Cemsidomide (IKZF1/3 Degrader) in Multiple Myeloma (MM) & Non-Hodgkin's Lymphoma (NHL) - Cemsidomide dose escalation is complete with 100 µg QD dose level declared safe, and patients are enrolling in the expansion cohort at this dose level[28] - In MM, at the 100 µg dose level, one patient achieved an MRD negative CR, and eight patients (80%) received prior CAR-T or T-cell engager therapy[39] - In NHL, Cemsidomide was well-tolerated with manageable incidents of on-target neutropenia[53] - In PTCL subtypes, the ORR is 44%[56] - Cemsidomide has the potential to achieve peak annual revenues of ~$1 billion as a 5L+ treatment option +dex and over $6 billion if labels in combination with a BCMA bispecific and in combination with dex + an anti-CD38 are achieved[48] CFT8919 (EGFR L858R Degrader) in Non-Small Cell Lung Cancer (NSCLC) - CFT8919 is a potent, oral, allosteric, mutant-selective degrader of EGFR L858R with potential to improve outcomes for NSCLC patients[66] - 2024 Annual Incidence of EGFR L858R Mutated NSCLC: U S: ~17,000, China: ~189,000, EU4 + UK: ~13,000[85] Portfolio & Milestones - Multiple 2025 milestones are expected across the portfolio, including data presentations and clinical trial advancements[18, 86] - In May 2025, C4T announced CFT1946 will not advance beyond Phase 1 and that the company will seek partnership for the BRAF program[17]

Core Viewpoint - C4 Therapeutics (NASDAQ: CCCC) is perceived as undervalued, with the stock being described as "too cheap to ignore" [1] Company Analysis - The author has a PhD in biochemistry and extensive experience in analyzing clinical trials and biotech companies, indicating a strong foundation for evaluating C4 Therapeutics [1] - The focus is on educating investors about the science behind biotech businesses, emphasizing the importance of due diligence in this sector [1] Investment Considerations - There is a potential for the author to initiate a long position in C4 Therapeutics within the next 72 hours, suggesting a positive outlook on the stock [2]

Company Performance - C4 Therapeutics reported a quarterly loss of $0.37 per share, better than the Zacks Consensus Estimate of a loss of $0.48, and an improvement from a loss of $0.41 per share a year ago, representing an earnings surprise of 22.92% [1] - The company posted revenues of $7.24 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 103.03%, compared to revenues of $3.04 million in the same quarter last year [2] - Over the last four quarters, C4 Therapeutics has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times as well [2] Stock Performance - C4 Therapeutics shares have declined approximately 60.8% since the beginning of the year, contrasting with the S&P 500's decline of 4.7% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.44 on revenues of $7.25 million, and for the current fiscal year, it is -$1.74 on revenues of $22.72 million [7] Industry Outlook - The Medical - Biomedical and Genetics industry, to which C4 Therapeutics belongs, is currently ranked in the top 35% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact C4 Therapeutics' stock performance [5]

