Erasca, Inc. (ERAS)

Price$15.46Cached quoteAs of 2026-10-09 09:21 UTC

AI: Overvalued

Price checkErasca looks overvalued because investors already assign billions to still-early clinical success.

Using 349.8 million shares outstanding after the July offering, Erasca's equity value is about $5.9 billion. June cash and securities were $384 million, and July's offering added $593.5 million of net proceeds, implying nearly $978 million before subsequent spending. After modest debt, investors are therefore assigning roughly $4.9 billion to a pipeline that has no approved product and remains led by Phase 1 evidence. That requires a high probability of successful later-stage development.

Big pictureErasca has no sales, so shareholder value depends almost entirely on clinical trial outcomes.

The company generated no revenue from 2022 through 2025 and used about $95 million of operating cash in 2025. First-half 2026 operations used another $55 million, while Erasca separately paid $150 million to secure worldwide rights to ERAS-0015. That payment explains much of the unusually large first-quarter reported loss. This is not a conventionally cyclical business: earnings do not rise and fall with normal economic demand because there are no commercial products yet; value changes mainly with trial, safety, regulatory, and financing events.

Business strengthCash reserves are unusually strong, but repeated stock sales have heavily diluted shareholders.

Erasca's balance sheet now provides substantial development runway. June cash and marketable securities totaled $384 million, followed by $593.5 million of net July offering proceeds. However, shares outstanding increased from 284.2 million at the end of 2025 to 349.8 million by early August, roughly 23% dilution in seven months. The company also raised about $259 million in January. Strong financing access lowers near-term failure risk, but shareholders repeatedly surrender ownership to fund research because the business produces no operating cash.

What could change the storyConfirmed responses and clean safety could justify the premium, while setbacks could erase substantial value.

At the selected dose, ERAS-0015 produced a 57% unconfirmed eight-week response rate in seven later-line pancreatic-cancer patients, an encouraging result that supports planned registration-focused trials. Additional data arrive in 2027, while ERAS-4001 data are expected sooner. The risks are equally concrete: one treatment-related pneumonitis case ultimately became fatal, and Revolution Medicines has alleged patent infringement and trade-secret issues that Erasca says lack merit. Larger confirmed response datasets, durable benefit, and manageable safety would strengthen the thesis substantially.

AI: News

Pancreatic data lifts sharesImproved pancreatic-cancer responses revived confidence that ERAS-0015 could compete successfully in a major treatment market.

On July 13, Erasca reported a 57% unconfirmed eight-week response rate among seven later-line pancreatic-cancer patients receiving its selected ERAS-0015 dose and outlined three potentially registration-enabling trials. Shares rose 8.9% the following session. The timing and contemporary reporting support linking much of that rebound to the clinical update, although the company simultaneously announced a large financing and analysts also raised valuation targets.

Massive financing completedA large share sale removed near-term funding pressure while meaningfully diluting existing owners.

Erasca closed its upsized offering on July 15, selling 36.1 million shares and raising $632.5 million before costs, with approximately $593.5 million of net proceeds. The financing increased the share count by more than 10% from June levels but gave the company enough capital to pursue several expensive later-stage programs. Remarkably, shares had rallied around the offering period, suggesting investors initially valued the improved clinical outlook and strengthened funding more heavily than the dilution.

Trial safety shockA patient death abruptly reminded investors that promising early cancer data still carry serious clinical risk.

On April 28, Erasca shares fell about 48% after disclosure that a pancreatic-cancer patient receiving ERAS-0015 developed severe pneumonitis and later died after choosing to withdraw supportive care. Analysts quoted by Reuters generally viewed the event as potentially isolated, but they emphasized that the true safety rate remained uncertain with limited data. The same period also brought intellectual-property allegations from Revolution Medicines, adding another company-specific uncertainty around Erasca's lead asset.

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Revenue

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$0	$0	$0	$0	—	—
Research & development	$92.9M	$115.4M	$103.8M	$112.5M	$73.9M	$29.6M
Operating expenses	$140.9M	$179.6M	$141.5M	$247.4M	$124.9M	$109.3M
Operating income	−$140.9M	−$179.6M	−$141.5M	−$247.4M	−$124.9M	−$109.3M
EBITDA	−$137.8M	−$175.8M	−$137.8M	−$244.8M	−$124.1M	−$108.7M
Net income	−$124.5M	−$161.7M	−$125.0M	−$242.8M	−$122.8M	−$101.7M
Basic EPSper basic share	-$0.44	-$0.69	-$0.83	-$1.99	-$1.85	-$4.83
Diluted EPSper diluted share	-$0.44	-$0.69	-$0.83	-$1.99	-$1.85	-$4.83

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.99%of listed shares

Frazier Life Sciences Management, L.P.24.98M shares · Jun 30, 2026

View holders

Top 20 reported holders of ERAS
Holder	% owned
Frazier Life Sciences Management, L.P.	7.99%24.98M shares
T. Rowe Price Investment Management, Inc.	6.78%21.19M shares
BlackRock, Inc.	6.77%21.15M shares
RTW INVESTMENTS, LP	5.74%17.95M shares
Venrock Adviser, LLC	5.72%17.89M shares
STATE STREET CORP	3.90%12.18M shares
Logos Global Management LP	3.89%12.15M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.65%11.4M shares
Siren, L.L.C.	3.65%11.4M shares
Paradigm Biocapital Advisors LP	3.06%9.55M shares
ARCH Venture Management, LLC	2.27%7.09M shares
GEODE CAPITAL MANAGEMENT, LLC	2.08%6.5M shares
PRICE T ROWE ASSOCIATES INC /MD/	2.01%6.27M shares
Cormorant Asset Management, LP	1.92%6M shares
Affinity Asset Advisors, LLC	1.68%5.25M shares
Vivo Capital, LLC	1.32%4.13M shares
ALLIANCEBERNSTEIN L.P.	1.32%4.12M shares
GOLDMAN SACHS GROUP INC	1.22%3.82M shares
BANK OF AMERICA CORP /DE/	0.98%3.05M shares
FMR LLC	0.92%2.88M shares

Percentages use 312.56M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)3$2.28M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 1, 2026Form 4 · 10b5-1	Garner EbunChief Legal Officer	SellCommon Stock	80.0K	$16.40	$1.31M	25.1K
Mar 4, 2026Form 4 · 10b5-1	Morris ShannonChief Medical Officer	SellCommon Stock	20.0K	$15.04	$300.8K	0
Jan 7, 2026Form 4 · 10b5-1	Garner EbunGeneral Counsel & Corp. Sec.	SellCommon Stock	120.0K	$5.59	$670.8K	25.1K

Review ownership filings at SEC.gov ↗

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Erasca, Inc. (ERAS)

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