Erasca, Inc. Files Q2 2024 10-Q

TL;DR

Erasca's Q2 10-Q is in: financials updated, R&D costs noted, and stock details shared.

AI Summary

Erasca, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial position and results of operations. Key financial data points include research and development expenses and various securities held. The filing also references agreements with Katmai Pharmaceuticals, Inc. and details on preferred and common stock.

Why It Matters

This filing provides investors with an update on Erasca's financial health and operational activities for the second quarter of 2024, crucial for understanding the company's progress and potential.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Erasca faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• N/A — Revenue (Specific revenue figures for the quarter are not detailed in the provided snippet.)
• N/A — Net Income/Loss (Specific net income or loss figures for the quarter are not detailed in the provided snippet.)
• N/A — Cash and Equivalents (Specific cash and equivalents figures for the quarter are not detailed in the provided snippet.)

Key Players & Entities

• Erasca, Inc. (company) — Filer of the 10-Q
• Katmai Pharmaceuticals, Inc. (company) — Party to a license agreement
• 2024-06-30 (date) — End of reporting period
• 2023-06-30 (date) — Comparative reporting period

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share ERAS Nasdaq Glo

Filing Documents

• eras-20240630.htm (10-Q) — 1971KB
• eras-ex10_1.htm (EX-10.1) — 712KB
• eras-ex10_2.htm (EX-10.2) — 484KB
• eras-ex31_1.htm (EX-31.1) — 14KB
• eras-ex31_2.htm (EX-31.2) — 14KB
• eras-ex32_1.htm (EX-32.1) — 8KB
• eras-ex32_2.htm (EX-32.2) — 8KB
• img199613521_0.jpg (GRAPHIC) — 214KB
• 0000950170-24-095437.txt ( ) — 10930KB
• eras-20240630.xsd (EX-101.SCH) — 1217KB
• eras-20240630_htm.xml (XML) — 1822KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

. Financial Statements

Item 1 . Financial Statements. Erasca, Inc. Condensed Consolidated Balance Sheets (In thousands, except share and par value amounts) (Unaudited) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 172,802 $ 93,075 Short-term marketable securities 235,610 219,275 Prepaid expenses and other current assets 9,593 8,326 Total current assets 418,005 320,676 Long-term marketable securities 51,836 9,642 Property and equipment, net 17,990 22,327 Operating lease assets 33,546 37,861 Restricted cash 408 408 Other assets 3,959 4,383 Total assets $ 525,744 $ 395,297 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,142 $ 2,000 Accrued expenses and other current liabilities 18,465 20,186 Operating lease liabilities 4,286 3,970 Total current liabilities 24,893 26,156 Operating lease liabilities, net of current portion 49,682 51,889 Other liabilities 82 566 Total liabilities 74,657 78,611 Commitments and contingencies (Note 11) Stockholders' equity: Preferred stock, $ 0.0001 par value; 80,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.0001 par value; 800,000,000 shares authorized at June 30, 2024 and December 31, 2023; 273,163,958 and 151,462,103 shares issued at June 30, 2024 and December 31, 2023, respectively; 273,039,997 and 151,090,227 shares outstanding at June 30, 2024 and December 31, 2023, respectively 27 15 Additional paid-in capital 1,155,487 922,607 Accumulated other comprehensive (loss) income ( 196 ) 77 Accumulated deficit ( 704,231 ) ( 606,013 ) Total stockholders' equity 451,087 316,686 Total liabilities and stockholders' equity $ 525,744 $ 395,297 The accompanying notes are an integral part of these con

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View this 10-Q filing on SEC EDGAR