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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ______________

Commission File Number: 001-40602

 

ERASCA, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

83-1217027

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

10835 Road to the Cure, Suite 140

San Diego, CA

92121

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (858) 465-6511

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

ERAS

 

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☐    No  ☑

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  ☑

As of August 15, 2021, the registrant had 121,219,865 shares of common stock outstanding.

 

 

 


 

Table of Contents

 

Page

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

1

Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2021 and 2020

2

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit for the Three and Six Months Ended June 30, 2021 and 2020

3

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

5

Notes to Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

Controls and Procedures

42

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

95

Item 3.

Defaults Upon Senior Securities

95

Item 4.

Mine Safety Disclosures

95

Item 5.

Other Information

95

Item 6.

Exhibits

96

Signatures

97

 

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Erasca, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and par value amounts)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

 

$

156,396

 

 

$

65,376

 

Short-term investments

 

 

37,277

 

 

 

53,325

 

Prepaid expenses and other current assets

 

 

3,618

 

 

 

1,289

 

Total current assets

 

 

197,291

 

 

 

119,990

 

Long-term investments

 

 

5,000

 

 

 

 

Property and equipment, net

 

 

2,257

 

 

 

1,847

 

Operating lease assets

 

 

1,877

 

 

 

2,225

 

Restricted cash

 

 

408

 

 

 

312

 

Other assets

 

 

3,550

 

 

 

451

 

Total assets

 

$

210,383

 

 

$

124,825

 

Liabilities, Convertible Preferred Stock and Stockholders' Deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,507

 

 

$

878

 

Accrued expenses and other current liabilities

 

 

15,519

 

 

 

11,925

 

Operating lease liabilities

 

 

888

 

 

 

877

 

Total current liabilities

 

 

17,914

 

 

 

13,680

 

Operating lease liabilities, net of current portion

 

 

1,668

 

 

 

2,109

 

Preferred stock purchase right liability

 

 

 

 

 

1,615

 

Total liabilities

 

 

19,582

 

 

 

17,404

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Convertible preferred stock (Series A, B-1 and B-2), $0.0001 par value; 97,622,409 shares authorized as of June 30, 2021 and December 31, 2020; 85,516,454 and 69,584,682 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively; aggregate liquidation preference of $350,412 and $230,924 as of June 30, 2021 and December 31, 2020, respectively

 

 

340,798

 

 

 

221,405

 

Stockholders' deficit:

 

 

 

 

 

 

Common stock, $0.0001 par value; 156,000,000 and 147,027,681 shares authorized as of June 30, 2021 and December 31, 2020, respectively, 27,300,123 and 25,189,673 shares issued at June 30, 2021 and December 31, 2020, respectively; 24,370,599 and 21,923,173 shares outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

11,634

 

 

 

1,413

 

Accumulated other comprehensive income (loss)

 

 

(1

)

 

 

2

 

Accumulated deficit

 

 

(161,633

)

 

 

(115,402

)

Total stockholders' deficit

 

 

(149,997

)

 

 

(113,984

)

Total liabilities, convertible preferred stock and stockholders' deficit

 

$

210,383

 

 

$

124,825

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

1


 

Erasca, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

 Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

$

17,598

 

 

$

5,863

 

 

$

29,843

 

 

$

10,417

 

In-process research and development

 

 

5,488

 

 

 

 

 

 

9,168

 

 

 

17,670

 

General and administrative

 

 

5,098

 

 

 

1,421

 

 

 

8,780

 

 

 

3,032

 

Total operating expenses

 

 

28,184

 

 

 

7,284

 

 

 

47,791

 

 

 

31,119

 

Loss from operations

 

 

(28,184

)

 

 

(7,284

)

 

 

(47,791

)

 

 

(31,119

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

31

 

 

 

70

 

 

 

61

 

 

 

255

 

Other expense

 

 

(61

)

 

 

(33

)

 

 

(116

)

 

 

(41

)

Change in fair value of preferred stock purchase right liability

 

 

 

 

 

1,756

 

 

 

1,615

 

 

 

1,756

 

Total other income (expense), net

 

 

(30

)

 

 

1,793

 

 

 

1,560

 

 

 

1,970

 

Net loss

 

$

(28,214

)

 

$

(5,491

)

 

$

(46,231

)

 

$

(29,149

)

Net loss per share, basic and diluted

 

$

(1.20

)

 

$

(0.26

)

 

$

(2.02

)

 

$

(1.41

)

Weighted-average shares of common stock used in computing net loss per share, basic and diluted

 

 

23,546,390

 

 

 

20,834,976

 

 

 

22,893,533

 

 

 

20,733,283

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on investments, net

 

 

(2

)

 

 

8

 

 

 

(3

)

 

 

(14

)

Comprehensive loss

 

$

(28,216

)

 

$

(5,483

)

 

$

(46,234

)

 

$

(29,163

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2


 

Erasca, Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit

Three months ended March 31, 2021 and June 30, 2021

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

69,584,682

 

 

$

221,405

 

 

 

25,189,673

 

 

$

3

 

 

$

1,413

 

 

$

2

 

 

$

(115,402

)

 

$

(113,984

)

