Erasca announced the successful pricing of an upsized underwritten public offering of 22.5 million shares of its common stock at ten dollars per share, generating gross proceeds of $225 million. The transaction, which grants the underwriters a 30-day option to purchase up to an additional 3.375 million shares at the same price less underwriting discounts and commissions, is expected to close on January 23, 2026, subject to customary closing conditions. Joint book-running managers on the deal include J.P. Morgan, Morgan Stanley, Jefferies and Evercore ISI.

Erasca intends to deploy the net proceeds from this offering, together with its existing cash, cash equivalents and marketable securities, primarily to accelerate research and development of its RAS/MAPK pathway-targeted product candidates. Funds will be allocated to ongoing clinical trials, preclinical programs and combination regimen studies, as well as for working capital and other general corporate purposes. The company’s cash runway is now projected to extend into late 2027, underpinning multiple mid-stage studies for its lead assets.

On January 20, 2026, Erasca filed a preliminary prospectus for a proposed $150 million underwritten public offering of common stock, with an option for underwriters to purchase an additional $22.5 million of shares. While the size and timing of this offering remain subject to market conditions and final pricing, its shelf registration, declared effective by the SEC on August 22, 2025, provides Erasca with financial flexibility to further fund pipeline expansion or potential acquisitions without dilutive financing delays.