Erasca Reports Fourth Quarter and Full Year 2024 Business Updates and Financial Results
Erasca (NASDAQ: ERAS) reported its Q4 and full year 2024 financial results, highlighting significant progress in its RAS-targeting oncology programs. The company maintains a strong financial position with $440.5 million in cash and equivalents, expected to fund operations into H2 2027.
Key developments include the advancement of two promising candidates: ERAS-0015 (pan-RAS molecular glue) and ERAS-4001 (pan-KRAS inhibitor), both scheduled to enter clinical trials in 2025. The ongoing Phase 3 SEACRAFT-2 trial for naporafenib in NRASm melanoma is progressing well, with Stage 1 randomized data expected in H2 2025.
Financial results show R&D expenses of $26.1 million for Q4 2024 and $115.4 million for the full year. The company reported a net loss of $32.2 million for Q4 and $161.7 million for the full year 2024, or $(0.69) per share.
Erasca (NASDAQ: ERAS) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando progressi significativi nei suoi programmi oncologici mirati al RAS. L'azienda mantiene una solida posizione finanziaria con 440,5 milioni di dollari in contante e equivalenti, previsti per finanziare le operazioni fino al secondo semestre del 2027.
Sviluppi chiave includono l'avanzamento di due candidati promettenti: ERAS-0015 (collante molecolare pan-RAS) e ERAS-4001 (inibitore pan-KRAS), entrambi programmati per entrare in sperimentazioni cliniche nel 2025. La fase 3 della sperimentazione SEACRAFT-2 per il naporafenib nel melanoma NRASm sta procedendo bene, con i dati randomizzati della Fase 1 attesi nel secondo semestre del 2025.
I risultati finanziari mostrano spese per R&S di 26,1 milioni di dollari per il quarto trimestre 2024 e 115,4 milioni di dollari per l'intero anno. L'azienda ha riportato una perdita netta di 32,2 milioni di dollari per il quarto trimestre e 161,7 milioni di dollari per l'intero anno 2024, corrispondente a $(0,69) per azione.
Erasca (NASDAQ: ERAS) informó sus resultados financieros del cuarto trimestre y del año completo 2024, destacando avances significativos en sus programas oncológicos dirigidos al RAS. La empresa mantiene una sólida posición financiera con 440.5 millones de dólares en efectivo y equivalentes, que se espera financien las operaciones hasta el segundo semestre de 2027.
Los desarrollos clave incluyen el avance de dos candidatos prometedores: ERAS-0015 (pegamento molecular pan-RAS) y ERAS-4001 (inhibidor pan-KRAS), ambos programados para entrar en ensayos clínicos en 2025. El ensayo de fase 3 SEACRAFT-2 para naporafenib en melanoma NRASm está progresando bien, con datos aleatorizados de la etapa 1 esperados para el segundo semestre de 2025.
Los resultados financieros muestran gastos en I+D de 26.1 millones de dólares para el cuarto trimestre de 2024 y 115.4 millones de dólares para el año completo. La empresa reportó una pérdida neta de 32.2 millones de dólares para el cuarto trimestre y 161.7 millones de dólares para el año completo 2024, o $(0.69) por acción.
Erasca (NASDAQ: ERAS)는 2024년 4분기 및 전체 연도 재무 결과를 발표하며 RAS 표적 항암 프로그램에서의 중요한 진전을 강조했습니다. 이 회사는 4억 4천 5백만 달러의 현금 및 현금성 자산을 보유하고 있으며, 이는 2027년 하반기까지 운영 자금을 지원할 것으로 예상됩니다.
주요 개발 사항으로는 두 가지 유망한 후보의 진전이 포함됩니다: ERAS-0015 (pan-RAS 분자 접착제) 및 ERAS-4001 (pan-KRAS 억제제), 두 후보 모두 2025년에 임상 시험에 들어갈 예정입니다. NRASm 흑색종에 대한 naporafenib의 진행 중인 3상 SEACRAFT-2 시험은 순조롭게 진행되고 있으며, 2025년 하반기에 1단계 무작위 데이터가 예상됩니다.
재무 결과에 따르면 2024년 4분기 R&D 비용은 2천 610만 달러이며, 전체 연도에는 1억 1천 540만 달러입니다. 이 회사는 4분기에 3천 220만 달러의 순손실을, 2024년 전체 연도에는 1억 6천 170만 달러의 순손실을 보고했으며, 주당 $(0.69)입니다.
