Erasca (ERAS) Goldman Sachs 45th Annual Global Healthcare Conference summary

Strategic evolution and pipeline focus

• Refocused on RAS/MAPK pathway, prioritizing Naporafenib as lead clinical program and introducing two new RAS-targeting molecules, ERAS-0015 (pan-RAS molecular glue) and ERAS-4001 (pan-KRAS switch II pocket binder).

• Recent pipeline reprioritization accompanied by $184 million financing, extending cash runway to the first half of 2027.

• Modality-agnostic approach includes a bispecific antibody (ERAS-12) for EGFR-driven cancers.

• Leadership emphasizes data-driven decision-making and adaptability in a challenging biotech environment.

Naporafenib clinical development and market opportunity

• Naporafenib, acquired from Novartis, has robust safety and efficacy data from over 500 patients, especially in combination with trametinib.

• SEACRAFT-1 (RAS Q61X solid tumors) initiated in Q3 2023, with data readout expected in Q4 2024; SEACRAFT-2 (NRAS mutant melanoma) phase III to start in Q2 2024, with stage one data in 2025.

• Market opportunity includes several thousand NRAS melanoma patients in the US and a larger RAS Q61X solid tumor population across multiple cancer types.

• Combination approach with MEK inhibitor justified by Naporafenib’s selective efficacy and safety profile.

Competitive landscape and clinical benchmarks

• First-in-class position in NRAS melanoma; closest competitor deprioritized their program.

• Naporafenib plus trametinib shows median PFS of ~5 months and OS of 13-14 months, outperforming current standards (chemo: 1.5 months PFS, MEK inhibitors: 2.8 months PFS, 6-7 months OS).

• Regulatory alignment for dual primary endpoints (PFS and OS) in pivotal studies; PFS alone may suffice for initial approval.

• SEACRAFT-2 pivotal study to initiate in Q2 2024, with data expected in 2025.