Business
Erasca Reports Fourth Quarter 2022 and Full Year 2022 Financial Results and Business Updates
Signed exclusive worldwide license for pan-RAF inhibitor naporafenib and completed concurrent $100 million equity offering Multiple clinical data readouts
About this update from Erasca, Inc.
[{"type":"text","content":"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 SAN DIEGO, March 23, 2023 (GLOBE NEWSWIRE) -- Erasca, Inc. (Nasdaq: ERAS), a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, today reported financial results for the fiscal quarter and full year ended December 31, 2022, and provided business updates. “Erasca had a strong year in 2022, culminating in our licensing of exclusive worldwide rights for naporafenib, a pan-RAF inhibitor that has demonstrated preliminary clinical proof of concept data in multiple indications and has strong synergy across our pipeline, as well as our concurrent $100 million equity financing,” said Jonathan E. Lim, M.D., Erasca’s chairman, CEO, and co-founder. “In addition, we achieved several important clinical milestones, including disclosing preliminary monotherapy safety and efficacy data for our ERK1/2 inhibitor ERAS-007 and SHP2 inhibitor ERAS-601, dosing the first patient with our CNS-penetrant EGFR inhibitor ERAS-801 in THUNDERBBOLT-1, and dosing the first patient with the combination of ERAS-007 plus ERAS-601 in the MAPKlamp sub-study of HERKULES-1.” Dr. Lim continued, “In 2023, we expect data readouts for ERAS-007, ERAS-601, and ERAS 801. In addition, based on our strategic decision to focus more resources on accelerating SEACRAFT-1 for naporafenib and promising sub-studies for ERAS-007 and ERAS-601, we now anticipate SEACRAFT-1 combination data between the second and fourth quarters of 2024, dose expansion data for HERKULES-3 in BRAF-mutated colorectal cancer between the second half of 2023 and the first half of 2024, and dose expansion ...