Bihua Chen - Jul 20, 2021 Form 4 Insider Report for Erasca, Inc. (ERAS)

Role
Director
Signature
/s/ CORMORANT ASSET MANAGEMENT, LP By: Cormorant Asset Management GP, LLC, its General Partner, By: Bihua Chen, Managing Member
Stock symbol
ERAS
Transactions as of
Jul 20, 2021
Transactions value $
$15,200,000
Form type
4
Date filed
7/22/2021, 04:10 PM
Previous filing
Jul 16, 2021
Next filing
Aug 10, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ERAS Common Stock Conversion of derivative security +9.56M 9.56M Jul 20, 2021 See Footnotes F1, F2, F3
transaction ERAS Common Stock Purchase $15.2M +950K +9.94% $16.00* 10.5M Jul 20, 2021 See Footnotes F2, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction ERAS Series A Convertible Preferred Stock Conversion of derivative security +4M 0 Jul 20, 2021 Common Stock 4M See Footnotes F1, F2, F5
transaction ERAS Series B-1 Convertible Preferred Stock Conversion of derivative security +4.17M 0 Jul 20, 2021 Common Stock 4.17M See Footnotes F1, F2, F6
transaction ERAS Series B-2 Convertible Preferred Stock Conversion of derivative security +1.39M 0 Jul 20, 2021 Common Stock 1.39M See Footnotes F1, F2, F7
holding ERAS Stock Option (right to buy) 167K Jul 20, 2021 Common Stock 167K $5.81 Direct F8, F9
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Shares of Series A, Series B-1, and Series B-2 Convertible Preferred Stock were convertible at any time at the holder's election, without payment of additional consideration. Such shares had no expiration date but converted into Common Stock automatically upon the closing of the Issuer's initial public offering.
F2 Shares reported herein are held by Cormorant Global Healthcare Master Fund, LP (the "Master Fund"), Cormorant Private Healthcare Fund II, LP ("Fund II"), and a managed account (the "Account"). Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of the Master Fund, Fund II, and the Account. Bihua Chen serves as manager of the general partner of Cormorant. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.
F3 Represents (i) 1,728,710 shares of Common Stock held by the Master Fund, (ii) 7,716,443 shares of Common Stock held by Fund II, and (iii) 110,400 shares of Common Stock held by the Account.
F4 Shares reported herein as purchased on July 20, 2021 represent 950,000 shares purchased by the Master Fund.
F5 The Series A Convertible Preferred Stock represented, on an as-converted basis, (i) 677,600 shares of Common Stock held by the Master Fund, (ii) 3,212,000 shares of Common Stock held by Fund II, and (iii) 110,400 shares of Common Stock held by the Account.
F6 The Series B-1 Convertible Preferred Stock represented, on an as-converted basis, (i)788,333 shares of Common Stock held by the Master Fund, and (ii) 3,378,333 shares of Common Stock held by Fund II.
F7 The Series B-2 Convertible Preferred Stock represented, on an as-converted basis, (i) 262,777 shares of Common Stock held by the Master Fund, and (ii) 1,126,110 shares of Common Stock held by Fund II.
F8 Stock option grant for 166,666 shares, 41,667 shares of which become exercisable on 3/16/2022 and 124,999 shares of which become exercisable thereafter in equal monthly installments through 3/16/2025.
F9 Stock options granted to Bihua Chen, in her capacity as a director of the Issuer.