C4 Therapeutics(CCCC) - 2025 Q2 - Quarterly Results

Executive Summary & Business Highlights C4 Therapeutics reported significant business advancements in Q2 2025, including the completion of cemsidomide Phase 1 enrollment with compelling response rates, advancement of CFT8919 in Greater China, and achievement of a preclinical milestone with Merck KGaA Second Quarter 2025 Business Highlights C4 Therapeutics reported significant business advancements in Q2 2025, including the completion of cemsidomide Phase 1 enrollment with compelling response rates, advancement of CFT8919 in Greater China, and achievement of a preclinical milestone with Merck KGaA Cemsidomide Program Updates Cemsidomide program updates include completed Phase 1 enrollment with compelling response rates and a refined registrational development plan for early 2026 initiation - Completed enrollment and dose escalation for cemsidomide Phase 1 trials in Multiple Myeloma (MM) and non-Hodgkin's Lymphoma (NHL), demonstrating a well-tolerated profile and compelling response rates[4] - Data from the cemsidomide Phase 1 trial in MM was accepted as an oral presentation at the International Myeloma Society (IMS) Annual Meeting (September 17 – September 20, 2025)[4] - A productive Type C meeting with the FDA enabled refinement of the cemsidomide registrational development plan, with initiation on track for early 2026[4][5] - Registrational development will evaluate cemsidomide in combination with dexamethasone for late-line MM and with a B-cell maturation antigen bispecific T-cell engager (BCMA BiTE) for earlier lines of MM treatment[5] CFT8919 Program Updates CFT8919 continues to advance in Phase 1 dose escalation trials in Greater China through its partnership with Betta Pharmaceuticals - Partner Betta Pharmaceuticals continues to advance the CFT8919 Phase 1 dose escalation trial in Greater China[6] Research and Discovery Collaborations C4T achieved a preclinical milestone with Merck KGaA, earning $1 million, and identified multiple degraders against two novel non-oncology targets, which are now moving into the next discovery phase - C4T advanced its collaboration with Merck KGaA, Darmstadt, Germany (MKDG), focused on two projects within the KRAS family, to a milestone on one project, earning $1 million[10] - C4T has identified multiple degraders against two novel targets outside of oncology, which are now advancing into the next phase of discovery[10] Key Upcoming Milestones and Data Presentations C4T plans to present full cemsidomide Phase 1 dose escalation data in MM at the IMS meeting in September 2025, followed by NHL data in Q4 2025. The company also expects to initiate the next phase of cemsidomide clinical development in MM in early 2026 and present pharmacokinetic/exposure-response data at ACoP 2025 - Present data from full cemsidomide Phase 1 dose escalation in MM at IMS (September 17 – September 20, 2025)[10] - Present data from cemsidomide Phase 1 dose escalation in NHL in Q4 2025[10] - Enable initiation of the next phase of cemsidomide clinical development in MM with new studies expected to initiate in early 2026[10] - Present poster analyzing cemsidomide clinical data of population pharmacokinetic and exposure-response relationships in MM and NHL at the 2025 American Conference on Pharmacometrics (ACoP 2025) on October 20, 2025[10] Second Quarter 2025 Financial Results C4 Therapeutics reported a decrease in revenue and an increase in net loss for Q2 2025, with cash reserves expected to fund operations until mid-2027 Revenue Total revenue for Q2 2025 decreased to $6.5 million from $12.0 million in Q2 2024, primarily due to an $8.0 million milestone from Biogen in the prior year, partially offset by a preclinical milestone from the MKDG collaboration and progress on other programs Revenue Comparison | Metric | Q2 2025 | Q2 2024 | | :----- | :------ | :------ | | Revenue | $6.5M | $12.0M | - The decrease in revenue was primarily due to an $8.0 million milestone earned from Biogen in Q2 2024, partially offset by achievement of a preclinical milestone under the MKDG collaboration and continued progress on other collaboration programs[8] Operating Expenses Operating expenses for Q2 2025 increased to $34.96 million from $33.45 million in Q2 2024, driven by higher R&D expenses, partially offset by lower G&A expenses Research and Development (R&D) Expense R&D expense increased to $26.2 million in Q2 2025, primarily due to higher clinical trial expenses for cemsidomide and advancing preclinical collaborations R&D Expense Comparison | Metric | Q2 2025 | Q2 2024 | | :---------------- | :------ | :------ | | R&D Expense | $26.2M | $23.8M | - The increase in R&D expense was primarily related to clinical trial expenses for cemsidomide, in addition to increased preclinical spend as the company's research collaborations continue to advance[9] General and Administrative (G&A) Expense G&A expense decreased to $8.8 million in Q2 2025, primarily attributable to lower stock-based compensation expense G&A Expense Comparison | Metric | Q2 2025 | Q2 2024 | | :---------------- | :------ | :------ | | G&A Expense | $8.8M | $9.7M | - The decrease in G&A expense was primarily related to lower stock-based compensation expense[11] Net Loss and Net Loss per Share Net loss for Q2 2025 was $26.0 million, compared to $17.7 million for Q2 2024. Net loss per share increased to $0.37 from $0.26 in the prior year Net Loss and Net Loss per Share Comparison | Metric | Q2 2025 | Q2 2024 | | :-------------------- | :------- | :------- | | Net Loss | -$26.0M | -$17.7M | | Net Loss per Share | -$0.37 | -$0.26 | Cash Position and Financial Guidance As of June 30, 2025, cash, cash equivalents, and marketable securities totaled $223.0 million, a decrease from $234.7 million as of March 31, 2025, primarily due to funding operations and programs, partially offset by milestone payments. This cash position is expected to fund operations to mid-2027 Cash, Cash Equivalents & Marketable Securities | Metric | June 30, 2025 | March 31, 2025 | Dec 31, 2024 | | :---------------------------------- | :------------ | :------------- | :----------- | | Cash, cash equivalents & marketable securities | $223.0M | $234.7M | $267.3M | - The decrease in cash during Q2 2025 was primarily the result of cash used to fund operations and advance programs, partially offset by cash received for milestones under Roche and MKDG collaborations[12] - The company expects its cash, cash equivalents, and marketable securities as of June 30, 2025, will enable it to fund its operating plan to mid-2027[12] Company and Product Overviews C4 Therapeutics is a clinical-stage biopharmaceutical company leveraging its TORPEDO platform to develop targeted protein degraders, including cemsidomide for MM/NHL and CFT8919 for L858R-mutated NSCLC About C4 Therapeutics C4 Therapeutics (C4T) is a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science to create a new generation of medicines. It leverages its TORPEDO platform to design small-molecule degraders that harness the body's natural protein recycling system to degrade disease-causing proteins, aiming to overcome drug resistance and target undruggable proteins - C4 Therapeutics (C4T) is a clinical-stage biopharmaceutical company focused on targeted protein degradation science to create new medicines[13] - Utilizes its TORPEDO platform to efficiently design and optimize small-molecule medicines to address difficult-to-treat diseases by degrading disease-causing proteins[13] About Cemsidomide Cemsidomide is an investigational, orally bioavailable small-molecule degrader designed to be a potent and selective degrader of IKZF1/3, transcription factors implicated in multiple myeloma (MM) and non-Hodgkin's lymphomas (NHL). Clinical data indicates it is well-tolerated and shows compelling anti-myeloma and anti-lymphoma activity - Cemsidomide is an investigational, orally bioavailable small-molecule degrader designed to be a potent and selective degrader of IKZF1/3[14] - It targets transcription factors that drive multiple myeloma (MM) and non-Hodgkin's lymphomas (NHL)[14] - Clinical data has shown that cemsidomide is well-tolerated and displays compelling evidence of anti-myeloma and anti-lymphoma activity[14] About CFT8919 CFT8919 is an orally bioavailable allosteric degrader potent and selective against EGFR bearing an oncogenic L858R mutation, active in preclinical models of L858R-driven non-small cell lung cancer. It retains full activity against resistance-conferring EGFR mutations. C4T has a strategic partnership with Betta Pharmaceuticals for its development in Greater China, while retaining rights in the US, EU, and rest of the world - CFT8919 is an orally bioavailable allosteric degrader designed to be potent and selective against EGFR bearing an oncogenic L858R mutation[15] - In preclinical studies, CFT8919 is active in models of L858R driven non-small cell lung cancer and retains full activity against additional EGFR mutations that confer resistance[15] - C4T and Betta Pharmaceuticals have a strategic partnership to develop CFT8919 in Greater China, with C4T retaining development and commercialization rights for the US, EU, and rest of the world[15] Forward-Looking Statements This section outlines C4 Therapeutics' forward-looking statements regarding potential therapies, clinical trials, and funding, subject to inherent risks and uncertainties - This press release contains forward-looking statements regarding C4 Therapeutics' ability to develop potential therapies, the design and efficacy of therapeutic approaches, timing of preclinical studies and clinical trials, manufacturing capabilities, and funding[16][17] - These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including those related to clinical study conduct, development costs, commercialization success, and capital availability[17] - Readers are advised to consult the 'Risk Factors' section in C4 Therapeutics' most recent Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q for a comprehensive discussion of these risks[17] Financial Statements This section presents C4 Therapeutics' condensed consolidated balance sheet and statements of operations, detailing financial position and performance for Q2 2025 Condensed Consolidated Balance Sheet Data The condensed consolidated balance sheet shows key financial positions, including cash, cash equivalents and marketable securities decreasing from $267.3 million at December 31, 2024, to $223.0 million at June 30, 2025. Total assets also decreased, while total stockholders' equity declined Condensed Consolidated Balance Sheet Data (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Cash, cash equivalents and marketable securities | $222,973 | $267,263 | | Total assets | $296,527 | $349,602 | | Deferred revenue | $43,770 | $47,169 | | Total stockholders' equity | $174,064 | $215,986 | Condensed Consolidated Statements of Operations The condensed consolidated statements of operations show a net loss of $26.0 million for the three months ended June 30, 2025, compared to $17.7 million for the same period in 2024. Revenue from collaboration agreements decreased, while research and development expenses increased Condensed Consolidated Statements of Operations (in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue from collaboration agreements | $6,463 | $12,006 | $13,701 | $15,045 | | Operating expenses: | | | | | | Research and development | $26,197 | $23,753 | $53,269 | $46,286 | | General and administrative | $8,767 | $9,695 | $18,097 | $19,983 | | Restructuring | — | — | — | $2,437 | | Total operating expenses | $34,964 | $33,448 | $71,366 | $68,706 | | Loss from operations | $(28,501) | $(21,442) | $(57,665) | $(53,661) | | Other income, net: | | | | | | Interest and other income, net | $2,481 | $3,726 | $5,323 | $7,584 | | Total other income, net | $2,481 | $3,726 | $5,323 | $7,584 | | Net loss | $(26,020) | $(17,716) | $(52,342) | $(46,077) | | Net loss per share − basic and diluted | $(0.37) | $(0.26) | $(0.74) | $(0.67) | | Weighted-average shares outstanding − basic and diluted | 71,005,743 | 68,810,259 | 70,919,871 | 68,621,214 |