Erasca Cash Reaches $948 Million After July Offering

The Tip Desk · November 12, 2026 · 3 min read

The RAS oncology company closed September with $947.8 million in cash, cash equivalents and marketable securities after a $632.5 million July raise, and said that balance is expected to fund its listed near-term trial milestones.

Erasca, Inc. (ERAS), a clinical-stage precision oncology company focused on RAS/MAPK pathway-driven cancers, reported cash, cash equivalents and marketable securities of $947.8 million as of September 30, 2026, compared with $341.8 million at December 31, 2025.

The clinical-stage company said it expects that cash position to be sufficient to fund the upcoming milestones it listed, including Phase 1 data for ERAS-0015 in the first half of 2027, initiation of a potentially registration-enabling trial in second-line or greater non-small cell lung cancer in the first half of 2027, a Phase 3 trial in first-line pancreatic ductal adenocarcinoma in 2027, and a Phase 3 trial in RAS-mutant NSCLC from the second half of 2027 into the first half of 2028.

In July 2026, Erasca completed an upsized public offering that raised approximately $632.5 million in gross proceeds. Cash had been $384 million as of June 30, 2026, before that offering. Working capital was $611.2 million at September 30, 2026, and total stockholders’ equity was $916.7 million.

Research and development expenses were $47.2 million for the quarter ended September 30, 2026, compared with $22.5 million a year earlier. The company said the increase was primarily driven by higher spending on clinical trials, preclinical studies, discovery activities, personnel costs including stock-based compensation, outsourced services and consulting fees. General and administrative expenses were $12.3 million, compared with $10.1 million a year earlier, which the company attributed primarily to personnel costs including stock-based compensation.

Net loss was $51.3 million, or $(0.15) a share, for the quarter ended September 30, 2026, compared with $30.6 million, or $(0.11) a share, a year earlier. Interest income was $8.3 million.

In August 2026, the U.S. Food and Drug Administration granted Fast Track Designation to ERAS-0015 for metastatic pancreatic adenocarcinoma. The company said the designation is intended to facilitate development and expedite review of therapies for serious conditions with unmet medical needs and provides opportunities for more frequent FDA interactions as it advances a planned Phase 3 trial in pancreatic cancer. Chairman, CEO and co-founder Jonathan E. Lim said the company is rapidly advancing toward three potentially registration-enabling trials in pancreatic and lung cancers.

Erasca also said it will present updated ERAS-0015 monotherapy data from the AURORAS-1 Phase 1 trial, including additional patients and longer follow-up, and nonclinical data for the combination of ERAS-0015 and ERAS-4001 at the ENA Symposium in Barcelona on November 18–20, 2026. Preliminary ERAS-4001 Phase 1 monotherapy data are expected in the second half of 2026.

In August 2026, the company appointed Charles Fuchs as president of research and development and David Chonzi as senior vice president of global pharmacovigilance. Lim said the company believes it is positioned to execute near-term milestones with a strengthened balance sheet and experienced R&D leadership.