Core Insights - C4 Therapeutics' partner Biogen has received FDA acceptance for the IND application of BIIB142, a degrader of IRAK4 aimed at treating autoimmune diseases [1][2] - The collaboration between C4 Therapeutics and Biogen has been productive, leading to the development of multiple candidates targeting unmet medical needs [2][3] - C4 Therapeutics is set to receive a $2 million milestone payment upon the initiation of patient dosing in the BIIB142 clinical trial [2] Company Overview - C4 Therapeutics is a clinical-stage biopharmaceutical company focused on targeted protein degradation to develop innovative medicines [3] - The company utilizes its TORPEDO platform to design small-molecule medicines for challenging diseases, aiming to improve patient outcomes [3] - C4 Therapeutics' approach involves leveraging the body's natural protein recycling system to degrade disease-causing proteins, potentially overcoming drug resistance [3]

Core Insights - C4 Therapeutics, Inc. (C4T) will present data from its Phase 1 clinical trial of cemsidomide for multiple myeloma at the International Myeloma Society Annual Meeting on September 20, 2025 [1][2] - The company has completed enrollment and dose escalation for the trial, which shows a well-tolerated safety profile and promising response rates [2] - An investor webcast will follow the oral presentation, providing further details on the clinical development plans [3] Company Overview - C4 Therapeutics is a clinical-stage biopharmaceutical company focused on targeted protein degradation to develop new medicines [4] - The company utilizes its TORPEDO platform to design and optimize small-molecule medicines for challenging diseases [4] - C4T's degrader medicines aim to leverage the body's natural protein recycling system to eliminate disease-causing proteins, potentially addressing drug resistance and improving patient outcomes [4] Product Information - Cemsidomide is an investigational small-molecule degrader that targets IKZF1/3, which are transcription factors involved in multiple myeloma and non-Hodgkin's lymphomas [5] - Clinical data indicates that cemsidomide is well-tolerated and shows significant anti-myeloma activity along with immunomodulatory effects [5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________ FORM 10-Q ________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Co ...

[Executive Summary & Business Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Highlights) C4 Therapeutics reported significant business advancements in Q2 2025, including the completion of cemsidomide Phase 1 enrollment with compelling response rates, advancement of CFT8919 in Greater China, and achievement of a preclinical milestone with Merck KGaA [Second Quarter 2025 Business Highlights](index=1&type=section&id=SECOND%20QUARTER%202025%20HIGHLIGHTS%20AND%20RECENT%20ACHIEVEMENTS) C4 Therapeutics reported significant business advancements in Q2 2025, including the completion of cemsidomide Phase 1 enrollment with compelling response rates, advancement of CFT8919 in Greater China, and achievement of a preclinical milestone with Merck KGaA [Cemsidomide Program Updates](index=1&type=section&id=Cemsidomide) Cemsidomide program updates include completed Phase 1 enrollment with compelling response rates and a refined registrational development plan for early 2026 initiation - Completed enrollment and dose escalation for cemsidomide Phase 1 trials in Multiple Myeloma (MM) and non-Hodgkin's Lymphoma (NHL), demonstrating a well-tolerated profile and **compelling response rates**[4](index=4&type=chunk) - Data from the cemsidomide Phase 1 trial in MM was accepted as an oral presentation at the International Myeloma Society (IMS) Annual Meeting (September 17 – September 20, 2025)[4](index=4&type=chunk) - A productive Type C meeting with the FDA enabled refinement of the cemsidomide registrational development plan, with initiation on track for **early 2026**[4](index=4&type=chunk)[5](index=5&type=chunk) - Registrational development will evaluate cemsidomide in combination with dexamethasone for late-line MM and with a B-cell maturation antigen bispecific T-cell engager (BCMA BiTE) for earlier lines of MM treatment[5](index=5&type=chunk) [CFT8919 Program Updates](index=2&type=section&id=CFT8919) CFT8919 continues to advance in Phase 1 dose escalation trials in Greater China through its partnership with Betta Pharmaceuticals - Partner Betta Pharmaceuticals continues to