Erasca (ERAS) Q3 2026 earnings summary

Executive summary

• Pipeline centers on ERAS-0015, a pan-RAS molecular glue, and ERAS-4001, a pan-KRAS inhibitor; ERAS-12 is being advanced toward a potential partnership. Naporafenib development ended.

• Cash, cash equivalents, and marketable securities totaled $947.8M at September 30, 2026; resources are expected to fund planned operations and stated milestones for at least 12 months.

Financial highlights

• Q3 2026 net loss was $51.3M vs. $30.6M in Q3 2025; loss per share was $0.15 vs. $0.11, basic and diluted.

• Nine-month net loss was $278.9M vs. $95.5M; operating expenses were $295.1M vs. $108.3M, including a $150.0M Joyo-related IPR&D charge.

• Q3 R&D expense was $47.2M vs. $22.5M and G&A was $12.3M vs. $10.1M; nine-month R&D was $110.4M vs. $69.6M.

• Nine-month loss per share was $0.87 vs. $0.34.

Outlook and guidance

• ERAS-0015 monotherapy expansion and combination dose-escalation data are expected in H1 2027; a potentially registration-enabling 2L+ NSCLC trial is expected to start in H1 2027.

• ERAS-0015 Phase 3 trials are expected to start in 1L PDAC in 2027 and RAS-mutant NSCLC from H2 2027 to H1 2028.

• ERAS-4001 preliminary Phase 1 safety, tolerability, PK, and initial efficacy data were expected in H2 2026; expansion and combination cohorts are planned for 2027.

• Cash resources are expected to fund planned operations and stated clinical milestones for at least 12 months; no product revenue is expected for years, if ever.