones

Capital de inversión de asociación total: $ 108.5 millones

Erasca, Inc. (época) - Modelo de negocio: actividades clave

Investigación y desarrollo de drogas oncológicas innovadoras de precisión

A partir del cuarto trimestre de 2023, Erasca tiene 6 programas activos de desarrollo de fármacos dirigidos a objetivos moleculares específicos en el cáncer.

Programa de drogas	Objetivo	Etapa de desarrollo
Eras-007	Ruta Ras/MAPK	Ensayo clínico de fase 1/2
Eras-601	Inhibidor de SHP2	Ensayo clínico de fase 1

Diseño y ejecución del ensayo clínico

Erasca invirtió $ 48.3 millones en gastos de I + D para ensayos clínicos en 2022.

• Ensayos clínicos activos en múltiples indicaciones de oncología
• Colaboración con 12 instituciones de investigación
• Pruebas en curso en tumores de pulmón, colorrectal y sólido

Dirección molecular y perfil genómico

La investigación se centró en la oncología de precisión dirigida a mutaciones genéticas específicas.

Objetivo molecular	Tipo de mutación	Enfoque de investigación
KRAS G12C	Mutación puntual	Inhibición dirigida
SHP2	Proteína de señalización	Modulación de la vía

Procesos de presentación y cumplimiento reglamentarios

Interacciones regulatorias con la FDA y la EMA para aplicaciones de nueva droga de investigación (IND).

• 3 aplicaciones activas de investigación de nuevo medicamento (IND)
• Cumplimiento de las Directrices de la FDA para el desarrollo de medicamentos oncológicos

Detección y optimización de los candidatos a drogas

Plataforma de detección patentada con $ 22.7 millones asignados a Discovery Research en 2022.

Método de detección	Tecnología	Enfoque de optimización
Modelado computacional	Identificación objetivo impulsada por IA	Simulaciones de acoplamiento molecular
Detección de alto rendimiento	Perfil genómico	Análisis de biología estructural

Erasca, Inc. (época) - Modelo de negocio: recursos clave

Capacidades avanzadas de biología molecular y investigación genómica

Las capacidades de investigación de Erasca se centran en la oncología de precisión, con un enfoque en dirigir las alteraciones de la vía Ras/MAPK.

Área de investigación	Enfoque específico	Plataforma tecnológica
Orientación molecular	Ruta Ras/MAPK	Secuenciación de próxima generación
Perfil genómico	Análisis de mutación del cáncer	Detección genómica avanzada

Plataformas de descubrimiento de drogas patentadas

Erasca mantiene plataformas especializadas de descubrimiento de fármacos dirigidos a mecanismos moleculares específicos.

• Plataforma inhibidor de ERK
• Plataforma de inhibidor de SHP2
• Plataforma de inhibidor de KRAS G12C

Talento científico y de investigación altamente especializado

Al 31 de diciembre de 2023, Erasca reportó 148 empleados a tiempo completo, con un 85% que posee títulos avanzados.

Categoría de empleado	Número	Porcentaje
Investigar científicos	76	51.4%
Titulares de doctorado	58	39.2%

Cartera de propiedades intelectuales en terapéutica del cáncer

La estrategia de propiedad intelectual de Erasca es fundamental para su modelo de negocio.

• Solicitudes de patentes totales: 45
• Patentes concedidas: 12
• Familias de patentes: 8

Infraestructura de laboratorio e investigación sofisticada

La infraestructura de investigación apoya las capacidades avanzadas de desarrollo de fármacos.

Instalación de investigación	Ubicación	Pies cuadrados
Centro de investigación de la sede	San Diego, California	35,000 pies cuadrados

Erasca, Inc. (época) - Modelo de negocio: propuestas de valor

Terapias dirigidas para mutaciones de cáncer difíciles de tratar

Erasca se centra en el desarrollo de terapias para mutaciones específicas de cáncer con altas necesidades médicas no satisfechas:

Tipo de mutación	Población de pacientes objetivo	Tamaño potencial del mercado
Mutaciones KRAS G12C	Aproximadamente el 14% de los pacientes con cáncer de pulmón	Mercado potencial de $ 1.2 mil millones para 2025
Fusiones del gen NRG1	Segmento de pacientes con cáncer raro	Estimado del 1-2% de los tumores sólidos

Enfoques de tratamiento personalizados

Las estrategias de perfiles genéticos incluyen:

• Orientación molecular de precisión
• Terapias específicas de mutación genómica
• Protocolos de tratamiento individualizados

