On March 12, 2026 Erasca, Inc. (Nasdaq: ERAS), a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, reported business updates and announced financial results for the fiscal quarter and full year ended December 31, 2025.

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"Our RAS-targeting franchise continues to advance rapidly in the clinic, reflecting our strong operational execution and high investigator and patient enthusiasm," said Jonathan E. Lim, M.D., Erasca’s chairman, CEO, and co-founder. "Importantly, the best-in-class potential of our pan-RAS molecular glue ERAS-0015 was underscored by ongoing partial responses at a low dose of 8 mg QD across multiple tumor types and RAS mutations, together with favorable safety and pharmacokinetics (PK) data, as of the data cutoff*. This clinical progress and the successful upsized public offering heighten excitement in our RAS-targeting franchise and strengthen our financial position as we further advance clinical development."

Dr. Lim continued, "In 2026, we expect additional Phase 1 data for ERAS-0015 in the first half of the year, as well as initial data for our pan-KRAS inhibitor ERAS-4001 in the second half of the year. Our focus continues to be on streamlined execution across our clinical programs, and with our recent capital infusion, we believe that we are strongly positioned to drive our RAS-targeting franchise for the benefit of patients."

Research and Development (R&D) Highlights

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Announced Promising Early Clinical Data for ERAS-0015: In January 2026, Erasca announced promising early clinical activity for ERAS-0015 during dose escalation, including confirmed partial responses in multiple tumor types with different RAS mutations, favorable safety and tolerability data, with no dose-limiting toxicities and predominantly low-grade adverse events and encouraging safety and well-behaved, linear PK.*

* Data cutoff date was January 7, 2026

Corporate Highlights

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Expanded License Agreement Territory for ERAS-0015: In March 2026, Erasca announced the expansion of its existing licensing agreement with Joyo Pharmatech Co., Ltd. (Joyo) to include China, Hong Kong, and Macau, providing Erasca with worldwide rights to its potential best-in-class pan-RAS molecular glue ERAS-0015.

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Completed Upsized Financing: In January 2026, Erasca completed a successful upsized public offering, raising approximately $258.8 million in gross proceeds. The transaction, supported by new and existing healthcare-focused investors, significantly strengthened Erasca’s balance sheet.

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Composition of Matter Patents Issued in the U.S. for RAS-Targeting Franchise: Erasca announced that the U.S. Patent and Trademark Office issued patents for its RAS-Targeting Franchise
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U.S. patent No. 12,552,813 titled "Heterocyclic Substituted Pyrimidopyran Compound And Use Thereof," was issued in February 2026, which protects the composition of matter of ERAS-4001 and related compositions until June 2043, which period may be subject to patent term adjustments or extensions
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U.S. patent No. 12,458,647 titled "Macrocyclic Derivative And Use Thereof," was issued in October 2025, which protects the composition of matter of ERAS-0015 and related compositions until September 2043, which period may be subject to patent term adjustments or extensions

Key Upcoming Milestones

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AURORAS-1 and JYP0015M101**:Phase 1 trials for ERAS-0015 (pan-RAS molecular glue) in patients with RAS-mutant solid tumors in the US and China, respectively
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Phase 1 monotherapy data from both the US and China expected in the first half of 2026
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Initiation of AURORAS-1 monotherapy expansion cohorts and combination dose escalation cohort planned for the second half of 2026
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AURORAS-1 monotherapy expansion data and combination dose escalation data planned for 2027
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BOREALIS-1:Phase 1 trial for ERAS-4001 (pan-KRAS inhibitor) in patients with KRAS-mutant solid tumors
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Phase 1 monotherapy data expected in the second half of 2026
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Initiation of monotherapy expansion cohorts and combination dose escalation cohorts planned for 2027

** JYP0015M101 is a clinical trial in China sponsored by Joyo that is assessing ERAS-0015 in adult patients with advanced solid tumors harboring specific RAS mutations.

Fourth Quarter and Full Year 2025 Financial Results

Cash Position: Cash, cash equivalents, and marketable securities were $341.8 million as of December 31, 2025, compared to $440.5 million as of December 31, 2024. Erasca expects its current cash, cash equivalents, and marketable securities (inclusive of the net proceeds received from the January 2026 underwritten offering and net of the payment to Joyo in connection with the exercise of the option to obtain worldwide rights) to fund operations into the second half of 2028.

