On this page of StockholderLetter.com we present the latest annual shareholder letter from Erasca, Inc. — ticker symbol ERAS. Reading current and past ERAS letters to shareholders can bring important insights into the investment thesis.
012345637346
64809232467154
8
71
48
  2
6
6
2
1
           5 8      
  9   !"

( 71107)94* 93*09607133 64832 1 + 9  #,'  3 464809232464 8 71 4783    + 
  $  &-  . /0& $& ,&,5484 149+     
9
2 39716232 194* 93*09607133 64832 1 + 9  #,'  3 464809232464 8 71 4783    + 
  93 439716232 1*492 5 9  
3
8 33        /&1435&$667896:6;
4976
87 
2
18 
#4< .   3& -9&    $      =&. - &,     8  $ &$'
>?@ABAC?
D#2E 9 876 ;43=
7F6/ 0;&F$
2,&   - .     1  '
E77IJ?CCKLM?@NOPBQRSMT?E66
RAU>M?VPQWX
#7,,$&   -=$  . = /&<&.4  Y& -- .& '
#Z =8 ,&'
9&    $   [  &/&=   & 435&$   ./4,    $& . ,&\]DID^9:I8:I77
#6   & $   &$G4$  , .       . $= $      $ $    H     '
_`abcded  fc`gdfe  c`hibcfbjkeel_`aedlkmnopqlres`taeu
3  /& -& . ./   
wxyyxz{|x}~                                           
3$ ,   
6035 /# '

1 3& -& . &<.    &  v  . $&    &$&,
              x     {      }|     ~  |
_`abcded  fc`gdfe  c`hibcfbjkeel_`aedlkmnogqlres`taeu1  &
  khdaje  p  as`a    jc  dres`  `gdfecjkedfj  `        kl  kf`jflk`hdffb`c  jfh`rdk`hdk  b  `    lres`_`abcded  ftae      _2    (
  khdaje  p  as`a    jc  dres`  `gdfecjkedfklec`  bdc`helrd  `c`ilcefibcfbjkeel_`aedlkm  lcm  ohqlres`tae      _2    (
  khdaje  p  as`a    jc    s`es`ces`  `gdfecjkeuomqsjfrd  `hj    c`ilcefc`  bdc`help`rd  `hp  _`aedlkm  lcm  ohqlres`_`abcded  f    asjkg`taelrm      hbcdkges`ic`a`hdkgmn
  lkesfolcrlcfbasfslce  ci`cdlhesjees`  `gdfecjke  jfc`  bdc`helrd  `fbasc`ilcefq  jkhonqsjfp``kfbp  `aeelfbasrd  dkgc`  bdc`  `kefrlces`ijfe   hj  f      _(    2
  khdaje  p  as`a    jc    s`es`ces`  `gdfecjkesjffbp  dee  h`  `aeclkdaj      `  `c    ke  cjaed  `  jej  d  `c`  bdc`help`fbp  dee  hibcfbjkeel  b  `    lr  `gb  jedlk_    o  n  n      
lresdfasjie  cqhbcdkges`ic`a`hdkgmn  lkesfolcrlcfbasfslce  ci`cdlhesjees`  `gdfecjke  jfc`  bdc`helfbp  defbasrd  `fq      _(    2
  khdaje  p  as`a    jc    s`es`ces`c`gdfecjkedfj  jcg`jaa`  `cje  hrd  `c  jkjaa`  `cje  hrd  `c  jklk  jaa`  `cje  hrd  `c  f  j    `cc`ilcedkgal  ijk    lcjk`  `cgdkggcl  esal  ijk    
_``es`h`rdkdedlkflr    jcg`jaa`  `cje  hrd  `c      jaa`  `cje  hrd  `c      f  j    `cc`ilcedkgal  ijk      jkh  `  `cgdkggcl  esal  ijk    dk  b  `mnp  nlres`    asjkg`tae  
  jcg`jaa`  `cje  hrd  `c
taa`  `cje  hrd  `c
2
2
  lk  jaa`  `cje  hrd  `c
_  j    `cc`ilcedkgal  ijk  

