Start here if you're new
what it is
Erasca is a cancer drug developer trying to turn RAS-pathway science into approved medicines.
how it gets paid
Erasca has no meaningful product revenue yet—this is a clinical-stage biotech valued on readouts, not sales.
what just happened
The key takeaway was EPS: Q4 2024 came in at -$0.11, matching Q3 and improving from the first half.
At a glance
B balance sheet — gets the job done, barely
-$0.69 FY2024 EPS (reported)
pre-revenue — operating margin from screens is not meaningful
1.3 beta
~$4B market cap
xvary composite: 47/100 — below average
What they do
Erasca is a cancer drug developer trying to turn RAS-pathway science into approved medicines.
This is not a classic moat yet. It is a focus story. Erasca has 103 employees aimed at RAS/MAPK biology, with ERAS-0015 as the clinical-stage lead called out on this page (Phase 1 data expected first half of 2026), plus earlier programs such as ERAS-4001. If you own it, your edge is concentration, not lock-in: long-term debt is only $43M, or 1% of capital, so the balance sheet buys more shots on goal.
How they make money
n/a
annual revenue
The products that matter
lead clinical candidate
ERAS-0015
phase 1 data due first half of 2026
this is the only clinical-stage asset shown in the snapshot. if the first data set lands well in the first half of 2026, the stock gets repriced off that result.
main catalyst
preclinical KRAS program
ERAS-4001
$0 revenue today
it's a longer-dated pan-KRAS inhibitor bet. right now it contributes zero revenue and zero clinical proof, which makes it option value, not an operating asset.
earlier-stage
pipeline thesis
RAS/MAPK focus
~30% cancer pathway target
the appeal is the biology. RAS/MAPK mutations show up in roughly 30% of human cancers. the catch is that important biology and approved medicine are not the same thing.
science first
Key numbers
$0M
ttm revenue
No revenue means the stock price is tied to trial data, not customer demand.
$43M
long-term debt
Debt is only 1% of capital, which means the balance sheet is light for a biotech still burning cash.
5/100
price stability
That score says you should expect whiplash. This is a stock for data watchers, not comfort seekers.
-$0.69
fy2024 eps
Losses narrowed from -$0.83 in 2023 to -$0.69 in 2024, which shows spending discipline even before revenue arrives.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $43M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ERAS right now.
source: institutional data · return history unavailable
What just happened
EPS improved
The key takeaway was EPS: Q4 2024 came in at -$0.11, matching Q3 and improving from the first half.
Quarterly EPS moved from -$0.23 and -$0.29 in the first two quarters of 2024 to -$0.11 in both Q3 and Q4. Full-year EPS improved to -$0.69 in 2024 from -$0.83 in 2023.
-$0.11
q4 eps
-$0.69
fy2024 eps
$0M
ttm revenue
the number that mattered
The number was -$0.69. That full-year 2024 EPS loss was better than -$0.83 in 2023, which tells you losses narrowed even with no meaningful revenue.
source: quarterly EPS history and consensus data
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What could go wrong
ERAS is priced for possibility, not proof. That makes the risk stack unusually concentrated: one main readout, a premium valuation, ongoing losses, and limited hard operating anchors while you wait.
med
one asset carries most of the narrative
the current story rests on ERAS-0015, with initial Phase 1 data expected in the first half of 2026. the snapshot does not show another clinical-stage asset ready to share the burden.
if that readout disappoints, a large part of a ~$4B valuation has nowhere obvious to hide.
med
the multiple already assumes some future success
ERAS trades at 12.1x book versus a 2.6x industry average despite no approved products and no revenue. that's a premium for future proof, not execution already delivered.
if clinical progress stalls, the rerating alone can do damage even without a balance-sheet crisis.
med
cash burn is still the operating reality
one vendor print shows about a $124.5M net loss on a recent fiscal year (often labeled 2025 in feeds)—separate from the -$0.69 per-share 2024 loss in the earnings block above. pre-revenue biotech math is blunt: losses continue until data, partnering, or a product changes the picture.
that can mean more capital raises and more dilution if the timeline to proof stretches out.
med
the stock already trades like an event contract
a $1–$16 52-week range and a 5 / 100 price stability score tell you the market reprices this name aggressively. that is before the main Phase 1 window arrives.
if you're wrong on timing or data quality, the drawdown does not wait for a neat spreadsheet update.
you own a stock where a single 2026 data window can matter more than an entire year of financial statements. that's the opportunity and the problem.
source: institutional data · regulatory filings · risk analysis
Pay attention to
clinical catalyst
ERAS-0015 Phase 1 data in the first half of 2026
this is the event the stock is really trading around. everything else is setup.
cash burn
whether annual losses stay near the $124.5M level
without revenue, burn rate is your substitute for operating discipline. slower burn buys time. faster burn raises the odds of dilution.
pipeline breadth
whether ERAS becomes more than one asset and one date
ERAS-4001 and the broader platform matter because a single-asset story deserves a lower multiple than a real pipeline.
license economics
the $50M option tied to China territory expansion
optional territory rights add strategic value on paper. paying up before stronger clinical proof would raise the cost of an already speculative bet.
Analyst rankings
balance sheet
B
adequate financial footing for a pre-revenue biotech. in human-speak: the balance sheet is not the first thing breaking the story.
risk rank
3
middle-of-the-pack on the broad screen, which sounds calmer than the actual stock behavior. clinical names can look average on static ranks and still trade like options.
price stability
5 / 100
that's extremely low stability. you are not buying smooth compounding here. you are buying event risk.
source: institutional data
Institutional activity
institutional ownership data for ERAS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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