C4 Therapeutics Reports Third Quarter 2025 Financial Results and Recent Business Highlights

Core Insights - C4 Therapeutics, Inc. successfully raised $125 million in gross proceeds through an equity offering, extending its financial runway to the end of 2028, which is crucial for advancing its clinical programs, particularly for cemsidomide [1][2][6] - Cemsidomide has shown promising Phase 1 data in multiple myeloma, achieving a 53% overall response rate at the highest dose level, indicating a potential best-in-class profile [1][3][15] - The company is on track to initiate the next phases of cemsidomide development, including a Phase 2 MOMENTUM trial in combination with dexamethasone in Q1 2026 and a Phase 1b trial in combination with elranatamab in Q2 2026 [1][2][12] Financial Performance - Total revenue for Q3 2025 was $11.2 million, a decrease from $15.4 million in Q3 2024, primarily due to the absence of an $8 million milestone recognized in the previous year [8] - Research and Development (R&D) expenses for Q3 2025 were $26 million, down from $31.8 million in Q3 2024, attributed to reduced clinical trial expenses [9] - General and Administrative (G&A) expenses for Q3 2025 were $8.9 million, compared to $11.8 million in Q3 2024, mainly due to lower stock-based compensation [10] - The net loss for Q3 2025 was $32.2 million, compared to $24.7 million in Q3 2024, with a net loss per share of $0.44 [10][23] Clinical Development - C4 Therapeutics presented Phase 1 data showing cemsidomide's potential best-in-class profile in heavily pre-treated multiple myeloma patients, with a median duration of response of 9.3 months [3][15] - The company has entered into a collaboration with Pfizer to evaluate cemsidomide in combination with elranatamab, with C4T sponsoring the Phase 1b trial [3][4] - The upcoming Phase 2 MOMENTUM trial will evaluate cemsidomide in combination with dexamethasone in patients with relapsed/refractory multiple myeloma, aiming to enroll approximately 100 patients [14][15] Cash Position and Future Outlook - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $199.8 million, down from $267.3 million at the end of 2024, but bolstered by the recent equity offering [13][21] - The company expects its current financial resources to support its operating plan through the end of 2028, allowing for continued development of its clinical programs [13][6]