Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Erasca, Inc. (ERAS)
A forensic read on Erasca, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
2
Forensic signals
-77.0%
ROE
$5.0B
Market cap
Erasca, Inc. earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-38%Return on invested capital. Return on invested capital is -38% and rising from -107% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+44.1%/yrShare-count dilution. Diluted share count changed +132% over the last 3 years to FY2025 (+44.1%/yr). The count is GROWING — existing holders are being diluted. That's ~44.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~132%.
Key fundamentals
Free Cash Flow$-95.6M
Return on Equity-38.3%
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🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.