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 ...

Core Insights - C4 Therapeutics, Inc. announced the release of an abstract detailing clinical data from its Phase 1 trial of CFT1946, a novel BiDAC™ degrader targeting mutant BRAF V600 solid tumors, coinciding with the ESMO Congress 2024 [1][2] - The full abstract includes results with a data cut-off of April 12, 2024, and will be presented at the ESMO Congress on September 13, 2024 [1][2] Group 1 - The Phase 1 trial data will include information on 36 patients, focusing on demographics, safety, pharmacokinetics, pharmacodynamics, and anti-tumor activity as per RECIST 1.1 criteria [2] - The oral presentation is scheduled for September 13, 2024, at 4:10 pm CEST (10:10 am ET) during the proffered paper session [3] - C4 Therapeutics will host a webcast for analysts and investors on the same day at 12:00 pm ET, with a replay available afterward [3] Group 2 - C4 Therapeutics is a clinical-stage biopharmaceutical company focused on targeted protein degradation to develop new medicines [4] - The company's TORPEDO® platform is utilized to design and optimize small-molecule medicines for challenging diseases [4] - CFT1946 is designed to be potent and selective against BRAF V600X mutant targets, showing activity in preclinical studies against BRAF V600E driven diseases and resistant models [5] Group 3 - CFT1946 is currently undergoing a Phase 1 dose escalation study in various BRAF V600X mutant solid tumors, including colorectal cancer, melanoma, and non-small cell lung cancer [5]

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 ...

Core Insights - C4 Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on advancing targeted protein degradation science to develop innovative medicines [3] Group 1: Company Announcements - C4 Therapeutics management will participate in fireside chats at two investor conferences in September 2024 [1] - The first event is the Wells Fargo Healthcare Conference in Boston, MA on September 5, 2024, at 8:45 AM ET [2] - The second event is the 2024 Cantor Global Healthcare Conference in New York, NY on September 18, 2024, at 8:35 AM ET [2] Group 2: Company Overview - C4 Therapeutics is leveraging its TORPEDO® platform to design and optimize small-molecule medicines aimed at difficult-to-treat diseases [3] - The company's degrader medicines utilize the body's natural protein recycling system to degrade disease-causing proteins, potentially overcoming drug resistance and improving patient outcomes [3]

Company Performance - C4 Therapeutics reported a quarterly loss of $0.26 per share, better than the Zacks Consensus Estimate of a loss of $0.37, and improved from a loss of $0.73 per share a year ago, representing an earnings surprise of 29.73% [1] - The company posted revenues of $12.01 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 74.51%, compared to revenues of $2.66 million in the same quarter last year [2] - Over the last four quarters, C4 Therapeutics has exceeded consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - C4 Therapeutics shares have increased approximately 18.6% since the beginning of the year, outperforming the S&P 500's gain of 15.8% [3] - The current Zacks Rank for C4 Therapeutics is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.37 on revenues of $9.4 million, and for the current fiscal year, it is -$1.56 on revenues of $26.48 million [7] - The outlook for the Medical - Biomedical and Genetics industry, where C4 Therapeutics operates, is currently in the top 35% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

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, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Se ...

Preliminary Monotherapy Data from the Ongoing CFT1946 Phase 1 Trial in BRAF V600X Solid Tumors to be Presented at ESMO Congress 2024; Initiated Monotherapy Expansion Cohort in Melanoma and Combination Cohort with Cetuximab in Colorectal Cancer Cemsidomide Phase 1 Trial in Multiple Myeloma and non-Hodgkin's Lymphoma Continues to Progress through Dose Escalation; Data on Track for Q4 2024 Cash, Cash Equivalents and Marketable Securities of $295.7 million as of June 30, 2024; Expected to Provide Runway into 20 ...

Core Insights - C4 Therapeutics, Inc. is expected to report a quarterly loss of $0.37 per share, reflecting a year-over-year change of +49.3%, with revenues projected at $6.88 million, an increase of 158.7% from the previous year [1] Group 1: Stock Performance - C4 Therapeutics shares increased by 13.7% in the last trading session, closing at $7.38, with notable trading volume compared to typical sessions, and a total gain of 56.8% over the past four weeks [2] - The rise in stock price is linked to positive investor sentiment regarding the progress of C4's clinical pipeline, particularly the evaluation of cemsidomide (CFT7455) for multiple myeloma and non-Hodgkin lymphomas [3] Group 2: Earnings and Estimates - The consensus EPS estimate for C4 Therapeutics has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [5] - C4 Therapeutics holds a Zacks Rank of 3 (Hold), similar to Praxis Precision Medicines, which also has a consensus EPS estimate unchanged at -$2.39, representing a year-over-year change of +67.5% [5][6]