Executive Summary

Q3 2024 was execution-heavy: Erasca reported positive preliminary Phase 1b SEACRAFT-1 data in NRAS-mutant melanoma, reinforcing conviction in the ongoing Phase 3 SEACRAFT-2 registrational trial; Stage 1 randomized dose-optimization data are expected in 2025 .
Cash, cash equivalents, and marketable securities were $463.3M, with runway maintained into H1 2027, supporting multiple near-term INDs (ERAS-4001 in Q1 2025, ERAS-0015 in H1 2025) and pivotal trial milestones .
Operating discipline: R&D expenses were $27.6M and G&A $9.6M; net loss was $31.2M and diluted EPS was $(0.11), improving vs $(0.20) YoY, aided by higher interest income .
Stock reaction catalyst: Continued regulatory alignment on SEACRAFT-2 and upcoming 2025 randomized dose-optimization readout; plus IND timing on pan-KRAS (ERAS-4001) and pan-RAS molecular glue (ERAS-0015) may be key sentiment drivers .

What Went Well and What Went Wrong

What Went Well

Positive preliminary efficacy signal in SEACRAFT-1 NRASm melanoma cohort bolstered the rationale for a tissue-specific approach and reinforced conviction in SEACRAFT-2’s registrational path; management highlighted “alignment with US and European regulators” and 2025 Stage 1 readout timing .
Rapid progress across the RAS-targeting franchise (ERAS-0015, ERAS-4001): in-house confirmation of potential best-in-class profiles and GLP tox progress; IND submissions on track (ERAS-4001 Q1 2025; ERAS-0015 H1 2025) .
Strengthened liquidity and runway: $463.3M cash and equivalents; anticipated funding into H1 2027, enabling continued pipeline execution without near-term financing pressure .

Quote: “SEACRAFT-2 has the potential for approval based on the high unmet need... We expect randomized dose optimization data from Stage 1 of this Phase 3 trial in 2025.” — Jonathan E. Lim, M.D., Chairman & CEO .
Quote: “In totality, these data strengthen our conviction in the ongoing SEACRAFT-2 Phase 3 trial... We look forward to randomized dose optimization data... in 2025.” — Shannon R. Morris, M.D., Ph.D., CMO .

What Went Wrong

Elevated operating spend still drives losses: Q3 net loss of $31.2M; while EPS improved YoY, absolute net loss remains sizable, reflecting ongoing clinical and preclinical investments .
Earlier quarter showed heavy nonrecurring charges: Q2 included $22.5M of in-process R&D expense (licensing-related) and higher R&D/G&A tied to lease impairment and termination benefits, underscoring cost volatility when scaling pipeline expansion .
No explicit revenue contribution or margin metrics disclosed; the financial update focuses on operating expenses and net loss, limiting near-term financial levers beyond interest income .

Financial Results

Quarterly Operating and Earnings Metrics

Metric	Q1 2024	Q2 2024	Q3 2024
R&D Expenses ($USD Millions)	$28.574	$33.032	$27.631
G&A Expenses ($USD Millions)	$10.277	$12.250	$9.611
Total Operating Expenses ($USD Millions)	$38.851	$67.782	$37.242
Interest Income ($USD Millions)	$3.900	$5.041	$5.869
Net Loss ($USD Millions)	$(35.017)	$(63.201)	$(31.200)
Diluted EPS ($USD)	$(0.23)	$(0.29)	$(0.11)
Weighted-Average Shares (Millions)	151.162	217.807	282.385
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$297.685	$460.248	$463.303

Year-over-Year Comparison (Q3 2023 vs Q3 2024)

Metric	Q3 2023	Q3 2024
R&D Expenses ($USD Millions)	$25.213	$27.631
G&A Expenses ($USD Millions)	$9.445	$9.611
Net Loss ($USD Millions)	$(30.361)	$(31.200)
Diluted EPS ($USD)	$(0.20)	$(0.11)

Notes:

Financial disclosures emphasize operating expenses and net loss; no product revenue/margin lines were provided in the press release/8-K tables .
Q2 was elevated by $22.5M in-process R&D for licensing ERAS-0015/ERAS-4001 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Corporate	Fund operations into H1 2027	Fund operations into H1 2027	Maintained
SEACRAFT-2 Stage 1 Readout	Clinical (NRASm melanoma)	Randomized dose optimization data in 2025	Randomized dose optimization data in 2025	Maintained
IND Filing – ERAS-4001 (pan-KRAS)	Regulatory	Q1 2025	Q1 2025	Maintained
IND Filing – ERAS-0015 (pan-RAS molecular glue)	Regulatory	H1 2025	H1 2025	Maintained
Initial Phase 1 Monotherapy Data – ERAS-0015	Clinical	2026	2026	Maintained
Initial Phase 1 Monotherapy Data – ERAS-4001	Clinical	2026	2026	Maintained

No financial guidance was provided for revenue, margins, OpEx ranges, OI&E, tax rate, segments, or dividends in Q3 materials .