    `cgdkggcl  esal  ijk   (
  rjk`  `cgdkggcl  esal  ijk    dkhdaje  p  as`a    jc  dres`c`gdfecjkesjf`  `ae  hkleelbf`es``  e  kh`hecjkfdedlki`cdlhrlcal  i    dkg  desjk  k`  lcc`  df`hrdkjkadj  
jaalbkedkgfejkhjchficl  dh`hibcfbjkeel_`aedlkm  ojqlres`    asjkg`tae  2
  khdaje  p  as`a    jc    s`es`ces`c`gdfecjkesjfrd  `hjc`ilcelkjkhjee  fejedlkeldef  jkjg`  `ke  fjff`ff  `kelres``rr`aed  `k`fflrdefdke  ckj  alkecl  l  `crdkjkadj  
c`ilcedkgbkh`c_`aedlk    opqlres`_jcpjk`f        `  taeom      _        n  nopqqp  es`c`gdfe  c`hibp  dajaalbkedkgrdc  esjeic`ijc`hlcdffb`hdefjbhdec`ilce  2
  rf`abcded  fjc`c`gdfe  c`hibcfbjkeel_`aedlkmnopqlres`tae  dkhdaje  p  as`a    jc    s`es`ces`rdkjkadj  feje    `keflres`c`gdfecjkedka  bh`hdkes`rd  dkgc`r  `aees`alcc`aedlk
lrjk`cclcelic`  dlbf    dffb`hrdkjkadj  feje    `kef  2
  khdaje  p  as`a    jc    s`es`cjk  lreslf``cclcalcc`aedlkfjc`c`feje    `kefesjec`  bdc`hjc`al  `c  jkj    fdflrdka`ked  `  pjf`hal  i`kfjedlkc`a`d  `hp  jk  lres`
c`gdfecjke  f`  `abed  `lrrda`cfhbcdkges`c`  `  jkec`al  `c  i`cdlhibcfbjkeel  n    m    mopq  2
  khdaje  p  as`a    jc    s`es`ces`  `gdfecjkedfjfs`    al  ijk  ojfh`rdk`hdk  b  `mnp  nlres`    asjkg`taeq      _2    (
  s`jggc`gje    jc  `e  j  b`lres`  `gdfecjke  fal    lkfela  s`  hp  klk  jrrd  dje  flres`  `gdfecjke  jfjiicl  d  je            n      d    dlkpjf`hlkes`a  lfdkgicda`lres`
  `gdfecjke  fal    lkfela  jfc`ilce  hlkes`  jfhj      lpj  _`  `ae  jc  `elr  n      i`cfsjc`lk  bk`n    nn    es`  jfepbfdk`ffhj  lres`  `gdfecjke  f  lfec`a`ke    al  i  `e  h
f`alkh  bjce  c  _sjc`flral    lkfela  s`  hp  `jas`  `abed  `lrrda`cjkhhdc`aelcjkhp  `jasles`ci`cflk  sl  j  p`h``  `help`jkjrrd  dje  lres`  `gdfecjkesj  `p``k
`  a  bh`hrcl  esdfal  ibejedlk    s`h`e  c  dkjedlklrjrrd  dje  fejebfrlcesdfibcilf`dfklek`a`ffjcd    jalka  bfd  `h`e  c  dkjedlkrlcles`cibcilf`f  
  s`kb  p`clrfsjc`flr  `gdfecjke  f  l    lk_ela  lbefejkhdkgjflr  jcasm    nn    jfn      n        m    
5 80 4136218 9* 973451  94 494184
  `cejdkf`aedlkflres`  `gdfecjke  fh`rdkded  `icl    feje    `kerlces`nn  jkkbj    ``edkglrfela  sl  h`cfelp`rd  `h  deses`_`abcded  fjkh    asjkg`  l    dffdlkibcfbjkeel
  `gb  jedlkm  tkle  je  cesjkmn hj  fjre  ces``khlres`rdfaj    `jcal  `c`hp  esdf  lc  m    jc`dkalcilcje  hp  c`r`c`ka`dkel  jce      lresdf  lc  m
  1 


    1 
    7 
  1  


    4 
    4  
    4  
    4, 
  1   

     1 
     7 
  1 I

123456786959
   0    
 0    ! "# 
,/0 #  ! #0 /
2#"3 # 0  
5 6 '2#"!  )0 6 
80  * +  /90 !'"  #  
25


 -4
 -4
 -4
8 #   +"#  60  #  : ,"  " ;< 0 /=  '  )* "! >"') #8    #   )     #2 #!>    "+
;< 0 /* ! #0 0  
@    #( )A
8   6     : 90 !   0"   )   '/ 0 "+ 0   !0'," )0 0"   )    '  "+B3 # 0"  
C    0  0(   )C  '0  0( 90 !'"  #   0"  8 #    0  
 0   !0'*          )* 33'     #/9  
,>  6  0   )90 6#       D0 > !!"      "  !!"   0 6  ) 0   !0'90 !'"  # 
,"  #"'   )2#"! ) #  
B > #  +"#   0" 
90 !'"  #   6 #)0 6 "# 06 E #0 )0! 0"   >  2# (      3 ! 0"  

