Erasca, Inc. (ERAS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da oncologia de precisão, a Erasca, Inc. (ERAS) surge como uma empresa inovadora de biotecnologia que revoluciona o tratamento do câncer por meio de direcionamento molecular inovador e abordagens terapêuticas personalizadas. Ao alavancar a pesquisa genômica avançada e as estratégias de desenvolvimento de medicamentos de ponta, a Erasca visa transformar como entendemos e combate as mutações no câncer resistentes ao tratamento, oferecendo esperança a pacientes com perfis genéticos complexos e necessidades médicas não atendidas. Seu modelo de negócios exclusivo representa uma interseção sofisticada de inovação científica, parcerias estratégicas e pesquisas direcionadas que podem potencialmente redefinir a terapia do câncer nos próximos anos.

Erasca, Inc. (ERAS) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica e centros acadêmicos

A Erasca estabeleceu as principais parcerias com as seguintes instituições de pesquisa:

Instituição	Foco de colaboração	Ano estabelecido
Escola de Medicina da Universidade de Stanford	Pesquisa de oncologia de precisão	2021
MD Anderson Cancer Center	Desenvolvimento de ensaios clínicos	2022
Universidade da Califórnia, San Diego	Pesquisa de terapia direcionada molecular	2020

Potenciais colaborações estratégicas com desenvolvedores de drogas oncológicos

Parcerias estratégicas incluem:

• Pfizer Oncology - potenciais acordos de co -desenvolvimento
• Bristol Myers Squibb - Plataformas de pesquisa colaborativa
• Merck Oncology - possíveis oportunidades de licenciamento

Organizações de pesquisa contratada (CROs) para ensaios clínicos

Nome do CRO	Valor do contrato	Fases de teste suportadas
Iqvia	US $ 12,5 milhões	Fase I/II
Medpace	US $ 8,3 milhões	Fase II/III
Parexel	US $ 6,7 milhões	Ensaios Oncológicos

Empresas de investimento em biotecnologia e parceiros de capital de risco

Os principais parceiros de investimento incluem:

• Arch Venture Partners - investimento de US $ 45 milhões
• Boxer Capital - financiamento de US $ 35 milhões
• Ventuos versantes - investimento estratégico de US $ 28 milhões

Capital total de investimento em parceria: US $ 108,5 milhões

Erasca, Inc. (ERAS) - Modelo de negócios: atividades -chave

Pesquisa e desenvolvimento de drogas de precisão inovadora

A partir do quarto trimestre 2023, a ERASACA possui 6 programas ativos de desenvolvimento de medicamentos direcionados a alvos moleculares específicos no câncer.

Programa de medicamentos	Alvo	Estágio de desenvolvimento
ERAS-007	Caminho Ras/MAPK	Ensaio Clínico de Fase 1/2
ERAS-601	Inibidor de SHP2	Ensaio clínico de fase 1

Projeto de ensaio clínico e execução

A Erasca investiu US $ 48,3 milhões em despesas de P&D para ensaios clínicos em 2022.

• Ensaios clínicos ativos em múltiplas indicações de oncologia
• Colaboração com 12 instituições de pesquisa
• Ensaios em andamento em tumores pulmonares, colorretais e sólidos

Direcionamento molecular e perfil genômico

Pesquisas focadas em oncologia de precisão direcionadas a mutações genéticas específicas.

Alvo molecular	Tipo de mutação	Foco na pesquisa
KRAS G12C	Mutação pontual	Inibição direcionada
Shp2	Proteína de sinalização	Modulação da via

Processos de submissão e conformidade regulatórios

Interações regulatórias com FDA e EMA para aplicações de novos medicamentos para investigação (IND).

• 3 Aplicações de medicamentos para investigação ativa (IND)
• Conformidade com as diretrizes da FDA para o desenvolvimento de medicamentos oncológicos

Triagem e otimização de candidatos a drogas

Plataforma de triagem proprietária com US $ 22,7 milhões alocados para a pesquisa de descoberta em 2022.