Research and Development (R&D) Expenses: R&D expenses were $23.2 million for the quarter ended December 31, 2025, compared to $26.1 million for the quarter ended December 31, 2024. The decrease was primarily driven by decreases in expenses incurred in connection with clinical trials, preclinical studies, discovery activities, outsourced services, and consulting fees. R&D expenses were $92.9 million for the full year ended December 31, 2025, compared to $115.4 million for the full year ended December 31, 2024. Erasca also recorded $9.5 million of in-process R&D expense during the year ended December 31, 2025 for the achievement of milestones under Erasca’s ERAS-0015 and ERAS-4001 license agreements and $22.5 million of in-process R&D expense during the year ended December 31, 2024 for upfront payments under Erasca’s ERAS-0015 and ERAS-4001 license agreements.

General and Administrative (G&A) Expenses: G&A expenses were $9.4 million for the quarter ended December 31, 2025, compared to $9.6 million for the quarter ended December 31, 2024. The decrease was primarily driven by a decrease in legal fees. G&A expenses were $38.6 million for the full year ended December 31, 2025, compared to $41.7 million for the full year ended December 31, 2024.

Net Loss: Net loss was $29.1 million, or $(0.10) per basic and diluted share, for the quarter ended December 31, 2025, compared to $32.2 million, or $(0.11) per basic and diluted share, for the quarter ended December 31, 2024. For the full year ended December 31, 2025, Erasca reported a net loss of $124.5 million, or $(0.44) per basic and diluted share, compared to a net loss of $161.7 million, or $(0.69) per basic and diluted share, for the full year ended December 31, 2024.

(Press release, Erasca, MAR 12, 2026, View Source [SID1234663496])

On March 12, 2026 Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, reported a business update and announced financial results for the fourth quarter and year ended December 31, 2025.

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"We believe the recent cohort 4 data from our Phase 1 atopic dermatitis trial demonstrate that soquelitinib has the potential to be an important new medicine for a broad range of patients with atopic dermatitis and other immune diseases," said Richard A. Miller, M.D., co-founder, president and chief executive officer of Corvus. "The data also highlight the unique mechanism of action with ITK inhibition, regulating multiple T cell functional pathways that leads to an immune system resetting that may be effective in treating many diseases. Our near-term focus is the ongoing enrollment of our registration Phase 3 peripheral T cell lymphoma (PTCL) trial, getting off to a strong start with our recently initiated Phase 2 atopic dermatitis trial, and reporting additional data from the Phase 1 trial at the Society of Investigative Dermatology (SID) meeting. We are also advancing our plans to initiate two additional Phase 2 trials in asthma and hidradenitis suppurativa later this year. Our recent financing will enable us to advance all of these programs through key data readouts, providing significant opportunity to further demonstrate the value of soquelitinib’s pipeline-in-a-product potential."