 1 
 1 
 1 
 17
 17
 17
90# ! "# =;F !  0( B++0! #   ),"#3"#  G"( #   ! 
;F !  0( ," 3    0" 
* ! #0 /BD  # >03"+, # 0     +0!0'BD  #   )8   6       )  '  )* "! >"') #8    # 
, # 0   ' 0"  >03   )  '  )H#  ! 0"  =  )90# ! "#  ) 3  )  ! 
2#0 !03 ' !!"           )* #(0!  
 1$
 1$
 1$
 1$
 1$
;F>000  = 0   !0'*       *!> ) '  
 "#  -JK*    #/
 1?
 1?
0
012345678391891396
8 1  69
12345
6789 8 77                  8      
         !"#$%&'% (%&)0*+,-% '   .%&/ &0+!%%1  2 ''#)# ' / '   ' #)#    2%.3#-' % 405%.' #
3#- & ' # 56-   2# -'%.0789:   )# 0#0;' #56-   2# -'<:  03#-' % 4= %.' #3#- & ' #  -'%.0788:  
)# 0#0;' #3#- & ' #  -'<> !! ''#)# ' %' #&'    ''#)# ' %.   '%& -!.-' -% '  #0  '        !"#$%&'% 
(%&)0*+,:  -! 0  2 ''#)# '  &0  2% &. ' &#&#  !' %.%$#&' %    0.    - !$%  ' % :?    #   '&'#2@:
&# # &-   00#A#!%$)# '$!  :' #  ' - $ '#0' )  2:-% ' :0#  2   0-% 0 -'%.% &% 2%  2  0$!  #0$&#-!   -!
 ' 0 #   0$!  #0-!   -!'& ! .%&% &$&%0 -'- 0 0 '# :' #' )  2  0! 1#!  %%0%. !'%&@. !  2   0 $$&%A! 
.%&% &$&%0 -'- 0 0 '# :% & ? ! '@'%-%))#&- ! B#% &$&%0 -'- 0 0 '# : . $$&%A#0:' #$& -  2  0
&# )? & #)# '%.% &$&%0 -'- 0 0 '# : . $$&%A#0:' #$%'# ' !'%0#A#!%$. ' &#$&%0 -'- 0 0 '# :' #$%'# ' !
?# #. ' %.- &&# '  0. ' &#! -#  # : -C    ' %  :  0 '&'#2 - && 2#)# ' / ' '  &0$ &' # :  0% &  '# ''%# '#&
  '%  @. ' &# '&'#2 - && 2#)# ' :' #' )  2  0! 1#!  %%0%.  --#  :$!    0%?D#-' A# %.)   2#)# '.%&
. ' &#%$#&' %  :  0. ' &#&#  !' %.  ' - $ '#0$&%0 -'0#A#!%$)# '#..%&' : &#.%&/ &0+!%%1  2 ''#)# ' >  # #
 ''#)# '   A%!A#1 %/   0  1 %/ &  1 :  -#&'  ' #   0%' #& )$%&' '.-'%& '  ') @-  #% & -'  !&#  !' :
$#&.%&)  -#%& -  #A#)# ' '%?#) '#& !!@0 ..#&# '.&%)  @. ' &#&#  !' :$#&.%&)  -#%& -  #A#)# ' #6$&#  #0
%& )$! #0?@' #.%&/ &0+!%%1  2 ''#)# ' >         !"#$%&'% (%&)0*+, ! %-% '   # ' ) '#   0%' #&
 ''  ' -!0 ' ) 0#?@  0#$# 0# '$ &' #   0?@  &#!'  2'%) &1#'  B#  02&%/'   0%' #&0 ' ?% '% &
  0  '&@>    0 '   A%!A#    )?#&%.    )$' %    0! ) '' %  :  0@%  &#- ' % #0 %''%2 A#  0 #/# 2 ''%
  - # ' ) '# >E  00 ' % :$&%D#-' %  :    )$' %    0# ' ) '# %.% &. ' &#$#&.%&)  -#  0' #. ' &#$#&.%&)  -#
%.' #) &1#'   /  - /#%$#&'# &# #-#  & !@  ?D#-''%   2 0#2&##%.  -#&'  '@  0&  1>
E  %)#- # :@% -  0# ' .@.%&/ &0+!%%1  2 ''#)# ' ?@'#&)   -   F) @:GF/ !!:GF  % !0:GF#6$#-':GF$! :G
F ' - $ '#:GF-% !0:GF  '# 0:GF'&2#':GF$&%D#-':GF-% '#)$!'#:GF?#! #A#:GF# ' ) '#:GF$� -':GF$%'# ' !G%&F-% '   #G%&
' # #2 ' A#%.' # #'#&) %&%' #&  ) !$&#   %  >  #.%&/ &0+!%%1  2 ''#)# '   '        !"#$%&'% (%&)
0*+, &#% !@$� -' %  >H#  A#?  #0' # #.%&/ &0+!%%1  2 ''#)# ' !&2#!@% % &- &&# '#6$#-'' %    0
