C4 Therapeutics, Inc. Financials
C4 Therapeutics, Inc. (CCCC) reported $35.9M in revenue for fiscal year 2025, up 1.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External capital keeps funding a research-heavy model where science spending still far exceeds recurring revenue.
In FY2025, operating cash burn of$98.7M was larger than year-end cash of$74.6M , so the company did not fund itself from operations even though liquidity looked ample on the surface. The balance sheet stayed comfortable because financing inflow of$126.4M more than replaced that burn, which means the improved cash position reflected fresh capital rather than a self-sustaining model.
The operating loss narrowed from
Liquidity risk is muted in the near term because current liabilities fell to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of C4 Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
C4 Therapeutics, Inc. scores -0.03, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($521.6M) relative to total liabilities ($102.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
C4 Therapeutics, Inc. passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
C4 Therapeutics, Inc. reported a net loss of $105.0M while operations used $98.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
C4 Therapeutics, Inc. generated $35.9M in revenue in fiscal year 2025. This represents an increase of 1.0% from the prior year.
C4 Therapeutics, Inc.'s EBITDA was -$113.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.8% from the prior year.
C4 Therapeutics, Inc. reported -$105.0M in net income in fiscal year 2025. This represents an increase of 0.3% from the prior year.
C4 Therapeutics, Inc. earned -$1.27 per diluted share (EPS) in fiscal year 2025. This represents an increase of 16.4% from the prior year.
Cash & Balance Sheet
C4 Therapeutics, Inc. recorded an outflow of $99.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 52.0% from the prior year.
C4 Therapeutics, Inc. held $74.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
C4 Therapeutics, Inc.'s ROE was -40.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
C4 Therapeutics, Inc. invested $104.2M in research and development in fiscal year 2025. This represents a decrease of 5.8% from the prior year.
C4 Therapeutics, Inc. spent $193K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 0.5% from the prior year.
C4 Therapeutics, Inc. invested $607K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 237.2% from the prior year.
CCCC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $35.0M | $35.9M+1.0% | $35.6M+71.4% | $20.8M-33.3% | $31.1M-32.1% | $45.8M | N/A | N/A |
| R&D Expenses | $100.0M | $104.2M-5.8% | $110.6M-6.0% | $117.7M-0.1% | $117.8M+24.5% | $94.7M+20.7% | $78.4M+63.2% | $48.1M |
| SG&A Expenses | $36.0M | $36.2M-14.1% | $42.1M+0.1% | $42.1M-1.7% | $42.8M+28.7% | $33.3M+118.7% | $15.2M+73.3% | $8.8M |
| Operating Income | -$111.8M | -$115.2M+3.7% | -$119.6M+14.0% | -$139.0M-7.3% | -$129.5M-57.7% | -$82.1M-35.9% | -$60.4M-70.5% | -$35.5M |
| Income Tax | $121K | $121K-7.6% | $131K-89.8% | $1.3M | $0 | $0+100.0% | -$626K-177.9% | $804K |
| Net Income | -$101.4M | -$105.0M+0.3% | -$105.3M+20.5% | -$132.5M-3.4% | -$128.2M-52.8% | -$83.9M-26.5% | -$66.3M-94.5% | -$34.1M |
| EPS (Diluted) | — | -$1.27+16.4% | -$1.52+43.1% | -$2.67-1.9% | -$2.62-44.0% | -$1.82 | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CCCC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $359.1M+2.7% | $349.6M-7.1% | $376.5M-12.6% | $430.8M-15.0% | $506.8M+26.6% | $400.1M+238.4% | $118.3M |
| Current Assets | $258.1M+0.1% | $257.8M-4.9% | $271.2M-5.7% | $287.6M-11.7% | $325.7M-14.5% | $381.0M+293.7% | $96.8M |
| Cash & Equivalents | $74.6M+34.4% | $55.5M-56.2% | $126.6M+325.5% | $29.8M-60.9% | $76.1M-58.1% | $181.7M+100.7% | $90.5M |
| Accounts Receivable | $2.4M-22.6% | $3.1M-73.7% | $11.8M+701.0% | $1.5M-74.2% | $5.7M+27.5% | $4.5M-3.0% | $4.6M |
| Total Liabilities | $102.5M-23.3% | $133.6M+2.5% | $130.3M-8.0% | $141.6M+20.9% | $117.2M-1.8% | $119.3M-48.2% | $230.2M |
| Current Liabilities | $33.0M-26.9% | $45.2M+5.6% | $42.8M-4.0% | $44.5M-13.1% | $51.2M+16.9% | $43.9M+30.4% | $33.6M |
| Long-Term Debt | N/A | N/A | $0-100.0% | $9.2M-14.6% | $10.8M+7.1% | $10.1M | N/A |
| Total Equity | $256.6M+18.8% | $216.0M-12.2% | $246.1M-14.9% | $289.2M-25.8% | $389.6M+38.8% | $280.8M+350.8% | -$112.0M |
| Retained Earnings | -$738.7M-16.6% | -$633.7M-19.9% | -$528.4M-33.5% | -$395.9M-47.9% | -$267.7M-45.6% | -$183.8M-56.5% | -$117.5M |
Not reported in any period shown, so not listed: Inventory, Goodwill.