Business Update and Strategy

Soquelitinib (Corvus’ selective ITK inhibitor) for Immune Diseases

On January 20, 2026, Corvus reported data from cohort 4 of the randomized, blinded, placebo-controlled Phase 1 trial evaluating soquelitinib in patients with moderate-to-severe atopic dermatitis (data as of January 15, 2026). Cohort 4 data demonstrated positive safety and efficacy results, including additional clinical benefit observed following longer 8-week treatment.
Efficacy highlights:
75% of soquelitinib patients in cohort 4 achieved EASI 75, 25% achieved EASI 90 and 33% achieved IGA 0/1. This compares to 20%, 0% and 0%, respectively, for the placebo group.
Across cohorts 1-4 of the Phase 1 trial, positive efficacy results were achieved in patients who have received prior systemic therapy, including patients who are treatment resistant to approved therapies such as dupilumab and JAK inhibitors.
New long-term data for cohort 3 show maintenance or improvement in EASI out to three months beyond the treatment period associated with an increase of circulating Treg cells.
Safety highlights:
No new safety signals were observed. No severe or serious adverse events were reported. No significant lab abnormalities were seen.
Soquelitinib has now been administered to over 150 patients with T cell lymphoma, autoimmune lymphoproliferative syndrome and atopic dermatitis involving over 14,000 patient treatment days. No patient has required dose modification or treatment related drug discontinuation in any of these clinical trials.
Corvus initiated its Phase 2 randomized placebo-controlled atopic dermatitis clinical trial during Q1 2026. The trial is anticipated to enroll approximately 200 patients with moderate-to-severe atopic dermatitis that have failed at least one prior topical or systemic therapy. This includes four cohorts of 50 patients each, with soquelitinib doses of 200 mg once per day, 200 mg twice per day and 400 mg once per day, along with a placebo group. The treatment period is 12 weeks with a 90-day follow-up period with no treatment.
Angel Pharmaceuticals, Corvus’ partner in China, is enrolling a Phase 1b/2 clinical trial evaluating soquelitinib in patients with moderate-to-severe atopic dermatitis. This is a blinded, placebo-controlled trial that is planned to evaluate a 12-week treatment regimen in 48 patients utilizing soquelitinib doses of 100 mg twice per day, 200 mg once per day, 200 mg twice per day and 400 mg once per day. The patient eligibility and endpoints are similar to those used previously by Corvus. Depending on the results from the Phase 1b portion of the study, an additional 60-90 patients will be enrolled in the Phase 2 portion of the study. The trial is open at several leading dermatology centers in China who have been involved in global registration trials. The study is conducted in close collaboration with Corvus. Results from the initial cohorts are anticipated late this year.
Corvus also continues to advance its next-generation ITK inhibitor preclinical product candidates, which are designed to deliver precise T-cell modulation that is designed for specific immunology and oncology indications.
Collaboration with National Institute of Allergy and Infectious Diseases (NIAID)

Patient enrollment continues in the Autoimmune Lymphoproliferative Syndrome (ALPS) Phase 2 clinical trial, which is being conducted under a clinical research and development agreement with NIAID. The Phase 2 clinical trial (NCT06730126) is anticipated to enroll up to 30 patients aged 16 or older with confirmed ALPS based on genetic testing.
Soquelitinib for T Cell Lymphoma

Corvus continues to enroll patients in a registrational Phase 3 clinical trial of soquelitinib in patients with relapsed/refractory PTCL at multiple clinical sites. This randomized controlled trial is anticipated to enroll a total of 150 patients with relapsed/refractory PTCL and is evaluating soquelitinib versus physicians’ choice of either belinostat or pralatrexate chemotherapies. The primary endpoint of the trial is progression free survival. There are no FDA fully approved agents for the treatment of relapsed/refractory PTCL, and the FDA has granted soquelitinib Orphan Drug Designation for the treatment of T cell lymphoma and Fast Track designation for treatment of adult patients with relapsed or refractory PTCL after at least two lines of systemic therapy.
In December, Corvus presented the final data from the Company’s Phase 1/1b clinical trial evaluating soquelitinib in patients with T cell lymphoma in an oral presentation at the 67th American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting and Exposition. The data showed that patients in the 200 mg BID cohort had median progression free survival of 6.2 months and median overall survival of 28.1 months, comparing favorably to results with other therapies. The data support Corvus’ ongoing registration Phase 3 trial in relapsed/refractory PTCL and soquelitinib’s potential in immune and inflammatory diseases, including atopic dermatitis. Soquelitinib has been well tolerated with no patient requiring dose modification or discontinuation of the drug. Some of these patients have been on therapy for over 2 years. Over 30 lymphoma patients had Epstein Barr Virus (EBV) detected in blood at baseline prior to soquelitinib administration. No patient, including those with EBV at baseline, experienced viral reactivation or associated illness.
Financial Results
As of December 31, 2025, Corvus had cash, cash equivalents and marketable securities of $56.8 million as compared to $52.0 million as of December 31, 2024. Cash, cash equivalents and marketable securities as of December 31, 2025 does not include approximately $189.4 million in net proceeds received in a financing completed on January 23, 2026. Based on its current plans, Corvus expects its cash to fund operations into the second quarter of 2028.

