What Erasca, Inc. told the SEC could break it.

Erasca has no product revenue, posted a $124.5M FY2025 net loss and a $892.2M accumulated deficit, and expects losses to increase substantially as it advances clinical development.

“Our net losses were $124.5 million and $161.7 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, we had an accumulated deficit of $892.2 million.”

Erasca must share trade secrets and know-how with partners, collaborators and contractors located in countries at heightened risk of trade-secret theft, including by state-affiliated actors.

“we may need to share our trade secrets and proprietary know-how with current or future partners, collaborators, contractors and others located in countries at heightened risk of theft of trade 84 secrets, including through direct intrusion by private parties or foreign actors, and those affiliated with or controlled by state actors.”

Erasca licenses ERAS-0015 from China's Joyo and relies on foreign CROs/CMOs; U.S. BIOSECURE Act 'biotechnology company of concern' designations, sanctions, tariffs or U.S.-China retaliation could disrupt its development.

“If the foreign CROs and CMOs we rely on become subject to trade restrictions, sanctions, increased tariffs or other regulatory requirements by the US government (including designation as a “biotechnology company of concern” under the US BIOSECURE Act), or if the US or Chinese government take retaliatory actions due to recent or increased tensions between the US and China, it may have the potentia”