Erasca (NASDAQ: ERAS) a publié ses résultats financiers du quatrième trimestre et de l'année entière 2024, mettant en lumière des progrès significatifs dans ses programmes d'oncologie ciblant le RAS. L'entreprise maintient une solide position financière avec 440,5 millions de dollars en liquidités et équivalents, prévus pour financer ses opérations jusqu'au second semestre 2027.
Les développements clés incluent l'avancement de deux candidats prometteurs : ERAS-0015 (colle moléculaire pan-RAS) et ERAS-4001 (inhibiteur pan-KRAS), tous deux prévus pour entrer en essais cliniques en 2025. L'essai de phase 3 SEACRAFT-2 pour le naporafénib dans le mélanome NRASm progresse bien, avec des données randomisées de la phase 1 attendues au second semestre 2025.
Les résultats financiers montrent des dépenses de R&D de 26,1 millions de dollars pour le quatrième trimestre 2024 et de 115,4 millions de dollars pour l'année entière. L'entreprise a déclaré une perte nette de 32,2 millions de dollars pour le quatrième trimestre et de 161,7 millions de dollars pour l'année entière 2024, soit $(0,69) par action.
Erasca (NASDAQ: ERAS) hat ihre Finanzzahlen für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht und dabei bedeutende Fortschritte in ihren RAS-zielgerichteten Onkologieprogrammen hervorgehoben. Das Unternehmen verfügt über eine starke finanzielle Basis mit 440,5 Millionen Dollar an Bargeld und Äquivalenten, die voraussichtlich die Betriebe bis in die zweite Hälfte von 2027 finanzieren werden.
Wichtige Entwicklungen umfassen den Fortschritt von zwei vielversprechenden Kandidaten: ERAS-0015 (pan-RAS-Molekülkleber) und ERAS-4001 (pan-KRAS-Inhibitor), die beide für klinische Studien im Jahr 2025 geplant sind. Die laufende Phase-3-Studie SEACRAFT-2 für Naporafenib bei NRASm-Melanom verläuft gut, mit erwarteten randomisierten Daten der Phase 1 im zweiten Halbjahr 2025.
Die finanziellen Ergebnisse zeigen F&E-Ausgaben von 26,1 Millionen Dollar für das vierte Quartal 2024 und 115,4 Millionen Dollar für das Gesamtjahr. Das Unternehmen berichtete über einen Nettoverlust von 32,2 Millionen Dollar für das vierte Quartal und 161,7 Millionen Dollar für das gesamte Jahr 2024, was $(0,69) pro Aktie entspricht.
- Strong cash position of $440.5M, extending runway into H2 2027
- FDA Fast Track Designation received for naporafenib in NRASm melanoma
- Successful fundraising of $251M through equity financings in 2024
- ERAS-0015 potential to address 2.7M patients with RAS-mutant tumors annually
- Increased net loss to $161.7M in 2024 from $125.0M in 2023
- R&D expenses increased to $115.4M in 2024 from $103.8M in 2023
- G&A expenses rose to $41.7M in 2024 from $37.7M in 2023
Insights
Erasca's Q4 and full-year 2024 report demonstrates a substantially strengthened financial position with
While the annual net loss widened to
For a clinical-stage oncology company with multiple programs advancing toward and through clinical trials, this financial position is remarkably solid. The extended cash runway provides sufficient operating capital to reach multiple value-creating clinical milestones through 2027, including data readouts for SEACRAFT-2 and initial results from their RAS-targeting programs. This financial cushion significantly reduces near-term funding risk, which is critical for clinical-stage biotechs navigating the capital-intensive drug development process.
Erasca's dual-pronged approach to targeting the RAS/MAPK pathway shows promising strategic positioning in precision oncology. Their naporafenib program is progressing well, with the Phase 3 SEACRAFT-2 registrational trial in NRASm melanoma advancing toward Stage 1 randomized data expected in H2 2025. The FDA Fast Track Designation for this indication is significant, as there are currently no approved targeted therapies for NRASm melanoma - representing a clear opportunity to address a specific unmet need.
The company's RAS-targeting franchise is particularly noteworthy. ERAS-0015 (pan-RAS molecular glue) and ERAS-4001 (pan-KRAS inhibitor) employ complementary mechanisms to address mutations that drive approximately 2.7 million cancer diagnoses annually worldwide. The potential best-in-class and first-in-class profiles of these candidates could position Erasca competitively in the RAS-targeting landscape.
