Erasca, Inc. (ERAS): Business Model Canvas [Dec-2025 Updated]

You're digging into Erasca, Inc.'s engine room, and what we see is a focused biotech betting big on the RAS/MAPK pathway, which is a huge, unmet need in cancer treatment. Honestly, their Q3 2025 balance sheet gives them serious runway, showing $362.4 million in cash, which lets them push forward on key assets like ERAS-0015 and ERAS-4001 without immediate dilution worries. This Business Model Canvas breaks down exactly how they plan to turn that cash and their strong IP-like the ERAS-0015 composition of matter patent running to 2043-into value through clinical execution and strategic partnerships, so let's see the nuts and bolts of their current operating model below.

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

You're looking at the structure of Erasca, Inc.'s external relationships-the deals and collaborations that fuel their pipeline development, especially as they pivot focus to their RAS-targeting franchise.

Clinical Research Organizations (CROs) for Global Trials

Erasca, Inc. relies on external organizations to execute its global clinical programs, though specific CRO names aren't always public record. The execution of these trials is critical to their timeline, with initial monotherapy data for ERAS-0015 (AURORAS-1) and ERAS-4001 (BOREALIS-1) both expected in 2026.

The operational scale is supported by a strong balance sheet; as of September 30, 2025, Erasca, Inc. reported cash, cash equivalents, and marketable securities of $362.4 million, guiding operations into the second half of 2028.

Academic and Clinical Investigators for AURORAS-1 and BOREALIS-1

The clinical investigation for the core pipeline assets is structured around two key Phase 1 trials, relying on investigators at various sites to enroll and treat patients. The IND for ERAS-0015 was cleared in May 2025 to start the AURORAS-1 trial, and the IND for ERAS-4001 was cleared in June 2025 to proceed with the BOREALIS-1 trial.

The focus of these investigator-led trials is to generate the first clinical data for these novel assets:

• ERAS-0015 (AURORAS-1): Initial Phase 1 monotherapy data expected in 2026.
• ERAS-4001 (BOREALIS-1): Initial Phase 1 monotherapy data expected in 2026.

Joyo Pharmatech, Ltd. for In-Licensed ERAS-0015 and ERAS-4001

Erasca, Inc. secured its current pipeline focus through strategic in-licensing deals in May 2024, one of which was with Joyo Pharmatech, Ltd. for ERAS-0015. The financial structure of these in-licensing partnerships dictates significant future contingent payments.

The upfront payments for these two assets totaled $22.5 million, which was recorded as in-process R&D expense for the year ended December 31, 2024. For the quarter ended September 30, 2025, $7.5 million was recorded as in-process R&D expense related to these license agreements.

Potential Pharmaceutical Partners for Naporafenib Strategic Alternatives

Erasca, Inc. is actively seeking a strategic partner for its pivotal-stage asset, naporafenib, a pan-RAF inhibitor with FDA Fast Track designation for NRAS-mutant (NRASm) melanoma. This decision to seek a partner was made to focus organizational efforts on the RAS-targeting franchise and is projected to extend the cash runway from the second half of 2027 to the second half of 2028.

Naporafenib was originally in-licensed from Novartis in 2022 under a deal valued at $100 million in cash and stock.

The SEACRAFT-2 trial, a randomized pivotal Phase 3 trial for naporafenib plus trametinib in NRASm melanoma, had Stage 1 randomized dose optimization data expected in the second half of 2025.

Equity Investment Partner Affini-T Therapeutics for TCR T-cell Therapies

Erasca, Inc. participated as an investor in Affini-T Therapeutics, which focuses on TCR T-cell therapies for solid tumors driven by oncogenic mutations like KRAS. This relationship is an equity investment via Erasca Ventures.

Affini-T Therapeutics completed a financing round in March 2022 that raised $175 million, co-led by Vida Ventures and Leaps by Bayer, with Erasca Ventures participating. By October 2024, Affini-T had raised a total of $193 million across five rounds.

The investment reflects a partnership in the broader oncology space, aligning with Erasca, Inc.'s mission against RAS/MAPK pathway-driven cancers, as Affini-T targets mutations like KRAS.

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

You're managing a clinical-stage biotech, so your key activities revolve around advancing your most promising assets through the clinic while protecting the science. For Erasca, Inc., that means intense focus on the RAS/MAPK franchise.

