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

Pipeline overview 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, with a phase IB combination study with elranatamab set for Q2 and supported by a Pfizer supply agreement.

• An EGFR degrader is in clinical development in China via Betta Pharmaceuticals, with potential for U.S. development based on data review.

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

Strategic priorities and competitive positioning

• Cemsidomide remains the primary focus, but discovery efforts and collaborations are key to long-term strategy.

• Decision on U.S. development for the EGFR degrader will depend on data from Betta's phase I study and the evolving treatment landscape.

• Collaborations aim to advance molecules to success in partners' hands, supporting a diversified approach.

Regulatory and clinical trial design insights

• Recent FDA draft guidance on MRD as a surrogate endpoint in myeloma is expected to expedite development and regulatory pathways, though mapping MRD negativity to time-to-event outcomes remains an open question.

• Trials are designed to incorporate MRD negativity as an early efficacy marker, supporting accelerated approval strategies.

• Phase II MOMENTUM trial aims for a robust efficacy signal in heavily pretreated patients, with MRD-negative CRs as a key metric.

• Combination trial with elranatamab will use MRD negativity as a predefined endpoint for potential phase III planning.