Terapias moleculares innovadoras

Métricas de tubería de desarrollo clave:

Terapia	Etapa de desarrollo	Inversión estimada
ERX-1 (inhibidor de KRAS G12C)	Ensayos clínicos de fase 2	Inversión de I + D de $ 85 millones
ERX-2 (inhibidor de NRG1)	Ensayos clínicos de fase 1	Inversión de I + D de $ 45 millones

Enfoques de cáncer resistente al tratamiento

Ventajas competitivas para abordar tipos de cáncer desafiantes:

• Mecanismos de orientación molecular únicas
• Tecnologías avanzadas de detección genómica
• Plataformas de descubrimiento de drogas patentadas

Mejoras potenciales de resultados del paciente

Tipo de terapia	Tasa de respuesta proyectada	Beneficio de supervivencia potencial
Inhibición de KRAS G12C	Tasa de respuesta del 40-50%	Supervivencia libre de progresión extendida
Dirección de fusión NRG1	Tasa de respuesta del 35-45%	Métricas de supervivencia generales mejoradas

Erasca, Inc. (época) - Modelo de negocios: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

A partir del cuarto trimestre de 2023, Erasca informó 17 asociaciones de investigación colaborativa activa con centros médicos académicos e instituciones de investigación de oncología.

Tipo de colaboración de investigación	Número de asociaciones
Centros médicos académicos	12
Institutos de Investigación de Oncología	5

Apoyo al paciente y programas educativos

Erasca invirtió $ 2.3 millones en iniciativas de apoyo al paciente durante 2023.

• Línea directa de asistencia del paciente dedicada
• Recursos educativos en línea
• Programa de apoyo para participantes de ensayos clínicos

Participación de ensayos clínicos colaborativos

En 2023, Erasca manejó 8 ensayos clínicos activos en múltiples dominios de investigación del cáncer.

Fase de ensayo clínico	Número de pruebas
Fase I	3
Fase II	4
Fase III	1

Comunicación transparente sobre el progreso del desarrollo de fármacos

Erasca organizó 6 seminarios web de inversores e comunitarios de investigación en 2023, con una asistencia promedio de 425 participantes por evento.

Plataformas digitales para investigación y intercambio de información del paciente

Métricas de participación de la plataforma digital para 2023:

• Sitio web Visitantes únicos: 87,500 por mes
• Usuarios registrados del portal del paciente: 5.200
• Investigador de boletines comunitarios: 3.750

Erasca, Inc. (época) - Modelo de negocio: canales

Conferencias científicas directas y simposios médicos

Erasca participa en conferencias de oncología específicas con métricas de presentación específicas:

Tipo de conferencia	Participación anual	Enfoque de presentación
Reunión anual de ASCO	1-2 Presentaciones	Investigación de oncología de precisión
Conferencia anual de AACR	1-2 Presentaciones	Terapias dirigidas moleculares

Publicaciones de revistas médicas revisadas por pares

La estrategia de publicación incluye revistas específicas con métricas de impacto específicas:

• Medicina de la naturaleza: 1-2 publicaciones anualmente
• Descubrimiento del cáncer: 1-2 publicaciones anualmente
• Journal of Clinical Oncology: 1-2 publicaciones anuales

Plataformas de comunicación digital

Plataforma	Métricas de compromiso	Propósito principal
LinkedIn	5,000-7,000 seguidores	Redes profesionales
Gorjeo	3.000-5,000 seguidores	Actualizaciones científicas

Asociaciones con proveedores de atención médica

Panorama de asociación actual:

• Memorial Sloan Kettering Cancer Center: colaboración en ensayos clínicos
• MD Anderson Cancer Center: Asociación de investigación
• Instituto del Cáncer Dana-Farber: investigación de oncología de precisión

Redes de comunicación científica y de comunicación médica en línea

Red	Afiliación	Enfoque de comunicación
Investigador	500-700 conexiones	Investigación científica Compartir
Duración	300-500 conexiones profesionales	Redes médicas profesionales

Erasca, Inc. (época) - Modelo de negocio: segmentos de clientes

Investigadores de oncología y profesionales médicos

A partir del cuarto trimestre de 2023, Erasca se dirige a aproximadamente 15,000 especialistas en oncología en los Estados Unidos. El mercado total direccionable para investigadores de oncología estimó en $ 1.2 mil millones.

Característica de segmento	Datos cuantitativos
Especialistas en oncología total	15,000
Potencial de compromiso de investigación	62%
Presupuesto de investigación anual	$ 1.2 mil millones

Pacientes de cáncer con mutaciones genéticas específicas

Población de pacientes dirigida con mutaciones genéticas específicas: 87,500 pacientes en los Estados Unidos.

