SCHEDULE: Frazier Life Sciences Amends Erasca Stake Disclosure

Frazier Life Sciences funds update their beneficial ownership filing for Erasca, Inc., clarifying control over significant equity holdings.

Summary

• Frazier Life Sciences Public Fund, L.P. and its related entities report beneficial ownership of 15,038,753 shares of Erasca, Inc. Common Stock, representing 5.3% of the class.
• Frazier Life Sciences Public Overage Fund, L.P. and its related entities report beneficial ownership of 2,405,634 shares, representing 0.8% of the class.
• Frazier Life Sciences X, L.P. and its related entities report beneficial ownership of 1,674,681 shares, representing 0.6% of the class.
• Frazier Life Sciences XI, L.P. and its related entities report beneficial ownership of 3,610,368 shares, representing 1.3% of the class.
• The percentages are calculated based on 283,287,382 shares of Common Stock outstanding as of May 6, 2025.
• The filing corrects previous attributions, stating that Albert Cha, James Brush, and Daniel Estes are not attributed beneficial ownership of shares held by FLSPF, FLSPOF, and FLS XI, as their respective investment committees act by majority vote.
• James N. Topper and Patrick J. Heron share voting and investment power over the 1,674,681 shares held by Frazier Life Sciences X, L.P.

Sentiment

Score: 5

Explanation: The filing is neutral in sentiment as it primarily serves as a clarification of beneficial ownership attribution rather than signaling a new investment, divestment, or operational change. It corrects previous overstatements for individuals while confirming the funds' significant holdings.

Positives

• The filing provides enhanced transparency regarding the beneficial ownership structure and control within the Frazier Life Sciences investment group.
• It confirms continued significant institutional investment by Frazier Life Sciences funds in Erasca, Inc.

Negatives

• The correction of previous overstatements of beneficial ownership for certain individuals might be perceived as a slight reduction in individual influence, though the underlying fund holdings remain consistent.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of beneficial ownership by an institutional investor group, Frazier Life Sciences, in a publicly traded biotechnology company, Erasca, Inc. Such filings provide transparency into significant equity stakes and are common in the investment landscape, particularly for funds specializing in life sciences.

Stakeholder Impact

• Shareholders: Provides clarity on the ownership structure and control within a significant institutional investor group, which can impact perceptions of stability and influence.
• Investment Professionals: Offers detailed insight into the holdings and reporting structure of a major life sciences investment firm, aiding in their analysis of Erasca, Inc.

Key Dates

Keywords

Erasca, Beneficial Ownership, Schedule 13G, Frazier Life Sciences, Institutional Investor, Equity Holding, SEC Filing, Common Stock, Investment Fund