$&%D#-' %   ?% '. ' &##A# '   0.    - !'&# 0 '  '/#?#! #A#) @ ..#-'% &?    #  :.    - !-% 0 ' %   0
&#  !' %.%$#&' %  >  # #.%&/ &0+!%%1  2 ''#)# '  $# 1% !@  %.' #0 '#%.'        !"#$%&'% (%&)0*+,  0
&#  ?D#-''%   )?#&%.&  1 :  -#&'  ' #   0    )$' %  :  -! 0  2' % #0# -& ?#0  I &'E:E'#)0 :F"  1
( -'%& >G  ##A# '   0- &- ) ' -# &#.!#-'#0  % &.%&/ &0+!%%1  2 ''#)# ' ) @ %'?# -  #A#0%&%-- &:  0
-'  !&#  !' -% !00 ..#&) '#& !!@.&%)' % #$&%D#-'#0  ' #.%&/ &0+!%%1  2 ''#)# ' >J%&#%A#&:/#%$#&'#    
#A%!A  2# A &% )# '>K#/&  1.-'%&   0  -#&'  ' # ) @#)#&2#.&%)' )#'%' )#:  0 '   %'$%   ?!#.%&
)   2#)# ''%$� -' !!&  1.-'%&   0  -#&'  ' # >56-#$'  &#C  �?@ $$! -?!#!/:/#0% %'$! '%$ ?! -!@
 $0 '#%&&#A  #  @.%&/ &0+!%%1  2 ''#)# ' -% '  #0 #&#  :/ #' #&   &#  !'%.  @ #/  .%&) ' % :. ' &#
#A# ' :-   2#0- &- ) ' -# %&%' #&/  #> !!.%&/ &0+!%%1  2 ''#)# '  &#C  ! . #0  ' # &# ' &#'@?@'   
- ' %  &@ ''#)# ':/  -   ) 0#  0#&' # .#  &?%&$&%A   %  %.' #I& A'#3#- & ' # L ' 2 ' % "#.%&) -'%.
077M>
         !"#$%&'% (%&)0*+,  -! 0# % &'&0#) &1   /#!! '&0#) &1 :'&0#  )#   0 #&A -#) &1 '  ' &#
' #$&%$#&'@%.%' #&%&2   B' %  >3%!#!@.%&-% A#  # -#:'&0#) &1   0'&0#  )# &#.#&�'%  '        !"#$%&'
% (%&)0*+, $$# &/ ' % '' #N  0O  @)?%! :? '' % #&#.#&# -#  &# %'  '# 0#0'%  0 -'#:    @/ @:'  '/#
/ !! %'   #&':'%' #. !!# '#6'# '  0#& $$! -?!#!/:% && 2 ' :%&'  '' # $$! -?!#%/ #&/ !! %'   #&' ' & 2 ' :'%
' # #'&0#) &1   0'&0#  )# >
H#)   '   /#?  '# '///>#& ->-%):'%/  - /# !&!@$% '-%$ # %.% &$&#  &#!#  #   /#!!  00 ' %  !
  .%&) ' %  ?% '  >P &. !  2 / ' ' #3#- & ' #   056-   2#Q%))    % ;35Q< &# A !?!#.&##%.-  &2#
' &% 2 % &/#?  '#   %%   &#  %  ?!@$&-' -?!# .'#&?#  2#!#-'&%  -!!@. !#0/ ' %&. &    #0'%' #35Q>
E .%&) ' % -% '  #0  % &/#?  '#0%#  %'-%  ' ' '# $ &'%.'   &#$%&'%&% &%' #&. !  2 / ' ' #35Q>
3   6 R 78 S   8T
UVWXYZ[\[]^^\_`XabcVd_ZefZd\Wa\fbX_[bc\b^\gV\eZehV[b^VebZeX]_fX^^Xe[bXfg[dVf]W\bZhVX__Z[g`ijcZ[
[]^^\_`kXV[eXb\kk_V[[\WWXabcV_Z[g[bc\bYVa\fVilkkZbZXe\WkZ[f][[ZXeXabcV_Z[g[[]^^\_ZmVkZebcZ[_Z[ga\fbX_
[]^^\_`n\ekXbcV__Z[g[bc\bYVa\fVnf\eoVaX]ekoVWXY]ekV_bcVcV\kZepqrZ[gs\fbX_[tZeubV^vlXaw\_buXabcZ[
lee]\WrVdX_bXesX_^vxyzn\ek[cX]WkoVf\_Va]WW  fXe[ZkV_VknbXpVbcV_YZbcXbcV_ZeaX_^\bZXeZebcZ[lee]\WrVdX_bXe
sX_^vxyz\ekX]_XbcV_aZWZep[YZbcbcV{|}oVaX_V^\gZepZehV[b^VebkVfZ[ZXe[_Vp\_kZepX]_fX^^Xe[bXfgi
0
 • shareholder letter icon 4/29/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2023 ERAS Stockholder Letter
 • stockholder letter icon 4/26/2024 ERAS Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon ERAS Benford's Law Stock Score = 80