CCCC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$84.9M | -$98.7M-51.5% | -$65.2M+39.0% | -$106.8M-0.8% | -$105.9M-21.8% | -$87.0M-29.3% | -$67.2M-220.9% | $55.6M |
| Capital Expenditures | $523K | $607K+237.2% | $180K-89.5% | $1.7M-68.9% | $5.5M+330.4% | $1.3M+96.5% | $650K-51.8% | $1.3M |
| Free Cash Flow | -$85.4M | -$99.3M-52.0% | -$65.3M+39.8% | -$108.5M+2.6% | -$111.4M-26.3% | -$88.2M-30.0% | -$67.9M-225.1% | $54.3M |
| Investing Cash Flow | -$75.3M | -$8.6M+83.2% | -$51.3M-132.4% | $158.3M+171.0% | $58.4M+130.9% | -$189.3M+0.6% | -$190.5M-11659.6% | -$1.6M |
| Financing Cash Flow | $160.6M | $126.4M+178.8% | $45.3M-0.3% | $45.5M+3865.9% | $1.1M-99.3% | $171.4M-50.9% | $348.9M+142904.9% | $244K |
| Share Buybacks | $238K | $193K-0.5% | $194K+76.4% | $110K | $0 | N/A | $194K+546.7% | $30K |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CCCC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -320.5% | -336.1% | -669.8% | -416.6% | -179.4% | N/A | N/A |
| Net Margin | -292.1% | -296.0% | -638.3% | -412.2% | -183.2% | N/A | N/A |
| Return on Equity | -40.9%+7.8pp | -48.8%+5.1pp | -53.8%-9.5pp | -44.3%-22.8pp | -21.5%+2.1pp | -23.6% | N/A |
| Return on Assets | -29.2%+0.9pp | -30.1%+5.1pp | -35.2%-5.4pp | -29.8%-13.2pp | -16.6%0.0pp | -16.6%+12.3pp | -28.8% |
| Current Ratio | 7.81+2.1x | 5.71-0.6x | 6.34-0.1x | 6.46+0.1x | 6.36-2.3x | 8.69+5.8x | 2.88 |
| Debt-to-Equity | 0.40-0.2x | 0.62+0.6x | 0.000.0x | 0.030.0x | 0.030.0x | 0.04 | N/A |
| FCF Margin | -276.2% | -183.6% | -523.0% | -358.4% | -192.7% | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where C4 Therapeutics, Inc. Ranks
Frequently Asked Questions
What is C4 Therapeutics, Inc.'s annual revenue?
C4 Therapeutics, Inc. (CCCC) reported $35.9M in total revenue for fiscal year 2025. This represents a 1.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is C4 Therapeutics, Inc.'s revenue growing?
C4 Therapeutics, Inc. (CCCC) revenue grew by 1.0% year-over-year, from $35.6M to $35.9M in fiscal year 2025.
Is C4 Therapeutics, Inc. profitable?
No, C4 Therapeutics, Inc. (CCCC) reported a net income of -$105.0M in fiscal year 2025.
What is C4 Therapeutics, Inc.'s EBITDA?
C4 Therapeutics, Inc. (CCCC) had EBITDA of -$113.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is C4 Therapeutics, Inc.'s return on equity (ROE)?
C4 Therapeutics, Inc. (CCCC) has a return on equity of -40.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is C4 Therapeutics, Inc.'s free cash flow?
C4 Therapeutics, Inc. (CCCC) recorded an outflow of $99.3M in free cash flow during fiscal year 2025. This represents a -52.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is C4 Therapeutics, Inc.'s operating cash flow?
C4 Therapeutics, Inc. (CCCC) recorded an outflow of $98.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are C4 Therapeutics, Inc.'s total assets?
C4 Therapeutics, Inc. (CCCC) had $359.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are C4 Therapeutics, Inc.'s capital expenditures?
C4 Therapeutics, Inc. (CCCC) invested $607K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does C4 Therapeutics, Inc. spend on research and development?
C4 Therapeutics, Inc. (CCCC) invested $104.2M in research and development during fiscal year 2025.
What is C4 Therapeutics, Inc.'s current ratio?
C4 Therapeutics, Inc. (CCCC) had a current ratio of 7.81 as of fiscal year 2025, which is generally considered healthy.
What is C4 Therapeutics, Inc.'s debt-to-equity ratio?
C4 Therapeutics, Inc. (CCCC) had a debt-to-equity ratio of 0.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is C4 Therapeutics, Inc.'s return on assets (ROA)?
C4 Therapeutics, Inc. (CCCC) had a return on assets of -29.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does C4 Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, C4 Therapeutics, Inc. (CCCC) held $297.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $98.7M over that year. Dividing the one by the other, the reported balance equals about 36 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is C4 Therapeutics, Inc.'s Altman Z-Score?
C4 Therapeutics, Inc. (CCCC) has an Altman Z-Score of -0.03, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is C4 Therapeutics, Inc.'s Piotroski F-Score?
C4 Therapeutics, Inc. (CCCC) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are C4 Therapeutics, Inc.'s earnings high quality?
C4 Therapeutics, Inc. (CCCC) reported a net loss of $105.0M while operations used $98.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is C4 Therapeutics, Inc.?
C4 Therapeutics, Inc. (CCCC) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.