Erasca Inc. (NASDAQ:ERAS) reported updated preliminary Phase 1 data for its investigational pan-RAS molecular glue ERAS-0015, citing encouraging early activity in RAS-mutant solid tumors while outlining plans to advance the candidate into potentially registration-enabling studies.

The clinical-stage oncology company also priced an upsized public offering expected to generate approximately $550 million to support its pipeline and broader operations.

Updated Phase 1 Data Shows Encouraging Early Activity

The latest findings, released on Monday, from the ongoing AURORAS-1 Phase 1 study in the U.S. include additional patients and longer follow-up than the company’s April 2026 update.

Among patients with second-line or later KRAS G12X pancreatic ductal adenocarcinoma, ERAS-0015 produced an unconfirmed objective response rate at eight weeks of 57% in seven patients treated at the recommended 32 mg once-daily dose.

Across dose levels, all patients with confirmed or unconfirmed responses remained on therapy.

At the 32 mg recommended expansion dose, six of seven enrolled patients continued treatment. At the 24 mg dose, six of eight patients also remained on therapy.

Safety Profile And Combination Development Continue

Erasca said the safety profile remained generally consistent with its previous disclosure. Most treatment-related adverse events were low grade, with no dose-limiting toxicities reported.

The company also reported a low rate of dose interruptions or dose reductions related to treatment, with no discontinuations attributed to treatment-related adverse events.

Median relative dose intensity reached 100% at both the 24 mg and 32 mg dose levels.

The company also highlighted progress evaluating ERAS-0015 in combination with panitumumab for metastatic colorectal cancer.

No dose-limiting toxicities were observed during dose escalation in the initial 16 mg cohort, while enrollment continues in both the 16 mg backfill group and the 24 mg escalation cohort.

Company Targets Late-Stage Development And Secures Fresh Capital

Erasca said it plans to launch a potentially registration-enabling trial in second-line or later non-small cell lung cancer during the first half of 2027.

It also intends to begin a Phase 3 pivotal trial in first-line pancreatic ductal adenocarcinoma in 2027, followed by a Phase 3 trial in RAS-mutant non-small cell lung cancer between the second half of 2027 and the first half of 2028.

Separately, the company priced an upsized public offering of 31.4 million common shares at $17.50 per share, with expected gross proceeds of about $550 million.

Erasca also granted underwriters a 30-day option to purchase up to an additional 4.7 million shares.

The company plans to use the proceeds, together with existing cash and marketable securities, to fund R&D of its product candidates, other development programs, working capital, and general corporate purposes.

ERAS Price Action: Erasca shares were up 8.94% at $19.50 at the time of publication on Tuesday, according to Benzinga Pro data.

Image via Shutterstock/ Yuganov Konstantin