ERAS Shareholder/Stockholder Letter Transcript:

012345637346
64809232467154
8
71
48
  2
6
6
2
1
           5 8      
  9   !"

( 71107)94* 93*09607133 64832 1 + 9  #,'  3 464809232464 8 71 4783    + 
  $  &-  . /0& $& ,&,5484 149+     
9
2 39716232 194* 93*09607133 64832 1 + 9  #,'  3 464809232464 8 71 4783    + 
  93 439716232 1*492 5 9  
3
8 33        /&1435&$667896:6;
4976
87 
2
18 
#4< .   3& -9&    $      =&. - &,     8  $ &$'
>?@ABAC?
D#2E 9 876 ;43=
7F6/ 0;&F$
2,&   - .     1  '
E77IJ?CCKLM?@NOPBQRSMT?E66
RAU>M?VPQWX
#7,,$&   -=$  . = /&<&.4  Y& -- .& '
#Z =8 ,&'
9&    $   [  &/&=   & 435&$   ./4,    $& . ,&\]DID^9:I8:I77
#6   & $   &$G4$  , .       . $= $      $ $    H     '
_`abcded  fc`gdfe  c`hibcfbjkeel_`aedlkmnopqlres`taeu
3  /& -& . ./   
wxyyxz{|x}~                                           
3$ ,   
6035 /# '

1 3& -& . &<.    &  v  . $&    &$&,
              x     {      }|     ~  |
_`abcded  fc`gdfe  c`hibcfbjkeel_`aedlkmnogqlres`taeu1  &
  khdaje  p  as`a    jc  dres`  `gdfecjkedfj  `        kl  kf`jflk`hdffb`c  jfh`rdk`hdk  b  `    lres`_`abcded  ftae      _2    (
  khdaje  p  as`a    jc  dres`  `gdfecjkedfklec`  bdc`helrd  `c`ilcefibcfbjkeel_`aedlkm  lcm  ohqlres`tae      _2    (
  khdaje  p  as`a    jc    s`es`ces`  `gdfecjkeuomqsjfrd  `hj    c`ilcefc`  bdc`help`rd  `hp  _`aedlkm  lcm  ohqlres`_`abcded  f    asjkg`taelrm      hbcdkges`ic`a`hdkgmn
  lkesfolcrlcfbasfslce  ci`cdlhesjees`  `gdfecjke  jfc`  bdc`helrd  `fbasc`ilcefq  jkhonqsjfp``kfbp  `aeelfbasrd  dkgc`  bdc`  `kefrlces`ijfe   hj  f      _(    2
  khdaje  p  as`a    jc    s`es`ces`  `gdfecjkesjffbp  dee  h`  `aeclkdaj      `  `c    ke  cjaed  `  jej  d  `c`  bdc`help`fbp  dee  hibcfbjkeel  b  `    lr  `gb  jedlk_    o  n  n      
lresdfasjie  cqhbcdkges`ic`a`hdkgmn  lkesfolcrlcfbasfslce  ci`cdlhesjees`  `gdfecjke  jfc`  bdc`helfbp  defbasrd  `fq      _(    2
  khdaje  p  as`a    jc    s`es`ces`c`gdfecjkedfj  jcg`jaa`  `cje  hrd  `c  jkjaa`  `cje  hrd  `c  jklk  jaa`  `cje  hrd  `c  f  j    `cc`ilcedkgal  ijk    lcjk`  `cgdkggcl  esal  ijk    
_``es`h`rdkdedlkflr    jcg`jaa`  `cje  hrd  `c      jaa`  `cje  hrd  `c      f  j    `cc`ilcedkgal  ijk      jkh  `  `cgdkggcl  esal  ijk    dk  b  `mnp  nlres`    asjkg`tae  
  jcg`jaa`  `cje  hrd  `c
taa`  `cje  hrd  `c
2
2
  lk  jaa`  `cje  hrd  `c
_  j    `cc`ilcedkgal  ijk  

