Erasca, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
ERAS$14.41+8.6%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Financial Statements (Unaudited)Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024
Item 1. Financial Statements.
Condensed Consolidated Balance Sheets
(In thousands, except share and par value amounts)
| September 30, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $70,230 | $67,739 |
| Short-term marketable securities | 218,170 | 230,570 |
| Prepaid expenses and other current assets | 11,525 | 10,484 |
| Total current assets | 299,925 | 308,793 |
| Long-term marketable securities | 73,982 | 142,164 |
| Property and equipment, net | 14,037 | 16,321 |
| Operating lease assets | 30,081 | 32,218 |
| Restricted cash | 408 | 408 |
| Other assets | 1,968 | 2,622 |
| Total assets | $420,401 | $502,526 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities: | ||
| Accounts payable | $3,029 | $468 |
| Accrued expenses and other current liabilities | 20,798 | 26,308 |
| Operating lease liabilities | 4,885 | 4,619 |
| Total current liabilities | 28,712 | 31,395 |
| Operating lease liabilities, net of current portion | 43,408 | 47,270 |
| Other liabilities | 395 | 362 |
| Total liabilities | 72,515 | 79,027 |
| Commitments and contingencies (Note 12) | ||
| Stockholders' equity: | ||
| Preferred stock, $0.0001 par value; 80,000,000 shares authorized at September 30, 2025 and December 31, 2024; no shares issued and outstanding at September 30, 2025 and December 31, 2024 | — | — |
| Common stock, $0.0001 par value; 800,000,000 shares authorized at September 30, 2025 and December 31, 2024; 283,711,805 and 283,218,344 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 28 | 28 |
| Additional paid-in capital | 1,210,326 | 1,190,729 |
| Accumulated other comprehensive income | 649 | 405 |
| Accumulated deficit | (863,117) | (767,663) |
| Total stockholders' equity | 347,886 | 423,499 |
| Total liabilities and stockholders' equity | $420,401 | $502,526 |
Condensed Consolidated Statements of Operationsand Comprehensive Loss
(In thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Operating expenses: | ||||
| Research and development | $22,474 | $27,631 | $69,613 | $89,237 |
| In-process research and development | 2,000 | — | 9,500 | 22,500 |
| General and administrative | 10,072 | 9,611 | 29,188 | 32,138 |
| Total operating expenses | 34,546 | 37,242 | 108,301 | 143,875 |
| Loss from operations | (34,546) | (37,242) | (108,301) | (143,875) |
| Other income (expense) | ||||
| Interest income | 3,971 | 5,869 | 13,041 | 14,810 |
| Other (expense) income, net | (37) | 173 | (194) | (353) |
| Total other income (expense), net | 3,934 | 6,042 | 12,847 | 14,457 |
| Net loss | $(30,612) | $(31,200) | $(95,454) | $(129,418) |
| Net loss per share, basic and diluted | $(0.11) | $(0.11) | $(0.34) | $(0.60) |
| Weighted-average shares of common stock used in computing net loss per share, basic and diluted | 283,681,570 | 282,384,964 | 283,434,073 | 217,355,959 |
| Other comprehensive income (loss): | ||||
| Unrealized gain on marketable securities, net | 234 | 2,021 | 244 | 1,748 |
| Comprehensive loss | $(30,378) | $(29,179) | $(95,210) | $(127,670) |
Condensed Consolidated Statements of Stock holders’ Equity
(In thousands, except share data)
| Accumulated | ||||||
|---|---|---|---|---|---|---|
| Additional · Other · Total | ||||||
| Common Stock · Paid-in · Comprehensive · Accumulated · Stockholders' | ||||||
| Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |
