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Disclaimer: Forward Looking Statements & Market Data We caution you
that this presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding the anticipated naporafenib licensing transaction and when and
whether such transaction will close, our future results of operations and financial position, business strategy, research and development plans, the anticipated timing, costs, design and conduct of our ongoing and planned preclinical studies and
clinical trials for our product candidates, the potential benefits from our current or future arrangements with third parties, including without limitation the anticipated naporafenib license agreement, the timing and likelihood of success of our
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us that any of our plans will be achieved. Actual results may differ from those set forth in this presentation due to the risks and uncertainties inherent in our business, including, without limitation: our approach to the discovery and development
of product candidates based on our singular focus on shutting down the RAS/MAPK pathway, a novel and unproven approach; we are early in our development efforts and have only three product candidates in early clinical development and all of our other
development efforts are in the preclinical or development stage; the retrospective analysis of pooled clinical data for ERAS-007 and ERAS-601 covers multiple clinical trials with different designs, inclusion criteria, and dosing regimens, which
cannot be directly compared, and therefore may not be a reliable indicator of efficacy and safety data; interim results of clinical trials are not necessarily indicative of final results and one or more of the clinical outcomes may materially change
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high degree of uncertainty and risk. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. 2
Erasca is accelerating its leadership in the RAS/MAPK pathway through 1
in-licensing of exclusive worldwide rights to naporafenib (LXH254; pan-RAFi) Naporafenib is a Phase 2, pivotal-ready pan-RAF inhibitor with a potential first-in-class and Bolsters best-in-class profile in NRASm melanoma & other
RAS/MAPK-driven tumors pipeline with late- 500+ patients treated with naporafenib establishing safety, tolerability and preliminary POC in stage asset both monotherapy and combinations Broad development strategy for naporafenib could
address up to ~3.5m patients WW, significantly Expands expanding Erasca's total addressable patient population addressable Opportunities for multiple combination approaches (esp. with MEKi or ERKi) in many tumor types patients and
populations with poor prognosis and high unmet medical need (e.g., NRASm melanoma) Naporafenib targets BRAF and CRAF node critical to driving downstream RAS/MAPK pathway signaling in a broad range of RAS mutant cancers Complements
Erasca's portfolio Synergistic with Erasca's industry leading portfolio shutting down every node of the RAS/MAPK pathway Erasca's planned SEACRAFT trials are enabled by naporafenib's broad development
opportunities in combination with other targeted therapies Accelerates path Prioritizing rapid development for naporafenib + trametinib in RAS Q61X tissue agnostic tumors to market (Phase 2 SEACRAFT-1) and NRASm melanoma (Phase 3 SEACRAFT-2)
Commercial process and formulation have been developed and successfully manufactured at scale 1 For commercial and portfolio prioritization reasons, Novartis is out-licensing this program and ran a competitive process with multiple bidders
for a worldwide license 3
Pro forma with naporafenib Our name is our mission: to erase cancer 1
Vision to one day erase cancer in at least 100,000 patients annually as a leading global oncology company Experienced leadership team and SAB with track record of serial successes Founded by Jonathan Lim, MD & Kevan Shokat, PhD around
disruptive idea to target RAS World class scientific advisory board of leading pioneers in RAS/MAPK pathway Team with deep experience in efficient planning and execution of global clinical trials Industry leading portfolio focused on