Executing Phase 1 Trials for ERAS-0015 and ERAS-4001

The core activity here is running the two key Phase 1 trials. You're driving the AURORAS-1 trial for ERAS-0015 and the BOREALIS-1 trial for ERAS-4001. Honestly, the market is waiting on the initial data readouts, which are slated for next year.

This execution is supported by significant investment; Research and Development (R&D) expenses were $22.5 million for the quarter ended September 30, 2025.

Drug Discovery and Preclinical Development of New RAS/MAPK Inhibitors

While the clinical assets take the spotlight, the engine for future value is the discovery work. This activity includes managing the financial commitments from prior in-licensing deals that brought these assets forward. For example, the ERAS-0015 license involved an upfront fee of $12.5 million, and ERAS-4001 involved an upfront payment of $10 million. You also recorded $7.5 million in in-process R&D expense for upfront and milestone payments related to these licenses during the quarter ended June 30, 2025.

Intellectual Property Defense and Patent Prosecution (e.g., ERAS-0015 patent to 2043)

Securing the franchise is paramount. A key success in this area was the issuance of U.S. Patent No. 12,458,647 for ERAS-0015, which protects the composition of matter until September 2043, absent any adjustments. This patent is one of several filings designed to build a durable IP portfolio for the RAS-targeting franchise.

Strategic Pipeline Review and Resource Prioritization

You have to be ruthless about where capital goes. In May 2025, Erasca, Inc. conducted a strategic pipeline review. This review directly resulted in the decision to deprioritize the Stage 2 portion of the naporafenib Phase 3 trial. The goal is to focus resources on the more advanced candidates, ERAS-0015 and ERAS-4001. The company's cash position as of September 30, 2025, was $362.4 million, which they expect will fund operations into the second half of 2028. This runway dictates the pace of prioritization.

Managing Regulatory Submissions (INDs) with the FDA

This activity is about clearing the path to the clinic. You successfully managed the regulatory hurdles for both key assets in 2025:

• ERAS-0015: Investigational New Drug (IND) application cleared by the FDA in May 2025.
• ERAS-4001: IND application cleared by the FDA in June 2025.

The net loss for the third quarter ended September 30, 2025, was $30.6 million, a number that reflects the cost of these critical regulatory and clinical management activities.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Erasca, Inc. relies on to execute its mission of erasing cancer, focusing on the RAS/MAPK pathway. These aren't just line items; they are the tangible and intangible foundations of their value proposition.

Financially speaking, the immediate resource is the cash on hand. As of the end of the third quarter of 2025, Erasca, Inc. reported $362.4 million in cash, cash equivalents, and marketable securities. That's a solid war chest. Here's the quick math: that balance is expected to fund operations well into the second half of 2028, giving the team runway to hit critical clinical milestones without immediate financing pressure. Still, R&D expenses were $22.5 million for the quarter ended September 30, 2025, so that cash burns, naturally.

The most critical resources, however, are the differentiated, proprietary small molecule pipeline candidates. These are the actual products in development, and they are advancing rapidly. It's defintely worth noting the status of the two lead assets:

This pipeline is the engine. ERAS-0015, for instance, is an oral, highly potent pan-RAS molecular glue that showed approximately 5 times greater potency in RAS inhibition in preclinical studies compared to the most-advanced competitor.

The intellectual property estate backs up this pipeline, providing a moat. The most significant recent development is the issuance of the U.S. Patent No. 12,458,647 in November 2025. This patent specifically covers the composition of matter for ERAS-0015 and related compositions. That protection extends until September 2043, absent any term adjustments, which is a substantial duration for a key asset.

You can't build this without the right people. The human capital-the leadership team and the scientific advisory board-are key intangible resources. The team includes recognized pioneers in precision oncology and RAS targeting. Key personnel include:

• Jonathan E. Lim, M.D., Chairman, CEO and Co-founder.
• Robert Shoemaker, Ph.D., Chief Scientific Officer (promoted November 2025).
• Michael Varney, Ph.D., Chair of R&D, SAB Member and Board Director.
• David Chacko, M.D., Chief Financial Officer and Chief Business Officer.

Also, the scientific advisory board comprises world-renowned experts in the RAS/MAPK pathway, giving Erasca, Inc. unique insights for navigating complex therapy development.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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.

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.

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:

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.

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.