C4 Therapeutics(CCCC) - 2021 Q4 - Annual Report

Financial Performance - The company reported a net loss of $83.9 million, $66.3 million, and $34.1 million for the years ended December 31, 2021, 2020, and 2019, respectively, indicating significant ongoing operating losses [13]. - The company has not generated any revenue from product sales to date and expects to continue incurring significant expenses for the foreseeable future [13]. - The company anticipates needing substantial additional funding to pursue its business objectives and continue operations [14]. Market and Competition - The company faces substantial competition, which may hinder its ability to successfully develop and commercialize its products [20]. Product Development - The company’s product candidates are primarily in preclinical development, and it has never completed a clinical trial for any of its candidates [16]. - The company’s approach to product development based on its TORPEDO platform is unproven, making it difficult to predict development timelines and costs [15]. - The company relies on third parties for the manufacture of its product candidates, which may increase risks related to timely availability and quality [21]. Collaborations - The company has entered into collaboration agreements with Roche, Biogen, and Calico for the development and commercialization of certain product candidates [19]. External Factors - The ongoing COVID-19 pandemic may adversely impact the company’s business, including its preclinical studies and clinical trials [20]. Financial Position - As of December 31, 2021, the company had marketable securities totaling $375.4 million, with a weighted-average maturity date of 0.8 years, exposing it to interest rate sensitivities [29].