Financial Performance - Total revenue for Q3 2025 was $11.2 million, a decrease from $15.4 million in Q3 2024, primarily due to an $8.0 million milestone from Biogen recognized in the previous year[9]. - Revenue from collaboration agreements decreased to $11.230 million in Q3 2025 from $15.362 million in Q3 2024, representing a decline of approximately 27.6%[24]. - Total operating expenses increased to $45.642 million in Q3 2025 compared to $43.606 million in Q3 2024, reflecting a rise of about 4.7%[24]. - Net loss for Q3 2025 was $32.2 million, compared to $24.7 million in Q3 2024, with net loss per share increasing to $0.44 from $0.35[11]. - Net loss for Q3 2025 was $32.166 million, compared to a net loss of $24.666 million in Q3 2024, indicating an increase in losses of about 30.4%[24]. - Net loss per share for Q3 2025 was $0.44, compared to $0.35 in Q3 2024, reflecting a worsening of approximately 25.7%[24]. - Total other income decreased to $2.246 million in Q3 2025 from $3.578 million in Q3 2024, a decline of about 37.2%[24]. - Weighted-average shares outstanding increased to 72,563,311 in Q3 2025 from 69,627,190 in Q3 2024, an increase of approximately 4.0%[24]. Research and Development - Research and Development (R&D) expenses for Q3 2025 were $26.0 million, down from $31.8 million in Q3 2024, mainly due to reduced clinical trial expenses for CFT1946[10]. - Research and development expenses were $25.989 million in Q3 2025, down from $31.838 million in Q3 2024, a decrease of approximately 18.5%[24]. - Cemsidomide demonstrated a 53% overall response rate at the highest dose level of 100 µg in the Phase 1 trial, supporting its potential best-in-class profile[3]. - C4 Therapeutics completed enrollment and dose escalation for the Phase 1 trial of cemsidomide in multiple myeloma, achieving a median duration of response of 9.3 months across all doses[4]. - The company plans to initiate the Phase 2 MOMENTUM trial in combination with dexamethasone in Q1 2026 and a Phase 1b trial in combination with elranatamab in Q2 2026[2][8]. - The company entered into a clinical trial collaboration with Pfizer for the combination of cemsidomide and elranatamab, with Pfizer supplying elranatamab at no cost for the upcoming trial[8]. Expenses - General and Administrative (G&A) expenses for Q3 2025 were $8.9 million, compared to $11.8 million in Q3 2024, reflecting lower stock-based compensation expenses[11]. - General and administrative expenses decreased to $8.920 million in Q3 2025 from $11.768 million in Q3 2024, a reduction of about 24.3%[24]. - Loss from operations increased to $34.412 million in Q3 2025 from $28.244 million in Q3 2024, an increase of approximately 22.0%[24]. - Impairment of long-lived assets recorded in Q3 2025 was $10.733 million, with no impairment reported in Q3 2024[24]. Cash Position - Cash, cash equivalents, and marketable securities as of September 30, 2025, were $199.8 million, down from $267.3 million as of December 31, 2024[12].

Core Insights - C4 Therapeutics, Inc. successfully raised $125 million in gross proceeds through an equity offering, extending its financial runway to the end of 2028, which is crucial for advancing its clinical programs, particularly for cemsidomide [1][2][6] - Cemsidomide has shown promising Phase 1 data in multiple myeloma, achieving a 53% overall response rate at the highest dose level, indicating a potential best-in-class profile [1][3][15] - The company is on track to initiate the next phases of cemsidomide development, including a Phase 2 MOMENTUM trial in combination with dexamethasone in Q1 2026 and a Phase 1b trial in combination with elranatamab in Q2 2026 [1][2][12] Financial Performance - Total revenue for Q3 2025 was $11.2 million, a decrease from $15.4 million in Q3 2024, primarily due to the absence of an $8 million milestone recognized in the previous year [8] - Research and Development (R&D) expenses for Q3 2025 were $26 million, down from $31.8 million in Q3 2024, attributed to reduced clinical trial expenses [9] - General and Administrative (G&A) expenses for Q3 2025 were $8.9 million, compared to $11.8 million in Q3 2024, mainly due to lower stock-based compensation [10] - The net loss for Q3 2025 was $32.2 million, compared to $24.7 million in Q3 2024, with a net loss per share of $0.44 [10][23] Clinical Development - C4 Therapeutics presented Phase 1 data showing cemsidomide's potential best-in-class profile in heavily pre-treated multiple myeloma patients, with a median duration of response of 9.3 months [3][15] - The company has entered into a collaboration with Pfizer to evaluate cemsidomide in combination with elranatamab, with C4T sponsoring the Phase 1b trial [3][4] - The upcoming Phase 2 MOMENTUM trial will evaluate cemsidomide in combination with dexamethasone in patients with relapsed/refractory multiple myeloma, aiming to enroll approximately 100 patients [14][15] Cash Position and Future Outlook - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $199.8 million, down from $267.3 million at the end of 2024, but bolstered by the recent equity offering [13][21] - The company expects its current financial resources to support its operating plan through the end of 2028, allowing for continued development of its clinical programs [13][6]

