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Sep 30, 2021
Erasca Q3 2021 Earnings Report
Erasca reported Q3 2021 financial results and business updates, highlighting strong execution with four ongoing clinical trials and recognition as a Fierce Biotech 'Fierce 15' company.
Key Takeaways
Erasca reported a net loss of $46.1 million for the quarter ended September 30, 2021, inclusive of a $17.5 million expense for common shares issued to the Erasca Foundation. The company's cash position remains strong at $486.6 million, which is expected to fund operations for at least the next 24 months. Erasca has four ongoing clinical trials.
Dosed first patient in HERKULES-2 and HERKULES-3 trials evaluating ERAS-007 in non-small cell lung cancer and gastrointestinal malignancies, respectively.
Presented preclinical data for ERAS-801, a CNS-penetrant EGFR inhibitor, at AACR Special Virtual Conference on Brain Cancer.
Completed a $345 million initial public offering in July 2021.
Cash, cash equivalents, and investments were $486.6 million as of September 30, 2021.
Forward Guidance
Erasca anticipates filing an IND for ERAS-801 in the first quarter of 2022 and expects to dose the first patient in the HERKULES-4 trial in the first quarter of 2022.
Positive Outlook
- IND filing expected in first quarter of 2022 for ERAS-801 (CNS-penetrant EGFR inhibitor)
- Dosing of the first patient expected in first quarter of 2022 for HERKULES-4 (Phase 1b/2 clinical trial for ERAS-007/MAPKlamp)
- Multiple clinical data readouts anticipated in 2022.
- Planned IND filings for ERAS-801 in Q1 2022.
- Planned IND filings for ERAS-3490 in second half of 2022.
Historical Earnings Impact
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