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]

Core Viewpoint - C4 Therapeutics, Inc. is raising $125 million through an underwritten offering to fund the next phase of its cemsidomide multiple myeloma development, with potential additional proceeds of up to $225 million [1][5]. Group 1: Offering Details - The offering consists of 21,895,000 shares of common stock and pre-funded warrants to purchase up to 28,713,500 shares of common stock [2]. - The offering is priced at $2.47 per share of common stock and accompanying warrants, and $2.4699 per pre-funded warrant and accompanying warrants [4]. - The total gross proceeds from the offering are expected to be $125 million, with a potential total of $349.7 million if all warrants are exercised [5]. Group 2: Use of Proceeds - The net proceeds from the offering will primarily fund ongoing and planned clinical trials of cemsidomide, other research and development activities, and general corporate purposes [6]. Group 3: Company Overview - C4 Therapeutics is a clinical-stage biopharmaceutical company focused on targeted protein degradation science, aiming to develop new medicines for difficult-to-treat diseases [11]. - The company utilizes its TORPEDO® platform to design and optimize small-molecule medicines, which are intended to degrade disease-causing proteins and improve patient outcomes [11].

Core Insights - C4 Therapeutics has entered into a clinical trial collaboration and supply agreement with Pfizer to advance its research in targeted protein degradation for multiple myeloma treatment [1][2] Company Overview - C4 Therapeutics is a clinical-stage biopharmaceutical company focused on targeted protein degradation science, aiming to create innovative medicines that improve patient outcomes [4] - The company utilizes its TORPEDO platform to design and optimize small-molecule medicines for challenging diseases, with a focus on oncology [4] Clinical Trial Details - The upcoming Phase 1b trial will assess the safety and tolerability of cemsidomide, an IKZF1/3 degrader, in combination with elranatamab for patients with relapsed/refractory multiple myeloma [2][5] - The trial is expected to start in Q2 2026 and aims to establish an optimal dose for cemsidomide when combined with elranatamab [2] - Pfizer will supply elranatamab at no cost, while C4 Therapeutics will sponsor and conduct the trial [2] Product Information - Cemsidomide is an investigational small-molecule degrader that has shown promising safety and tolerability, as well as strong anti-myeloma activity in previous trials [5] - Two additional clinical trials for cemsidomide are planned: a Phase 2 trial in combination with dexamethasone expected to start in Q1 2026, and the aforementioned Phase 1b trial [5] Market Potential - The collaboration with Pfizer positions cemsidomide to potentially enhance treatment regimens for multiple myeloma, aiming to improve patient outcomes in earlier lines of therapy [3] - Elranatamab is on track to become a standard of care BCMAxCD3 bispecific antibody in a growing market for multiple myeloma treatments [3]

Core Viewpoint - The company presented Phase I clinical data for cemsidomide in multiple myeloma at the IMS Annual Meeting, indicating progress in clinical development [2][3]. Group 1: Presentation Overview - The conference call was led by Courtney Solberg, Associate Director of Investor Relations, with participation from key executives including Andrew Hirsch, President and CEO, and Len Reyno, Chief Medical Officer [2][3]. - The agenda included opening remarks, a detailed discussion of clinical data for cemsidomide, next steps in clinical development, and a Q&A session with additional participants [3]. Group 2: Clinical Data - Dr. Binod Dhakal, a clinical investigator for multiple myeloma, presented the Phase I clinical results during the IMS meeting [3].

Group 1 - The conference call discusses the Phase I data of cemsidomide in multiple myeloma, presented at the IMS Annual Meeting [2][3] - The call includes remarks from key executives, including the President and CEO, Chief Medical Officer, and CFO, as well as a clinical investigator [3] - The session will cover clinical data for cemsidomide, next steps in clinical development, and conclude with a Q&A session [3]

Core Insights - C4 Therapeutics, Inc. presented promising Phase 1 clinical trial data for cemsidomide, an IKZF1/3 degrader, in combination with dexamethasone for treating relapsed/refractory multiple myeloma, showing a 50% overall response rate (ORR) at the highest dose level of 100 µg and a 40% ORR at the 75 µg dose level [1][2][10] Phase 1 Trial Results - The trial included 72 heavily pretreated patients, with a median of seven prior therapies, and demonstrated a median duration of response of 9.3 months [6][11] - Cemsidomide achieved over 50% degradation of IKZF1 and over 80% degradation of IKZF3, indicating strong pharmacodynamic effects [11][8] - Safety profile was favorable, with low rates of treatment-related adverse events and no discontinuations related to cemsidomide [7][11] Development Strategy - C4T plans to initiate a Phase 2 single-arm registrational trial in Q1 2026 and a Phase 1b trial in Q2 2026, both aimed at evaluating cemsidomide in combination with dexamethasone and a BCMA BiTE, respectively [12][13][16] - The company aims for accelerated approval pathways based on the promising safety and efficacy data [10][12] Market Context - Multiple myeloma remains an incurable disease, with a significant need for new therapeutic options, especially for patients who have progressed on existing treatments [17][4] - Cemsidomide is positioned as a potential class-leading treatment option due to its differentiated safety and efficacy profile, particularly in heavily pretreated patient populations [3][4][5]

Core Insights - C4 Therapeutics, Inc. reported that cemsidomide, an investigational drug for multiple myeloma, has shown an overall response rate (ORR) of 40% at the 75 µg dose level and 50% at the 100 µg dose level in Phase 1 trials [1][7] - The company is on track to initiate registrational development for cemsidomide in early 2026 following a productive Type C meeting with the FDA [1][3] - Financial results for Q2 2025 showed total revenue of $6.5 million, a decrease from $12.0 million in Q2 2024, primarily due to a milestone payment received in the previous year [9][10] Cemsidomide Development - C4 Therapeutics completed enrollment in ongoing Phase 1 trials for cemsidomide in multiple myeloma and non-Hodgkin's lymphoma, with data to be presented at the International Myeloma Society Annual Meeting in September 2025 [3][7] - The next phase of development will evaluate cemsidomide in combination with dexamethasone and a B-cell maturation antigen bispecific T-cell engager for multiple myeloma treatment [7] Financial Performance - R&D expenses for Q2 2025 were $26.2 million, up from $23.8 million in Q2 2024, mainly due to clinical trial costs for cemsidomide [10] - General and administrative expenses decreased to $8.8 million in Q2 2025 from $9.7 million in Q2 2024 [11] - The net loss for Q2 2025 was $26.0 million, compared to $17.7 million in Q2 2024, with a net loss per share of $0.37 [11][12] Cash Position - As of June 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $223.0 million, down from $267.3 million at the end of 2024 [12][20] - The current cash position is expected to fund operations through mid-2027 [12]