The company exhibits no operating leverage as it remains pre-revenue, with quarterly R&D expenditures consistently exceeding $20 million, peaking at $33 million in 2024Q2.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 1.47M | 3.11M | 0 | 3.73M | 2.64M | 829K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -1.47M | -3.11M | 0 | -3.73M | -2.64M | -829K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | -41.31% | -218.58% | - | - | - |
| Operating Expenses | 141.72M | 128.3M | 179.59M | 137.79M | 244.81M | 124.05M | 109.25M | 13.29M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 39.54M | 38.55M | 41.73M | 37.7M | 32.99M | 22.62M | 7.96M | 3.68M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 94.15M | 92.85M | 115.36M | 103.82M | 112.46M | 73.92M | 101.3M | 9.62M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 534K | -3.11M | 22.5M | -3.73M | 99.36M | 27.52M | 0 | 0 |
| Operating Income | -143.19M | -131.41M | -179.59M | -141.53M | -247.45M | -124.88M | -109.25M | -13.29M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 26.83% | -26.89% | 42.81% | -98.15% | -14.31% | -721.81% | - |
| EBITDA | -140.18M | -128.3M | -175.78M | -137.79M | -244.81M | -124.05M | -108.71M | -12.98M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 18.85% | 27.01% | -27.57% | 43.71% | -97.34% | -14.11% | -737.28% | - |
| D&A (Non-Cash Add-back) | 3.01M | 3.11M | 3.81M | 3.73M | 2.64M | 829K | 540K | 310K |
| EBIT | -131.75M | -131.41M | -157.09M | -125.04M | -242.81M | -122.76M | -37.51M | -13.29M |
| Net Interest Income | 16.32M | 16.61M | 20.09M | 16.71M | -196.46M | 190K | 336K | 1.3M |
| Interest Income | 16.32M | 16.61M | 20.09M | 16.71M | 4.9M | 190K | 336K | 1.3M |
| Interest Expense | 0 | 0 | 0 | 0 | 201.36M | 0 | 0 | 0 |
| Other Income/Expense | -133.83M | 6.86M | 17.94M | 16.48M | 4.64M | 2.12M | 7.59M | 1.25M |
| Pretax Income | -277.02M | -124.55M | -161.65M | -125.04M | -242.81M | -122.76M | -101.66M | -12.04M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -277.02M | -124.55M | -161.65M | -125.04M | -242.81M | -122.76M | -101.66M | -12.04M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -75.78% | 22.95% | -29.28% | 48.5% | -97.78% | -20.76% | -744.35% | - |
| Net Income (Continuing) | -277.02M | -124.55M | -161.65M | -125.04M | -242.81M | -122.76M | -101.66M | -12.04M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.91 | -0.44 | -0.69 | -0.83 | -1.99 | -1.03 | -0.85 | -0.10 |
| EPS Growth % | -50% | 36.23% | 16.87% | 58.29% | -93.2% | -21.18% | -750% | - |
| EPS (Basic) | - | -0.44 | -0.69 | -0.83 | -1.99 | -1.03 | -0.85 | -0.10 |
| Diluted Shares Outstanding | 304.32M | 283.53M | 233.82M | 150.18M | 122.02M | 119.1M | 118.96M | 118.96M |
| Basic Shares Outstanding | 304.32M | 283.53M | 233.82M | 150.18M | 122.02M | 119.1M | 118.96M | 118.96M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As reported in recent financial statements, Erasca maintains a high-burn cost structure, with quarterly R&D expenditures consistently exceeding $20 million, reaching a peak of $33 million in 2024Q2, which underscores the significant capital requirements necessary to sustain its complex clinical-stage oncology pipeline and trial operations.
The company's cost structure is almost entirely comprised of R&D and SG&A, reflecting its pre-commercial status. The lack of revenue generation means that every dollar spent on clinical development directly depletes the company's limited cash reserves, necessitating a disciplined approach to trial prioritization that has yet to yield a sustainable path to profitability.
Based on the provided income statement data, Erasca's net loss figures are frequently impacted by significant stock-based compensation, which reached $7.2 million in 2024Q2, suggesting that reported EPS metrics may not fully capture the underlying cash-based operational losses incurred during the firm's intensive clinical development phase.
Investors should monitor the divergence between net losses and cash burn, as stock-based compensation represents a non-cash expense that nonetheless results in shareholder dilution. The volatility in quarterly net income, such as the $183.4 million loss in 2026Q1, warrants further investigation into potential non-operating charges or accounting adjustments that may be distorting the headline figures.
According to historical income statement filings, Erasca exhibits no operating leverage, as the company has yet to generate revenue while maintaining high fixed operating costs, resulting in persistent quarterly operating losses that have fluctuated between $32 million and $67 million over the last ten quarters.
The absence of revenue means that operating expenses do not scale against any top-line growth, leaving the company entirely dependent on external financing. Until the firm can demonstrate clinical efficacy that leads to commercialization or strategic partnerships, the operating margin will remain deeply negative and highly sensitive to the pace of clinical trial enrollment.
Data from recent SEC filings indicates that with cash and equivalents at $73.8 million, Erasca faces a precarious runway, raising concerns that the current rate of cash consumption may force a dilutive equity raise or a strategic pivot to preserve liquidity in the near term.
Short-term observers may focus on the company's inability to generate revenue, which leaves it vulnerable to shifts in the biotech funding environment. The reliance on external capital to fund ongoing Phase 1/2 trials suggests that any delay in clinical readouts could significantly impair the company's ability to secure favorable financing terms.
Quick answers to the most common questions about buying ERAS stock.
For fiscal year 2025, Erasca, Inc. (ERAS) reported total revenue of $0.0M.
Erasca, Inc. (ERAS) reported a net loss of $124.5M for the fiscal year ending 2025.