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C4 Therapeutics
C4 Therapeutics (CCCC) investor relations material
C4 Therapeutics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Advanced cemsidomide into later-stage development, with first patient dosed in Phase 2 MOMENTUM trial for multiple myeloma in Q1 2026.
Entered clinical trial collaboration with Pfizer for Phase 1b trial of cemsidomide and elranatamab, set to begin in Q2 2026.
Delivered a second degrader to Biogen, earning a $2 million milestone payment in January 2026.
Raised $125 million in gross proceeds from an underwritten offering in October 2025, with potential for up to $225 million more from warrants.
Financial highlights
Q4 2025 revenue was $11.0 million, up from $5.2 million in Q4 2024; full-year 2025 revenue was $35.9 million, nearly flat year-over-year.
Q4 2025 R&D expense was $25.0 million, down from $32.5 million in Q4 2024; full-year R&D expense was $104.2 million, down from $110.6 million.
Q4 2025 G&A expense was $9.2 million, down from $10.4 million in Q4 2024; full-year G&A expense was $36.2 million, down from $42.1 million.
Net loss for Q4 2025 was $20.5 million, improved from $34.6 million in Q4 2024; full-year net loss was $105.0 million, nearly flat year-over-year.
Cash, cash equivalents, and marketable securities totaled $297.1 million as of December 31, 2025, up from $267.3 million at year-end 2024.
Outlook and guidance
Cash runway expected to fund operations through the end of 2028.
Phase 1b trial of cemsidomide with elranatamab to initiate in Q2 2026; additional combination trials planned for mid-2026.
Further analysis of cemsidomide Phase 1 data to be presented mid-2026.
At least one new development candidate to be delivered to a partner by year-end 2026.
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Next C4 Therapeutics earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
C4 Therapeutics
Next C4 Therapeutics earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
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Frequently asked questions
C4 Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on targeted protein degradation to develop novel therapies. The company is active in the development of small-molecule medicines designed to selectively target and degrade disease-causing proteins. C4 Therapeutics is leveraging its proprietary technology platforms to advance a pipeline of drug candidates aimed at treating a range of diseases, such as cancer, neurodegenerative conditions, infectious diseases, and autoimmune disorders. The company is headquartered in Watertown, Massachusetts, and its shares are listed on the Nasdaq under the symbol CCCC.
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