Summary of Erasca FY Conference Call (February 26, 2026) Company Overview - **Company**: Erasca (NasdaqGS:ERAS) - **Focus**: Development of therapies targeting RAS-driven cancers Key Points and Arguments RAS Targeting and Pipeline - Erasca is committed to targeting RAS mutations, which are present in 25%-30% of all solid tumors, indicating a significant unmet medical need [10][11] - The lead programs include: - **ERAS-0015**: A cyclophilin A binding molecular glue, expected to be best in class due to its higher binding affinity (8-21 fold) compared to competitors [14][15] - **ERAS-4001**: A pan-KRAS molecule designed to selectively target KRAS mutations while sparing HRAS and NRAS, potentially widening the therapeutic window [6][7] Clinical Data and Efficacy - Early clinical data suggests that ERAS-0015 shows activity at doses 10 times lower than daraxonrasib (RMC-6236), with responses observed at 8 mg QD compared to 80 mg for RMC-6236 [20][21] - The pharmacokinetics (PK) of ERAS-0015 indicate better bioavailability and a longer half-life, which may lead to improved tolerability and safety profiles [17][24] Combination Therapies - There is a strategic interest in exploring combinations of ERAS-0015 with anti-EGFR antibodies, which could enhance efficacy in treating colorectal cancer (CRC) and pancreatic cancer (PDAC) [25][56] - The potential for ERAS-4001 to combine with anti-EGFR therapies is also highlighted, as it may avoid overlapping toxicities seen with other treatments [49][56] Trial Updates - The **AURORAS-1 trial** is progressing well, with rapid enrollment and expected updates on safety, tolerability, and efficacy in the first half of the year [35][36] - The **BOREALIS-1 trial** is also on track, with updates anticipated in the second half of the year, focusing on similar parameters as AURORAS-1 [51][52] Intellectual Property and Competitive Landscape - Erasca has no intellectual property issues and holds a U.S. composition of matter patent extending to 2043, which is a significant advantage in the competitive landscape [40] - The company differentiates itself by having both pan-RAS and pan-KRAS therapies, positioning it uniquely in the market [57] Future Outlook - The company is optimistic about the upcoming data releases and believes that demonstrating efficacy in one or both lead assets will significantly enhance their value and impact on patient care [61][62] - The focus remains on the RAS/MAPK pathway, with ongoing development of additional therapies, including a bispecific EGFR antibody (ERAS-12) [58][59] Additional Important Insights - The discussion emphasizes the complexity of RAS biology and the potential for various therapeutic approaches to coexist rather than compete in a zero-sum game [9][11] - The company is aware of the challenges in combining therapies due to safety concerns but remains committed to exploring these avenues [48][56] This summary encapsulates the critical insights from the Erasca FY conference call, highlighting the company's strategic direction, pipeline developments, and the broader context of RAS-targeted therapies in oncology.

Core Viewpoint - Erasca, Inc. has received a patent for ERAS-4001, a pan-KRAS inhibitor, providing intellectual property protection until at least 2043, which strengthens its position in the RAS-driven cancer market [1][2] Group 1: Intellectual Property and Pipeline - The newly issued U.S. patent enhances the ERAS-4001 program and supports the company's diversified intellectual property strategy in RAS-driven cancers [2] - The patent protection for ERAS-4001 extends through at least 2043, with additional patents pending, providing a robust long-term IP foundation [2] - Initial Phase 1 monotherapy data for ERAS-0015 is expected in the first half of 2026, while data for ERAS-4001 is anticipated in the second half of 2026 [1] Group 2: Product Details - ERAS-4001 is an oral, highly potent, and selective pan-KRAS inhibitor currently being evaluated in the BOREALIS-1 Phase 1 trial for patients with KRAS-mutant solid tumors [3] - Preclinical studies show ERAS-4001 has favorable potency against KRAS G12X mutations and wildtype amplifications, with no activity against HRAS or NRAS wildtype proteins [3] - ERAS-0015 is a pan-RAS molecular glue being evaluated in the AURORAS-1 Phase 1 trial, demonstrating favorable safety and tolerability, with early data showing responses in multiple patients [4] Group 3: Company Overview - Erasca is a clinical-stage precision oncology company focused on developing therapies for RAS/MAPK pathway-driven cancers, co-founded by pioneers in precision oncology [5] - The company's mission is to "erase cancer" through novel therapies and combination regimens targeting the RAS/MAPK pathway [5]

