C4 Therapeutics (CCCC) Q1 2026 earnings summary

Executive summary

• Focused on targeted protein degradation (TPD) with proprietary TORPEDO platform, advancing clinical and discovery-stage programs in oncology and neuroinflammation.

• Lead candidate cemsidomide advanced as a potential foundational treatment for multiple myeloma, with ongoing Phase 2 and Phase 1b trials, and plans for an additional Phase 1b combination trial in 2027.

• Entered new research collaboration with Roche in April 2026 for degrader-antibody conjugates (DACs), receiving a $20M upfront payment and over $1B in potential milestones.

• Discontinued further development of CFT8919 for EGFR-mutated NSCLC outside Greater China due to evolving landscape and capital priorities.

Financial highlights

• Revenue from collaborations was $6.2M for Q1 2026, down from $7.2M in Q1 2025, mainly due to the end of a Merck collaboration and lower contributions from other partners.

• Net loss for Q1 2026 was $25.1M ($0.20 per share), compared to $26.3M ($0.37 per share) in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled $268.3M as of March 31, 2026, down from $297.1M at year-end 2025.

• Research and development expenses decreased to $24.6M from $27.1M year-over-year, mainly due to project reprioritization and lower personnel costs.

• General and administrative expenses remained flat at $9.3M.

Outlook and guidance

• Current cash runway expected to fund operations through the end of 2028, excluding potential warrant exercises.

• Anticipates continued operating losses as clinical and preclinical programs advance and expects increased expenses as additional candidates enter clinical development and commercialization activities ramp up.

• Updates on dose escalation from the Phase 1b cemsidomide/elranatamab trial anticipated in 2H 2026.

• At least one development candidate to be delivered to a collaboration partner by year-end 2026.