Erasca Inc · Q4 2022 earnings

Briefing

Erasca reported its financial results for the fourth quarter and full year ended December 31, 2022, and provided business updates.

Erasca reported a net loss of $135.3 million for the quarter ended December 31, 2022, inclusive of the $100.0 million of in-process R&D expenses recorded in connection with the Novartis license agreement, compared to $30.5 million for the quarter ended December 31, 2021. The company's cash, cash equivalents, and marketable securities were $435.6 million as of December 31, 2022, and anticipates runway into H2 2025.

• Signed exclusive worldwide license for pan-RAF inhibitor naporafenib and completed concurrent $100 million equity offering
• Multiple clinical data readouts planned in 2023, including for HERKULES-2, HERKULES-3, FLAGSHP-1, and THUNDERBBOLT-1 trials for ERAS-007, ERAS-601, and ERAS-801
• Dosing of the first patient in Phase 1b SEACRAFT-1 trial for naporafenib in RAS Q61X tissue agnostic solid tumors planned for H2 2023, and the dosing of the first patient in the pivotal Phase 3 SEACRAFT-2 trial for naporafenib in NRASm melanoma planned for H1 2024
• Robust balance sheet with cash, cash equivalents, and marketable securities of $436 million as of December 31, 2022, and anticipated runway into H2 2025

Headline financials

Revenue & EPS history

Erasca anticipates several milestones in the coming periods, including the dosing of the first patient in the SEACRAFT-1 and SEACRAFT-2 trials, initial Phase 1b combination data for HERKULES-1, HERKULES-2, HERKULES-3 and FLAGSHP-1 trials, and initial Phase 1 data in recurrent GBM in second half of 2023.