C4 Therapeutics (CCCC) Q4 2025 earnings summary

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.