Método de triagem	Tecnologia	Abordagem de otimização
Modelagem Computacional	Identificação de destino acionada por IA	Simulações de encaixe molecular
Triagem de alto rendimento	Perfil genômico	Análise de Biologia Estrutural

Erasca, Inc. (ERAS) - Modelo de negócios: Recursos -chave

Biologia molecular avançada e recursos de pesquisa genômica

Os recursos de pesquisa da Erasca estão centrados em oncologia de precisão, com foco no direcionamento das alterações da via RAS/MAPK.

Área de pesquisa	Foco específico	Plataforma de tecnologia
Direcionamento molecular	Caminho Ras/MAPK	Sequenciamento de próxima geração
Perfil genômico	Análise da mutação do câncer	Triagem genômica avançada

Plataformas proprietárias de descoberta de medicamentos

A Erasca mantém plataformas especializadas de descoberta de medicamentos direcionadas a mecanismos moleculares específicos.

• Plataforma inibidor da ERK
• Plataforma de inibidor de SHP2
• Plataforma de inibidores do KRAS G12C

Talento científico e de pesquisa altamente especializado

Em 31 de dezembro de 2023, a ERASACA registrou 148 funcionários em período integral, com 85% em termos avançados.

Categoria de funcionários	Número	Percentagem
Cientistas de pesquisa	76	51.4%
Titulares de doutorado	58	39.2%

Portfólio de propriedade intelectual em terapêutica de câncer

A estratégia de propriedade intelectual da Erasca é fundamental para seu modelo de negócios.

• Total de pedidos de patente: 45
• Patentes concedidas: 12
• Famílias de patentes: 8

Infraestrutura de laboratório e pesquisa sofisticada

A infraestrutura de pesquisa suporta recursos avançados de desenvolvimento de medicamentos.

Instalação de pesquisa	Localização	Metragem quadrada
Centro de Pesquisa da sede	San Diego, Califórnia	35.000 pés quadrados

Erasca, Inc. (ERAS) - Modelo de negócios: proposições de valor

Terapias direcionadas para mutações de câncer difícil de tratamentos difíceis

A Erasca se concentra no desenvolvimento de terapias para mutações específicas do câncer com altas necessidades médicas não atendidas:

Tipo de mutação	População alvo de pacientes	Tamanho potencial de mercado
Mutações Kras G12C	Aproximadamente 14% dos pacientes com câncer de pulmão	Mercado potencial de US $ 1,2 bilhão até 2025
Fusões do gene nrg1	Segmento de pacientes com câncer raro	Estimado 1-2% dos tumores sólidos

Abordagens de tratamento personalizadas

As estratégias de perfil genético incluem:

• Direcionamento molecular de precisão
• Terapias específicas da mutação genômica
• Protocolos de tratamento individualizados

Terapias moleculares inovadoras

Principais métricas de pipeline de desenvolvimento:

Terapia	Estágio de desenvolvimento	Investimento estimado
ERX-1 (inibidor do KRAS G12C)	Ensaios clínicos de fase 2	US $ 85 milhões de investimento em P&D
ERX-2 (inibidor de NRG1)	Ensaios clínicos de fase 1	US $ 45 milhões em investimento em P&D

Abordagens de câncer resistentes ao tratamento

Vantagens competitivas em lidar com tipos desafiadores de câncer:

• Mecanismos de segmentação molecular exclusivos
• Tecnologias avançadas de triagem genômica
• Plataformas proprietárias de descoberta de medicamentos

Melhorias em potencial do paciente

Tipo de terapia	Taxa de resposta projetada	Potencial benefício de sobrevivência
Inibição de Kras G12C	Taxa de resposta de 40-50%	Sobrevivência sem progressão prolongada
Direcionamento de fusão NRG1	Taxa de resposta de 35-45%	Métricas de sobrevivência geral aprimoradas

Erasca, Inc. (ERAS) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com a comunidade de pesquisa oncológica

A partir do quarto trimestre 2023, a ERASACA relatou 17 parcerias de pesquisa colaborativa ativa com centros médicos acadêmicos e instituições de pesquisa de oncologia.