Research and development expenses for the three months and year ended December 31, 2025 totaled $9.9 million and $33.7 million, respectively, compared to $6.0 million and $19.4 million for the same periods in 2024. The increase in research and development expenses of $3.9 million and $14.3 million for the three months and year ended December 31, 2025, respectively, was primarily due to higher clinical trial and manufacturing costs associated with the development of soquelitinib as well as an increase in personnel related costs.

Net loss for the three months ended December 31, 2025 was $12.3 million compared to a net loss of $12.1 million for the same period in 2024. Included in net loss for the three months ended December 31, 2025 and 2024 were non-cash losses of $0.7 million and $2.2 million, respectively, from Corvus’ equity method investment in Angel Pharmaceuticals and a non-cash loss of $2.3 million in the three months ended December 31, 2024 associated with a change in fair value of the Company’s warrant liability. Total stock compensation expense for the three months ended December 31, 2025 was $1.6 million compared to $0.8 million for the same period in 2024.

Conference Call Details
Corvus will host a conference call and webcast today, Thursday, March 12, 2026, at 4:30 p.m. ET (1:30 p.m. PT), during which time management will provide a business update and discuss the fourth quarter and full year 2025 financial results. The conference call can be accessed by dialing 1-800-717-1738 (toll-free domestic) or 1-646-307-1865 (international) or by clicking on this link for instant telephone access to the event. The live webcast may be accessed via the investor relations section of the Corvus website. A replay of the webcast will be available on Corvus’ website for 90 days.

(Press release, Corvus Pharmaceuticals, MAR 12, 2026, View Source [SID1234663495])

On March 12, 2026 Pamplona Therapeutics and Coherent Biopharma reported a strategic collaboration to combine Pamplona’s AI-driven targeted protein degradation (TPD) molecular design capabilities with Coherent’s dual-target conjugation technologies, Bi-XDC and C-PROTAC.

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Through this partnership, the two companies will jointly explore a new class of degrader–conjugate therapeutics, integrating precision degrader design with advanced targeted delivery technologies. The collaboration aims to expand the therapeutic potential of targeted protein degradation, particularly in chronic diseases and other areas with significant unmet medical needs.

"We are excited to initiate this collaboration with Pamplona and Dr. Liu’s team. Our Bi-XDC technology platform is designed to address key limitations in drug delivery and conventional antibody-drug conjugates. By combining our delivery capabilities with Pamplona’s AI-driven degrader design, we believe this partnership can unlock new opportunities for innovative therapeutics."

Dr. Jinsong Liu, CEO of Pamplona Therapeutics, commented:

"Pamplona’s first First-in-Class molecule received FDA clearance for clinical investigation within three years, validating the engineering capability of our ASTRIDE platform in the TPD field. This collaboration brings together AI-enabled molecular design and next-generation delivery technologies, enabling us to accelerate the development of degrader–conjugate therapeutics and expand the boundaries of targeted protein degradation."

By integrating AI-powered degrader discovery with precision tissue/cell-targeting Bi-XDC delivery technologies, the collaboration seeks to enhance both the efficacy and targeting capabilities of protein degradation therapeutics. The combined approach aims to enable more effective elimination of disease-driving proteins while improving tissue targeting and pharmacological performance.

(Press release, Pamplona Therapeutics, MAR 12, 2026, View Source [SID1234663494])

On March 12, 2026 Circle Pharma, Inc., a clinical-stage biopharmaceutical company pioneering next-generation targeted macrocycle therapeutics for cancer, reported publication of research in the Journal of Medicinal Chemistry titled, "Orally Bioavailable Cyclin A/B RxL Inhibitors: Optimization of a Novel Class of Macrocyclic Peptides That Target E2F-High and G1-S-Checkpoint-Compromised Cancers." The paper is included in the journal’s special issue on Peptide Therapeutics.

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The publication builds on the company’s August 2025 Journal of Medicinal Chemistry paper titled, "Discovery of Cell-Permeable Macrocyclic Cyclin A/B RxL Inhibitors that Demonstrate Antitumor Activity," which described the first cell-permeable macrocyclic cyclin A/B RxL inhibitors and provided initial in vivo proof-of-concept efficacy.

