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Sep 30, 2023
Erasca Q3 2023 Earnings Report
Reported financial results for the third quarter of 2023 and provided business updates.
Key Takeaways
Erasca reported a net loss of $30.4 million, or $(0.20) per share, for the quarter ended September 30, 2023. The company's cash, cash equivalents, and marketable securities were $343.6 million as of September 30, 2023, which is expected to fund operations into the second half of 2025.
First patient dosed in SEACRAFT-1 Phase 1b trial evaluating naporafenib plus trametinib.
Identified promising activity in HERKULES-3 signal-seeking study of ERAS-007 in combination with encorafenib and cetuximab in EC-naïve patients with BRAFm CRC.
Multiple upcoming catalysts across ongoing clinical programs.
Strong balance sheet with cash, cash equivalents, and marketable securities of $344 million as of September 30, 2023.
Erasca
Erasca
Forward Guidance
Erasca expects its current cash, cash equivalents, and marketable securities balance to fund operations into the second half of 2025.
Positive Outlook
- Ability to execute on the upcoming near-term catalysts for our clinical programs
- Potential therapeutic benefits and safety profile of our product candidates, including naporafenib, ERAS-007, ERAS-601, and ERAS-801
- Planned advancement of our development pipeline, including the anticipated timing of the first patient dosing in the SEACRAFT-2 trial
- Anticipated timing of data readouts for the SEACRAFT-1, HERKULES-3, FLAGSHP-1, and THUNDERBBOLT-1 trials, and other upcoming development milestones
- Expectation that our current cash, cash equivalents, and marketable securities will fund our operations into the second half of 2025
Challenges Ahead
- Approach to the discovery and development of product candidates based on our singular focus on shutting down the RAS/MAPK pathway, a novel and unproven approach
- Potential delays in the commencement, enrollment, data readouts, and completion of clinical trials and preclinical studies
- Dependence on third parties in connection with manufacturing, research, and preclinical and clinical testing
- Unexpected adverse side effects or inadequate efficacy of our product candidates that may limit their development, regulatory approval, and/or commercialization, or may result in recalls or product liability claims
- Unfavorable results from preclinical studies or clinical trials