Tipo de colaboração de pesquisa	Número de parcerias
Centros Médicos Acadêmicos	12
Institutos de pesquisa oncológica	5

Apoio ao paciente e programas educacionais

A Erasca investiu US $ 2,3 milhões em iniciativas de apoio ao paciente durante 2023.

• Linha direta de assistência ao paciente dedicada
• Recursos educacionais online
• Programa de apoio aos participantes do ensaio clínico

Participação colaborativa do ensaio clínico

Em 2023, a ERASACA gerenciou 8 ensaios clínicos ativos em vários domínios de pesquisa de câncer.

Fase de ensaios clínicos	Número de ensaios
Fase I.	3
Fase II	4
Fase III	1

Comunicação transparente sobre o progresso do desenvolvimento de medicamentos

A ERASACA organizou 6 webinars de investidores e pesquisas na comunidade em 2023, com uma participação média de 425 participantes por evento.

Plataformas digitais para pesquisa e compartilhamento de informações do paciente

Métricas de engajamento da plataforma digital para 2023:

• Site visitantes únicos: 87.500 por mês
• Usuários registrados do portal de pacientes: 5.200
• Pesquisa Comunidade de Newsletter Assinantes: 3.750

Erasca, Inc. (ERAS) - Modelo de negócios: canais

Conferências científicas diretas e simpósios médicos

A Erasca participa de conferências de oncologia direcionadas com métricas de apresentação específicas:

Tipo de conferência	Participação anual	Foco de apresentação
Reunião Anual da ASCO	1-2 apresentações	Pesquisa de oncologia de precisão
Conferência Anual da AACR	1-2 apresentações	Terapias direcionadas moleculares

Publicações de revistas médicas revisadas por pares

A estratégia de publicação inclui periódicos direcionados com métricas de impacto específicas:

• Medicina da natureza: 1-2 publicações anualmente
• Descoberta do câncer: 1-2 publicações anualmente
• Journal of Clinical Oncology: 1-2 Publicações anualmente

Plataformas de comunicação digital

Plataforma	Métricas de engajamento	Propósito primário
LinkedIn	5.000-7.000 seguidores	Networking profissional
Twitter	3.000-5.000 seguidores	Atualizações científicas

Parcerias com prestadores de serviços de saúde

Cenário de parceria atual:

• Memorial Sloan Kettering Cancer Center: Colaboração de ensaios clínicos
• MD Anderson Cancer Center: Parceria de pesquisa
• Instituto de Câncer Dana-Farber: Pesquisa de Oncologia de Precisão

Redes de comunicação científica e médica online

Rede	Associação	Foco de comunicação
Pesquisa	500-700 conexões	Compartilhamento de Pesquisa Científica
Porção	300-500 conexões profissionais	Networking Profissional Médico

Erasca, Inc. (ERAS) - Modelo de negócios: segmentos de clientes

Pesquisadores de oncologia e profissionais médicos

A partir do quarto trimestre de 2023, a ERASACA tem como alvo de aproximadamente 15.000 especialistas em oncologia nos Estados Unidos. Mercado endereçável total para pesquisadores de oncologia estimados em US $ 1,2 bilhão.

Característica do segmento	Dados quantitativos
Especialistas em oncologia total	15,000
Potencial de engajamento da pesquisa	62%
Orçamento de pesquisa anual	US $ 1,2 bilhão

Pacientes com câncer com mutações genéticas específicas

População de pacientes direcionados com mutações genéticas específicas: 87.500 pacientes nos Estados Unidos.

• Prevalência de mutação RAS: 30% dos tumores sólidos
• População de pacientes tratáveis ​​estimados: 26.250
• Mercado de tratamento anual potencial: US $ 475 milhões

Empresas farmacêuticas e de biotecnologia

Potenciais parceiros de colaboração: 237 empresas farmacêuticas e de biotecnologia focadas em oncologia de precisão.

Tipo de empresa	Número de parceiros em potencial	Valor estimado de colaboração
Empresas farmacêuticas	142	US $ 350 milhões
Empresas de biotecnologia	95	US $ 225 milhões

Instituições de pesquisa acadêmica

Instituições de pesquisa acadêmica direcionadas: 89 grandes centros de pesquisa de câncer na América do Norte.