| Balance at December 31, 2024 | 283,218,344 | $28 | $1,190,729 | $405 | $(767,663) | $423,499 |
| Exercise of stock options | 47,372 | — | 33 | — | — | 33 |
| Stock-based compensation expense | — | — | 6,713 | — | — | 6,713 |
| Net loss | — | — | — | — | (30,966) | (30,966) |
| Unrealized gain on marketable securities, net | — | — | — | 223 | — | 223 |
| Balance at March 31, 2025 | 283,265,716 | $28 | $1,197,475 | $628 | $(798,629) | $399,502 |
| Exercise of stock options | 63,332 | — | 43 | — | — | 43 |
| Issuance of common stock under the Employee Stock Purchase Plan | 321,091 | — | 404 | — | — | 404 |
| Stock-based compensation expense | — | — | 6,398 | — | — | 6,398 |
| Net loss | — | — | — | — | (33,876) | (33,876) |
| Unrealized loss on marketable securities, net | — | — | — | (213) | — | (213) |
| Balance at June 30, 2025 | 283,650,139 | $28 | $1,204,320 | $415 | $(832,505) | $372,258 |
| Exercise of stock options | 61,666 | — | 41 | — | — | 41 |
| Stock-based compensation expense | — | — | 5,965 | — | — | 5,965 |
| Net loss | — | — | — | — | (30,612) | (30,612) |
| Unrealized gain on marketable securities, net | — | — | — | 234 | — | 234 |
| Balance at September 30, 2025 | 283,711,805 | $28 | $1,210,326 | $649 | $(863,117) | $347,886 |
Condensed Consolidated Statements of Stockholders’ Equity - Continued
(In thousands, except share data)
| Accumulated | ||||||
|---|---|---|---|---|---|---|
| Additional · Other · Total | ||||||
| Common Stock · Paid-in · Comprehensive · Accumulated · Stockholders' | ||||||
| Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |
| Balance at December 31, 2023 | 151,462,103 | $15 | $922,607 | $77 | $(606,013) | $316,686 |
| Exercise of stock options | 35,035 | — | 24 | — | — | 24 |
| Vesting of early exercised stock options | — | — | 155 | — | — | 155 |
| Stock-based compensation expense | — | — | 6,848 | — | — | 6,848 |
| Net loss | — | — | — | — | (35,017) | (35,017) |
| Unrealized loss on marketable securities, net | — | — | — | (287) | — | (287) |
| Balance at March 31, 2024 | 151,497,138 | $15 | $929,634 | $(210) | $(641,030) | $288,409 |
| Issuance of common stock in private placement, net of $1,396 in fees and expenses | 21,844,660 | 2 | 43,602 | — | — | 43,604 |
| Issuance of common stock in underwritten offering, net of $9,574 in discounts and offering costs | 99,459,458 | 10 | 174,416 | — | — | 174,426 |
| Exercise of stock options | 110,258 | — | 105 | — | — | 105 |
| Issuance of common stock under the Employee Stock Purchase Plan | 252,444 | — | 395 | — | — | 395 |
| Vesting of early exercised stock options | — | — | 155 | — | — | 155 |
| Stock-based compensation expense | — | — | 7,180 | — | — | 7,180 |
| Net loss | — | — | — | — | (63,201) | (63,201) |
| Unrealized gain on marketable securities, net | — | — | — | 14 | — | 14 |
| Balance at June 30, 2024 | 273,163,958 | $27 | $1,155,487 | $(196) | $(704,231) | $451,087 |
| Issuance of common stock in ATM offering, net of $847 in commissions and expenses | 9,231,114 | 1 | 21,030 | — | — | 21,031 |
| Exercise of stock options | 295,903 | — | 311 | — | — | 311 |
| Vesting of early exercised stock options | — | — | 155 | — | — | 155 |
| Stock-based compensation expense | — | — | 6,637 | — | — | 6,637 |
| Net loss | — | — | — | — | (31,200) | (31,200) |
| Unrealized gain on marketable securities, net | — | — | — | 2,021 | — | 2,021 |
| Balance at September 30, 2024 | 282,690,975 | $28 | $1,183,620 | $1,825 | $(735,431) | $450,042 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.