Erasca Prices Upsized Common Stock Offering

Erasca Prices Upsized Public Offering of Common Stock, Securing $225 Million in Capital

San Diego, CA – January 21, 2026 – Erasca, Inc. (Nasdaq: ERAS), a clinical-stage precision oncology company dedicated to developing therapies for patients with RAS/MAPK pathway-driven cancers, announced today the pricing of an upsized public offering of its common stock. The offering comprises 22,500,000 shares priced at $10.00 per share, generating expected gross proceeds of $225 million before deducting underwriting discounts and commissions.

This significant capital infusion underscores investor confidence in Erasca’s targeted approach to oncology and its robust pipeline. The company has also granted underwriters a 30-day option to purchase up to an additional 3,375,000 shares of common stock at the offering price, providing further flexibility should demand exceed initial expectations. The transaction is slated to close on January 23, 2026, contingent upon the fulfillment of standard closing conditions.

The net proceeds from this offering, combined with Erasca’s existing cash reserves and marketable securities, are strategically earmarked for advancing its pipeline. Key allocations will include funding research and development for its promising product candidates, supporting other crucial development programs, and bolstering working capital for general corporate objectives.

This financing move comes at a critical juncture for Erasca as it progresses its lead programs targeting notoriously difficult-to-treat RAS/MAPK pathway-driven cancers. The company’s strategy centers on developing novel therapies and combination regimens designed to comprehensively inhibit this critical oncogenic pathway.

**Strategic Implications and Market Context**

The upsized nature of this offering suggests strong demand from institutional investors, likely attracted by Erasca’s scientific foundation and the significant unmet need in its target indications. The $10.00 per share offering price represents a 2.0% increase from the previous day’s closing price, indicating positive market reception. Furthermore, the stock’s recent trading performance shows it hovering near its 52-week high, suggesting momentum leading into this financing event.

Erasca’s pipeline, particularly its work on ERAS-0015 and other targeted agents, has been a focal point for the biotech investment community. While early clinical data for ERAS-0015, announced in early January, generated a mixed reaction, the company’s strong cash position and runway, highlighted in its Q3 2025 earnings update, provide a solid foundation for continued development. The capital raised today will be instrumental in navigating the expensive later stages of clinical development and potential regulatory submissions.

This offering leverages Erasca’s existing shelf registration statement on Form S-3, effective August 22, 2025, which provides a framework for capital raising activities. The company also maintains an at-the-market (ATM) program, offering further financing flexibility. The total capacity under the shelf registration statement is $500 million, with this offering utilizing a substantial portion of that capacity.

**Key Financials and Terms**

* **Offering Size:** 22,500,000 shares of common stock.
* **Offering Price:** $10.00 per share.
* **Gross Proceeds:** Approximately $225.0 million.
* **Underwriters’ Option:** 30-day option to purchase up to an additional 3,375,000 shares.
* **Expected Closing Date:** January 23, 2026.
* **Use of Proceeds:** Research and development, product candidate advancement, working capital, and general corporate purposes.
* **Joint Book-Running Managers:** J.P. Morgan, Morgan Stanley, Jefferies, and Evercore ISI.

**About Erasca**

Erasca is a clinical-stage precision oncology company committed to eradicating cancer. Its focus lies in discovering, developing, and commercializing innovative therapies for patients suffering from cancers driven by the RAS/MAPK pathway. Co-founded by leading experts in precision oncology and RAS targeting, Erasca aims to create next-generation therapies and combination regimens to comprehensively shut down this critical pathway in cancer treatment.

**Forward-Looking Statements**

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Erasca’s current beliefs and expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks include, but are not limited to, market conditions, the satisfaction of customary closing conditions, and other risks detailed in Erasca’s filings with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements.