<div>
  <ul>
    <li>
      <p>
        California-based AI biotechnology company Erasca has reported a net loss per share of USD 1.06 for Q4 2022, missing analyst expectations by 266%. The net loss for the quarter increased significantly by more than 3x YoY to USD 135.3 million. The net loss reported for the full financial year was USD 242.8 million (up 97.7% YoY). As a clinical-stage biotechnology company, Erasca is yet to generate any revenue from drug sales.&nbsp;
      </p>
    </li>
    <li>
      <p>
        Total operating expenses increased by more than 3x YoY to USD 138.1 million for Q4 2022 due to USD 100 million in-process R&amp;D expenses as a result of the
        <a href="https://sp-edge.com/updates/15237">
           Novartis license agreement.
        </a>
         R&amp;D expenses were USD 29.4 million for the quarter compared to USD 24.1 million in Q4 2021 primarily due to expenses incurred in connection with clinical trials and preclinical studies among others. G&amp;A expenses were USD 8.7 million (up 26.1 % YoY) for the quarter. The increase was primarily driven by personnel costs, legal fees, and other expenses.&nbsp;&nbsp;
      </p>
    </li>
    <li>
      <p>
        Erasca also highlighted a few operational milestones for the quarter: 1) in December 2022, the company received a worldwide license agreement with Novartis for naporafenib, a pivotal-ready pan-RAF inhibitor; 2) the company received FDA Clearance of IND Application for ERAS-3490 (CNS-penetrant KRAS G12C inhibitor) in KRAS G12C-mutated solid tumors; and 3) Erasca also has entered a clinical trial collaboration and supply agreement (CTCSA) with Pfizer, as well as with Pierre Fabre for ERAS-007 Combination.
      </p>
    </li>
    <li>
      <p>
        As of December 31, 2022, the company&rsquo;s cash, cash equivalents, and marketable securities stood at USD 435.6 million, which it claims is sufficient to operate until 2H 2025. Further, in 2022, Erasca completed a USD 100 million underwritten offering, raising net proceeds of USD 94.9 million after deducting underwriting discounts, commissions, and other expenses. The company did not provide guidance for 2023.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.globenewswire.com/news-release/2023/03/23/2633628/0/en/Erasca-Reports-Fourth-Quarter-2022-and-Full-Year-2022-Financial-Results-and-Business-Updates.html">
      Company Press Release
    </a>
  </p>
  <p>
  </p>
</div>


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