Erasca (ERAS) Stifel 2026 Healthcare Conference 2026 summary

Pipeline and milestones

• ERAS-0015, a pan-RAS molecular glue, is in the AURORAS-1 phase I trial; an expanded oral dataset is planned for the Triple Meeting in Barcelona next week, with at least twice as many efficacy-evaluable lung and pancreatic patients as prior updates.

• ERAS-4001, a pan-KRAS switch II pocket binder that spares H- and N-RAS, is in BOREALIS-1; a 2H 2026 phase I update is expected to cover safety, PK and initial activity in dozens of patients.

• ERAS-0015 combination data, including panitumumab, are guided for 1H 2027; a potentially registration-enabling 2L+ NSCLC monotherapy trial could start as early as 1H 2027.

• First-line RAS-mutant NSCLC trial timing spans 2H 2027 to 1H 2028, depending on whether ERAS-0015 is paired with pembrolizumab alone or with pembrolizumab plus chemotherapy.

ERAS-0015 clinical program

• Pembrolizumab combination began in Q2 2026; at the 16 mg ERAS-0015 dose, 5 of 6 U.S. NSCLC patients had a response in the April update; dose selection across 16–32 mg precedes adding carboplatin and pemetrexed.

• The expanded update will include follow-up on prior patients and new patients; pancreatic enrollment has been heavily pretreated, with three-quarters of patients in the July dataset at 3L+.

• Dose expansion is weighted toward 24 mg and 32 mg to support dose selection; ERAS-0015 has shown dose-proportional exposure without the exposure plateau seen with other molecules in the class.

• Management views a pancreatic response rate in the 40% range as meaningful versus an estimated ~29% 2L benchmark; in lung, cited benchmarks include 56%–59% confirmed response rates for a potent G12C inhibitor.

Safety and development rationale

• Prior April and July updates showed 100% median relative dose intensity across 16–32 mg; management cited numerically lower rash, GI and stomatitis TRAEs and no DLTs with 16 mg ERAS-0015 plus full-dose panitumumab.

• Management attributed ERAS-0015’s potential tolerability and activity to optimized potency and PK, including 8–21x higher CypA binding affinity and 5x–10x higher potency in preclinical testing.

• Management believes broad RAS inhibition may address wild-type signaling and resistance mechanisms, and could enable a frontline treatment without waiting for mutation testing; these are scientific hypotheses supported by preliminary clinical observations.

• A pancreatic chemotherapy combination began earlier in 2026; dose escalation is focused on safety and tolerability, and management said the 1H 2027 combination update is specifically guided to include panitumumab.

• Management is evaluating accelerated approval for ERAS-0015, subject to FDA agreement; it also cited FDA openness to endpoints such as PFS or ORR as treatment paradigms evolve in pancreatic cancer.