Goldman Sachs: Erasca Inc. (ERAS.US) Potential Differentiation in Large RAS Mutant Oncology Opportunities; Initiate as Early-Stage Biotech
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Key Views
The lead asset ERAS-0015 is an oral pan-RAS molecular glue licensed from Joyo Pharmatech in May 2024. Early clinical data shows unconfirmed ORR of 62% in 2L+ KRAS G12X NSCLC and 40% in 2L PDAC at active doses of 16–32 mg QD. Compared to Revolution Medicines' daraxonrasib, ERAS-0015 demonstrates numerically superior tolerability, with Grade 3+ rash at only 2% versus 14% in ASCO data.
In CRC, ERAS-0015 combined with panitumumab showed responses in 3 patients where monotherapy historically yields minimal activity, with no dose-limiting toxicity.
Goldman Sachs projects peak unadjusted sales of USD 8.7 billion for ERAS-0015 across RAS-mutant 1L PDAC, 1L/2L non-G12C NSCLC, and 2L CRC.
Outlook
Key catalysts include 1H27 monotherapy expansion and combination dose-escalation data from the AURORAS-1 trial, and 2H26 initial Phase 1 data for ERAS-4001 from the BOREALIS-1 trial.
As of March 31, 2026, ERAS held approximately USD 409 million in cash, funding operations into 2H28.
Recommended Securities
Erasca Inc. (ERAS): Early-Stage Biotech rating. No target price assigned. Current price: USD 18.53.
Key exhibits
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