Erasca: Some thoughts on the ERAS-0015 update and equity raise

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Erasca: Some thoughts on the ERAS-0015 update and equity raise

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Erasca

Some thoughts on the ERAS-0015 update

and equity raise

Reiterate Rating: NEUTRAL | PO: 18.00 USD | Price: 17.90 USD

US PDAC data maturing, but differentiation still open 14 July 2026

Erasca’s updated ‘0015 disclosure modestly improves our view of China-to-US Equity

translatability, with the outlined registration strategy providing clarity on how the

company plans to carve a path to market. In the 32mg PDAC cohort (n=7 US patients),

Key Changessafety remains consistent and a 100% median dose intensity (which appears higher than

RevMed) was maintained at both RDEs supporting chronic pan-RAS exposure. Still, small (US$) Previous Current

numbers, unconfirmed responses, immature durability, and no updates in NSCLC leave Price Obj. 16.00 18.00

differentiation versus RevMed unresolved, in our view. The pivotal plan also raises the 2028E Rev (m) 17.7 7.9

importance of trial design and execution (see our recent upgrade report). We reiterate 2028E EPS -0.75 -0.77

our Neutral rating and update PO to $18 (from $16 prior, see page 3 for model updates).

Alec W. Stranahan

Research AnalystIncremental data ahead of bigger updates 2H26/1H27e BofAS

The additional $500M equity offering should help support the company’s pivotal +1 646 743 2109

ambitions, although we do question timing ahead of more substantive updates for ‘4001 alec.stranahan@bofa.com

and ‘0015 expected over the next 6-9 months. The monotherapy cutoff advanced to May

25 from April 4 prior, with ‘0015 producing a 57% uORR at eight weeks in 2L+ KRAS

G12X PDAC at 32mg QD (n=4/7), versus the prior 50% uORR at 14 weeks (n=2/4). 6/7 Stock Data

patients at 32mg and 6/8 at 24mg remained on treatment, all responders remained on

Price 17.90 USD