Erasca, Inc. (ERAS) Shares Crater 48%, Wiping Out $2.8 Billion of Market Cap; HBSS Investigating Intellectual Property Questions Regarding Lead Asset

Erasca's stock cratered after Revolution Medicines challenged the IP surrounding its lead asset ERAS-0015. On April 28, 2026, Erasca shares dropped $9.25, or 48%, wiping out more than $2.8 billion in market capitalization. The move followed RevMed’s claims about the validity of Erasca’s IP and questions over public comparisons of preclinical data. Hagens Berman has since opened an investigation into whether Erasca misled investors about the moat around ERAS-0015. ERAS-0015 is an oral pan-RAS molecular glue aimed at treating RAS-mutant solid tumors, including pancreatic ductal adenocarcinoma, and Erasca previously cited IP protection including a patent family licensed from Joyo. RevMed’s letter, dated April 27, 2026, alleges misappropriation of trade secrets and improper comparisons.