ERASErasca, Inc.

Pharmaceutical Preparations

Revenue: —
Operating margin: —
EBITDA: −$138M; 22% YoY
Market cap: $4.5B
Employees: 103
Net debt / EBITDA: —
AI in 10-K: 2.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Operating income	−$125M	−$247M	−$142M	−$180M	−$141M	22%
Net income	−$123M	−$243M	−$125M	−$162M	−$125M	23%
Operating cash flow	−$80M	−$103M	−$101M	−$109M	−$95M	13%
Capex	$11M	$15M	$2M	$60K	$128K	113%
Stock-based comp	$8M	$20M	$26M	$27M	$25M	7.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 30, 2024	Cormorant Asset Management, LP	SC 13D/A	0.0%	Active
Dec 21, 2022	Cormorant Asset Management, LP	SC 13D/A	7.2%	Active
Aug 10, 2021	Cormorant Asset Management, LP	SC 13D/A	2.3%	Active
Jul 30, 2021	Cormorant Asset Management, LP	SC 13D	16.8%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 3
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.