Erasca (ERAS) Q4 2025 earnings summary

Executive summary

• Early clinical activity observed for ERAS-0015, with ongoing responses in multiple RAS-mutant tumors and favorable safety and pharmacokinetics as of January 2026.

• Phase 1 monotherapy data for ERAS-0015 expected in H1 2026 and for ERAS-4001 in H2 2026.

• Expanded global rights for ERAS-0015 through a licensing agreement covering China, Hong Kong, and Macau.

• Completed a $259 million upsized public offering in January 2026, strengthening the balance sheet.

Financial highlights

• Cash, cash equivalents, and marketable securities were $341.8 million as of December 31, 2025, down from $440.5 million a year earlier.

• Net loss for Q4 2025 was $29.1 million ($0.10 per share), compared to $32.2 million ($0.11 per share) in Q4 2024.

• Full-year 2025 net loss was $124.5 million ($0.44 per share), improved from $161.7 million ($0.69 per share) in 2024.

• R&D expenses for Q4 2025 were $23.2 million, down from $26.1 million in Q4 2024; full-year R&D expenses were $92.9 million, down from $115.4 million in 2024.

• G&A expenses for Q4 2025 were $9.4 million, slightly down from $9.6 million in Q4 2024; full-year G&A expenses were $38.6 million, down from $41.7 million in 2024.

Outlook and guidance

• Cash position, including proceeds from the January 2026 offering, expected to fund operations into H2 2028.

• Phase 1 monotherapy data for ERAS-0015 (US and China) expected in H1 2026; ERAS-4001 data expected in H2 2026.

• Expansion and combination cohorts for both programs planned for 2027.