    `cgdkggcl  esal  ijk   (
  rjk`  `cgdkggcl  esal  ijk    dkhdaje  p  as`a    jc  dres`c`gdfecjkesjf`  `ae  hkleelbf`es``  e  kh`hecjkfdedlki`cdlhrlcal  i    dkg  desjk  k`  lcc`  df`hrdkjkadj  
jaalbkedkgfejkhjchficl  dh`hibcfbjkeel_`aedlkm  ojqlres`    asjkg`tae  2
  khdaje  p  as`a    jc    s`es`ces`c`gdfecjkesjfrd  `hjc`ilcelkjkhjee  fejedlkeldef  jkjg`  `ke  fjff`ff  `kelres``rr`aed  `k`fflrdefdke  ckj  alkecl  l  `crdkjkadj  
c`ilcedkgbkh`c_`aedlk    opqlres`_jcpjk`f        `  taeom      _        n  nopqqp  es`c`gdfe  c`hibp  dajaalbkedkgrdc  esjeic`ijc`hlcdffb`hdefjbhdec`ilce  2
  rf`abcded  fjc`c`gdfe  c`hibcfbjkeel_`aedlkmnopqlres`tae  dkhdaje  p  as`a    jc    s`es`ces`rdkjkadj  feje    `keflres`c`gdfecjkedka  bh`hdkes`rd  dkgc`r  `aees`alcc`aedlk
lrjk`cclcelic`  dlbf    dffb`hrdkjkadj  feje    `kef  2
  khdaje  p  as`a    jc    s`es`cjk  lreslf``cclcalcc`aedlkfjc`c`feje    `kefesjec`  bdc`hjc`al  `c  jkj    fdflrdka`ked  `  pjf`hal  i`kfjedlkc`a`d  `hp  jk  lres`
c`gdfecjke  f`  `abed  `lrrda`cfhbcdkges`c`  `  jkec`al  `c  i`cdlhibcfbjkeel  n    m    mopq  2
  khdaje  p  as`a    jc    s`es`ces`  `gdfecjkedfjfs`    al  ijk  ojfh`rdk`hdk  b  `mnp  nlres`    asjkg`taeq      _2    (
  s`jggc`gje    jc  `e  j  b`lres`  `gdfecjke  fal    lkfela  s`  hp  klk  jrrd  dje  flres`  `gdfecjke  jfjiicl  d  je            n      d    dlkpjf`hlkes`a  lfdkgicda`lres`
  `gdfecjke  fal    lkfela  jfc`ilce  hlkes`  jfhj      lpj  _`  `ae  jc  `elr  n      i`cfsjc`lk  bk`n    nn    es`  jfepbfdk`ffhj  lres`  `gdfecjke  f  lfec`a`ke    al  i  `e  h
f`alkh  bjce  c  _sjc`flral    lkfela  s`  hp  `jas`  `abed  `lrrda`cjkhhdc`aelcjkhp  `jasles`ci`cflk  sl  j  p`h``  `help`jkjrrd  dje  lres`  `gdfecjkesj  `p``k
`  a  bh`hrcl  esdfal  ibejedlk    s`h`e  c  dkjedlklrjrrd  dje  fejebfrlcesdfibcilf`dfklek`a`ffjcd    jalka  bfd  `h`e  c  dkjedlkrlcles`cibcilf`f  
  s`kb  p`clrfsjc`flr  `gdfecjke  f  l    lk_ela  lbefejkhdkgjflr  jcasm    nn    jfn      n        m    
5 80 4136218 9* 973451  94 494184
  `cejdkf`aedlkflres`  `gdfecjke  fh`rdkded  `icl    feje    `kerlces`nn  jkkbj    ``edkglrfela  sl  h`cfelp`rd  `h  deses`_`abcded  fjkh    asjkg`  l    dffdlkibcfbjkeel
  `gb  jedlkm  tkle  je  cesjkmn hj  fjre  ces``khlres`rdfaj    `jcal  `c`hp  esdf  lc  m    jc`dkalcilcje  hp  c`r`c`ka`dkel  jce      lresdf  lc  m      


  1 


    1 
    7 
  1  


    4 
    4  
    4  
    4, 
  1   

     1 
     7 
  1 I

123456786959
   0    
 0    ! "# 
,/0 #  ! #0 /
2#"3 # 0  
5 6 '2#"!  )0 6 
80  * +  /90 !'"  #  
25


 -4
 -4
 -4
8 #   +"#  60  #  : ,"  " ;< 0 /=  '  )* "! >"') #8    #   )     #2 #!>    "+
;< 0 /* ! #0 0  
@    #( )A
8   6     : 90 !   0"   )   '/ 0 "+ 0   !0'," )0 0"   )    '  "+B3 # 0"  
C    0  0(   )C  '0  0( 90 !'"  #   0"  8 #    0  
 0   !0'*          )* 33'     #/9  
,>  6  0   )90 6#       D0 > !!"      "  !!"   0 6  ) 0   !0'90 !'"  # 
,"  #"'   )2#"! ) #  
B > #  +"#   0" 
90 !'"  #   6 #)0 6 "# 06 E #0 )0! 0"   >  2# (      3 ! 0"  

 1 
 1 
 1 
 17
 17
 17
90# ! "# =;F !  0( B++0! #   ),"#3"#  G"( #   ! 
;F !  0( ," 3    0" 
* ! #0 /BD  # >03"+, # 0     +0!0'BD  #   )8   6       )  '  )* "! >"') #8    # 
, # 0   ' 0"  >03   )  '  )H#  ! 0"  =  )90# ! "#  ) 3  )  ! 
2#0 !03 ' !!"           )* #(0!  
 1$
 1$
 1$
 1$
 1$
;F>000  = 0   !0'*       *!> ) '  
 "#  -JK*    #/
 1?
 1?
0