shutting down the RAS/MAPK pathway Naporafenib pan-RAFi with first-in-class potential for NRASm & other MAPK tumors ERAS-007 ERKi & ERAS-601 SHP2i with best-in-class potential for MAPK tumors ERAS-3490, CNS-penetrant
KRAS G12Ci with best-in-class potential in NSCLC ERAS-801, CNS-penetrant EGFRi with first-in-class potential for EGFR-driven rGBM Strong financial position with high quality investor base and industry visibility 2 ~$365M in cash,
cash equivalents, and short-term marketable securities One of Fierce Biotech's 2021 "Fierce 15" most promising biotechnology companies CNS = central nervous system 1 Number of patients alive and free of cancer or free from
cancer progression 2-yrs after starting an Erasca regimen, as measured by disease-free survival (adjuvant setting) and progression-free survival (metastatic setting) 2 Unaudited, as of September 30, 2022 4
Relevant RASm's recut for naporafenib ~5.5m lives at stake
annually worldwide with RAS/MAPK pathway alterations Naporafenib's broad development strategy significantly expands our addressable patient populations New cases estimated worldwide per annum (thousands; numbers may not add up due to rounding)
Other solid Alterations GBM HNSCC NSCLC CRC Melanoma PDAC AML US EU ROW Global tumors EGFR*/FLT3 125 513 184 338 - - - 61 82 222 917 1,220 NF1 25 58 98 34 33 1.9 434 3.2 75 159 453 687 KRAS G12C - 2.8 240 57 - 5.1 45 0.1 36 82 232 350 KRAS G12D 0.2
4.7 68 238 0.5 178 201 1.3 65 171 456 692 N/H/KRAS Q61X 0.4 23 35 80 69 32 155 4.1 51 106 242 399 H/N/KRAS G13R - 9.4 5.9 5.5 2.1 - 14 0.5 3.6 8.1 26 37 Other K/N/HRAS 0.6 31 162 452 4.4 211 331 13 112 291 800 1,203 BRAF V600E/K 2.0 1.9 23 180 93
1.4 158 0.4 63 127 271 461 BRAF Class 2 0.4 3.8 18 6.9 5.3 0.5 57 - 11 23 58 92 BRAF Class 3 0.1 0.9 12 17 2.5 - 29 0.2 6.1 15 40 61 Other BRAF - - 3.9 - 1.9 0.3 0.5 - 0.7 1.0 4.9 6.6 MEK 0.2 1.9 12 8.8 4.6 0.2 22 - 5.2 11 33 50 Co-occurring
activating MAPK 1.4 10 62 59 37 7.1 84 3.0 33 69 162 264 pathway alterations** US 12 29 93 114 77 51 153 11 542 EU 34 76 194 398 116 124 324 18 1,285 Rest of World 109 555 635 964 60 264 1,053 57 3,696 Global 155 660 923 1,476 253 438 1,530 86 5,522
Blue ocean opportunities Red ocean opportunities * Post-Osimertinib resistant population shown for EGFRm NSCLC except for SCLC transformation ** Co-occurring activating MAPK pathway alterations exclude EGFR overexpression Source: SEER database
(2020), ECIS database (2020), GLOBOCAN database (2020), The AACR Project GENIE Consortium version 8.1 (2020), TCGA Research Network: https://www.cancer.gov/tcga, Tyner JW et al. (2018) PMID: 30333627, Brenner CW et al (2013) PMID: 24120142, Chen J
et al. (2020) PMID: 32015526, and Ostrom QT, et al. (2020) PMID: 33123732 5
Erasca's SEACRAFT trials to address naporafenib's Blue Ocean
opportunities In any nautical journey, seacraft are needed to traverse the vast blue ocean not just in their capacity as seagoing ships, but also for their important second meaning: skill in navigation. Erasca is navigating the "blue
ocean" of unmet medical needs using next generation sequencing and other techniques to identify RAS/MAPK pathway-altered tumors that can be treated with naporafenib, a potent, selective, orally bioavailable pan-RAF inhibitor, in combination
with other targeted therapies. 1. SEACRAFT-1 2. SEACRAFT-2 3. SEACRAFT-3 Strategy: Signal-seeking trial designed to Strategy: Pivotal study to support global Strategy: Expand development of generate data in the near term to inform approval in the
lead indication, NRASm naporafenib with other RAS/MAPK targeting development, including potential tissue melanoma agents agnostic indication Design: Expected to be a randomized phase 3 Design: Expected to be a Phase 1/2 in Design: Expected to be a
single-arm phase 2 pivotal trial assessing naporafenib + trametinib patients with solid tumors driven by NF1 LOF, trial assessing naporafenib + trametinib for the for the treatment of NRASm melanoma pan-RAS G13R, KRAS G12C, and BRAF treatment of
pan-RAS Q61X tissue agnostic Class 2 and 3 alterations solid tumors 6
Pro forma with naporafenib Our singular focus is on the RAS/MAPK pathway
