C4 Therapeutics, Inc.

What they do

C4T designs small-molecule protein degraders that harness the body's natural protein-destruction process, aiming at clinically validated disease pathways with best-in-class or first-in-class potential. Its clinical pipeline is cemsidomide, an oral IKZF1/IKZF3 degrader for multiple myeloma, and CFT8919, an oral mutant-selective EGFR L858R degrader for non-small cell lung cancer. CFT8919 is partnered with Betta Pharma for Greater China; C4T retains rest-of-world rights but said it will not advance the program outside Greater China at this time. Discovery work also covers inflammation, neuroinflammation and neurodegeneration, including brain-penetrant degraders, plus collaborations with Merck KGaA and Roche.

Revenue drivers

• Collaboration and license revenue — To date no product sales revenue; revenue comes from collaborations, including Roche, Merck KGaA and Betta Pharma. FY2025 revenue was $35.9M, roughly flat versus $35.6M in FY2024.
• Roche degrader-antibody conjugate collaboration — New April 2026 agreement to research degrader-antibody conjugates; C4T received a $20 million upfront payment in May 2026.
• Cemsidomide (IKZF1/3 degrader) — Most advanced wholly owned candidate; no product revenue yet. In Phase 2 MOMENTUM with dexamethasone in relapsed/refractory MM, and a Phase 1b with elranatamab under the Pfizer Agreement.
• CFT8919 (EGFR L858R degrader) — Partnered with Betta Pharma, which initiated a Phase 1 trial in Greater China in November 2024; C4T will not advance it ex-Greater China at this time.

Recent performance

Second quarter 2026 revenue was $6.6 million, down from $11.2 million in Q3 2025 and $11.0 million in Q4 2025. FY2025 revenue was $35.9 million with a net loss of $105.0 million, versus $35.6 million revenue and a $105.3 million net loss in FY2024. Operating cash use was $98.7 million in FY2025, compared with $65.2 million in FY2024. As of June 30, 2026, C4T reported total assets of $359.4 million, total liabilities of $112.1 million, shareholder equity of $247.3 million and cash and equivalents of $78.6 million. The company raised approximately $33.5 million in net proceeds in Q2 2026 through its at-the-market program.

Strategy

The stated priority is advancing cemsidomide as a potential best-in-class IKZF1/3 degrader, including the Phase 2 MOMENTUM trial, the Phase 1b elranatamab combination, and a planned additional Phase 1b trial testing cemsidomide with daratumumab or carfilzomib. Management frames these studies as an efficient path toward potential accelerated approvals across multiple myeloma lines of therapy. The company is also building an internal discovery pipeline in inflammation, neuroinflammation and neurodegeneration, where it has achieved blood-brain barrier penetration in preclinical studies. Partnerships with Merck KGaA and Roche are used to expand oncology and non-oncology reach, including the new Roche degrader-antibody conjugate collaboration. CFT8919 development outside Greater China is being deprioritized.

Risks

• No product revenue and recurring losses — C4T has never generated product sales revenue, reported a $105.0 million net loss in FY2025 and had an accumulated deficit of $738.7 million as of December 31, 2025.
• Need for additional capital — The company funds operations through equity, collaborations and prior debt, and its own risk factors state it must raise funding to continue or complete development, manufacturing and commercialization.
• Clinical and regulatory uncertainty — Cemsidomide's value depends on Phase 2 MOMENTUM and Phase 1b readouts in 2027, and the company has not obtained marketing approval for any candidate.
• Partner dependence and deprioritization — CFT8919 rests on Betta Pharma's Greater China development, and C4T has said it will not advance the program outside Greater China, while Roche, Merck KGaA and Pfizer collaboration activities remain outside its control.

Outlook

Management expects Phase 2 MOMENTUM enrollment to complete in the first quarter of 2027, with initial investigator-assessed overall response rate data in the second half of 2027. The elranatamab combination Phase 1b is expected to provide a dose escalation update in the second half of 2026, with data from all cohorts in mid-2027. An additional Phase 1b trial combining cemsidomide with daratumumab or carfilzomib is expected to initiate in the first half of 2027. Additional cemsidomide biomarker data are accepted for the IMS Annual Meeting, September 23-26, 2026, in Glasgow.