Earnings

C4 Therapeutics Narrows Third-Quarter Loss as Cash Funds 2028

The Tip Desk · November 11, 2026 · 3 min read

Net loss was $21.8 million, or $0.16 a share, as cash, cash equivalents and marketable securities stood at $274.7 million at September 30, 2026.

C4 Therapeutics, Inc. (CCCC), a clinical-stage biopharmaceutical company advancing targeted protein degradation, reported a narrower third-quarter loss as collaboration revenue fell and cash continued to fund operations through 2028.

Net loss for the three months ended September 30, 2026, was $21.8 million, or $0.16 a share, compared with $32.2 million, or $0.44 a share, a year earlier. Weighted-average shares outstanding were 136.1 million, versus 72.6 million a year earlier.

Total revenue was $8.5 million, down from $11.2 million a year earlier. The company said the decrease was primarily related to the conclusion of certain research activities in 2025 associated with collaborations with Merck and Merck KGaA, Darmstadt Germany, offset by an increase in revenue recognized under the Roche Degrader-Antibody Conjugate collaboration agreement.

Research and development expense was $24.8 million, compared with $26.0 million a year earlier. The company said the decrease was primarily due to lower personnel costs from reduced stock-based compensation expense, offset by higher clinical expense associated with the advancement of its ongoing cemsidomide clinical trials. General and administrative expense was $8.3 million, compared with $8.9 million a year earlier, primarily from lower personnel costs and reduced stock-based compensation.

Cash, cash equivalents and marketable securities were $274.7 million as of September 30, 2026, compared with $300.4 million as of June 30, 2026. The company said the decrease was driven by cash used to fund operations and advance its programs, and that it expects current cash, cash equivalents and marketable securities will fund its operating plan to the end of 2028.

The Phase 1b trial evaluating cemsidomide in combination with elranatamab (ELREXFIO), a BCMA × CD3 bispecific antibody, in earlier lines of multiple myeloma completed enrollment of its first safety cohort. The Safety Data Review Committee determined that the 75 µg cemsidomide dose level was safe to proceed, and the trial advanced to a dose-escalation safety cohort at the 100 µg level and an expansion cohort at the 75 µg level. Data from all evaluated cohorts remain expected in mid-2027.

The Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone in late-line multiple myeloma is on track to complete enrollment in the first quarter of 2027, with initial investigator-assessed overall response rate data expected in the second half of 2027. An additional Phase 1b trial evaluating cemsidomide across two treatment arms in relapsed refractory multiple myeloma is on track to initiate in the first half of 2027.

C4T presented new biomarker data from its Phase 1 and Phase 1b clinical trials at the 23rd International Myeloma Society Annual Meeting in September 2026. The company said immunomodulatory effects observed in the Phase 1 trial evaluating cemsidomide in combination with dexamethasone demonstrated robust T-cell activation, and that early biomarker data from the first two patients enrolled in the Phase 1b elranatamab combination reinforced cemsidomide’s ability to drive T-cell activation and expansion as well as prevent T-cell exhaustion.

At the 9th Annual Targeted Protein Degradation Summit in October 2026, C4T unveiled a novel DNA-encoded library that leverages its large library of cereblon-binding ligands and screening capabilities. The company said the addition of DEL to its TORPEDO platform creates a hit-finding engine that enables the rapid development of targeted protein degraders.

President and chief executive officer Andrew Hirsch said the company remains focused on completing enrollment in the Phase 2 MOMENTUM trial and advancing the Phase 1b trial in combination with elranatamab, with data expected from these trials in 2027.

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