"This publication demonstrates the capability of our MXMO macrocycle platform to bring forward orally bioavailable macrocycles against therapeutic targets that have been refractory to small molecule chemistry," said James Aggen, Ph.D., vice president of medicinal chemistry at Circle Pharma. "Our earlier work established that the cyclin A/B hydrophobic patch was druggable with macrocycles. This new research demonstrates these molecules can be delivered orally with compelling in vivo activity."

Cyclins A and B regulate cell cycle progression by recruiting substrates through an RxL-mediated interaction. In cancers characterized by RB1 loss or elevated E2F activity – including nearly all small-cell lung cancers – this pathway becomes dysregulated, driving uncontrolled tumor growth. Rather than inhibiting CDK catalytic activity, Circle Pharma’s approach disrupts the protein-protein interactions between cyclins A and B and their RxL-containing substrates, selectively killing E2F-high tumor cells.

CID-078, Circle Pharma’s oral cyclin A/B RxL inhibitor is currently being evaluated in a multi-center Phase 1 clinical trial in patients with advanced solid tumors (NCT06577987).

(Press release, Circle Pharma, MAR 12, 2026, View Source [SID1234663493])

On March 12, 2026 Champions Oncology, Inc. (Nasdaq: CSBR), a leading translational oncology research organization, reported its financial results for its third quarter of fiscal 2026, ended January 31, 2026.

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Third Quarter and Recent Highlights:

•Record study service revenue of $16.6 million, up approximately 32% year over year
•Total revenue of $16.6 million, compared to $17.0 million in the prior-year period
•Adjusted EBITDA of $574,000; GAAP loss from operations of approximately $276,000

The Company’s third quarter reflected record service revenue driven by strong study execution and the conversion of previously booked work. As is typical in the Company’s business, quarterly revenue can fluctuate depending on study timing and completion milestones. The strong third quarter reflects, in part, the conversion of backlog that had been delayed earlier in the year and may normalize somewhat in the near term before continuing to grow as bookings expand.

Robert Brainin, CEO of Champions, commented, "We delivered strong operational performance in the third quarter, including another quarter of record study services revenue and our third consecutive quarter of positive adjusted EBITDA. While quarterly results can fluctuate in our business, we remain on track for annual growth and full-year positive adjusted EBIDTA while continuing to invest in our data platform and discovery therapeutics initiatives. We are also encouraged by the early momentum we are beginning to see in our data business and remain confident that our differentiated tumor bank, expanding capabilities, and growing customer engagement position Champions well for long-term growth."

David Miller, CFO of Champions, added, "Study service revenue grew 32% year over year, benefiting in part from the conversion of previously booked work during the quarter. Total revenue declined modestly compared to the prior-year period due to the absence of the $4.5 million data license transaction recognized in the third quarter of last year."

"Cost of sales during the quarter included more than $2 million of outsourced radiolabeling work. As this work transitions in-house over time, we expect these costs to decline and margins to improve. We also continue to invest in both our commercial organization and our data platform capabilities to expand our pipeline of opportunities and support future growth."

Third Fiscal Quarter Financial Results

Total oncology revenue for the third quarter of fiscal 2026 was $16.6 million compared to $17.0 million for the same period last year, a decrease of 2.8%. The decline was primarily attributable to the absence of the $4.5 million data license revenue recognized in the third quarter of fiscal 2025. Excluding data, revenue increased 32% reflecting strong study execution and the conversion of bookings from earlier quarters into revenue during the third quarter.

Total costs and operating expenses for the third quarter of fiscal 2026 were $16.8 million compared to $12.5 million for the third quarter of fiscal 2025, an increase of $4.3 million or 34.3%.

For the third quarter of fiscal 2026, Champions reported a net loss of $279,000, including $423,000 in stock-based compensation, $341,000 in depreciation and amortization expenses, and a loss on equipment sale and disposal of $89,000 . This compares to net income of $4.5 million in the third quarter of fiscal 2025, which included $256,000 in stock-based compensation and $398,000 in depreciation and amortization expenses. Adjusted EBITDA, which is defined as net income excluding stock-based compensation, depreciation and amortization expenses, and a loss on the sale and / or disposal of lab equipment was $574,000 for the third quarter of fiscal 2026 compared to adjusted EBITDA of $5.1 million in the third quarter of fiscal 2025.

