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Erasca Advances KRAS PDAC Data; Upsizes Offering to Fund Pipeline
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Positive Phase 1 signals and a sizable financing rally sentiment; however, dilution could constrain gains.
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ERAS reported encouraging Phase 1 data from AURORAS-1 showing 57% unconfirmed ORR at eight weeks in KRAS G12X pancreatic cancer at 32 mg, with most responses ongoing. The company also upsized its public offering to raise about $550 million to support R&D and late-stage trials. Pipeline milestones include registration-enabling NSCLC in 1H 2027 and Phase 3 PDAC in 2027, potentially creating substantial value if executed.
- AURORAS-1: 57% ORR at eight weeks in KRAS G12X PDAC (32 mg).
- Erasca upsized offering: 31.4M shares at $17.50; gross ~$550M.
- Proceeds fund R&D, pipeline, working capital, and general corporate purposes.
- Timeline: NSCLC 2L+ registration trial in 1H 2027; PDAC Phase 3 in 2027.
- Safety: no DLTs; median dose intensity 100% at 24/32 mg.
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