Garner Ebun, general counsel and corporate secretary of Erasca, executed an options exercise and immediate sale of 120,000 shares on January 7. The transaction generated gross proceeds of $670,800, according to a recent SEC Form 4 filing.
The filing indicates the shares were sold directly on the open market following the exercise of stock options. No indirect holdings or gifts were involved in the transaction. This marks the first reported sale of Erasca stock by this insider.
Following the sale, Ebun's direct common stock holdings decreased from 145,076 shares to 25,076 shares, representing an 82.72% reduction in direct ownership. The transaction value was based on a weighted average purchase price of $5.59 per share.
The insider retains 360,000 options outstanding, including both vested and unvested awards. This provides substantial capacity for additional exercises and potential future sales.
The sale occurred as Erasca shares closed at $5.59 on January 7. The stock has increased 189.77% over the past year.
Erasca is a clinical-stage biotechnology company developing therapies targeting RAS/MAPK pathway-driven cancers. The company's lead candidates include ERAS-007, ERAS-601, and ERAS-801.
As of market close on January 7, Erasca had a market capitalization of $1.77 billion. The company reported a net income of negative $127.7 million over the trailing twelve months.