The SEACRAFT-1 Phase 1b data for naporafenib plus trametinib presented in October 2024 showed promising efficacy and tolerability in melanoma patients. The reported median overall survival of 13.0 and 14.1 months (across two different trials) compares favorably to historical benchmarks for this difficult-to-treat patient population. With both RAS-targeting candidates expected to enter the clinic in 2025 and initial data anticipated in 2026, Erasca has built a compelling pipeline addressing significant oncology targets with multiple shots on goal.
Potentially best-in-class RAS-targeting franchise advancing with both ERAS-0015 and ERAS-4001 expected to enter the clinic in 2025
Ongoing Phase 3 SEACRAFT-2 registrational trial progressing well with Stage 1 randomized data expected in H2 2025
Robust balance sheet with cash, cash equivalents, and marketable securities of
SAN DIEGO, March 20, 2025 (GLOBE NEWSWIRE) -- Erasca, Inc. (Nasdaq: ERAS), a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, today provided business updates and reported financial results for the fiscal quarter and full year ended December 31, 2024.
“In 2024, we prepared our RAS-targeting franchise to enter the clinic and further advanced our registrational program for naporafenib. The high enthusiasm for our RAS-targeting franchise is encouraging, particularly as our potential best-in-class pan-RAS molecular glue ERAS-0015 and our potential first-in-class pan-KRAS inhibitor ERAS-4001 approach the clinic. The high prevalence of KRAS alterations and the significant unmet need among these patients offer substantial opportunities for both candidates in key indications, namely colorectal, lung, pancreatic, and other solid tumor cancers,” said Jonathan E. Lim, M.D., Erasca’s chairman, CEO, and co-founder. “The SEACRAFT-2 trial is progressing well, and with FDA Fast Track Designation (FTD) granted in NRASm melanoma, this combination has the potential to be first-to-market in this area of high unmet need with no approved targeted therapies.”
Dr. Lim added, “We have an exciting year ahead focused on shutting down RAS and expect multiple value drivers in 2025 and beyond. In the second half of 2025, we expect Stage 1 randomized data from SEACRAFT-2 in patients with NRASm melanoma. For our RAS-targeting franchise, we expect investigational new drug (IND) submissions for ERAS-0015 in mid-second quarter and for ERAS-4001 in the second quarter of 2025. We continue to be well capitalized and capital efficient and have revised our cash runway guidance from the first half of 2027 to the second half of 2027.”
Research and Development (R&D) Highlights
RAS-Targeting Franchise
- Announced Progress Across RAS-Targeting Franchise: In October 2024, Erasca presented a program update for the pan-RAS molecular glue ERAS-0015 and pan-KRAS inhibitor ERAS-4001 as part of a virtual investor event. The updates highlighted the rapid progress observed across both programs including in-house confirmation of potential best-in-class profiles for both agents and completion of many key activities to support IND submissions.
- In-Licensed Potential Best-in-Class and First-in-Class RAS-Targeting Franchise: In May 2024, Erasca announced exclusive license agreements for two preclinical RAS programs—a potential best-in-class pan-RAS molecular glue (ERAS-0015) and a potential first-in-class pan-KRAS inhibitor (ERAS-4001). ERAS-0015 and ERAS-4001 are potent, orally bioavailable molecules with complementary RAS inhibitory mechanisms. ERAS-0015 has the potential to address unmet medical needs in approximately 2.7 million patients who are diagnosed annually worldwide with RAS-mutant tumors, including the more than 2.2 million patients with KRAS-mutant tumors whom ERAS-4001 could also address.
Naporafenib Program
- Presented Promising SEACRAFT-1 Phase 1b Data: In October 2024, Erasca announced promising initial Phase 1b data for naporafenib plus trametinib (MEKINIST®) in the melanoma cohort of SEACRAFT-1 at the 36th EORTC-NCI-AACR (ENA) Symposium on Molecular Targets and Cancer Therapeutics. Efficacy and tolerability data supported the rationale for pursuing an NRASm melanoma tissue-specific indication and reinforced the potential of the ongoing Phase 3 SEACRAFT-2 registrational trial, which was initiated in the second quarter of 2024.
- Analysis of Median Overall Survival (mOS) Data for Naporafenib and Trametinib: In March 2024, a pooled analysis of patients with NRASm melanoma dosed with the combination of naporafenib and trametinib at two different doses across two different trials (Phase 1b and Phase 2) showed an mOS of 13.0 and 14.1 months, respectively. The pooled dataset compared favorably relative to historical benchmarks.
Corporate Highlights
- Extended Cash Runway into H2 2027: In 2024, Erasca raised
$251 million in equity financings, including a$45 million oversubscribed private placement financing and a$184 million oversubscribed underwritten offering, both of which were led by high-quality new and existing healthcare-focused investors and both of which helped extend our anticipated cash runway into the second half of 2027.
