C4 Therapeutics (CCCC) Q3 2026 earnings summary

Executive summary

• Cemsidomide studies in multiple myeloma advanced, with key trial data expected in 2027; cash runway is projected through year-end 2028.

• CFT8919 development outside Greater China is paused; discovery efforts target inflammation, neuroinflammation and neurodegeneration.

Financial highlights

• Q3 collaboration revenue was $8.5M vs. $11.2M YoY; lower Merck and Merck KGaA activity was partly offset by Roche collaboration revenue.

• 9M revenue was $21.3M vs. $24.9M, primarily reflecting the terminated Merck collaboration and lower MKDG activity, partly offset by Roche DAC revenue.

• Q3 operating loss was $24.6M vs. $34.4M; net loss was $21.8M vs. $32.2M, and loss per share was $0.16 vs. $0.44.

• 9M operating loss was $78.8M vs. $92.1M; net loss was $70.6M vs. $84.5M.

• Q3 R&D expense was $24.8M vs. $26.0M and G&A was $8.3M vs. $8.9M; lower stock-based compensation and personnel costs were partly offset by higher clinical costs.

Outlook and guidance

• MOMENTUM Phase 2 enrollment is expected to complete in Q1 2027, with initial investigator-assessed ORR data expected in H2 2027.

• Cemsidomide-plus-elranatamab data across evaluated cohorts are expected in mid-2027; a Phase 1b trial with approved MM therapies is planned for H1 2027.

• At least one development candidate is targeted for delivery to a collaboration partner by year-end 2026.

• R&D expenses are expected to increase substantially with planned preclinical and clinical work; G&A may also rise to support increased R&D activity.