Erasca(ERAS) - 2024 Q4 - Annual Results

Financial Position - Erasca reported cash, cash equivalents, and marketable securities of $440.5 million as of December 31, 2024, up from$322.0 million as of December 31, 2023, indicating a strong financial position[9]. - The total assets of Erasca increased to $502.5 million as of December 31, 2024, from$395.3 million as of December 31, 2023[19]. - The accumulated deficit as of December 31, 2024, was $767.7 million, compared to$606.0 million as of December 31, 2023[19]. - The company raised 251 million in equity financing in 2024, extending its cash runway into the second half of 2027[7]. Research and Development - Research and Development (R&D) expenses for Q4 2024 were 26.1 million, compared to 24.8 million in Q4 2023, with full-year R&D expenses totaling 115.4 million, up from 103.8 million in 2023[10]. - The SEACRAFT-2 trial is progressing well, with Stage 1 randomized data expected in H2 2025, and the FDA granted Fast Track Designation for the trial in NRASm melanoma[2]. - Erasca expects to submit investigational new drug (IND) applications for ERAS-0015 in mid-Q2 2025 and for ERAS-4001 in Q2 2025, with initial Phase 1 data expected in 2026[2][8]. - The pan-RAS molecular glue ERAS-0015 and pan-KRAS inhibitor ERAS-4001 are expected to address unmet medical needs in approximately 2.7 million patients diagnosed annually with RAS-mutant tumors[4]. Operating Expenses - General and Administrative (G&A) expenses for Q4 2024 were 9.6 million, compared to 9.1 million in Q4 2023, with full-year G&A expenses totaling 41.7 million, up from $37.7 million in 2023[13]. - Total operating expenses for the year ended December 31, 2024, were$179,587 million, compared to $141,525 million in 2023, reflecting a year-over-year increase of 26.9$41,728 million, compared to $37,704 million in 2023, marking an increase of 10.7$22,500 million, with no expenses reported in 2023[21]. Net Loss and Income - The net loss for Q4 2024 was $32.2 million, compared to a net loss of$29.7 million in Q4 2023, while the full-year net loss was $161.7 million, or$(0.69) per share, compared to a net loss of $125.0 million, or$(0.83) per share, in 2023[14]. - The net loss for Q4 2024 was $32,232 million, compared to a net loss of$29,701 million in Q4 2023, indicating an increase in losses of 8.5%[21]. - The net loss per share for the year ended December 31, 2024, was $0.69, down from$0.83 in 2023, showing an improvement of 16.9%[21]. - Comprehensive loss for the year ended December 31, 2024, was $161,322 million, compared to$123,924 million in 2023, reflecting an increase of 30.2%[21]. - Interest income for the year ended December 31, 2024, was $20,093 million, an increase from$16,712 million in 2023, representing a growth of 20.5%[21]. Share Information - The weighted-average shares used in computing net loss per share, basic and diluted, increased to 282,845,918 in Q4 2024 from 150,732,123 in Q4 2023[21]. - Total other income (expense), net for Q4 2024 was $3,480 million, down from$4,170 million in Q4 2023, indicating a decrease of 16.5%[21].