The firm's financial position is increasingly precarious, evidenced by an accumulated deficit of $1.1 billion and a total asset base that has contracted from $528.9 million in 2024Q3 to $461.2 million in 2026Q1.
| Total Current Assets | 253.78M | 286.24M | 308.79M | 320.68M | 444.5M | 420.02M | 119.99M | 51.12M |
| Cash & Short-Term Investments | 243.79M | 276.07M | 298.31M | 312.35M | 435.62M | 414.48M | 118.7M | 50.37M |
| Cash Only | 47.26M | 73.81M | 67.74M | 93.08M | 284.22M | 360.49M | 65.38M | 29.58M |
| Short-Term Investments | 196.53M | 202.27M | 230.57M | 219.28M | 151.4M | 53.99M | 53.33M | 20.79M |
| Accounts Receivable | 3.3M | 2.5M | 2.3M | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 6.7M | 7.66M | 8.18M | 1.1M | 748K | 100K | 1.29M | 0 |
| Total Non-Current Assets | 207.45M | 109.92M | 193.73M | 74.62M | 70.41M | 81.4M | 4.83M | 4.39M |
| Property, Plant & Equipment | 40.88M | 42.33M | 48.54M | 60.19M | 65.23M | 33.31M | 4.07M | 4.33M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 392.14M | 66.13M | 142.16M | 10.05M | 2M | 44.77M | 312K | 0 |
| Other Non-Current Assets | 1.45M | 1.45M | 3.03M | 4.38M | 3.18M | 3.32M | 451K | 56K |
| Total Assets | 461.23M | 396.15M | 502.53M | 395.3M | 514.91M | 501.42M | 124.83M | 55.51M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | -59.09% | -21.17% | 27.13% | -23.23% | 2.69% | 301.69% | 124.86% | - |
| Total Current Liabilities | 26.66M | 28.51M | 31.39M | 26.16M | 48.69M | 26.22M | 13.68M | 2.75M |
| Accounts Payable | 2.16M | 981K | 468K | 2M | 23.05M | 4.68M | 878K | 1.38M |
| Days Payables Outstanding | 487.75 | 115.24 | - | 195.61 | 3.19K | 2.06K | - | - |
| Short-Term Debt | 5.25M | 5.07M | 0 | 0 | 0 | 0 | 877K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 19.25M | 22.46M | 0 | 10.78M | 2.33M | 4.16M | 9.51M | 447K |
| Current Ratio | 9.52x | 10.04x | 9.84x | 12.26x | 9.13x | 16.02x | 8.77x | 18.59x |
| Quick Ratio | 9.52x | 10.04x | 9.84x | 12.26x | 9.13x | 16.02x | 8.77x | 18.59x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 41.04M | 42.47M | 47.63M | 52.45M | 54.37M | 18.66M | 3.72M | 66.37M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 170.9M | 42.07M | 47.27M | 51.89M | 53.79M | 18.51M | 2.11M | 2.96M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 340K | 399K | 362K | 566K | 573K | 158K | 1.61M | 63.4M |
| Total Liabilities | 67.71M | 70.98M | 79.03M | 78.61M | 103.06M | 44.89M | 17.4M | 69.12M |
| Total Debt | 45.95M | 47.14M | 51.89M | 55.86M | 55.1M | 18.79M | 2.99M | 3.69M |
| Net Debt | -1.3M | -26.67M | -15.85M | -37.22M | -229.12M | -341.7M | -62.39M | -25.89M |
| Debt / Equity | 0.12x | 0.14x | 0.12x | 0.18x | 0.13x | 0.04x | 0.03x | - |
| Debt / EBITDA | -0.33x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.01x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -1.21x | - | - | - |
| Total Equity | 393.53M | 325.17M | 423.5M | 316.69M | 411.85M | 456.53M | 107.42M | -13.6M |
| Equity Growth % | -64.89% | -23.22% | 33.73% | -23.11% | -9.79% | 324.99% | 889.63% | - |
| Book Value per Share | 1.29 | 1.15 | 1.81 | 2.11 | 3.38 | 3.83 | 0.90 | -0.11 |
| Total Shareholders' Equity | 393.53M | 325.17M | 423.5M | 316.69M | 411.85M | 456.53M | 107.42M | -13.6M |
| Common Stock | 31K | 28K | 28K | 15K | 15K | 12K | 3K | 3K |
| Retained Earnings | -1.08B | -892.21M | -767.66M | -606.01M | -480.97M | -238.17M | -115.4M | -13.74M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -124K |
| Accumulated OCI | -699K | 628K | 405K | 77K | -1.04M | -162K | 2K | 11K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial statements, Erasca's total assets have declined from a peak of $528.9 million in 2024Q3 to $461.2 million in 2026Q1, reflecting a consistent contraction in the firm's resource base as it funds ongoing clinical development without offsetting revenue generation.
The downward trend in total assets suggests that the company is consuming its capital base to sustain operations, which limits its long-term strategic flexibility. Investors should monitor this trajectory, as the depletion of assets without a corresponding clinical inflection point may indicate a weakening competitive position.
Based on the most recent quarterly data, Erasca's cash and equivalents have dwindled to $47.3 million as of 2026Q1, a significant reduction from the $172.8 million reported in 2024Q2, highlighting the company's reliance on external financing to maintain its current clinical trial operations.
While the current ratio remains high at 9.52, this metric is somewhat misleading in a pre-revenue context where cash burn is the primary determinant of survival. The rapid decline in cash reserves suggests that the company may face a liquidity crunch in the near term, necessitating further capital raises.
According to historical balance sheet filings, Erasca's retained earnings have plummeted to a deficit of $1.1 billion as of 2026Q1, illustrating the substantial capital destruction inherent in the firm's high-cost, pre-commercial research and development model over the past ten quarters.
The persistent growth of the accumulated deficit reflects the ongoing, non-recoverable nature of clinical trial expenditures. This erosion of equity quality suggests that shareholders are bearing the full brunt of the company's R&D risk, with little to no tangible book value support for the current market valuation.
As indicated by the provided financial data, the company's reliance on debt, which stood at $46.0 million in 2026Q1, combined with a shrinking cash position, creates a precarious balance sheet that may force management to prioritize dilutive equity financing over more favorable capital structures.
The presence of debt on a pre-revenue balance sheet is an unusual and potentially risky feature that warrants further investigation into covenant constraints. This leverage, however minor, adds a layer of financial pressure that could exacerbate the impact of any future clinical trial delays or regulatory setbacks.
Quick answers to the most common questions about buying ERAS stock.
As of 2025, Erasca, Inc. (ERAS) had total assets of $396.2M including $286.2M in current assets.
Erasca, Inc. (ERAS) carries total debt of $47.1M, offset by $276.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Erasca, Inc. (ERAS) has total shareholders' equity (book value) of $325.2M ($1.15 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Erasca, Inc. (ERAS) reported a current ratio of 10.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.