- Strengthened Leadership Team and RDCAB: Erasca strengthened its leadership team and Research, Development, and Commercial Advisory Board (RDCAB) with three key appointments.
- Michael Humphries, Ph.D., was appointed as vice president of medical affairs, bringing to Erasca over 15 years of medical affairs, clinical development, and drug discovery experience at Array Biopharma, Bayer Oncology, ARIAD Pharmaceuticals, Takeda, AnHeart Therapeutics, and Nuvation Bio. His leadership includes three U.S. launches of next-generation tyrosine kinase inhibitors in three variants of oncogene-addicted non-small cell lung cancer (NSCLC). In his most recent role at Nuvation Bio, Dr. Humphries served as vice president head of medical affairs where he built out the medical affairs strategy, infrastructure, culture, and personnel. He earned his Ph.D. in cell and developmental biology from the University of Colorado at Denver.
- Yifah Yaron, M.D., Ph.D., was appointed as vice president of clinical development, bringing over 18 years of experience in clinical drug development focusing on oncology. She most recently led clinical teams at Harpoon Therapeutics (acquired by Merck), and served in clinical development roles at Cytomx Therapeutics, Exelixis, and Genentech. During her time at Exelixis, Dr. Yaron held increasing leadership responsibilities on the cabozantinib program, including serving as a member of the clinical filing team for the first indication in medullary thyroid cancer. Dr. Yaron completed an oncology fellowship at UCSF and an internal medicine residency at University of Rochester Strong Memorial Hospital. She earned her M.D. and Ph.D. degrees (Ph.D. in biological chemistry) as well as her B.S. in biology from the University of California, Los Angeles.
- Jean-Michel Vernier, Ph.D., was appointed as senior chemistry advisor with 25+ years of drug discovery and development experience. He currently serves as senior vice president of chemistry at Radionetics Oncology and previously served as Erasca’s vice president of chemistry. He held positions of increasing responsibilities at several companies, including Ignyta, Ardea Biosciences, Merck Research Laboratories, and SIBIA Neurosciences. Throughout his career, Dr. Vernier has led departments engaged in early-stage drug discovery programs and drug substance GMP production. He has co-authored more than 30 peer-reviewed publications and is an inventor on more than 50 U.S. patents. Dr. Vernier earned his Ph.D. in synthetic organic chemistry from the University Louis Pasteur, Strasbourg, France, and was a postdoctoral fellow at Colorado State University.
Key Upcoming Milestones
- SEACRAFT-2: Randomized pivotal Phase 3 trial for naporafenib plus trametinib in patients with NRASm melanoma
- Phase 3 Stage 1 randomized dose optimization data expected in H2 2025
- AURORAS-1: Phase 1 trial for ERAS-0015 (pan-RAS molecular glue) in patients with RASm solid tumors
- IND filing expected in mid-Q2 2025
- Initial Phase 1 monotherapy data in relevant tumor types expected in 2026
- BOREALIS-1: Phase 1 trial for ERAS-4001 (pan-KRAS inhibitor) in patients with KRASm solid tumors
- IND filing expected in Q2 2025
- Initial Phase 1 monotherapy data in relevant tumor types expected in 2026
Fourth Quarter and Full Year 2024 Financial Results
Cash Position: Cash, cash equivalents, and marketable securities were
Research and Development (R&D) Expenses: R&D expenses were
General and Administrative (G&A) Expenses: G&A expenses were
Net Loss: Net loss was
About Erasca
At Erasca, our name is our mission: To erase cancer. We are a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. Our company was co-founded by leading pioneers in precision oncology and RAS targeting to create novel therapies and combination regimens designed to comprehensively shut down the RAS/MAPK pathway for the treatment of patients with cancer. We have assembled one of the deepest RAS/MAPK pathway-focused pipeline in the industry. We believe our team’s capabilities and experience, further guided by our scientific advisory board which includes the world’s leading experts in the RAS/MAPK pathway, uniquely position us to achieve our bold mission of erasing cancer.
