Core Insights - C4 Therapeutics, Inc. has appointed Steve Hoerter to its Board of Directors, emphasizing the company's commitment to enhancing its leadership as it advances its pipeline of targeted protein degraders [1][2] - Hoerter brings over three decades of experience in oncology commercialization, having previously led Deciphera Pharmaceuticals to a successful acquisition by ONO Pharmaceutical for $2.4 billion [2] - The company aims to leverage Hoerter's expertise to guide its transition into a fully integrated biotechnology firm focused on innovative small molecule degraders [2][3] Company Overview - C4 Therapeutics is a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science, with a focus on creating new medicines that can transform patient lives [4] - The company utilizes its TORPEDO® platform to design and optimize small-molecule medicines aimed at addressing difficult-to-treat diseases, particularly in oncology [4] - C4T's degrader medicines are designed to exploit the body's natural protein recycling system, potentially overcoming drug resistance and improving patient outcomes [4]

Group 1 - C4 Therapeutics reported a quarterly loss of $0.35 per share, better than the Zacks Consensus Estimate of a loss of $0.40, and an improvement from a loss of $0.55 per share a year ago, resulting in an earnings surprise of 12.50% [1] - The company posted revenues of $15.36 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 158.10%, compared to revenues of $11.07 million in the same quarter last year [2] - C4 Therapeutics has surpassed consensus EPS estimates two times over the last four quarters, indicating a positive trend in performance [2] Group 2 - The stock has underperformed the market, losing about 2.1% since the beginning of the year, while the S&P 500 has gained 21.9% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates for the coming quarter at -$0.43 on revenues of $7.33 million, and for the current fiscal year at -$1.57 on revenues of $25.66 million [4][7] - The Medical - Biomedical and Genetics industry, to which C4 Therapeutics belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Revenue and Collaboration Agreements - Total revenue from collaboration agreements for the three months ended September 30, 2024, was $15.362 million, an increase from $11.072 million in the same period of 2023, primarily driven by an $8 million milestone from the Biogen Agreement[86]. - The total revenue from collaboration agreements for the nine months ended September 30, 2024, was $30.407 million, compared to $17.495 million in the same period of 2023, driven by new collaboration activities[86]. Research and Development Expenses - Research and development expenses for the three months ended September 30, 2024, totaled $31.838 million, compared to $28.347 million in the same period of 2023, reflecting a $3.5 million increase[89]. - The company expects research and development expenses to continue to increase substantially in connection with planned preclinical and clinical development activities[82]. - The company anticipates significant future expenses as it advances its preclinical programs and product candidates through clinical development[96]. Clinical Development - Cemsidomide (CFT7455) is currently in clinical development for multiple myeloma and non-Hodgkin lymphomas, with positive clinical data presented in December 2023[79]. - CFT1946, designed for BRAF V600X mutant targets, is in a Phase 1/2 clinical trial, with initial data presented in September 2024 showing proof of mechanism[79]. - The company has entered into an exclusive licensing agreement for CFT8919 in Greater China, with plans to initiate clinical trial activities outside Greater China following the completion of Betta Pharma's Phase 1 trial[79]. Financial Performance - The company reported a net loss of $70.7 million for the nine months ended September 30, 2024, compared to a net cash used in operating activities of $82.8 million for the same period in 2023[94]. - The company expects to incur substantial operating losses for the foreseeable future, with no approved products or revenue from product sales to date[96]. Cash and Securities - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling approximately $284.4 million[92]. - As of September 30, 2024, the company had marketable securities of $224.8 million, with a weighted-average maturity of 0.6 years[102]. Other Income and Expenses - General and administrative expenses for the three months ended September 30, 2024, were $11.768 million, up from $10.533 million in the same period of 2023, primarily due to increased personnel expenses[90]. - A $2.4 million increase in restructuring expenses was noted for the nine months ended September 30, 2024, compared to the same period in 2023, due to a restructuring plan implemented in January 2024[91]. - Other income increased by $1.8 million to $3.6 million for the three months ended September 30, 2024, driven by a $1.0 million increase in interest and other income[92]. Financing Activities - The company raised $45.2 million from financing activities during the nine months ended September 30, 2024, mainly from the Betta Stock Purchase Agreement and its at-the-market equity program[95]. - The company has sold 15,318,264 shares under the at-the-market equity program, resulting in net proceeds of $82.3 million at an average price of $5.54 per share[98]. Risk Factors - The company is exposed to interest rate risks, but historical fluctuations in interest income have not been significant[102].