Cost of oncology revenue was $8.8 million, for the three months ended January 31, 2026, an increase of $2.2 million, or 33.5%, compared to $6.6 million in the same quarter of fiscal 2025. The increase was primarily driven by higher outsourced lab service costs. As the Company transitions more of this work in-house, management expects margins to improve. Oncology services margin for the quarter was 47%, compared to 61% for three months ended January 31, 2025. The margin decline reflects outsourced radiolabeling work as well as the contribution of high-margin data revenue recognized in the prior-year period. Oncology services margin and profit are defined below in our Non-GAAP financial information discussion.

Research and development expense for the three months ended January 31, 2026 was $2.3 million, an increase of $552,000 or 32.1%, compared to $1.7 million for the three months ended January 31, 2025. The increase reflected greater investment in sequencing and related activities to advance the Company’s data licensing platform. Sales and marketing expense for the quarter was $2.7 million, an increase of $860,000, or 47.6%, compared to $1.8 million in the prior year period, driven primarily by higher compensation expense to support the growth of both the data and commercial businesses. General and administrative expense for the three months ended January 31, 2026 was $3.0 million, an increase of $0.6 million, or 24.1%, compared to $2.4 million for the three months ended January 31, 2025. The increase was primarily due to higher compensation expense, including stock-based compensation, and increased IT-related costs.Net cash used in operating activities was approximately $1.4 million for the three months ended January 31, 2026, primarily driven by an increase in accounts receivable and a decline in deferred revenue partially offset by an increase in accounts payable. Net cash used in financing and investing activities totaled approximately $30,000, reflecting purchases of lab and computer equipment, repayment of financing leases, and a stock options exercise.

The Company ended the quarter with cash on hand of approximately $7.1 million and no debt.

Year-to-date Financial Results

Total revenue for the nine months ending January 31, 2026 was $45.6 million, compared to $44.6 million for the same period last year, an increase of 2.2%. Total costs and operating expenses for the nine months ending January 31, 2026 were $46.2 million, compared to $38.0 million for the nine months ending January 31, 2025, an increase of $8.2 million, or 21.5%.

For the nine months ending January 31, 2026, Champions reported a net loss of $508,000, including $880,000 in stock-based compensation, $1.1 million in depreciation and amortization expenses, and a loss on the sales and disposal of equipment of $110,000. This compares to net income of $6.6 million in the nine months ending January 31, 2025, which included $523,000 in stock-based compensation and $1.2 million in depreciation and amortization expenses. Excluding stock-based compensation, depreciation and amortization, and an equipment disposal and sale losses, adjusted EBITDA was $1.5 million for the nine months ending January 31, 2026, compared to $8.3 million in the nine months ending January 31, 2025.

Cost of oncology services was $24.1 million for the nine months ended January 31, 2026, an increase of $3.0 million, or 14.1%, compared to $21.1 million for the same period in 2025. The increase was primarily driven from higher mice costs and outsourced lab services. Oncology services margin for current year period was 47% compared to 52.6% for the prior year period.

Research and development expense for the nine months ended January 31, 2026 was $7.0 million, an increase of $2.1 million, or 43.3%, compared to $4.9 million for the same period in 2025. The increase was primarily driven by greater investment in sequencing and related costs to support the development of our data platform, as well as an increase in investment in Corellia. Sales and marketing expense for the nine months ended January 31, 2026 was $6.5 million, an increase of $1.3 million, or 24.5%, compared to the prior-year period. General and administrative expense was $8.5 million, an increase of $1.7 million, or 25.0%, compared to $6.8 million for the nine months ended January 31, 2025.

Conference Call Information:
The Company will host a conference call today at 4:30 p.m. EDT (1:30 p.m. PDT) to discuss its third quarter financial results. To participate in the call, please call 888-506-0062 (Domestic) or 973-528-0011 (International) and enter the access code 957548, or provide the verbal reference "Champions Oncology".
Full details of the Company’s financial results will be available on or before March 16, 2026 in the Company’s Form 10-Q at www.championsoncology.com.

(Press release, Champions Oncology, MAR 12, 2026, View Source [SID1234663492])