012345678391891396
8 1  69  

12345
6789 8 77                  8      
         !"#$%&'% (%&)0*+,-% '   .%&/ &0+!%%1  2 ''#)# ' / '   ' #)#    2%.3#-' % 405%.' #
3#- & ' # 56-   2# -'%.0789:   )# 0#0;' #56-   2# -'<:  03#-' % 4= %.' #3#- & ' #  -'%.0788:  
)# 0#0;' #3#- & ' #  -'<> !! ''#)# ' %' #&'    ''#)# ' %.   '%& -!.-' -% '  #0  '        !"#$%&'% 
(%&)0*+,:  -! 0  2 ''#)# '  &0  2% &. ' &#&#  !' %.%$#&' %    0.    - !$%  ' % :?    #   '&'#2@:
&# # &-   00#A#!%$)# '$!  :' #  ' - $ '#0' )  2:-% ' :0#  2   0-% 0 -'%.% &% 2%  2  0$!  #0$&#-!   -!
 ' 0 #   0$!  #0-!   -!'& ! .%&% &$&%0 -'- 0 0 '# :' #' )  2  0! 1#!  %%0%. !'%&@. !  2   0 $$&%A! 
.%&% &$&%0 -'- 0 0 '# :% & ? ! '@'%-%))#&- ! B#% &$&%0 -'- 0 0 '# : . $$&%A#0:' #$& -  2  0
&# )? & #)# '%.% &$&%0 -'- 0 0 '# : . $$&%A#0:' #$%'# ' !'%0#A#!%$. ' &#$&%0 -'- 0 0 '# :' #$%'# ' !
?# #. ' %.- &&# '  0. ' &#! -#  # : -C    ' %  :  0 '&'#2 - && 2#)# ' / ' '  &0$ &' # :  0% &  '# ''%# '#&
  '%  @. ' &# '&'#2 - && 2#)# ' :' #' )  2  0! 1#!  %%0%.  --#  :$!    0%?D#-' A# %.)   2#)# '.%&
. ' &#%$#&' %  :  0. ' &#&#  !' %.  ' - $ '#0$&%0 -'0#A#!%$)# '#..%&' : &#.%&/ &0+!%%1  2 ''#)# ' >  # #
 ''#)# '   A%!A#1 %/   0  1 %/ &  1 :  -#&'  ' #   0%' #& )$%&' '.-'%& '  ') @-  #% & -'  !&#  !' :
$#&.%&)  -#%& -  #A#)# ' '%?#) '#& !!@0 ..#&# '.&%)  @. ' &#&#  !' :$#&.%&)  -#%& -  #A#)# ' #6$&#  #0
%& )$! #0?@' #.%&/ &0+!%%1  2 ''#)# ' >         !"#$%&'% (%&)0*+, ! %-% '   # ' ) '#   0%' #&
 ''  ' -!0 ' ) 0#?@  0#$# 0# '$ &' #   0?@  &#!'  2'%) &1#'  B#  02&%/'   0%' #&0 ' ?% '% &
  0  '&@>    0 '   A%!A#    )?#&%.    )$' %    0! ) '' %  :  0@%  &#- ' % #0 %''%2 A#  0 #/# 2 ''%
  - # ' ) '# >E  00 ' % :$&%D#-' %  :    )$' %    0# ' ) '# %.% &. ' &#$#&.%&)  -#  0' #. ' &#$#&.%&)  -#
%.' #) &1#'   /  - /#%$#&'# &# #-#  & !@  ?D#-''%   2 0#2&##%.  -#&'  '@  0&  1>
E  %)#- # :@% -  0# ' .@.%&/ &0+!%%1  2 ''#)# ' ?@'#&)   -   F) @:GF/ !!:GF  % !0:GF#6$#-':GF$! :G
F ' - $ '#:GF-% !0:GF  '# 0:GF'&2#':GF$&%D#-':GF-% '#)$!'#:GF?#! #A#:GF# ' ) '#:GF$� -':GF$%'# ' !G%&F-% '   #G%&
' # #2 ' A#%.' # #'#&) %&%' #&  ) !$&#   %  >  #.%&/ &0+!%%1  2 ''#)# '   '        !"#$%&'% (%&)
0*+, &#% !@$� -' %  >H#  A#?  #0' # #.%&/ &0+!%%1  2 ''#)# ' !&2#!@% % &- &&# '#6$#-'' %    0
$&%D#-' %   ?% '. ' &##A# '   0.    - !'&# 0 '  '/#?#! #A#) @ ..#-'% &?    #  :.    - !-% 0 ' %   0
