C4 Therapeutics(US:CCCC)2024-10-31 11:12Revenue 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].