- Trial Phase
- Phase 1
- Time to Market
- ~3-5 years, assuming registration-enabling trials initiate in 2027 and a potential approval by ~2029-2030
- Why 6/10
- ERAS-0015's next hard catalyst is the initiation of registration-enabling trials (Phase 2/3 in 2L+ NSCLC in H1 2027 and a Phase 3 1L PDAC trial in 2027) — about 6-12 months out. With a ~$5.8B market cap and ERAS-0015 as Erasca's lead asset, these trial initiations represent a major value driver. However, the drug is still in Phase 1 with unresolved securities litigation and patent disputes capping the score at 6.
ERAS-0015 Phase 1 data is genuinely strong (57-62% response rates in difficult-to-treat tumors) but the stock carries heavy legal baggage — a securities class action and patent-infringement allegations from Revolution Medicines. The stock recovered from its April 48% crash to ~$18; watch for the August 10, 2026 lead-plaintiff deadline and any developments in the Revolution Medicines patent dispute, which could swing shares sharply. The registration-enabling trial initiations in H1 2027 are the next major de-risking catalyst.
Price Chart
Executive Summary
ERAS-0015 is Erasca's lead asset — an oral pan-RAS molecular glue currently in Phase 1 trials for RAS-mutant solid tumors. Early data shows compelling response rates in hard-to-treat KRAS-mutant NSCLC (62% unconfirmed ORR) and pancreatic cancer (57% at the recommended dose), which compare favorably on a cross-trial basis to Revolution Medicines' RMC-6236. However, the program is shadowed by a securities class action (alleging misleading comparator claims), a patent-infringement dispute with Revolution Medicines, and a Phase 1 patient death. Erasca has $408.5M cash (runway into H2 2028), a Merck collaboration for a Keytruda combination, and plans to initiate registration-enabling trials in H1 2027.
How It Works
ERAS-0015 is a pill (oral drug) that works as a 'molecular glue' — it sticks to a protein called cyclophilin A to form a complex that grabs onto and inactivates the RAS protein, which is a key driver of many cancers. Unlike earlier KRAS G12C inhibitors that only work on one specific mutation, ERAS-0015 targets a broad range of RAS mutations ('pan-RAS'), making it potentially useful across many more cancer types including pancreatic, lung, and colorectal cancers.
Trial Status
ERAS-0015 is being evaluated in the AURORAS-1 Phase 1 trial (U.S.) and the JYP0015M101 trial (China) in patients with RAS-mutant solid tumors. Dose escalation is complete; dose expansion is ongoing. The recommended dose for expansion (RDE) is 32 mg QD. Updated preliminary data announced July 13, 2026 showed 57% unconfirmed ORR at 8 weeks in 2L+ KRAS G12X pancreatic cancer at the RDE. Monotherapy and combination data expected in H1 2027.
The Two-Sided Case
Upcoming Catalysts
- August 10, 2026: Lead-plaintiff deadline for securities class action lawsuit — could drive volatility
- H1 2027: Additional ERAS-0015 monotherapy and combination data expected
- H1 2027: Initiation of potentially registration-enabling trial in 2L+ KRAS G12X NSCLC
- 2027: Initiation of Phase 3 pivotal trial in 1L pancreatic cancer
- H2 2026: Early monotherapy data expected for ERAS-4001 (pan-KRAS inhibitor), Erasca's second pipeline asset
Source Filing
The SecBot filing or press-release report that triggered this drug report:
Erasca, Inc. Press Release ERAS ·Originating report