Summary of Erasca Conference Call Company Overview - **Company**: Erasca (NasdaqGS:ERAS) - **Focus**: Development of cancer therapies, specifically targeting RAS mutations Key Points Discussed Pipeline and Differentiation - **Key Products**: - ERAS-0015: Pan-RAS molecular glue - ERAS-4001: Pan-KRAS inhibitor - **Differentiation Potential**: - ERAS-0015 shows a 5- to 10-fold potency advantage over RMC-6236, requiring only 1/10 to 1/5 of the dose for similar tumor growth inhibition [3][6] - ERAS-0015 has higher bioavailability and longer half-life compared to competitors, which may lead to a better therapeutic window [7][9] Clinical Study Updates - **AURORAS-1 Study**: - Multiple confirmed and unconfirmed partial responses observed at a dose of 8 mg, reinforcing the 10-to-1 potency ratio [16] - No dose-limiting toxicities (DLTs) reported, indicating a generally safe and well-tolerated profile [17] - Ongoing dosing at 40 mg with plans to report data on dozens of patients in the first half of the year [20][22] Patient Responses - Notable case: A 72-year-old man with advanced non-small cell lung cancer (NSCLC) experienced a confirmed partial response after just one cycle of ERAS-0015, highlighting the potential effectiveness of the treatment [27] Tumor Type Sensitivity - **KRAS Mutations**: - G12D mutations appear more sensitive to Pan-KRAS inhibitors than G12V mutations [28] - ERAS-0015 demonstrated significant efficacy in a G12V NSCLC model, requiring only 1 mg daily for tumor regression [29] Future Development Plans - **Expansion Cohorts**: Plans to initiate dose expansion cohorts for both monotherapy and combination therapy in the second half of the year [55] - **Combination Strategies**: Exploring combinations with standard care agents and investigational drugs, particularly in pancreatic and lung cancers [44] Market Considerations - The unmet need in cancer treatment remains significant, providing a favorable environment for new therapies [46] - Differentiation from competitors is crucial; a 10-point or higher absolute difference in overall response rate (ORR) could indicate meaningful differentiation from existing treatments [49] ERAS-4001 Insights - **Mechanism**: ERAS-4001 is a Switch Two Pocket binder with good in vitro potency and favorable PK profile [54] - **Development Timeline**: Data expected in the second half of the year, with plans for monotherapy dose expansions and combination studies in 2027 [55] Conclusion - Erasca is positioned to make significant contributions to cancer therapy with its innovative pipeline, particularly in targeting RAS mutations. The ongoing clinical studies and promising early results suggest a strong potential for differentiation in a competitive market.

Core Viewpoint - SHP2 inhibitors are emerging as a significant target for cancer treatment, with rapid development in the industry, particularly in China, which is becoming a notable player in the global market [1][6][9]. Industry Overview - SHP2, a protein tyrosine phosphatase, plays a crucial role in regulating various cellular functions, including growth, differentiation, and oncogenic transformation [2][6]. - The global market for SHP2 inhibitors is projected to start existing from 2027, reaching approximately $329 million by 2029, and is expected to grow to $4.821 billion by 2033 [1][7][9]. Market Size - The Chinese SHP2 inhibitor market is anticipated to grow to $206 million by 2029 and reach $784 million by 2033 [9][10]. Industry Chain - The SHP2 inhibitor industry chain includes upstream components such as protein reagents, specific antibodies, small molecule building blocks, testing kits, and experimental models; midstream involves drug research and production; downstream consists of large oncology specialty hospitals and comprehensive hospital oncology departments [11][12]. Development Environment - Recent policies in China have been implemented to encourage the pharmaceutical industry, particularly in the development and production of innovative drugs, including cancer therapies, by shortening clinical application and approval times [13][14]. Competitive Landscape - Major companies in the SHP2 inhibitor space include Innovent Biologics, CanSino Biologics, Junshi Biosciences, and others, with significant progress in developing SHP2 inhibitors, although no drugs have yet been approved for commercialization [15][16]. - Notable companies include: - **QinHao Pharmaceutical**: Focused on developing innovative candidates targeting the RAS signaling pathway, with its lead candidate GH21 in Phase II clinical trials [15][16]. - **Nuocheng Jianhua**: Known for its BTK inhibitor, it is also developing a new SHP2 inhibitor, ICP-189, in collaboration with ArriVent Biopharma [16][17]. Future Outlook - The SHP2 inhibitor sector is one of the hottest areas in pharmaceutical research, with significant advancements in the development of allosteric inhibitors and ongoing clinical trials showing promising results [17][18].

