Loading...
•
Dec 31, 2022
Erasca Q4 2022 Earnings Report
Erasca reported its financial results for the fourth quarter and full year ended December 31, 2022, and provided business updates.
Key Takeaways
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
Forward Guidance
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.
Positive Outlook
- Dosing of the first patient in SEACRAFT-1 trial in second half of 2023
- Initial Phase 1b combination data for HERKULES-2 and HERKULES-3 trials in first half of 2023
- Phase 1b combination expansion data in BRAF-mutated CRC between the second half of 2023 and the first half of 2024
- Initial Phase 1b combination data in FLAGSHP-1 trial in first half of 2023
- Initial Phase 1 data in recurrent GBM in THUNDERBBOLT-1 trial in second half of 2023
Challenges Ahead
- Initial Phase 1b combination data between the second and fourth quarters of 2024 for SEACRAFT-1
- Dosing of the first patient in SEACRAFT-2 trial in first half of 2024
- Initial Phase 1b combination data expected in first half of 2024 for HERKULES-1
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...