Naporafenib targets BRAF/CRAF node critical to driving signaling in a broad range of RASm cancers EGFR/ FLT3 Other RTKs Our Strategy RAS-GDP 2 GEF Comprehensively shut down GRB2 GDP the RAS/MAPK pathway GAP P GTP 1 Target RAS directly SOS1 2 NF1
with single agents and SHP2 combinations with upstream, RAS-GTP Autophagy 2 downstream, and escape route MAPK PI3K targeted therapies pathway pathway 1 RAF PI3K P P 1 AKT MEK Target escape routes 3 Target upstream and P enabled by other proteins or
ERK mTOR ULK downstream RAS/MAPK nodes pathways to further disrupt with single agents and clamp RAS/MAPK pathway signaling oncogenic drivers (MAPKlamp) with MYC 3 combinations Nodes targeted by Erasca 7
Pro forma with naporafenib Naporafenib complements and significantly
advances Erasca's deep modality-agnostic RAS/MAPK pathway-focused pipeline Program/ Erase Cancer Worldwide Target Modality Indication Discovery IND-enabling Phase 1 Phase 2 Phase 3 Company Strategy Rights Pan-RAS Q61X tissue agnostic
SEACRAFT-1 (planned) NRASm melanoma SEACRAFT-2 (planned) Naporafenib BRAF/CRAF NF1 LOF, pan-RAS G13R, KRAS G12C, SEACRAFT-3 (planned) BRAF Class 2/3 solid tumors RAS/MAPK altered tissue agnostic, NSCLC HERKULES-1 / -2 / -3
ERAS-007* ERK1/2 and GI Tumors FLAGSHP-1 ERAS-601* SHP2 RAS/MAPK altered tumors THUNDERBBOLT-1 ERAS-801 EGFR EGFR altered GBM AURORAS-1 ERAS-3490 KRAS G12C KRAS G12C solid tumors ERAS-2/3 RAS-GTP RASm solid
tumors ERAS-4 KRAS G12D KRAS G12D solid tumors ERAS-5 ULK RASm solid tumors ERAS-9 SOS1 RAS/MAPK altered solid tumors ERAS-10 RAS/MAPK RAS/MAPK altered cancers ERAS-11 MYC MYC &
RAS/MAPK altered solid tumors ERAS-12 EGFR D2/D3 EGFR & RAS/MAPK altered solid tumors Affini-T KRAS G12V/D KRASm solid tumors * Together, ERAS-007 and ERAS-601 comprise our first innovative MAPKlamp investment
small molecule protein degrader large molecule TCR T cell therapy Also being evaluated in combo w/ G12Ci in KRAS G12C NSCLC and GI Tumors under Stand Up to Cancer grant 8
Pro forma with naporafenib Naporafenib is synergistic with
Erasca's industry-leading pipeline shutting down every node of the RAS/MAPK pathway ERAS-801 EGFR/ FLT3 ERAS-12 Other RTKs RAS-GDP ERAS-3490 GEF GRB2 GDP GAP P GTP 1 SOS1 ERAS-9 NF1 SHP2 RAS-GTP ERAS-2/3/4 ERAS-601 MAPK PI3K ERAS-10 pathway
pathway RAF PI3K naporafenib P P MEK AKT P ERAS-007 ERK mTOR ULK ERAS-5 MYC ERAS-11 9
Pro forma with naporafenib Naporafenib milestones and clinical trial
readouts complement 4 Erasca's existing portfolio and potentially accelerate path to market Program Trial Name 2022 2023 2024 Mechanism Indication SEACRAFT-1 H2 2023 H2 2024 - H1 2025 3 Ph 2 FPD Ph 2 combo data RAS Q61 Solid Tumors
Naporafenib Pan-RAF inhibitor SEACRAFT-2 H1 2024 3 Ph 3 pivotal FPD NRASm Melanoma HERKULES-1 H2 2022 H1 2023 ERAS-007 and/or 3 MAPKlamp Ph 1b FPD Ph 1b data (achieved) Advanced Solid Tumors ERAS-601 1 HERKULES-2 2023 (MAPKlamp ) Ph 1b combo data
Lung Cancers ERK1/2 inhibitor and/or HERKULES-3 H1 2023 SHP2 inhibitor Ph 1b combo data GI Cancers FLAGSHP-1 H2 2022 Advanced Solid Tumors Ph 1 data (achieved) ERAS-601 SHP2 inhibitor FLAGSHP-1 H1 2023 2 Triple WT CRC Ph 1b combo data ERAS-3490
AURORAS-1 H2 2022 CNS-penetrant KRAS G12Cm NSCLC File IND KRAS G12C inhibitor ERAS-801 THUNDERBBOLT-1 H1 2022 CNS-penetrant 3 FPD (achieved) Glioblastoma Multiforme EGFR inhibitor 1 ERAS-007 (oral ERK1/2 inhibitor) and ERAS-601 (oral SHP2 inhibitor)
together comprise our first innovative MAPKlamp 2 Triple wildtype CRC is KRASwt, NRASwt, and BRAFwt 3 FPD = first patient dosed 4 Guidance on milestones and clinical trial readouts for rest of pipeline to be provided in 2023 10
SAB includes world's leading experts in the RAS/MAPK pathway
Erasca co-founder. World expert in RAS who pioneered development of approaches to inhibit KRAS G12C (RAS-GDP) and active states of RAS (RAS-GTP) Kevan Shokat, PhD World expert in RAS/MAPK pathway with World expert in ERK, having studied World expert
in SHP2 who helped nearly every ERK inhibitor that has focus on the SHOC2 phosphatase complex as a unique regulatory node pioneer development of the first SHP2 been or is being developed, as well as required for efficient pathway activation targeted