Financial Performance - Revenue from collaboration agreements increased to $7,238,000 in Q1 2025, up 138% from $3,039,000 in Q1 2024[23]. - Total operating expenses for Q1 2025 were $36,402,000, a slight increase of 3.2% compared to $35,258,000 in Q1 2024[23]. - Net loss for Q1 2025 was $26,322,000, compared to a net loss of $28,361,000 in Q1 2024, reflecting a 7.2% improvement[23]. - The Company reported net losses of $26.3 million and $28.4 million for the three months ended March 31, 2025 and 2024, respectively, with an accumulated deficit of $660.0 million as of March 31, 2025[33]. - The company reported a net loss of $26.3 million for the three months ended March 31, 2025, compared to a net loss of $28.4 million for the same period in 2024, with an accumulated deficit of $660.0 million as of March 31, 2025[147]. - The company expects to incur significant expenses and increasing operating losses for at least the next several years, particularly as it prepares for and initiates first-in-human Phase 1/2 clinical trials[148]. Cash and Assets - Cash and cash equivalents at the end of Q1 2025 were $51,293,000, down from $55,499,000 at the end of Q4 2024[20]. - Total assets decreased to $319,524,000 as of March 31, 2025, from $349,602,000 as of December 31, 2024, a decline of 8.6%[20]. - Total stockholders' equity decreased to $195,140,000 as of March 31, 2025, down from $215,986,000 at the end of 2024, a reduction of 9.7%[20]. - As of March 31, 2025, the Company had cash, cash equivalents, and marketable securities totaling $234.7 million, expected to fund operations for at least the next twelve months[34]. - Cash, cash equivalents, and marketable securities totaled approximately $234.7 million as of March 31, 2025[119]. - As of March 31, 2025, the company had marketable securities of $183.4 million, with a weighted-average maturity of 0.6 years, indicating exposure to interest rate risk[139]. Collaboration Agreements - The Company entered into a collaboration and license agreement with MKDG on March 1, 2024, to discover two targeted protein degraders against critical oncogenic proteins[51]. - The Company has entered into an exclusive license and collaboration agreement with MKDG, receiving an upfront cash payment of $16.0 million and is eligible for approximately $740 million in milestone payments and tiered royalties on net sales[52]. - Under the Merck Agreement, the Company received a $10.0 million upfront payment and is eligible for milestone payments totaling approximately $600 million, with potential total payments up to $2.5 billion if all options are exercised[57]. - The Betta Pharma License Agreement includes an upfront cash payment of $10.0 million and potential milestone payments of up to $357.0 million, plus tiered royalties on net sales in Greater China[62]. - The Company recognized $3,153,000 from the MKDG Agreement in Q1 2025, a significant increase from $55,000 in Q1 2024[81]. - The collaboration agreements are managed by joint committees, with specific termination rights for each party under certain circumstances, including insolvency or material breach[53][58][65]. Research and Development - The company is focused on advancing multiple targeted oncology programs using its proprietary TORPEDO platform to develop new small-molecule medicines[31]. - C4 Therapeutics aims to expand its research platform to deliver treatments for difficult-to-treat diseases, leveraging its advancements in targeted protein degradation[31]. - Research and development expenses rose to $27.1 million for the three months ended March 31, 2025, compared to $22.5 million in 2024, with significant increases in preclinical and clinical expenses[114]. - The company expects research and development expenses to continue increasing substantially due to planned preclinical and clinical development activities[108]. - Cemsidomide, the company's most advanced product candidate, is in clinical development for multiple myeloma and non-Hodgkin lymphoma, with promising data shared from ongoing trials[101]. - CFT1946, another product candidate, is designed to target BRAF V600 mutant proteins and has shown initial signs of anti-tumor activity in preclinical studies[102]. Stock-Based Compensation - The company reported stock-based compensation expense of $5,507,000 in Q1 2025, down from $6,215,000 in Q1 2024[29]. - Stock-based compensation expense for Q1 2025 was $5,507,000, a decrease from $6,215,000 in Q1 2024[86]. - The Company granted stock options for the purchase of 1,866,960 shares with a weighted average exercise price of $3.17 per share during Q1 2025[87]. - As of March 31, 2025, the unrecognized compensation cost related to outstanding stock options was $27.6 million, expected to be recognized over 2.3 years[87]. Risks and Challenges - The Company is subject to risks including the uncertainty of raising additional financing and the ability to commercialize product candidates[35]. - The company remains in the early stages of product development, with all product candidates except one still in the discovery stage, which increases the risk of failure[167]. - The company may face unforeseen expenses and challenges as it transitions from a research-focused entity to one capable of supporting commercial activities[158]. - The company faces a high risk of failure in demonstrating the safety and efficacy of its product candidates, which could delay regulatory approval and commercialization[171]. - There is a high attrition rate in clinical trials, with many product candidates failing to show the desired safety and efficacy profile despite initial promising results[175]. - The company may face challenges in patient recruitment and retention during clinical trials, which could impact the ability to complete studies on schedule[182]. Legal and Regulatory - The company has no material legal proceedings currently pending[91]. - The regulatory approval process for the company's novel product candidates is expected to be more expensive and time-consuming than for more established products[165]. - The FDA's evolving regulatory policies may require additional clinical trials or testing, increasing the expense and duration of clinical development programs[183]. Future Outlook - The company expects to continue to generate operating losses for the foreseeable future[33]. - The company anticipates needing substantial additional funding to pursue its business objectives and continue operations, especially for commercialization expenses related to product manufacturing, marketing, sales, and distribution[153]. - The company expects to incur significant expenses and operating losses for the foreseeable future as it advances preclinical programs and product candidates through clinical development[126].

Financial Performance - Total revenue for Q1 2025 was $7.2 million, a 139% increase from $3.0 million in Q1 2024, primarily due to collaborations with Merck KGaA and Roche[10] - Net loss for Q1 2025 was $26.3 million, an improvement from a net loss of $28.4 million in Q1 2024, with net loss per share decreasing to $0.37 from $0.41[13] - Cash, cash equivalents, and marketable securities totaled $234.7 million as of March 31, 2025, expected to fund operations into 2027[14] - Research and development (R&D) expenses for Q1 2025 were $27.1 million, up from $22.5 million in Q1 2024, mainly due to clinical trial expenses[11] - General and administrative (G&A) expenses decreased to $9.3 million in Q1 2025 from $10.3 million in Q1 2024, reflecting reduced personnel costs[12] Clinical Development - Cemsidomide demonstrated a 50% overall response rate (ORR) at the 100 µg dose level, with one patient achieving a minimal residual disease negative complete response[3][4] - At the 75 µg dose level, Cemsidomide achieved an ORR of 40% with 20 patients treated[8] - The company expects to receive regulatory feedback on Cemsidomide's registrational development by mid-year 2025[8] - Upcoming data presentations include completed Cemsidomide Phase 1 dose escalation in multiple myeloma in Q3 2025 and in non-Hodgkin's lymphoma in Q4 2025[8] Strategic Plans - C4 Therapeutics plans to seek partnership opportunities to advance the BRAF program after deciding not to progress CFT1946 beyond the current Phase 1 trial[17]