Issuance of Series B-2 convertible preferred stock for cash, net of $95 in issuance costs

 

 

15,931,772

 

 

 

119,393

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock in connection with asset acquisition

 

 

 

 

 

 

 

 

500,000

 

 

 

 

 

 

1,680

 

 

 

 

 

 

 

 

 

1,680

 

Exercise of stock options

 

 

 

 

 

 

 

 

439,610

 

 

 

 

 

 

94

 

 

 

 

 

 

 

 

 

94

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

174

 

 

 

 

 

 

 

 

 

174

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

795

 

 

 

 

 

 

 

 

 

795

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,017

)

 

 

(18,017

)

Unrealized loss on investments, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Balance at March 31, 2021

 

 

85,516,454

 

 

$

340,798

 

 

 

26,129,283

 

 

$

3

 

 

$

4,156

 

 

$

1

 

 

$

(133,419

)

 

$

(129,259

)

Issuance of common stock in connection with license agreement

 

 

 

 

 

 

 

 

944,945

 

 

 

 

 

 

5,488

 

 

 

 

 

 

 

 

 

5,488

 

Exercise of stock options

 

 

 

 

 

 

 

 

225,895

 

 

 

 

 

 

180

 

 

 

 

 

 

 

 

 

180

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

174

 

 

 

 

 

 

 

 

 

174

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,636

 

 

 

 

 

 

 

 

 

1,636

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,214

)

 

 

(28,214

)

Unrealized loss on investments, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

Balance at June 30, 2021

 

 

85,516,454

 

 

$

340,798

 

 

 

27,300,123

 

 

$

3

 

 

$

11,634

 

 

$

(1

)

 

$

(161,633

)

 

$

(149,997

)

 

 

3


 

Erasca, Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit

Three months ended March 31, 2020 and June 30, 2020

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

38,103,681

 

 

$

63,403

 

 

 

22,629,158

 

 

$

3

 

 

$

124

 

 

$

11

 

 

$

(13,742

)

 

$

(13,604

)

Exercise of stock options

 

 

 

 

 

 

 

 

729,166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

105

 

 

 

 

 

 

 

 

 

105

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,658

)

 

 

(23,658

)

Unrealized loss on investments, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22

)

 

 

 

 

 

(22

)

Balance at March 31, 2020

 

 

38,103,681

 

 

$

63,403

 

 

 

23,358,324

 

 

$

3

 

 

$

229

 

 

$

(11

)

 

$

(37,400

)

 

$

(37,179

)

Issuance of Series B-1 convertible preferred stock for cash, net of $403 in issuance costs and preferred stock purchase right liability of $7,355

 

 

25,081,001

 

 

 

117,647

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109

 

 

 

 

 

 

 

 

 

109

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,491

)

 

 

(5,491

)

Unrealized gain on investments, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

8

 

Balance at June 30, 2020

 

 

63,184,682

 

 

$

181,050

 

 

 

23,358,324

 

 

$

3

 

 

$

338

 

 

$

(3

)

 

$

(42,891

)

 

$

(42,553

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


 

Erasca, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(46,231

)

 

$

(29,149

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

318

 

 

 

255

 

Stock-based compensation expense

 

 

2,431

 

 

 

214

 

In-process research and development expenses

 

 

9,168

 

 

 

17,670

 

(Accretion) amortization on investments, net

 

 

46

 

 

 

(20

)

Change in fair value of preferred stock purchase right liability

 

 

(1,615

)

 

 

(1,756

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

         Prepaid expenses and other current and long-term assets

 

 

(3,498

)

 

 

(240

)

      Accounts payable

 

 

580

 

 

 

(521

)

      Accrued expenses and other current liabilities

 

 

4,984

 

 

 

1,458

 

      Operating lease assets and liabilities, net

 

 

(82

)

 

 

(26

)

Net cash used in operating activities

 

 

(33,899

)

 

 

(12,115

)

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of investments

 

 

(31,911

)

 

 

(39,970

)

Maturities of investments

 

 

42,910

 

 

 

19,792

 

In-process research and development

 

 

(6,000

)

 

 

(17,670

)

Purchases of property and equipment

 

 

(701

)

 

 

(773

)

Net cash provided by (used in) investing activities

 

 

4,298

 

 

 

(38,621

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from the issuance of convertible preferred stock, net of issuance costs

 

 

119,393

 

 

 

125,002

 

Proceeds from the exercise of stock options, net of repurchases

 

 

1,324

 

 

 

490

 

Net cash provided by financing activities

 

 

120,717

 

 

 

125,492

 

 

 

 

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

 

91,116

 

 

 

74,756

 

Cash, cash equivalents and restricted cash at beginning of the period

 

 

65,688

 

 

 

29,583

 

Cash, cash equivalents and restricted cash at end of the period

 

$

156,804

 

 

$

104,339

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash paid for taxes

 

$

72

 

 

$

51

 

 

 

 

 

 

 

 

Supplemental disclosure of noncash investing and financing activity:

 

 

 

 

 

 

Issuance of common stock in connection with asset acquisition

 

$

1,680

 

 

$

 

Issuance of common stock in connection with license agreement

 </