Financial Performance - Total revenue for Q3 2024 was $15.4 million, up from $11.1 million in Q3 2023, driven by an $8.0 million milestone from Biogen and $2.9 million from a license agreement with Betta[15] - Revenue from collaboration agreements for Q3 2024 was $15,362,000, up 39.5% from $11,072,000 in Q3 2023[26] - Total operating expenses increased to $43,606,000 in Q3 2024, compared to $38,880,000 in Q3 2023, reflecting a 17.5% rise[26] - Net loss for Q3 2024 was $24.7 million, an improvement from a net loss of $27.0 million in Q3 2023, with net loss per share decreasing to $0.35 from $0.55[18] - Net loss for Q3 2024 was $24,666,000, a decrease from a net loss of $27,037,000 in Q3 2023, representing a 5.4% improvement[26] - Net loss per share for Q3 2024 was $(0.35), compared to $(0.55) in Q3 2023, indicating a 36.4% improvement[26] - Total other income for Q3 2024 was $3,578,000, up from $1,774,000 in Q3 2023, marking a 101.5% increase[26] - Loss from operations for the nine months ended September 30, 2024, was $(81,905,000), an improvement from $(101,604,000) for the same period in 2023[26] - Interest and other income for the nine months ended September 30, 2024, was $11,162,000, compared to $6,862,000 in the same period of 2023, a 62.5% increase[26] Expenses - R&D expenses increased to $31.8 million in Q3 2024 from $28.3 million in Q3 2023, primarily due to higher clinical trial costs for cemsidomide and CFT1946[16] - General and administrative expenses were $11,768,000 in Q3 2024, up from $10,533,000 in Q3 2023, reflecting a 11.7% increase[26] - G&A expenses rose to $11.8 million in Q3 2024 compared to $10.5 million in Q3 2023, mainly due to increased personnel costs related to stock-based compensation[17] Clinical Trials and Development - Cemsidomide Phase 1/2 trial continues to progress, with dose escalation ongoing and data to be presented at the ASH Annual Meeting in December 2024[4] - Initial clinical data for CFT1946 showed a well-tolerated safety profile and early evidence of anti-tumor activity, with multiple data readouts expected in 2025[2] - CFT1946 is currently in a Phase 1 dose escalation study targeting BRAF V600 mutations in solid tumors, with ongoing patient enrollment across multiple trial arms[7] Corporate Developments - C4 Therapeutics delivered a second development candidate to Biogen, earning an $8 million milestone payment, marking the final candidate under this collaboration[9] - The company appointed Paige Mahaney, Ph.D., as Chief Scientific Officer, bringing over 25 years of experience in pharmaceutical and biotech sectors[10] Shareholder Information - Weighted-average shares outstanding increased to 69,627,190 in Q3 2024 from 49,212,126 in Q3 2023, a rise of 41.5%[26]