Core Insights - C4 Therapeutics, Inc. reported compelling overall response rates for cemsidomide in multiple myeloma, with a 50% overall response rate (ORR) at the highest dose of 100 µg, including one patient achieving a minimal residual disease negative complete response [1][5] - The company plans to prioritize the development of cemsidomide and expects FDA feedback by mid-2025 to support the next phase of development in early 2026 [1][2] - C4T's financial position remains strong, with cash, cash equivalents, and marketable securities totaling $234.7 million as of March 31, 2025, expected to fund operations into 2027 [1][15] Cemsidomide Development - Cemsidomide's Phase 1 trial in multiple myeloma has shown a 50% ORR at the 100 µg dose level, with 80% of patients having prior CAR-T or T-cell engager therapy [5] - At the 75 µg dose level, an ORR of 40% was achieved [5] - The drug is well-tolerated with manageable neutropenia, and the ongoing Phase 1 trial for non-Hodgkin's lymphoma is still in progress [5] Financial Performance - Total revenue for Q1 2025 was $7.2 million, up from $3.0 million in Q1 2024, primarily due to collaborations with Merck KGaA and Roche [9] - Research and development expenses increased to $27.1 million in Q1 2025 from $22.5 million in Q1 2024, reflecting higher clinical trial costs [10] - General and administrative expenses decreased to $9.3 million in Q1 2025 from $10.3 million in Q1 2024 due to reduced personnel costs [11] Strategic Decisions - The company has decided not to advance CFT1946 beyond the current Phase 1 trial and will seek partnership opportunities for the BRAF program [14][18] - C4T continues to advance its internal research pipeline, focusing on targets with a strong degrader rationale applicable to various therapeutic areas [14] Upcoming Milestones - C4T plans to present data from the completed cemsidomide Phase 1 dose escalation in multiple myeloma in Q3 2025 and in non-Hodgkin's lymphoma in Q4 2025 [14] - The company aims to initiate the next phase of clinical development for cemsidomide in early 2026 [14]

C4 Therapeutics, Inc. (CCCC) has been beaten down lately with too much selling pressure. While the stock has lost 21.9% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscilla ...

Group 1 - C4 Therapeutics, Inc. (CCCC) has experienced a significant decline of 26.2% over the past four weeks, but it is now in oversold territory, indicating a potential for a trend reversal [1] - The Relative Strength Index (RSI) for CCCC is at 17.81, suggesting that the heavy selling pressure may be exhausting, which could lead to a rebound in the stock price [5] - There is strong consensus among Wall Street analysts that CCCC will report better earnings than previously predicted, with a 0.3% increase in the consensus EPS estimate over the last 30 days [6] Group 2 - CCCC holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a turnaround [7]

C4 Therapeutics, Inc. (CCCC) came out with a quarterly loss of $0.49 per share versus the Zacks Consensus Estimate of a loss of $0.44. This compares to loss of $0.68 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -11.36%. A quarter ago, it was expected that this company would post a loss of $0.40 per share when it actually produced a loss of $0.35, delivering a surprise of 12.50%.Over the last four quarters, the company has s ...