Earnings Call Themes & Trends

Note: No Q3 2024 earnings call transcript was found; company disclosures came via press releases and pipeline updates [ListDocuments result shows none; Internet search identified press releases only: https://investors.erasca.com/news-releases/news-release-details/erasca-reports-third-quarter-2024-business-updates-and-financial].

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3)	Trend
SEACRAFT-2 regulatory alignment & timelines	Initiation of pivotal Phase 3; randomized data expected in 2025	Reinforced alignment with US/EU regulators; Stage 1 randomized data in 2025	Strengthened
SEACRAFT-1 efficacy/tolerability	Initial Phase 1b combo data expected Q4 2024	Positive preliminary melanoma cohort signal; rash prophylaxis improved tolerability	Positive update
RAS-targeting franchise (ERAS-0015, ERAS-4001)	In-licensed assets; complementary mechanisms; IND timelines set	In-house confirmation of competitive profiles; GLP tox progressing; INDs on track	Execution momentum
Capital runway and financing	Cash runway extended into H1 2027; financings in Mar/May 2024	Runway maintained into H1 2027 with $463.3M cash	Stable
Portfolio prioritization & spend	Q2 elevated OpEx from in-process R&D; impairment charges	Lower OpEx vs Q2; continued investment in clinical/preclinical	Normalizing OpEx

Management Commentary

“SEACRAFT-2 has the potential for approval based on the high unmet need... We expect randomized dose optimization data from Stage 1 of this Phase 3 trial in 2025.” — Jonathan E. Lim, M.D., Chairman, CEO & Co-founder .
“Our RAS targeting franchise... holds significant promise... IND application submissions... remain on track for the first quarter of 2025 for ERAS-4001 and the first half of 2025 for ERAS-0015.” — Jonathan E. Lim, M.D. .
“These data strengthen our conviction in the ongoing SEACRAFT-2 Phase 3 trial... we gained US and European alignment... randomized dose optimization data... expected in 2025.” — Shannon R. Morris, M.D., Ph.D., CMO .

Q&A Highlights

No public Q3 2024 earnings call transcript identified; management engaged investors via press releases and scheduled conference appearances (Guggenheim, Jefferies London, Evercore HealthCONx) in Nov–Dec 2024 [Internet: https://investors.erasca.com/news-releases/news-release-details/erasca-reports-third-quarter-2024-business-updates-and-financial].
Clarifications embedded in disclosures: SEACRAFT-2’s two-stage design with dose optimization in Stage 1 and dual primary endpoints in Stage 2; prophylaxis strategy improved rash tolerability in SEACRAFT-1 .

Estimates Context

S&P Global consensus estimates for Q3 2024 EPS and revenue were unavailable during this session; comparisons to Street were therefore not possible. Values retrieved from S&P Global were unavailable due to request limits.
Actual results: diluted EPS $(0.11); net loss $(31.2)M; operating focus on R&D and G&A; no product revenue disclosed in Q3 press materials .

Key Takeaways for Investors

The NRASm melanoma data from SEACRAFT-1 and US/EU regulatory alignment provide a credible path to potential registration for naporafenib+trametinib; the 2025 Stage 1 readout is a key near-term catalyst .
IND filings for ERAS-4001 (Q1 2025) and ERAS-0015 (H1 2025) expand optionality across RAS-driven solid tumors; initial Phase 1 monotherapy data are targeted for 2026 .
Liquidity is robust with $463.3M cash and runway into H1 2027, mitigating financing risk through multiple readouts and enabling disciplined portfolio execution .
Operating expense normalization post-Q2 (nonrecurring charges) supports improved EPS dynamics; interest income provides a partial offset to operating losses .
Near-term trading implications: watch for 2025 SEACRAFT-2 Stage 1 randomized data and IND submissions; positive regulatory/tolerability updates can drive sentiment; absence of revenue keeps valuation tied to clinical milestones .
Medium-term thesis: a tissue-specific NRASm melanoma pathway with Fast Track support (combination) and broader RAS franchise differentiation could unlock multi-asset value if Phase 3 efficacy and safety are confirmed .
Risk management: clinical data may evolve; tolerability, regulatory feedback, and competitive landscape (e.g., MEK inhibitor benchmarks) remain key watch items; cash runway provides a buffer for execution risks .

Erasca, Inc. (ERAS)·Q3 2024 Earnings Summary