Erasca, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 12, 2026, reporting a net loss of $51.3 million for the third quarter and disclosing two underwritten common stock offerings completed during the nine-month period.

Key Highlights

  • Q3 2026 net loss: Erasca reported a net loss of $51,331 thousand ($0.15 per share, basic and diluted) for the three months ended September 30, 2026, compared to $30,612 thousand ($0.11 per share) in the same period of 2025.
  • Nine-month net loss: For the nine months ended September 30, 2026, the company reported a net loss of $278,850 thousand ($0.87 per share), versus $95,454 thousand ($0.34 per share) for the nine months ended September 30, 2025.
  • Total assets grew sharply: Total assets were $998,936 thousand at September 30, 2026, up from $396,154 thousand at December 31, 2025, driven primarily by growth in marketable securities.
  • Two underwritten equity offerings: The company issued 25,875,000 shares in Q1 2026, raising net proceeds of $242,706 thousand, and 36,142,857 shares in Q3 2026, raising net proceeds of $593,549 thousand.
  • In-process R&D charge: A $150,000 thousand in-process research and development expense was recorded for the nine months ended September 30, 2026, compared to $9,500 thousand in the prior-year period.
  • Cash and marketable securities: Cash and cash equivalents were $118,959 thousand, with short-term marketable securities of $524,737 thousand and long-term marketable securities of $304,124 thousand at September 30, 2026.
  • Shares outstanding: As of November 5, 2026, the company had 350,956,416 shares of common stock outstanding.

Erasca's Financial Position and Operating Activity Through September 30, 2026

According to the filing, Erasca (NASDAQ:ERAS) reported total operating expenses of $59,521 thousand for Q3 2026, consisting of $47,195 thousand in research and development, $12,326 thousand in general and administrative, and no in-process research and development charge in the quarter. For the same quarter in 2025, total operating expenses were $34,546 thousand. Interest income of $8,264 thousand partially offset operating losses in Q3 2026, compared to $3,971 thousand in Q3 2025.

For the nine months ended September 30, 2026, the company reported total operating expenses of $295,051 thousand, which included a $150,000 thousand in-process research and development charge. Research and development expenses for the nine-month period were $110,360 thousand, up from $69,613 thousand in the comparable 2025 period. The accumulated deficit reached $1,171,059 thousand at September 30, 2026, compared to $892,209 thousand at December 31, 2025, according to the balance sheet.

The company's stockholders' equity increased to $916,738 thousand at September 30, 2026 from $325,171 thousand at December 31, 2025, primarily reflecting the two underwritten equity offerings completed during the period. Additional paid-in capital rose to $2,091,947 thousand from $1,216,724 thousand over the same interval. The company also recorded an accumulated other comprehensive loss of $4,185 thousand at September 30, 2026, reflecting unrealized losses on marketable securities.

What Was Disclosed

Erasca filed its quarterly report for the period ended September 30, 2026, disclosing a Q3 net loss of $51,331 thousand, two underwritten stock offerings totaling more than $836 million in net proceeds, a $150,000 thousand year-to-date in-process R&D charge, and total assets of approximately $998,936 thousand.