C4 Therapeutics Inc. (NASDAQ:CCCC) is one of the best biotech penny stocks to buy according to analysts. On December 17, Barclays lowered the firm’s price target on C4 Therapeutics to $5 from $10, while maintaining an Overweight rating on the shares. The firm updated its biotechnology price targets as part of its 2026 sector outlook. On December 2, TD Cowen initiated coverage of C4 Therapeutics with a Buy rating but set no price target on the company’s shares. The firm highlighted that the company distin ...

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]