Erasca, Inc. Announces Public Offering to Raise About $516M

What Happened
Erasca, Inc. (ERAS) announced on July 13, 2026 that it entered into an underwriting agreement to sell 31,428,572 shares of common stock at $17.50 per share. The underwriters will purchase the shares from the company at $16.45 per share. The offering is expected to close on July 15, 2026, subject to customary conditions.

Key Details

• Offering size: 31,428,572 shares of common stock at $17.50 per share.
• Underwriter purchase price: $16.45 per share.
• Overallotment option: Underwriters have a 30‑day option to buy up to 4,714,285 additional shares.
• Expected net proceeds: approximately $516.0 million (about $593.5 million if the overallotment is fully exercised).
• Lead representatives: J.P. Morgan, Morgan Stanley, Jefferies and Evercore. Offering made under Form S-3 (Reg. No. 333-297427) effective July 13, 2026.

Why It Matters
This offering will provide Erasca with substantial new cash — roughly $516M up front — which can be used to fund operations, development programs or other corporate needs. If the underwriters exercise the full option, proceeds could increase to about $593.5M. For investors, the issuance increases the company’s outstanding shares (and therefore dilutes existing holders) while materially bolstering the company’s balance sheet; the planned closing date is July 15, 2026 and proceeds depend on customary closing conditions.