Erasca, Inc. (ERAS) Investigation

Precision oncology company Erasca’s ERAS-0015 is the company’s investigational, oral, potentially “best-in-class” pan-RAS molecular glue under development to treat RAS-mutant solid tumors, including pancreatic ductal adenocarcinoma.

In the recent past, Erasca has favorably compared the equivalence of its ERAS-0015 40 milligram dose cohort to RevMed’s RMC-6236 400 milligram dose cohort. In addition, as recently as March 12, 2026, Erasca assured investors of its ERAS-0015 intellectual property protection, and touted that its ERAS-0015 has “in-licensed one patent family from Joyo” that “includes one issued US patent, one pending US non-provisional patent application, one issued foreign patent, and thirteen pending foreign applications.”

The company’s assurances came into question on April 27, 2026. That day, Erasca disclosed that it received a letter from RevMed’s legal counsel challenging the validity of Erasca’s intellectual property claims.

In particular, RevMed claimed that “a third party misappropriated” RevMed’s trade secrets in connection with ERAS-0015, Erasca’s claims that ERAS-0015 is “substantially equivalent” to RevMed’s RMC-6236 infringes on RevMed’s patent, and that Erasca “improperly compared preclinical data of ERAS-0015 and RMC-6236 in public disclosures.” RevMed demanded that Erasca immediately cease its “sale, selling, and importation of ERAS-0015 in the United States” for most purposes and from making any “deceptive and untrue comparative statements comparing ERAS-0015 and RMC-6236.”

The market swiftly reacted, sending the price of Erasca shares down $9.25 (-48%) the next day. The move wiped out over $2.8 billion of Erasca’s market capitalization in a single day.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the ERAS investigation about?

We are investigating whether Erasca may have intentionally misled investors about a potential moat in its particular highly competitive cancer treatment space.

WHAT SHOULD I DO?

I worked at ERAS. What should I do?

If you were an employee of ERAS, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in ERAS, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any ERAS investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.