ERAS - BUY - 1Q Recap; Next Pan-RAS Data in 2027; First Pan-KRAS Phase 1 Readout in 2H26

研报英文原文证据摘录

ERAS - BUY - 1Q Recap; Next Pan-RAS Data in 2027; First Pan-KRAS Phase 1 Readout in 2H26

May 11, 2026

Paul Jeng, Ph.D. paul.jeng@guggenheimpartners.com ERAS - BUY - 1Q Recap; Next Pan-RAS Data in

617 859 4618 2027; First Pan-KRAS Phase 1 Readout in 2H26

Michael Schmidt, Ph.D.

michael.schmidt@guggenheimpartners.com

617 859 4636 Key Message: ERAS reported 1Q 2026 results and provided a pipeline update

consistent with recent disclosures. The key milestone this past quarter was the release Sarah Bi, Ph.D.

sarah.bi@guggenheimpartners.com of a first full in-depth look at Phase 1 dose escalation data for their pan-RAS inhibitor,

857 350 0123 ERAS-0015, pooled from ongoing US and China trials (see note here), following an

early peek at first clinical data in January (here). Data were reported across an 8-40mg Rosy Liao, Ph.D. dose range in PDAC, NSCLC, and CRC pts. The data indicate potential efficacy and rosy.liao@guggenheimpartners.com

617 859 4663 numerically-improved safety, though investor debates remain on translatability of the

Chinese study data, potential differentiation, and potential path to market. Additional

updates this quarter include two announced clinical trial collaborations, with MRK

and TNGX, to evaluate ERAS-0015 combined with pembrolizumab and vopimetostat,

ERAS BUY respectively,evaluating ERAS-0015as well as plusenrollmentpanitumumab.initiation Nextof doseup, escalationwe anticipateand firstexpansiondata forcohortssister

Erasca, Inc. program ERAS-4001 (pan-KRAS inhibitor) from its ongoing Phase 1 study in 2H this

Sector: Biotechnology year, followed by monotherapy dose expansion and combo dose escalation data for

ERAS-0015, both in 1H 2027. ERAS ended 1Q with $409M in cash and equivalents,

Estimate Changes maintaining their runway guidance into 2H 2028.