&#  !' %.%$#&' %  >  # #.%&/ &0+!%%1  2 ''#)# '  $# 1% !@  %.' #0 '#%.'        !"#$%&'% (%&)0*+,  0
&#  ?D#-''%   )?#&%.&  1 :  -#&'  ' #   0    )$' %  :  -! 0  2' % #0# -& ?#0  I &'E:E'#)0 :F"  1
( -'%& >G  ##A# '   0- &- ) ' -# &#.!#-'#0  % &.%&/ &0+!%%1  2 ''#)# ' ) @ %'?# -  #A#0%&%-- &:  0
-'  !&#  !' -% !00 ..#&) '#& !!@.&%)' % #$&%D#-'#0  ' #.%&/ &0+!%%1  2 ''#)# ' >J%&#%A#&:/#%$#&'#    
#A%!A  2# A &% )# '>K#/&  1.-'%&   0  -#&'  ' # ) @#)#&2#.&%)' )#'%' )#:  0 '   %'$%   ?!#.%&
)   2#)# ''%$� -' !!&  1.-'%&   0  -#&'  ' # >56-#$'  &#C  �?@ $$! -?!#!/:/#0% %'$! '%$ ?! -!@
 $0 '#%&&#A  #  @.%&/ &0+!%%1  2 ''#)# ' -% '  #0 #&#  :/ #' #&   &#  !'%.  @ #/  .%&) ' % :. ' &#
#A# ' :-   2#0- &- ) ' -# %&%' #&/  #> !!.%&/ &0+!%%1  2 ''#)# '  &#C  ! . #0  ' # &# ' &#'@?@'   
- ' %  &@ ''#)# ':/  -   ) 0#  0#&' # .#  &?%&$&%A   %  %.' #I& A'#3#- & ' # L ' 2 ' % "#.%&) -'%.
077M>
         !"#$%&'% (%&)0*+,  -! 0# % &'&0#) &1   /#!! '&0#) &1 :'&0#  )#   0 #&A -#) &1 '  ' &#
' #$&%$#&'@%.%' #&%&2   B' %  >3%!#!@.%&-% A#  # -#:'&0#) &1   0'&0#  )# &#.#&�'%  '        !"#$%&'
% (%&)0*+, $$# &/ ' % '' #N  0O  @)?%! :? '' % #&#.#&# -#  &# %'  '# 0#0'%  0 -'#:    @/ @:'  '/#
/ !! %'   #&':'%' #. !!# '#6'# '  0#& $$! -?!#!/:% && 2 ' :%&'  '' # $$! -?!#%/ #&/ !! %'   #&' ' & 2 ' :'%
' # #'&0#) &1   0'&0#  )# >
H#)   '   /#?  '# '///>#& ->-%):'%/  - /# !&!@$% '-%$ # %.% &$&#  &#!#  #   /#!!  00 ' %  !
  .%&) ' %  ?% '  >P &. !  2 / ' ' #3#- & ' #   056-   2#Q%))    % ;35Q< &# A !?!#.&##%.-  &2#
' &% 2 % &/#?  '#   %%   &#  %  ?!@$&-' -?!# .'#&?#  2#!#-'&%  -!!@. !#0/ ' %&. &    #0'%' #35Q>
E .%&) ' % -% '  #0  % &/#?  '#0%#  %'-%  ' ' '# $ &'%.'   &#$%&'%&% &%' #&. !  2 / ' ' #35Q>
3   6 R 78 S   8T
UVWXYZ[\[]^^\_`XabcVd_ZefZd\Wa\fbX_[bc\b^\gV\eZehV[b^VebZeX]_fX^^Xe[bXfg[dVf]W\bZhVX__Z[g`ijcZ[
[]^^\_`kXV[eXb\kk_V[[\WWXabcV_Z[g[bc\bYVa\fVilkkZbZXe\WkZ[f][[ZXeXabcV_Z[g[[]^^\_ZmVkZebcZ[_Z[ga\fbX_
[]^^\_`n\ekXbcV__Z[g[bc\bYVa\fVnf\eoVaX]ekoVWXY]ekV_bcVcV\kZepqrZ[gs\fbX_[tZeubV^vlXaw\_buXabcZ[
lee]\WrVdX_bXesX_^vxyzn\ek[cX]WkoVf\_Va]WW  fXe[ZkV_VknbXpVbcV_YZbcXbcV_ZeaX_^\bZXeZebcZ[lee]\WrVdX_bXe
sX_^vxyz\ekX]_XbcV_aZWZep[YZbcbcV{|}oVaX_V^\gZepZehV[b^VebkVfZ[ZXe[_Vp\_kZepX]_fX^^Xe[bXfgi
0



shareholder letter icon 4/29/2025 Letter Continued (Full PDF)
 

ERAS Stockholder/Shareholder Letter (Erasca, Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.