C4 Therapeutics(CCCC) - 2023 Q4 - Annual Results

Financial Performance - Total revenue for the year ended December 31, 2023, was $20.8 million, a decrease from $31.1 million in 2022, primarily due to the end of a collaboration agreement with Calico[20] - Revenue from collaboration agreements decreased to $20.8 million in 2023 from $31.1 million in 2022, representing a decline of approximately 33.5%[41] - Net loss for the year ended December 31, 2023, was $132.5 million, compared to $128.2 million in 2022, with a net loss per share of $2.67[32] - Net loss increased to $132.5 million in 2023 compared to a net loss of $128.2 million in 2022, reflecting a rise of approximately 3.0%[41] - Total operating expenses slightly decreased to $159.8 million in 2023 from $160.6 million in 2022, a reduction of about 0.5%[41] - Interest and other income increased significantly to $9.8 million in 2023 from $3.6 million in 2022, an increase of approximately 173.2%[41] - Cash, cash equivalents, and marketable securities decreased to $281.7 million as of December 31, 2023, down from $337.1 million in 2022, a decline of about 16.4%[44] - Total assets decreased to $376.5 million in 2023 from $430.8 million in 2022, a reduction of approximately 12.6%[48] - Total stockholders' equity decreased to $246.1 million in 2023 from $289.2 million in 2022, a decline of about 14.9%[48] Expenses - General and Administrative (G&A) expenses for 2023 were $42.1 million, down from $42.8 million in 2022, mainly due to reduced professional fees[5] - Research and Development (R&D) expenses for 2023 were $117.7 million, relatively flat compared to $117.8 million in 2022, as preclinical costs decreased while clinical costs increased[31] Capital and Funding - C4 Therapeutics is well-capitalized with a cash runway expected to extend into 2027, with a proforma balance of approximately $330 million as of January 2024[33] - In January 2024, C4T sold approximately 13.7 million shares at an average price of $5.42 per share, raising approximately $72 million in new equity capital[28] Product Development - CFT7455 is in a Phase 1 dose escalation study, with initial clinical data showing anti-myeloma activity and well-tolerated results[6] - CFT1946 is also in a Phase 1 dose escalation study, with encouraging initial pharmacokinetic and pharmacodynamic data shared in January 2024[25] - The company received approval for the Clinical Trial Application of CFT8919 in December 2023, indicating progress in its product pipeline[42] Strategic Initiatives - C4T and Merck entered into a collaboration for degrader antibody conjugates, with an upfront payment of $10 million and potential milestone payments totaling approximately $600 million[27] - C4T announced strategic priorities for 2024, focusing on advancing product candidates CFT7455 and CFT1946, while reducing the workforce by approximately 30%[17] - The company plans to participate in a fireside chat at the Leerink Partners Global Biopharma Conference on March 11, 2024, highlighting upcoming milestones for CFT1946[43] Deferred Revenue - Deferred revenue increased to $37.3 million in 2023 from $33.5 million in 2022, an increase of about 11.4%[48]