C4 Therapeutics (CCCC) Guggenheim Securities Emerging Outlook: Biotech Summit 2026 summary

Pipeline and development updates

• Lead program cemsidomide, an IKZF1/3 degrader, is advancing to a phase II MOMENTUM trial in fourth-line myeloma, starting this quarter, and a phase IB combination study with elranatamab in Q2, supported by a supply agreement with Pfizer.

• An EGFR degrader is in clinical development in China with Betta Pharmaceuticals; decision on U.S. development will follow review of partner data.

• Discovery pipeline focuses on inflammation and neurodegenerative diseases, with ongoing collaborations with Biogen (IRAK4, BTK in phase I), Roche (two targets), and Merck KGaA.

• Emphasis remains on cemsidomide, but new discovery efforts and collaborations are key strategic priorities.

Regulatory and clinical strategy

• Recent FDA draft guidance on MRD negativity as a surrogate endpoint in myeloma is expected to expedite development and approval pathways.

• MOMENTUM phase II trial aims to establish efficacy for accelerated approval, with MRD negativity as a key early endpoint.

• Combination trial with elranatamab will test for MRD negativity in all CRs, informing phase III design and potential accelerated approval.

• Full regulatory endpoints for pivotal studies will require follow-up into 2028, with early response data expected within a year of study closure.

Competitive landscape and positioning

• Upcoming phase III data from competitors' degraders (iberdomide, mezigdomide) will provide benchmarks and validate the class, but cemsidomide's strategy is differentiated by focus on immune-based combinations and contemporary trial populations.

• Cemsidomide demonstrated a 53% response rate in heavily pretreated patients and robust immune enhancement at all doses, supporting its use across myeloma treatment lines.

• Combination with BiTEs is supported by early data showing high response rates and safety, with cemsidomide offering unique efficacy and immune enhancement.