advance the CFT8919 Phase 1 dose escalation trial in Greater China[6](index=6&type=chunk) [Research and Discovery Collaborations](index=2&type=section&id=Research%20and%20Discovery%20Collaborations) C4T achieved a preclinical milestone with Merck KGaA, earning $1 million, and identified multiple degraders against two novel non-oncology targets, which are now moving into the next discovery phase - C4T advanced its collaboration with Merck KGaA, Darmstadt, Germany (MKDG), focused on two projects within the KRAS family, to a milestone on one project, earning **$1 million**[10](index=10&type=chunk) - C4T has identified multiple degraders against two novel targets outside of oncology, which are now advancing into the next phase of discovery[10](index=10&type=chunk) [Key Upcoming Milestones and Data Presentations](index=2&type=section&id=KEY%20UPCOMING%20MILESTONES%20AND%20DATA%20PRESENTATIONS) C4T plans to present full cemsidomide Phase 1 dose escalation data in MM at the IMS meeting in September 2025, followed by NHL data in Q4 2025. The company also expects to initiate the next phase of cemsidomide clinical development in MM in early 2026 and present pharmacokinetic/exposure-response data at ACoP 2025 - Present data from full cemsidomide Phase 1 dose escalation in MM at IMS (September 17 – September 20, 2025)[10](index=10&type=chunk) - Present data from cemsidomide Phase 1 dose escalation in NHL in Q4 2025[10](index=10&type=chunk) - Enable initiation of the next phase of cemsidomide clinical development in MM with new studies expected to initiate in **early 2026**[10](index=10&type=chunk) - Present poster analyzing cemsidomide clinical data of population pharmacokinetic and exposure-response relationships in MM and NHL at the 2025 American Conference on Pharmacometrics (ACoP 2025) on October 20, 2025[10](index=10&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=SECOND%20QUARTER%202025%20FINANCIAL%20RESULTS) C4 Therapeutics reported a decrease in revenue and an increase in net loss for Q2 2025, with cash reserves expected to fund operations until mid-2027 [Revenue](index=2&type=section&id=Revenue) Total revenue for Q2 2025 decreased to $6.5 million from $12.0 million in Q2 2024, primarily due to an $8.0 million milestone from Biogen in the prior year, partially offset by a preclinical milestone from the MKDG collaboration and progress on other programs Revenue Comparison | Metric | Q2 2025 | Q2 2024 | | :----- | :------ | :------ | | Revenue | $6.5M | $12.0M | - The decrease in revenue was primarily due to an **$8.0 million milestone** earned from Biogen in Q2 2024, partially offset by achievement of a preclinical milestone under the MKDG collaboration and continued progress on other collaboration programs[8](index=8&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Operating expenses for Q2 2025 increased to $34.96 million from $33.45 million in Q2 2024, driven by higher R&D expenses, partially offset by lower G&A expenses [Research and Development (R&D) Expense](index=2&type=section&id=Research%20and%20Development%20(R%26D)%20Expense) R&D expense increased to $26.2 million in Q2 2025, primarily due to higher clinical trial expenses for cemsidomide and advancing preclinical collaborations R&D Expense Comparison | Metric | Q2 2025 | Q2 2024 | | :---------------- | :------ | :------ | | R&D Expense | $26.2M | $23.8M | - The increase in R&D expense was primarily related to clinical trial expenses for cemsidomide, in addition to increased preclinical spend as the company's research collaborations continue to advance[9](index=9&type=chunk) [General and Administrative (G&A) Expense](index=3&type=section&id=General%20and%20Administrative%20(G%26A)%20Expense) G&A expense decreased to $8.8 million in Q2 2025, primarily attributable to lower stock-based compensation expense G&A Expense Comparison | Metric | Q2 2025 | Q2 2024 | | :---------------- | :------ | :------ | | G&A Expense | $8.8M | $9.7M | - The decrease in G&A expense was primarily related to lower stock-based compensation expense[11](index=11&type=chunk) [Net Loss and Net Loss per Share](index=3&type=section&id=Net%20Loss%20and%20Net%20Loss%20per%20Share) Net loss for Q2 2025 was $26.0 million, compared to $17.7 million for Q2 2024. Net loss per share increased to $0.37 from $0.26 in the prior year Net Loss and Net Loss per Share Comparison | Metric | Q2 2025 | Q2 2024 | | :-------------------- | :------- | :------- | | Net Loss | -$26.0M | -$17.7M | | Net Loss per Share | -$0.37 | -$0.26 | [Cash Position and Financial Guidance](index=3&type=section&id=Cash%20Position%20and%20Financial%20Guidance) As of June 30, 2025, cash, cash equivalents, and marketable securities totaled $223.0 million, a decrease from $234.7 million as of March 31, 2025, primarily due to funding operations and programs, partially offset by milestone payments. This cash position is expected to fund operations to mid-2027 Cash, Cash Equivalents & Marketable Securities | Metric | June 30, 2025 | March 31, 2025 | Dec 31, 2024 | | :---------------------------------- | :------------ | :------------- | :----------- | | Cash, cash equivalents & marketable securities | $223.0M | $234.7M | $267.3M | - The decrease in cash during Q2 2025 was primarily the result of cash used to fund operations and advance programs, partially offset by cash received for milestones under Roche and MKDG collaborations[12](index=12&type=chunk) - The company expects its cash, cash equivalents, and marketable securities as of June 30, 2025, will enable it to fund its operating plan to **mid-2027**[12](index=12&type=chunk) [Company and Product Overviews](index=3&type=section&id=Company%20and%20Product%20Overviews) C4 Therapeutics is a clinical-stage biopharmaceutical company leveraging its TORPEDO platform to develop targeted protein degraders, including cemsidomide for MM/NHL and CFT8919 for L858R-mutated NSCLC [About C4 Therapeutics](index=3&type=section&id=About%20C4%20Therapeutics) C4 Therapeutics (C4T) is a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science to create a new generation of medicines. It leverages its TORPEDO platform to design small-molecule degraders that harness the body's natural protein recycling system to degrade disease-causing proteins, aiming to overcome drug resistance and target undruggable proteins - C4 Therapeutics (C4T) is a clinical-stage biopharmaceutical company focused on targeted protein degradation science to create new medicines[13](index=13&type=chunk) - Utilizes its TORPEDO platform to efficiently design and optimize small-molecule medicines to address difficult-to-treat diseases by degrading disease-causing proteins[13](index=13&type=chunk) [About Cemsidomide](index=3&type=section&id=About%20Cemsidomide) Cemsidomide is an investigational, orally bioavailable small-molecule degrader designed to be a potent and selective degrader of IKZF1/3, transcription factors implicated in multiple myeloma (MM) and non-Hodgkin's lymphomas (NHL). Clinical data indicates it is well-tolerated and shows compelling anti-myeloma and anti-lymphoma activity - Cemsidomide is an investigational, orally bioavailable small-molecule degrader designed to be a potent and selective degrader of IKZF1/3[14](index=14&type=chunk) - It targets transcription factors that drive multiple myeloma (MM) and non-Hodgkin's lymphomas (NHL)[14](index=14&type=chunk) - Clinical data has shown that cemsidomide is well-tolerated and displays compelling evidence of anti-myeloma and anti-lymphoma activity[14](index=14&type=chunk) [About CFT8919](index=3&type=section&id=About%20CFT8919) CFT8919 is an orally bioavailable allosteric degrader potent and selective against EGFR bearing an oncogenic L858R mutation, active in preclinical models of L858R-driven non-small cell lung cancer. It retains full activity against resistance-conferring EGFR mutations. C4T has a strategic partnership with Betta Pharmaceuticals for its development in Greater China, while retaining rights in the US, EU, and rest of the world - CFT8919 is an orally bioavailable allosteric degrader designed to be potent and selective against EGFR bearing an oncogenic L858R mutation[15](index=15&type=chunk) - In preclinical studies, CFT8919 is active in models of L858R driven non-small cell lung cancer and retains full activity against additional EGFR mutations that confer resistance[15](index=15&type=chunk) - C4T and Betta Pharmaceuticals have a strategic partnership to develop CFT8919 in Greater China, with C4T retaining development and commercialization rights for the US, EU, and rest of the world[15](index=15&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section outlines C4 Therapeutics' forward-looking statements regarding potential therapies, clinical trials, and funding, subject to inherent risks and uncertainties - This press release contains forward-looking statements regarding C4 Therapeutics' ability to develop potential