Company: ERAS
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042682
Chunk: 316

Company: Erasca, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 6
Chunk 316
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31,

        December 31,

        2024

        2023

        Deferred tax assets:

        Net operating loss carryforwards
         
        $
        70,057

        $
        59,326

        Intangible assets

        27,915

        25,274

        Capitalized research and development costs

        48,795

        35,711

        Operating lease liabilities

        10,935

        11,767

        Research and development credits

        19,893

        14,956

        Contribution of common stock

        3,263

        3,262

        Stock-based compensation

        6,986

        4,007

        Other, net

        2,417

        2,016

        Total deferred tax assets

        190,261

        156,319

        Deferred tax liabilities:

        Property and equipment

        (3,366
        )

        (4,511
        )

        Operating lease assets

        (6,789
        )

        (7,975
        )

        Total deferred tax liabilities

        (10,155
        )

        (12,486
        )

        Valuation allowance

        (180,106
        )

        (143,833
        )

        Net deferred tax assets
         
        $
        —

        $
        —

       The Company has established a valuation allowance against net deferred tax assets due to the uncertainty that such assets will be realized. The Company periodically evaluates the recoverability of the deferred tax assets. At such time as it is determined that it is more likely than not that deferred tax assets will be realizable, the valuation allowance will be reduced. The Company has recorded a full valuation allowance of $180.1 million as of December 31, 2024, as it does not believe it is more likely than not that the deferred tax assets will be realized primarily due to the generation of pre-tax book losses, the lack of feasible tax-planning strategies, the limited existing taxable temporary differences, and the subjective nature of forecasting future taxable income into the future. The Company increased its valuation allowance by $36.3 million during the year ended December 31, 2024. A reconciliation of the federal statutory income tax rate and the Company’s effective income tax rate is as follows: 

        Year ended December 31,

        2024

        2023