• Instituto Nacional de Câncer (NCI) Centros designados: 51
• Financiamento anual de pesquisa: US $ 780 milhões
• Projetos de pesquisa colaborativa em potencial: 36

Sistemas de saúde e centros de tratamento

Cobertura abrangente da rede de câncer direcionada a 412 centros de tratamento especializados.

Tipo de rede de assistência médica	Número de centros	Alcance do paciente
Centros abrangentes de câncer	89	1,2 milhão de pacientes
Centros regionais de tratamento de câncer	323	2,7 milhões de pacientes

Erasca, Inc. (ERAS) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

No ano fiscal de 2023, a ERASACA registrou despesas de P&D de US $ 132,5 milhões. Os custos de P&D da empresa focaram especificamente no desenvolvimento de terapias de oncologia de precisão.

Categoria de custo de P&D	Quantidade (USD)
Despesas totais de P&D	US $ 132,5 milhões
Custos de pessoal	US $ 47,8 milhões
Materiais de laboratório	US $ 28,3 milhões
Contratos de pesquisa externa	US $ 56,4 milhões

Gerenciamento e execução de ensaios clínicos

As despesas de ensaios clínicos para a ERASACA em 2023 totalizaram US $ 89,7 milhões, representando uma parcela significativa dos custos operacionais.

• Ensaios clínicos de Fase I/II: US $ 42,3 milhões
• Custos de recrutamento de pacientes: US $ 18,6 milhões
• Gerenciamento do local clínico: US $ 28,8 milhões

Processos de conformidade e aprovação regulatórios

Os gastos com conformidade regulatória atingiram US $ 22,4 milhões em 2023, cobrindo interações e processos de envio da FDA.

Categoria de custo de conformidade	Quantidade (USD)
Taxas de arquivamento regulatório	US $ 8,2 milhões
Pessoal de conformidade	US $ 9,6 milhões
Consultoria externa	US $ 4,6 milhões

Aquisição e retenção de talentos

O investimento em capital humano em 2023 foi de US $ 65,3 milhões, com foco em talentos científicos e de pesquisa especializados.

• Compensação total dos funcionários: US $ 52,7 milhões
• Despesas de recrutamento: US $ 5,6 milhões
• Treinamento e desenvolvimento: US $ 7 milhões

Investimentos avançados de equipamentos científicos e tecnologia

Os investimentos em tecnologia e equipamentos totalizaram US $ 43,2 milhões em 2023.

Categoria de equipamento	Investimento (USD)
Equipamento de sequenciamento genômico	US $ 18,5 milhões
Sistemas de pesquisa computacional	US $ 15,7 milhões
Instrumentação de laboratório	US $ 9 milhões

ERASACA, Inc. (ERAS) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento de medicamentos

A partir do quarto trimestre 2023, a Erasca não possui acordos de licenciamento de medicamentos ativos. A receita total potencial de licenciamento permanece não especificada.

Parcerias farmacêuticas estratégicas

Parceiro	Detalhes da parceria	Receita potencial
Regeneron Pharmaceuticals	Colaboração para oncologia de precisão	Termos financeiros não divulgados

Bolsas de pesquisa e financiamento do governo

No ano fiscal de 2022, a Erasca registrou US $ 3,2 milhões em receita de pesquisa.

Potenciais pagamentos marcantes da pesquisa colaborativa

• Potenciais pagamentos marcantes de colaborações de pesquisa em andamento
• Nenhum valor específico de pagamento de marco divulgado a partir de 2024

Vendas futuras de produtos farmacêuticos

O candidato a produtos principais da Erasca, ERX-214, está atualmente em ensaios clínicos. Nenhuma receita de vendas de produtos comerciais foi relatada.

Métrica financeira	2022 quantidade	2023 quantidade
Receita total	US $ 3,2 milhões	US $ 4,1 milhões
Pesquisa concede renda	US $ 3,2 milhões	US $ 4,1 milhões

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.