Company Leadership Changes - Paige Mahaney, PhD, appointed as Chief Scientific Officer (CSO) of C4 Therapeutics, effective October 28, 2024, bringing over 25 years of pharmaceutical and biotech experience [1] - Stewart (Stew) Fisher, PhD, current CSO, will retire and serve as senior scientific advisor until December 31, 2024, and as a consultant through the end of 2025 [1] Paige Mahaney's Background - Over 25 years of experience in pharmaceutical executive leadership, with expertise in discovery research, development, and building clinical portfolios across various disease indications and treatment modalities [2] - Previously served as Senior Vice President and Corporate Head of Drug Discovery at Exelixis, Inc, where she advanced multiple candidates toward investigational new drug applications and clinical trials, including USP-1 inhibitor XL309 and PKMYT1 inhibitor XL495 [2] - Spent over 10 years at Boehringer Ingelheim Pharmaceuticals, Inc, focusing on pipeline expansion and discovery, contributing to the advancement of several investigational assets in oncology, immunology, cardiometabolic, inflammation, respiratory, and orphan diseases [2] Stewart Fisher's Contributions - Joined C4 Therapeutics in 2016 and served as CSO since 2018, supporting the development of the TORPEDO® platform and leading the creation of a library of over 10,000 Cereblon ligands from over 200 unique scaffolds [3] - Spearheaded the identification, characterization, and optimization of novel, selective, orally bioavailable BiDAC™ and MonoDAC™ degraders, resulting in six development candidates delivered to the clinical pipeline [3] - Advanced three novel degraders into clinical trials and partnered with global pharmaceutical companies to extend the reach of targeted protein degradation [4] C4 Therapeutics Overview - Clinical-stage biopharmaceutical company focused on advancing targeted protein degradation science to create transformative medicines [6] - Progressing targeted oncology programs through clinical studies and leveraging the TORPEDO® platform to design and optimize small-molecule medicines for difficult-to-treat diseases [6] - Degrader medicines designed to harness the body's natural protein recycling system to rapidly degrade disease-causing proteins, potentially overcoming drug resistance and undruggable targets [6]

CFT1946 Is Well-Tolerated at All Dose Levels; No Dose-Limiting Toxicities CFT1946 Achieves Dose Proportional Pharmacokinetic Exposure; Successfully Degrades BRAF V600 Mutant Protein Early Evidence of CFT1946 Monotherapy Anti-Tumor Activity in Patients Who Have Progressed on or After BRAF Inhibitor Therapies; Majority of Patients Demonstrated Tumor Reduction Across V600 Mutation Types CFT1946 Global Phase 1 Trial Continues to Enroll; Monotherapy and Combination Expansion Cohorts Advancing With Additional Dat ...

Abstract Released Today Highlights Favorable Safety Profile and Early Evidence of Monotherapy Anti-Tumor Activity Investor Webcast to be Held Friday, September 13, 2024 at 12:00 pm ET WATERTOWN, Mass., Sept. 08, 2024 (GLOBE NEWSWIRE) -- C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science, today announced the abstract sharing clinical data from its ongoing Phase 1 clinical trial of CFT1946, a novel BiDAC™ degrader, ...

WATERTOWN, Mass., Sept. 03, 2024 (GLOBE NEWSWIRE) -- C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science, today announced the continued evolution of its Board of Directors with the appointment of Stephen (Steve) Fawell, Ph.D. as a director. With this appointment, Malcolm Salter has decided to retire from the Board of Directors after nearly a decade of service. "We are excited to welcome Steve to the Board of Direc ...

WATERTOWN, Mass., Aug. 29, 2024 (GLOBE NEWSWIRE) -- C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science, today announced that C4T management will participate in fireside chats at two September investor conferences. Fireside Chat Details: Event: Wells Fargo Healthcare Conference taking place in Boston, MA Date/Time: September 5, 2024 at 8:45 AM ET Event: 2024 Cantor Global Healthcare Conference taking place in New ...

C4 Therapeutics, Inc. (CCCC) came out with a quarterly loss of $0.26 per share versus the Zacks Consensus Estimate of a loss of $0.37. This compares to loss of $0.73 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 29.73%. A quarter ago, it was expected that this company would post a loss of $0.41 per share when it actually produced a loss of $0.41, delivering no surprise. Over the last four quarters, the company has surpassed ...