Company: ERAS
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0000950170-25-042682
Chunk: 136

Company: Erasca, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 16
Chunk 136
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 including via partnerships and select investigator-sponsored trials, and certain of the existing ERAS-4 molecules may serve as backup compounds for ERAS-4001. In connection with this strategic reprioritization, the Company also approved a reduction in the Company’s workforce by approximately 18%, primarily affecting employees working in certain drug discovery functions or on the deprioritized programs and trials. As a result, the Company recognized $2.2 million in total charges during the year ended December 31, 2024 in the consolidated statements of operations and comprehensive loss based upon the underlying employees’ role within the Company in connection with the reduction in force. These charges consisted primarily of one-time cash charges for termination benefits which were substantially all paid in June 2024.

 F-26

Note 13. Income taxes No provision for federal, state or foreign income taxes has been recorded for the years ended December 31, 2024 and 2023.  The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 were as follows (in thousands): 

        December 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