Core Viewpoint - Erasca, Inc. is actively participating in investor conferences in February 2026 to enhance visibility and engagement with potential investors [1][2]. Company Overview - Erasca, Inc. is a clinical-stage precision oncology company focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers [3]. - The company aims to "erase cancer" by creating novel therapies and combination regimens that comprehensively target the RAS/MAPK pathway [3]. - Erasca's team includes leading pioneers in precision oncology and is supported by a scientific advisory board of experts in the RAS/MAPK pathway, positioning the company to achieve its mission [3]. Upcoming Events - Erasca will participate in the Guggenheim Emerging Outlook: Biotech Summit 2026 on February 11-12, 2026, with a fireside chat scheduled for February 12 at 1:00 pm Eastern Time [2]. - The company will also be part of the Oppenheimer 36th Annual Healthcare Life Sciences Conference on February 25-26, 2026, with a fireside chat on February 26 at 11:20 am Eastern Time [2]. - Live audio webcasts of these events will be available on Erasca's website, with archived replays accessible for 30 days post-event [2].

Core Insights - Erasca (ERAS) is a clinical-stage precision oncology company focused on therapies for RAS/MAPK pathway-driven cancers, with a market valuation of $3.25 billion [1] Technical Performance - ERAS has experienced a significant surge of 460% over the past year, driven by strong technical momentum [7] - The stock reached a new 3-year high of $10.92 on February 2 and recently traded at $10.74, with a 50-day moving average of $5.34 [8] - Since a "Buy" signal was issued on November 12, shares have increased by 300.12% [2] - The stock has made 13 new highs and is up 194.99% over the past month, with a Relative Strength Index (RSI) of 79.10 [8] Analyst Sentiment - Analyst sentiment is highly speculative, with price targets ranging from $2 to $16, indicating uncertainty about future performance [7] - Despite the bullish technical indicators, ERAS currently has no revenue and is burning cash, making its future dependent on FDA drug approvals [7][8] - Barchart gives ERAS a 100% "Buy" opinion, reflecting strong investor interest [8]

Core Insights - Erasca, Inc. (NASDAQ:ERAS) is recognized as one of the 11 best performing stocks over the last 12 months [1] - Mizuho initiated coverage of Erasca with an 'Outperform' rating and a price target of $16, reflecting confidence in the company's RAS-targeted therapies [2][3] - Guggenheim raised its price target for Erasca from $5 to $12 while maintaining a 'Buy' rating, citing updates on key drug candidates and a recent financing round [4] - Morgan Stanley increased its price target from $4 to $10, reiterating an 'Equal Weight' rating, indicating a cautious but positive outlook [5] Company Developments - Erasca focuses on developing precision oncology therapies targeting RAS/MAPK-driven cancers, founded in 2018 and based in San Diego [5] - The company announced a public offering of 25,875,000 shares, raising $258.8 million in gross proceeds [4] Clinical Pipeline - Mizuho highlighted ERAS-0015 for its tolerable dosing and competitive clinical profile, predicting proof-of-concept establishment in 2026 [3] - Guggenheim projects a 30% chance of success for ERAS-0015 in treating second-line and later non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC), with a potential commercial launch in 2030 [4]