Product Development and Pipeline - The company is focused on developing targeted protein degradation (TPD) therapies, leveraging its proprietary TORPEDO platform to create small-molecule medicines[22]. - The most advanced product candidate, cemsidomide, is in clinical development for multiple myeloma and non-Hodgkin lymphoma, with promising data shared in December 2023 showing a well-tolerated profile and compelling anti-lymphoma activity[24]. - CFT1946, another advanced candidate, targets BRAF V600 mutant proteins and has shown the ability to cross the blood-brain barrier, with initial signs of anti-tumor activity presented in September 2024[25]. - The company has entered a collaboration with Betta Pharma for the development of CFT8919 in Greater China, with a Phase 1 clinical trial initiated in November 2024[26]. - The ongoing clinical trials for cemsidomide and CFT1946 are part of the company's strategy to advance oral oncology degrader programs and seek expedited development pathways with the FDA[28]. - The company is diversifying its pipeline by developing new degraders in collaboration with partners like MKDG, Merck, and Roche, focusing on multiple therapeutic areas[27]. - The company aims to leverage its TPD approach to address significant unmet medical needs in oncology and other disease areas[28]. - Cemsidomide targets IKZF1/3 for the treatment of multiple myeloma (MM) and non-Hodgkin's lymphoma (NHL), showing robust activity in preclinical studies[50]. - CFT1946 is being developed for BRAF V600 mutant solid tumors, with BRAF mutations occurring in approximately 6% of all cancers, translating to over 100,000 patients annually in the US[61]. - CFT8919 is designed to target EGFR L858R mutations, which account for approximately 25-45% of EGFR-mutant NSCLC, and aims to overcome resistance mechanisms[76][79]. Clinical Trials and Regulatory Pathways - The company is conducting first-in-human Phase 1/2 clinical trials for cemsidomide and CFT1946, with a partner conducting a Phase 1 trial for CFT8919 in Greater China[49]. - In December 2024, data from the ongoing Phase 1/2 trial indicated a well-tolerated safety profile for cemsidomide, with compelling anti-myeloma activity across a broad range of doses[51]. - CFT1946 demonstrated dose-dependent bioavailability and degradation of BRAF V600E protein, with initial signs of anti-tumor activity across all dose levels in the ongoing Phase 1/2 trial[68]. - The FDA's testing and approval process for product candidates requires substantial time, effort, and financial resources[132]. - The IND submission becomes effective 30 days after receipt by the FDA unless safety concerns arise[133]. - Clinical trials are conducted in three phases, with Phase 1 focusing on safety and dosage, Phase 2 on preliminary efficacy, and Phase 3 on statistically significant evidence of efficacy[136][144]. - The FDA has implemented initiatives like Project Optimus to reform dose selection in oncology drug development[139]. - The FDA's accelerated approval pathway allows drugs to be approved based on surrogate endpoints that predict clinical benefit[149]. - Priority review designation by the FDA reduces the review goal to six months for drugs providing significant safety or effectiveness improvements[150]. Financial Performance and Funding - The company reported a net loss of $105.3 million for the year ended December 31, 2024, compared to a net loss of $132.5 million for 2023, resulting in an accumulated deficit of $633.7 million[211]. - The company has not generated any revenue from product sales to date and has financed operations primarily through equity sales and collaborations[211]. - The company expects to incur significant expenses and increasing operating losses for at least the next several years as it prepares for clinical trials and expands its research and development activities[212]. - The company anticipates substantial additional funding will be required to pursue its business objectives and continue operations, particularly for ongoing clinical trials and commercialization efforts[217]. - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities of approximately $267.3 million, which is expected to fund planned operating expenses into 2027[218]. - The company anticipates needing to raise substantial additional capital to complete the development and commercialization of its product candidates, as current resources are insufficient for regulatory approval[218]. Collaborations and Partnerships - The company has made significant investments in its proprietary TORPEDO platform, enhancing the design and optimization of protein degraders[44]. - The Merck License Agreement includes potential milestone payments totaling approximately $600 million and tiered royalties on net sales for degrader-antibody conjugates[84]. - The MKDG Agreement includes an upfront cash payment of $16 million and potential aggregate payments of approximately $740 million across the collaboration[82]. - Betta Pharma made an upfront cash payment of $10.0 million and the company is eligible to receive up to $357.0 million in milestone payments for CFT8919 in Greater China[86]. - The company received an upfront payment of $45.0 million from Biogen for the collaborative research and license agreement[98]. Market and Competitive Landscape - The company has identified potential competitors with greater financial resources and expertise, which could impact its market position[106]. - The company’s commercial success depends on securing and maintaining patent protection for its technologies, including the TORPEDO platform and product candidates[113]. - The company relies on trade secrets and technical know-how to maintain its competitive advantage, supported by confidentiality agreements with employees and partners[128]. - The company faces risks related to potential price controls and regulations that could adversely affect its business prospects and financial condition[200]. Regulatory Environment - The company is subject to substantial regulatory requirements imposed by the FDA and other agencies, which can affect the clinical development and marketing of its products[130]. - The FDA inspects manufacturing facilities and clinical trial sites to ensure compliance with cGMP and GCP requirements before approving an NDA[156]. - Regulatory approval may include limitations on indicated uses and may require Phase 4 post-marketing studies to monitor safety[161]. - The EU requires a marketing authorization (MA) for medicinal products, with centralized MAs valid throughout the EU[179]. - The China National Medical Products Administration (NMPA) allows clinical trials to proceed under an implied approval system if no objections are received within 60 business days, streamlining the process[184]. Employee and Workplace Culture - As of December 31, 2024, the company had 110 full-time employees, with 75 engaged in research and development activities[202]. - The company is committed to creating an inclusive workplace and has implemented various programs to support employee well-being and development[204].