therapies directed against inhibitor with Novartis in the context of diseases such as KRAS, BRAF, and MEK mutations cancer and RASopathies Stephen Blacklow Ryan Corcoran, Pablo Rodriguez- MD, PhD MD, PhD Viciana, PhD World expert in targeted
oncology World expert in structure-based drug design; World expert in RAS/MAPK pathway therapies who pioneered the development former head of research at Agouron and signaling and identifying novel combination of Gleevec , which helped
launched the former head of Genentech's Research and therapies to shut it down precision oncology revolution Early Development (gRED) George Michael Karen Demetri, MD Cichowski, PhD Varney, PhD 11
Leadership team has global experience and drive to make a difference
Jonathan Lim, MD Mike Varney, PhD David Chacko, MD Ebun Garner, JD Wei Lin, MD Lisa Tesvich- Chairman, CEO, Chairman of R&D, SAB Member, Chief Financial Officer General Counsel Chief Medical Officer Bonora, PhD and Co-Founder and Board Director
Chief People Officer Amy Grekowicz Parker, Tim Grammer, PhD Brian Baker, CPA Les Brail, PhD Rachel Cervantes, PhD Nik Chetwyn, PhD Chandra Lovejoy, MS VP of Portfolio, Program SVP of Finance VP of Clinical VP of Business SVP of Operations MPH SVP of
Regulatory Affairs & Alliance Management Development Development VP Clinical Operations Robert Shoemaker, PhD Jean-Michel Vernier, PhD Minli Xie, PhD Dawei Xuan, PhD Jing Yi, PhD Shannon Morris, MD SVP of Research VP of Chemistry VP of CMC VP of
Clinical Pharmacology VP of Data Science PhD SVP of Clinical Development 12
Product Development Team leadership with deep collective experience and
track record of successfully obtaining approvals Complex / Novel HA Negotiations, Global Marketing Commercialization, CDP and Study Implementation, Application ROW Submissions, Study Designs Overall Development Content & Strategy Payer Plans
Successful study designs for Successful health authority Successful Marketing Application Successful Global Marketing Phase 2 approvals, use of novel negotiations: US/ EU/ Japan/ China Development: Strategies to support
Application Submissions: endpoints, and companion AA/CMA and Full Approval US/EU/China/Japan Complex trial implementation diagnostics across multiple geographies ROW Strategy & Planning Life Cycle Management planning
Master protocol experience: (label expansion) Successful overall development Successful regulatory inspections designing and implementing complex plans to include Pediatric Strategies, (US/EU): establishing quality systems
HTA/Payer Experience to support trials Rare Diseases and Biomarkers; for rapid Phase 2 initial approvals reimbursement and price negotiation Creativity and Drive: Success in Continued process verification and short timelines and in
small companies product serialization to support global demands Regulatory Designations: BTD, PRIME, Sakigake, Orphan, EU SME Examples from previous companies where drive and creativity led to efficient and novel initial global approvals
Tumor agnostic and Novel indication Novel drug/Dx on Ph 2 Early CDP/BLA Novel ROW Filing Fast Filing Initiative CDx approval on Ph 2 Data Data on Ph 2 Data Ignyta/Roche G1 Therapeutics Roche/Genentech MedImmune Roche/Genentech Roche/Genentech CDP:
clinical development plan 13
Key license terms for naporafenib (LXH254) pan-RAFi: Potential
first-to-market molecule for melanoma, tissue agnostic, and more Expected financial terms Amount ($M unless otherwise indicated) License scope: Exclusive license to patent Total upfront $100 rights, know-how, and regulatory - Cash $20
1 - Equity $80 documentation covering naporafenib and all backups Total development milestones - cash $0 Up to $80 Field: All fields of use 2 Total regulatory milestones - cash nd (incl. up to $30 for 2 indication)
Territory: Worldwide Total commercial milestones - cash Up to $200 - First commercial sale - $0 Drug supply: Novartis will transfer existing - Sales-based milestones - Up to $200 inventory of naporafenib and
provide access Total deal value before royalties to trametinib Up to $300 (excluding equity) Royalties Low single digit percentage 3 Erasca and Novartis are currently negotiating the definitive agreement and are targeting deal signing and