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Core Viewpoint - C4 Therapeutics, Inc. is raising $125 million through an underwritten offering to fund the next phase of its cemsidomide multiple myeloma development, with potential additional proceeds of up to $225 million [1][5]. Group 1: Offering Details - The offering consists of 21,895,000 shares of common stock and pre-funded warrants to purchase up to 28,713,500 shares of common stock [2]. - The offering is priced at $2.47 per share of common stock and accompanying warrants, and $2.4699 per pre-funded warrant and accompanying warrants [4]. - The total gross proceeds from the offering are expected to be $125 million, with a potential total of $349.7 million if all warrants are exercised [5]. Group 2: Use of Proceeds - The net proceeds from the offering will primarily fund ongoing and planned clinical trials of cemsidomide, other research and development activities, and general corporate purposes [6]. Group 3: Company Overview - C4 Therapeutics is a clinical-stage biopharmaceutical company focused on targeted protein degradation science, aiming to develop new medicines for difficult-to-treat diseases [11]. - The company utilizes its TORPEDO® platform to design and optimize small-molecule medicines, which are intended to degrade disease-causing proteins and improve patient outcomes [11].

Core Insights - C4 Therapeutics has entered into a clinical trial collaboration and supply agreement with Pfizer to advance its research in targeted protein degradation for multiple myeloma treatment [1][2] Company Overview - C4 Therapeutics is a clinical-stage biopharmaceutical company focused on targeted protein degradation science, aiming to create innovative medicines that improve patient outcomes [4] - The company utilizes its TORPEDO platform to design and optimize small-molecule medicines for challenging diseases, with a focus on oncology [4] Clinical Trial Details - The upcoming Phase 1b trial will assess the safety and tolerability of cemsidomide, an IKZF1/3 degrader, in combination with elranatamab for patients with relapsed/refractory multiple myeloma [2][5] - The trial is expected to start in Q2 2026 and aims to establish an optimal dose for cemsidomide when combined with elranatamab [2] - Pfizer will supply elranatamab at no cost, while C4 Therapeutics will sponsor and conduct the trial [2] Product Information - Cemsidomide is an investigational small-molecule degrader that has shown promising safety and tolerability, as well as strong anti-myeloma activity in previous trials [5] - Two additional clinical trials for cemsidomide are planned: a Phase 2 trial in combination with dexamethasone expected to start in Q1 2026, and the aforementioned Phase 1b trial [5] Market Potential - The collaboration with Pfizer positions cemsidomide to potentially enhance treatment regimens for multiple myeloma, aiming to improve patient outcomes in earlier lines of therapy [3] - Elranatamab is on track to become a standard of care BCMAxCD3 bispecific antibody in a growing market for multiple myeloma treatments [3]

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Core Viewpoint - The company presented Phase I clinical data for cemsidomide in multiple myeloma at the IMS Annual Meeting, indicating progress in clinical development [2][3]. Group 1: Presentation Overview - The conference call was led by Courtney Solberg, Associate Director of Investor Relations, with participation from key executives including Andrew Hirsch, President and CEO, and Len Reyno, Chief Medical Officer [2][3]. - The agenda included opening remarks, a detailed discussion of clinical data for cemsidomide, next steps in clinical development, and a Q&A session with additional participants [3]. Group 2: Clinical Data - Dr. Binod Dhakal, a clinical investigator for multiple myeloma, presented the Phase I clinical results during the IMS meeting [3].

Group 1 - The conference call discusses the Phase I data of cemsidomide in multiple myeloma, presented at the IMS Annual Meeting [2][3] - The call includes remarks from key executives, including the President and CEO, Chief Medical Officer, and CFO, as well as a clinical investigator [3] - The session will cover clinical data for cemsidomide, next steps in clinical development, and conclude with a Q&A session [3]

Core Insights - C4 Therapeutics, Inc. presented promising Phase 1 clinical trial data for cemsidomide, an IKZF1/3 degrader, in combination with dexamethasone for treating relapsed/refractory multiple myeloma, showing a 50% overall response rate (ORR) at the highest dose level of 100 µg and a 40% ORR at the 75 µg dose level [1][2][10] Phase 1 Trial Results - The trial included 72 heavily pretreated patients, with a median of seven prior therapies, and demonstrated a median duration of response of 9.3 months [6][11] - Cemsidomide achieved over 50% degradation of IKZF1 and over 80% degradation of IKZF3, indicating strong pharmacodynamic effects [11][8] - Safety profile was favorable, with low rates of treatment-related adverse events and no discontinuations related to cemsidomide [7][11] Development Strategy - C4T plans to initiate a Phase 2 single-arm registrational trial in Q1 2026 and a Phase 1b trial in Q2 2026, both aimed at evaluating cemsidomide in combination with dexamethasone and a BCMA BiTE, respectively [12][13][16] - The company aims for accelerated approval pathways based on the promising safety and efficacy data [10][12] Market Context - Multiple myeloma remains an incurable disease, with a significant need for new therapeutic options, especially for patients who have progressed on existing treatments [17][4] - Cemsidomide is positioned as a potential class-leading treatment option due to its differentiated safety and efficacy profile, particularly in heavily pretreated patient populations [3][4][5]