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ERASCA ™ Erasca Reports Second Quarter 2021 Financial Results and Business Updates August 26 , 2021 Successfully closed $ 345 million upsized IPO in July 2021 On track to initiate multiple HERKULES Phase 1b / 2 trials in 2021 with data readout ( s ) beginning in 2022 Strengthened executive leadership team with multiple appointments SAN DIEGO , Aug. 26 , 2021 ( GLOBE NEWSWIRE ) -- Erasca , Inc. ( Nasdaq : ERAS ) , a clinical - stage precision oncology company singularly focused on discovering , developing , and commercializing therapies for patients with RAS / MAPK pathway - driven cancers , today reported financial results for the fiscal quarter ended June 30 , 2021 , and provided business updates . " This has been a productive time for Erasca that has included significant achievement across our research and development , corporate , and operational initiatives , " said Jonathan E. Lim , M.D. , Erasca's chairman , CEO , and co - founder . " In December 2020 , our first compound entered the clinic , marking an exciting milestone for the company and for our ERAS - 601 program targeting SHP2 in advanced tumors . We have continued the clinical momentum with initiation of the HERKULES - 1 Phase 1b / 2 clinical trial in May 2021 for our ERAS - 007 ERK1 / 2 inhibitor and look forward to initiating HERKULES - 2 and HERKULES - 3 later this year . Together , ERAS - 601 and ERAS - 007 comprise our first , innovative MAPKlamp , designed to comprehensively shut down upstream and downstream nodes of the RAS / MAPK pathway . In addition , we are excited to have recently nominated our first homegrown development candidate from our in - house discovery research efforts , ERAS - 3490 , which is a CNS - penetrant KRAS G12C inhibitor . As we look to the second half of the year , the recent closing of our successful $ 345 million initial public offering supported by top - tier institutional investors positions Erasca well to advance our industry - leading pipeline of 11 programs targeting the RAS / MAPK pathway . " Research and Development ( R & D ) Highlights • Nominated ERAS - 3490 Development Candidate : In June 2021 , Erasca nominated ERAS - 3490 as its development candidate from its KRAS G12C inhibitor program with high CNS penetration . • Dosed First Patient in HERKULES - 1 Study : In May 2021 , Erasca dosed the first patient in HERKULES - 1 , a Phase 1b / 2 trial for ERAS - 007 ( ERK1 / 2 inhibitor ) , which will be used alone and in combination with ERAS - 601 ( SHP2 inhibitor ; together , Erasca's first MAPKlamp ) in advanced solid tumors . • Dosed First Patient in FLAGSHP - 1 Study : In December 2020 , Erasca dosed the first patient in the Phase 1 / 1b FLAGSHP - 1 study evaluating ERAS - 601 in patients with advanced solid tumors . Corporate Highlights • Completed $ 345 Million Initial Public Offering : In July 2021 , Erasca sold 21,562,500 shares of common stock , which included the exercise in full by the underwriters of their option to purchase 2,812,500 additional shares of common stock , at a public offering price of $ 16 per share . The gross proceeds from the offering , before deducting underwriting discounts and commissions and other offering expenses payable by Erasca , were $ 345 million . • Expanded Leadership Team : In May 2021 , Erasca made key senior appointments in finance , business development , operations , legal , regulatory , manufacturing , clinical pharmacology , and data science . • • Appointed Board of Directors : In March 2021 , Erasca appointed Bihua Chen and Julie Hambleton , M.D. , to its board of directors . Strengthened Executive Leadership Team : In January 2021 , Erasca announced the appointment of Wei Lin , M.D. , as Chief Medical Officer and David Chacko , M.D. , as Chief Financial Officer . In May 2021 , Erasca announced the appointment of Ebun Garner as General Counsel . . Expanded Pipeline : In January 2021 , Erasca announced two exclusive , worldwide agreements • ERAS - 601 , a potential best - in - class inhibitor of the Src homology region 2 domain - containing phosphatase - 2 ( SHP2 ) , was in - licensed from NiKang Therapeutics , Inc. • ERAS - 007 , a potential best - in - class inhibitor of the extracellular signal - regulated kinase ( ERK ) , the most distal node of the RAS / MAPK pathway , was acquired from ASN Product Development , Inc. , a wholly - owned subsidiary of Asana BioSciences , LLC . Key Upcoming 2021 Milestones • HERKULES - 2 : a Phase 1b / 2 clinical trial for ERAS - 007 / MAPKlamp in combination with various agents in patients with non - small cell lung cancer ( NSCLC ) o Dosing of the first patient expected in third quarter of 2021 • HERKULES - 3 : a Phase 1b / 2 clinical trial for ERAS - 007 / MAPKlamp in combination with various agents in patients with