Cautionary Note Regarding Forward-Looking Statements
Erasca cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on our current beliefs and expectations and include, but are not limited to: our expectations regarding the potential therapeutic benefits and potential patient population for each of our product candidates, including naporafenib, ERAS-0015, and ERAS-4001; the planned advancement of our development pipeline, including the anticipated timing of data readouts for the SEACRAFT-2, AURORAS-1, and BOREALIS-1 trials; the anticipated timing of the IND submissions for the AURORAS-1 and BOREALIS-1 trials; and the sufficiency of our cash, cash equivalents, and marketable securities to fund operations into the second half of 2027. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: our approach to the discovery and development of product candidates based on our singular focus on shutting down the RAS/MAPK pathway, a novel and unproven approach; preliminary results of clinical trials are not necessarily indicative of final results and one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data and more patient data become available; the analysis of pooled Phase 1 and Phase 2 naporafenib plus trametinib data covers two clinical trials with different designs and inclusion criteria, which cannot be directly compared, and therefore may not be a reliable indicator of survival data; due to differences between trial designs and subject characteristics, comparing clinical data across different trials may not be a reliable indicator of such data; results from preclinical studies or early clinical trials not necessarily being predictive of future results; we only have one product candidate in clinical development and all of our other development efforts are in the preclinical or development stage; our SEACRAFT trials may not support the registration of naporafenib; our assumptions around which programs may have a higher probability of success may not be accurate, and we may expend our limited resources to pursue a particular product candidate and/or indication and fail to capitalize on product candidates or indications with greater development or commercial potential; potential delays in the commencement, enrollment, data readout, and completion of clinical trials and preclinical studies; our dependence on third parties in connection with manufacturing, research, and preclinical and clinical testing; unexpected adverse side effects or inadequate efficacy of our product candidates that may limit their development, regulatory approval, and/or commercialization, or may result in recalls or product liability claims; unfavorable results from preclinical studies or clinical trials; the inability to realize any benefits from our current licenses, acquisitions, and collaborations, and any future licenses, acquisitions, or collaborations, and our ability to fulfill our obligations under such arrangements; regulatory developments in the United States and foreign countries; later developments with the FDA or EU health authorities may be inconsistent with the feedback received to date regarding our development plans and trial designs; Fast Track Designation may not lead to a faster development or regulatory review or approval process, and does not increase the likelihood that our product candidates will receive marketing approval; our ability to obtain and maintain intellectual property protection for our product candidates and maintain our rights under intellectual property licenses; our ability to fund our operating plans with our current cash, cash equivalents, and marketable securities; and other risks described in our prior filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024, and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
| Erasca, Inc. Selected Consolidated Balance Sheet Data (In thousands) (Unaudited) | ||||||||||
| December 31, | December 31, | |||||||||
| 2024 | 2023 | |||||||||
| Balance Sheet Data: | ||||||||||
| Cash, cash equivalents, and marketable securities | $ | 440,473 | $ | 321,992 | ||||||
| Working capital | 277,398 | 294,520 | ||||||||
| Total assets | 502,526 | 395,297 | ||||||||
| Accumulated deficit | (767,663 | ) | (606,013 | ) | ||||||
| Total stockholders’ equity | 423,499 | 316,686 | ||||||||
| Erasca, Inc. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (Unaudited) | ||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 26,122 | $ | 24,805 | $ | 115,359 | $ | 103,821 | ||||||||
| In-process research and development | — | — | 22,500 | — | ||||||||||||
| General and administrative | 9,590 | 9,066 | 41,728 | 37,704 | ||||||||||||
| Total operating expenses | 35,712 | 33,871 | 179,587 | 141,525 | ||||||||||||
| Loss from operations | (35,712 | ) | (33,871 | ) | (179,587 | ) | (141,525 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest income | 5,283 | 4,237 | 20,093 | 16,712 | ||||||||||||
| Other expense, net | (1,803 | ) | (67 | ) | (2,156 | ) | (229 | ) | ||||||||
| Total other income (expense), net | 3,480 | 4,170 | 17,937 | 16,483 | ||||||||||||
| Net loss | $ | (32,232 | ) | $ | (29,701 | ) | $ | (161,650 | ) | $ | (125,042 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.11 | ) | $ | (0.20 | ) | $ | (0.69 | ) | $ | (0.83 | ) | ||||
| Weighted-average shares of common stock used in computing net loss per share, basic and diluted | 282,845,918 | 150,732,123 | 233,817,916 | 150,184,994 | ||||||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Unrealized (loss) gain on marketable securities, net | (1,420 | ) | 652 | 328 | 1,118 | |||||||||||
| Comprehensive loss | $ | (33,652 | ) | $ | (29,049 | ) | $ | (161,322 | ) | $ | (123,924 | ) | ||||
MEKINIST® is a registered trademark owned by or licensed to Novartis AG, its subsidiaries, or affiliates.
Contact:
Joyce Allaire
LifeSci Advisors, LLC
jallaire@lifesciadvisors.com
Source: Erasca, Inc.
FAQ
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