Core Insights - Erasca Inc. (NASDAQ:ERAS) is experiencing a rise in stock price targets from multiple investment firms due to recent clinical developments and updated financial models [1][2][3] Group 1: Price Target Increases - Guggenheim raised its price target for Erasca from $5 to $12, maintaining a Buy rating, based on updated clinical developments and financing [1] - Morgan Stanley increased its price target from $4 to $10 while keeping an Equal Weight rating, following promising initial clinical data for ERAS-0015 [2] - Piper Sandler raised its price target from $5 to $11 with an Overweight rating, reflecting updates from its Catalyst Tracker and valuation models [3] Group 2: Clinical Developments - The revised valuation by Guggenheim includes risk-adjusted revenue estimates for ERAS-0015, with a 30% probability of success in treating second-line or later non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC) [1] - Morgan Stanley noted two confirmed and one unconfirmed partial response at the 8 mg QD dose level for ERAS-0015, leading to an increase in probability-of-success estimates [2] Group 3: Company Overview - Erasca Inc. is a clinical-stage precision oncology company focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers [4]

Market Overview - U.S. stock futures are lower, with Dow futures down approximately 0.1% on Monday [1] Revolution Medicines Inc - Shares of Revolution Medicines Inc (NASDAQ:RVMD) fell 26.1% to $87.02 in pre-market trading following reports that Merck (NYSE:MRK) is no longer in talks to acquire the company [1] Erasca Inc - Erasca Inc (NASDAQ:ERAS) experienced a decline of 11.5%, trading at $8.82 in pre-market after announcing the closing of an upsized public offering of common stock [2] BlackRock TCP Capital Corp - BlackRock TCP Capital Corp (NASDAQ:TCPC) saw a decrease of 8.7%, trading at $5.35 in pre-market [2] Ambitions Enterprise Management Co LLC - Ambitions Enterprise Management Co LLC (NASDAQ:AHMA) dipped 7.9% to $28.30 in pre-market trading after a 17% drop on Friday, despite reporting a year-over-year increase in H1 EPS results [2] Regencell Bioscience Holdings Ltd - Regencell Bioscience Holdings Ltd (NASDAQ:RGC) fell 6% to $29.52 in pre-market trading after a 2% gain on Friday [2] Sierra Bancorp - Sierra Bancorp (NASDAQ:BSRR) declined 5.8% to $33.02 in pre-market trading [2] Forward Industries Inc - Forward Industries Inc (NASDAQ:FWDI) declined 4.6% to $7.46 in pre-market trading [2] Argo Blockchain PLC - Argo Blockchain PLC – ADR (NASDAQ:ARBK) fell 3.8% to $4.20 in pre-market trading [2] MINISO Group Holding Ltd - MINISO Group Holding Ltd – ADR (NYSE:MNSO) declined 3.6% to $19.12 in pre-market trading [2] Corvus Pharmaceuticals Inc - Corvus Pharmaceuticals Inc (NASDAQ:CRVS) fell 3.2% to $24.17 in pre-market trading after announcing the closing of an upsized public offering of common stock, generating gross proceeds of approximately $201 million [2]

Group 1 - Erasca Inc. is a clinical-stage precision oncology company focused on developing therapies for RAS/MAPK pathway-driven cancers [4] - The company is conducting two Phase 1 trials with its lead drug ERAS-0015 in patients with RAS-mutant solid tumors, with initial data expected in 2026 [4] - Erasca recently priced its upsized public offering of 22.5 million shares at $10.00 per share, resulting in gross proceeds of $225 million [4][5] Group 2 - Revolution Medicines is a late-stage clinical oncology company developing targeted therapies for RAS-addicted cancers, with a pipeline that includes RAS(ON) inhibitors [3] - The company was valued at approximately $30 billion during acquisition discussions with Merck, which ultimately ended due to disagreements on valuation [2] - Merck's decision reflects its disciplined approach to deal size despite interest in high-growth oncology assets [2]