Equity Profile

ERAS

Erasca, Inc.

Health CareBiotechnology$3.7B

Aug12Wed

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Erasca, Inc. is a biotechnology company focused on developing therapies for cancer treatment....

Key Metrics to Watch

EPS

Earnings per share is a crucial indicator of the company's profitability and can influence investor sentiment.

N/A

Revenue

Revenue growth is essential for assessing the company's ability to scale its operations and fund future development.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

ERAS Q2-2026 Earnings Preview

Context

Company Snapshot

Erasca, Inc. is a biotechnology company focused on developing therapies for cancer treatment. With a market cap of $3 billion, it operates in the health care sector, which is increasingly important as advancements in medical technology continue to evolve.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

-29.90%

Avg Stock Reaction

+1.89%

Last Quarter Recap

In Q1 2026, Erasca reported an EPS of -$0.60, significantly missing expectations. The stock reacted positively the following day, gaining 3.16%.

Management Promises & Guidance

Expectations

Wall Street Expectations

Expectations are mixed ahead of the earnings report, with no analyst estimates available. Investors are keen to see if the company can improve its financial performance.

Bull Case

If Erasca can show a significant reduction in losses and positive developments in its drug pipeline, it could lead to increased investor confidence and stock appreciation.

Bear Case

Conversely, if the company continues to report larger-than-expected losses without clear progress in its R&D efforts, it may lead to a decline in stock value.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the updated guidance on R&D spending for the next quarter?

Investors will be closely watching R&D spending as it indicates the company's commitment to advancing its drug pipeline.

Can the company provide any updates on the progress of its key drug candidates?

Progress on drug candidates is crucial for assessing the potential for future revenue and overall company growth.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be overly focused on the recent EPS miss without considering potential advancements in drug development that could drive future growth.

Supporting Evidence

The options market is pricing in a 54.29% move, indicating expectations of significant volatility.

Erasca has a history of surprising investors positively despite recent losses, with a 63% EPS beat rate.

The company's commitment to R&D spending may not be fully reflected in current valuations.

Key Risk

If the company can demonstrate progress in its drug pipeline, it could significantly alter investor sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers around the company's ability to manage costs while advancing its drug development pipeline.

Bull Confirmed If

A reduction in EPS losses to below -$0.50 would indicate improved operational efficiency.

Bear Confirmed If

If losses exceed -$0.70, it would raise concerns about the company's financial health.

Pre-Earnings Positioning

Options Market

Implied Move

±54.29%

Historical Avg

±5.3%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect high volatility around the earnings announcement.

Options are pricing ±42.1% while ERAS has averaged ±5.3% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.9%

30d HV

215.7%

Calls (25K)P/C Ratio: 0.16Puts (5K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Health Care

n=30

Fade rate: 13 of 27 (48%)

This setup has occurred 30 times across Health Care in the last 2 years. 13 of 27 faded and 14 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 3.9%, with a raw directional average of -1.9% (modestly negative historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Erasca beats expectations and raises guidance, history suggests the stock could see a positive reaction, typically around +3% to +5%.

In-Line / Cautious

If results are in line with expectations but management is cautious, the stock may experience muted movement.

Miss

Should the company miss expectations, history indicates a potential decline of around +7.79%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on the progress of key drug candidates in the pipeline.
2Any changes in R&D spending plans for the upcoming quarter.
3Management's outlook on market conditions affecting the biotech sector.
4Insights into partnerships or collaborations that could enhance product development.
5Details on any upcoming clinical trial results.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Erasca, Inc. is a biotechnology company focused on developing therapies for cancer treatment....

Key Metrics to Watch

EPS

Earnings per share is a crucial indicator of the company's profitability and can influence investor sentiment.

N/A

Revenue

Revenue growth is essential for assessing the company's ability to scale its operations and fund future development.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

ERAS Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

-29.90%

Avg Stock Reaction

+1.89%

Last Quarter Recap

In Q1 2026, Erasca reported an EPS of -$0.60, significantly missing expectations. The stock reacted positively the following day, gaining 3.16%.

Management Promises & Guidance

Expectations

Wall Street Expectations

Expectations are mixed ahead of the earnings report, with no analyst estimates available. Investors are keen to see if the company can improve its financial performance.

Bull Case

If Erasca can show a significant reduction in losses and positive developments in its drug pipeline, it could lead to increased investor confidence and stock appreciation.

Bear Case

Conversely, if the company continues to report larger-than-expected losses without clear progress in its R&D efforts, it may lead to a decline in stock value.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the updated guidance on R&D spending for the next quarter?

Investors will be closely watching R&D spending as it indicates the company's commitment to advancing its drug pipeline.

Can the company provide any updates on the progress of its key drug candidates?

Progress on drug candidates is crucial for assessing the potential for future revenue and overall company growth.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be overly focused on the recent EPS miss without considering potential advancements in drug development that could drive future growth.

Supporting Evidence

The options market is pricing in a 54.29% move, indicating expectations of significant volatility.

Erasca has a history of surprising investors positively despite recent losses, with a 63% EPS beat rate.

The company's commitment to R&D spending may not be fully reflected in current valuations.

Key Risk

If the company can demonstrate progress in its drug pipeline, it could significantly alter investor sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers around the company's ability to manage costs while advancing its drug development pipeline.

Bull Confirmed If

A reduction in EPS losses to below -$0.50 would indicate improved operational efficiency.

Bear Confirmed If

If losses exceed -$0.70, it would raise concerns about the company's financial health.

Pre-Earnings Positioning

Options Market

Implied Move

±54.29%

Historical Avg

±5.3%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect high volatility around the earnings announcement.

Options are pricing ±42.1% while ERAS has averaged ±5.3% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.9%

30d HV

215.7%

Calls (25K)P/C Ratio: 0.16Puts (5K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Health Care

n=30

Fade rate: 13 of 27 (48%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Erasca beats expectations and raises guidance, history suggests the stock could see a positive reaction, typically around +3% to +5%.

In-Line / Cautious

If results are in line with expectations but management is cautious, the stock may experience muted movement.

Miss

Should the company miss expectations, history indicates a potential decline of around +7.79%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on the progress of key drug candidates in the pipeline.
2Any changes in R&D spending plans for the upcoming quarter.
3Management's outlook on market conditions affecting the biotech sector.
4Insights into partnerships or collaborations that could enhance product development.
5Details on any upcoming clinical trial results.