ERAS

Erasca is a clinical-stage precision-oncology company with zero product revenue across the entire five-year history shown (FY2021–FY2025 revenue line is empty), and the 10-K MD&A confirms the business is purely R&D: two clinical-stage assets (ERAS-0015 pan-RAS molecular glue, ERAS-4001 pan-KRAS inhibitor) plus a discovery-stage EGFR biparatopic (ERAS-12). For a name like this, the income statement is a burn schedule, not an earnings story — FY2025 net loss of $125M and operating cash outflow of $95.5M against just $73.8M of cash & equivalents is the central fact. Even including the rest of current assets ($286M total), the runway math is unforgiving: at the current burn, the company is well under two years from needing to refinance, and the share count already grew 9.7% YoY to 311M, with stockholders' equity down 23.2% and accumulated deficit deepening 16.2% to -$892M. That is the textbook dilution treadmill.

The MD&A does carry a genuine catalyst: the January 12, 2026 AURORAS-1 update reported two confirmed PRs and one unconfirmed PR at a low 8 mg QD dose, additional unconfirmed responses above 8 mg, no dose-limiting toxicities, and linear PK with no exposure plateau — a credible early signal in a brutally competitive pan-RAS field. Management also flags 8–21x higher cyclophilin A binding affinity vs. the most advanced comparator and ~5x more potent RAS inhibition in cell assays. That is real, but it is Phase 1 data on a handful of patients; the Risk Factors section runs from page 45 to 98 and explicitly disclaims forward-looking statements about regulatory approval, commercialization, pricing, reimbursement, and the need for future strategic arrangements — code for 'we will raise capital again.'