therapies, the design and efficacy of therapeutic approaches, timing of preclinical studies and clinical trials, manufacturing capabilities, and funding[16](index=16&type=chunk)[17](index=17&type=chunk) - These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including those related to clinical study conduct, development costs, commercialization success, and capital availability[17](index=17&type=chunk) - Readers are advised to consult the 'Risk Factors' section in C4 Therapeutics' most recent Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q for a comprehensive discussion of these risks[17](index=17&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents C4 Therapeutics' condensed consolidated balance sheet and statements of operations, detailing financial position and performance for Q2 2025 [Condensed Consolidated Balance Sheet Data](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheet%20Data) The condensed consolidated balance sheet shows key financial positions, including cash, cash equivalents and marketable securities decreasing from $267.3 million at December 31, 2024, to $223.0 million at June 30, 2025. Total assets also decreased, while total stockholders' equity declined Condensed Consolidated Balance Sheet Data (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Cash, cash equivalents and marketable securities | $222,973 | $267,263 | | Total assets | $296,527 | $349,602 | | Deferred revenue | $43,770 | $47,169 | | Total stockholders' equity | $174,064 | $215,986 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statements of operations show a net loss of $26.0 million for the three months ended June 30, 2025, compared to $17.7 million for the same period in 2024. Revenue from collaboration agreements decreased, while research and development expenses increased Condensed Consolidated Statements of Operations (in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue from collaboration agreements | $6,463 | $12,006 | $13,701 | $15,045 | | Operating expenses: | | | | | | Research and development | $26,197 | $23,753 | $53,269 | $46,286 | | General and administrative | $8,767 | $9,695 | $18,097 | $19,983 | | Restructuring | — | — | — | $2,437 | | Total operating expenses | $34,964 | $33,448 | $71,366 | $68,706 | | Loss from operations | $(28,501) | $(21,442) | $(57,665) | $(53,661) | | Other income, net: | | | | | | Interest and other income, net | $2,481 | $3,726 | $5,323 | $7,584 | | Total other income, net | $2,481 | $3,726 | $5,323 | $7,584 | | Net loss | $(26,020) | $(17,716) | $(52,342) | $(46,077) | | Net loss per share − basic and diluted | $(0.37) | $(0.26) | $(0.74) | $(0.67) | | Weighted-average shares outstanding − basic and diluted | 71,005,743 | 68,810,259 | 70,919,871 | 68,621,214 |

Core Insights - C4 Therapeutics, Inc. reported that cemsidomide, an investigational drug for multiple myeloma, has shown an overall response rate (ORR) of 40% at the 75 µg dose level and 50% at the 100 µg dose level in Phase 1 trials [1][7] - The company is on track to initiate registrational development for cemsidomide in early 2026 following a productive Type C meeting with the FDA [1][3] - Financial results for Q2 2025 showed total revenue of $6.5 million, a decrease from $12.0 million in Q2 2024, primarily due to a milestone payment received in the previous year [9][10] Cemsidomide Development - C4 Therapeutics completed enrollment in ongoing Phase 1 trials for cemsidomide in multiple myeloma and non-Hodgkin's lymphoma, with data to be presented at the International Myeloma Society Annual Meeting in September 2025 [3][7] - The next phase of development will evaluate cemsidomide in combination with dexamethasone and a B-cell maturation antigen bispecific T-cell engager for multiple myeloma treatment [7] Financial Performance - R&D expenses for Q2 2025 were $26.2 million, up from $23.8 million in Q2 2024, mainly due to clinical trial costs for cemsidomide [10] - General and administrative expenses decreased to $8.8 million in Q2 2025 from $9.7 million in Q2 2024 [11] - The net loss for Q2 2025 was $26.0 million, compared to $17.7 million in Q2 2024, with a net loss per share of $0.37 [11][12] Cash Position - As of June 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $223.0 million, down from $267.3 million at the end of 2024 [12][20] - The current cash position is expected to fund operations through mid-2027 [12]

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]