There have been no material changes to the risk factors set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 12, 2026, other than as set forth below. Third-party claims of intellectual property infringement, misappropriation or other violations against us or our collaborators may negatively impact our business, including the prevention or delay of the development and commercialization of our product candidates. On April 24, 2026, we received a letter from legal counsel for Revolution Medicines, Inc. (RevMed). In the letter, RevMed alleged that (1) ERAS-0015 is “substantially equivalent” to certain compositions claimed in RevMed’s U.S. Patent No. 12,409,225 (the ‘225 Patent) and that ERAS-0015 infringes the ‘225 Patent under the doctrine of equivalents; (2) a third party misappropriated RevMed’s alleged trade secrets in connection with a patent relating to ERAS-0015, and that we are allegedly liable under the trade secret laws as a licensee; and (3) we have improperly compared preclinical data of ERAS-0015 and RMC-6236 in public disclosures. RevMed demanded that, among other things, we immediately cease all making, using, offering for sale, selling, and importation of ERAS-0015 in the United States for any purpose not protected by the Hatch-Waxman safe harbor and cease making any deceptive and untrue comparative statements comparing ERAS-0015 and RMC-6236. Although we believe such claims are without merit and intend to defend our position vigorously, RevMed may seek to initiate litigation against us. Any such proceedings could result in determinations that are materially adverse to us, including findings that RevMed's patents are valid, enforceable, and infringed by us or that ERAS-0015 was derived from RevMed's trade secrets. While we believe that we have strong defenses, litigation is inherently uncertain and may involve substantial costs and diversion of management’s attention. In the event of a successful claim of infringement or derivation against us, remedies could include injunctive relief or monetary damages, which could have a material adverse effect on our business, financial condition, results of operations, and prospects. In addition, we may be required to obtain licenses, modify our products or processes, or otherwise adjust our development or commercialization plans. We believe there are multiple potential pathways to address such outcomes, including licenses or other strategic alternatives; however, there can be no assurance as to the availability or terms of any such options. Any of these developments, if they were to occur, could have a materially adverse effect on our business, financial condition, results of operations, or prospects. 39 We are subject to securities class action litigation and a stockholder derivative complaint, and may become subject to additional litigation, which could result in substantial costs and divert management's attention. On June 10, 2026, a purported securities class action complaint was filed against us and certain of our officers in the United States District Court for the Southern District of California. The complaint alleges violations of the federal securities laws and seeks damages, costs, and other unspecified relief. In August 2026, a purported stockholder derivative complaint was filed against us, our board of directors, and certain of our officers in the United States District Court for the Southern District of California. The complaint includes allegations of breaches of fiduciary duty and violations of federal securities laws and seeks damages, costs, and other unspecified relief. We believe the claims raised in both complaints are without merit and intend to defend each of the matters vigorously. However, litigation is inherently uncertain, and we cannot predict the outcome of either of these matters or any future litigation. Securities litigation and other legal proceedings can be expensive, time-consuming, and disruptive to normal business operations. Regardless of the outcome, such proceedings may result in substantial legal fees and other costs, divert management's attention from our business and operations, harm our reputation, affect our ability to attract and retain employees, and adversely impact our relationships with business partners, clinical investigators, patients, and investors. In addition, unfavorable outcomes could result in substantial monetary damages, judgments, settlements, fines, penalties, or other remedies that could have a material adverse effect on our business, financial condition, results of operations, and cash flows. We may also be subject to additional lawsuits, derivative actions, regulatory inquiries, or investigations relating to the same or similar subject matter. Any such proceedings could increase our costs and expose us to additional risks and uncertainties.