C4 Therapeutics(US:CCCC)2024-10-31 11:07Financial 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]