• Prevalencia de mutación Ras: 30% de tumores sólidos
• Población estimada de pacientes tratables: 26,250
• Mercado de tratamiento anual potencial: $ 475 millones

Compañías farmacéuticas y de biotecnología

Posibles socios de colaboración: 237 firmas farmacéuticas y de biotecnología centradas en la oncología de precisión.

Tipo de empresa	Número de socios potenciales	Valor de colaboración estimado
Compañías farmacéuticas	142	$ 350 millones
Compañías de biotecnología	95	$ 225 millones

Instituciones de investigación académica

Instituciones de investigación académica específicas: 89 principales centros de investigación del cáncer en América del Norte.

• Centros designados del Instituto Nacional del Cáncer (NCI): 51
• Financiación anual de investigación: $ 780 millones
• Proyectos de investigación colaborativos potenciales: 36

Sistemas de salud y centros de tratamiento

Cobertura integral de la red de cáncer dirigida a 412 centros de tratamiento especializados.

Tipo de red de atención médica	Número de centros	Paciente alcance
Centros de cáncer integrales	89	1,2 millones de pacientes
Centros regionales de tratamiento del cáncer	323	2.7 millones de pacientes

Erasca, Inc. (época) - Modelo de negocio: estructura de costos

Extensos gastos de investigación y desarrollo

En el año fiscal 2023, Erasca reportó gastos de I + D de $ 132.5 millones. Los costos de I + D de la compañía se centraron específicamente en desarrollar terapias de oncología de precisión.

Categoría de costos de I + D	Cantidad (USD)
Gastos totales de I + D	$ 132.5 millones
Costos de personal	$ 47.8 millones
Materiales de laboratorio	$ 28.3 millones
Contratos de investigación externos	$ 56.4 millones

Gestión y ejecución del ensayo clínico

Los gastos de ensayos clínicos para Erasca en 2023 totalizaron $ 89.7 millones, lo que representa una porción significativa de los costos operativos.

• Ensayos clínicos de fase I/II: $ 42.3 millones
• Costos de reclutamiento de pacientes: $ 18.6 millones
• Gestión del sitio clínico: $ 28.8 millones

Procesos de cumplimiento y aprobación regulatoria

Los gastos de cumplimiento regulatorio alcanzaron los $ 22.4 millones en 2023, que cubren las interacciones de la FDA y los procesos de presentación.

Categoría de costos de cumplimiento	Cantidad (USD)
Tarifas de presentación regulatoria	$ 8.2 millones
Personal de cumplimiento	$ 9.6 millones
Consultoría externa	$ 4.6 millones

Adquisición y retención de talentos

La inversión de capital humano en 2023 fue de $ 65.3 millones, centrándose en talento científico y de investigación especializado.

• Compensación total de empleados: $ 52.7 millones
• Gastos de reclutamiento: $ 5.6 millones
• Capacitación y desarrollo: $ 7 millones

Inversiones avanzadas de equipos científicos e tecnología

Las inversiones en tecnología y equipos totalizaron $ 43.2 millones en 2023.

Categoría de equipo	Inversión (USD)
Equipo de secuenciación genómica	$ 18.5 millones
Sistemas de investigación computacionales	$ 15.7 millones
Instrumentación de laboratorio	$ 9 millones

Erasca, Inc. (época) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Erasca no ha informado de acuerdos activos de licencia de medicamentos. Los ingresos potenciales de licencia potencial no se especifican.

Asociaciones farmacéuticas estratégicas

Pareja	Detalles de la asociación	Ingresos potenciales
Regeneron Pharmaceuticals	Colaboración para la oncología de precisión	Términos financieros no revelados

Subvenciones de investigación y financiación del gobierno

En el año fiscal 2022, Erasca reportó $ 3.2 millones en ingresos por subvenciones de investigación.

Pagos potenciales de hitos de la investigación colaborativa

• Pagos potenciales de hitos de colaboraciones de investigación en curso
• No hay montos de pago de hito específicos revelados a partir de 2024

Ventas de productos farmacéuticos futuros

El candidato principal del producto de Erasca, ERX-214, se encuentra actualmente en ensayos clínicos. No se han reportado ingresos por ventas de productos comerciales.

Métrica financiera	Cantidad de 2022	Cantidad de 2023
Ingresos totales	$ 3.2 millones	$ 4.1 millones
Ingresos de subvención de investigación	$ 3.2 millones	$ 4.1 millones

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.