C4 Therapeutics(CCCC) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $5.2 million, and for the full year, it was $35.6 million, compared to $3.3 million and $20.8 million in the prior year periods, representing an increase of 58.8% and 71.8% respectively[9] - Revenue from collaboration agreements increased to $5,177 million in Q4 2024, up from $3,261 million in Q4 2023, representing a growth of 58.6%[25] - Total other income for the twelve months ended December 31, 2024, was $14,429 million, significantly higher than $7,818 million in 2023, an increase of 84%[25] Expenses - Research and Development (R&D) expenses for Q4 2024 were $32.5 million, and for the full year, they were $110.6 million, compared to $30.4 million and $117.7 million in the prior year periods[12] - Total operating expenses for Q4 2024 were $42,886 million, compared to $40,688 million in Q4 2023, reflecting an increase of 5.4%[25] - Research and development expenses for the twelve months ended December 31, 2024, totaled $110,637 million, down from $117,706 million in 2023, a decrease of 6%[25] - General and administrative expenses remained relatively stable at $10,373 million in Q4 2024 compared to $10,297 million in Q4 2023, a slight increase of 0.7%[25] Net Loss - Net loss for Q4 2024 was $34.6 million, with a net loss per share of $0.49, compared to a net loss of $34.8 million and a net loss per share of $0.68 in the prior year[14] - Net loss for Q4 2024 was $34,573 million, slightly improved from a net loss of $34,754 million in Q4 2023, indicating a reduction of 0.5%[25] - Net loss per share for Q4 2024 was $0.49, compared to $0.68 in Q4 2023, showing an improvement of 28%[25] - The company reported a total net loss of $105,316 million for the twelve months ended December 31, 2024, compared to $132,493 million in 2023, a decrease of 20.5%[25] - Loss before income taxes for the twelve months ended December 31, 2024, was $105,185 million, improved from $131,213 million in 2023, a reduction of 19.8%[25] Cash Position - Cash, cash equivalents, and marketable securities as of December 31, 2024, were $267.3 million, down from $281.7 million as of December 31, 2023, providing a runway into 2027[15] - Weighted-average number of shares for basic and diluted was 70,606,156 in Q4 2024, up from 51,234,450 in Q4 2023, an increase of 37.8%[25] Clinical Development - Cemsidomide demonstrated an overall response rate (ORR) of 38% across all subtypes and doses studied in multiple myeloma and non-Hodgkin's lymphoma[4] - CFT1946 is expected to present data in melanoma and colorectal cancer in the second half of 2025, with ongoing trials across multiple cohorts[3] - The company initiated a new discovery collaboration with Merck KGaA, Darmstadt, Germany, and delivered two development candidates to Biogen[3] - The maximum tolerated dose for cemsidomide has not yet been reached, with patients currently enrolling at the 100 µg QD dose level[5] - The company expects to complete Phase 1 dose escalation and present data in multiple myeloma and non-Hodgkin's lymphoma in the second half of 2025[10] - CFT8919 entered clinical development in Greater China, with a Phase 1 trial initiated in November 2024[7]