C4 Therapeutics Reports Second Quarter 2026 Financial Results and Recent Business Highlights
Rhea-AI Summary
C4 Therapeutics (Nasdaq: CCCC) reported second quarter 2026 revenue of $6.6 million versus $6.5 million a year earlier, with a net loss of $23.6 million ($0.18 per share) compared to $26.0 million ($0.37 per share) in 2025. R&D and G&A expenses declined slightly year over year.
Cash, cash equivalents and marketable securities totaled $300.4 million at June 30, 2026, supported by $33.5 million raised via an at-the-market program and a $20 million upfront payment from a new degrader‑antibody conjugate collaboration with Roche. According to C4 Therapeutics, this cash runway is expected to fund operations into the end of 2028.
Clinically, updated Phase 1 data for cemsidomide in multiple myeloma showed overall response rates of 40% and 53% at the two highest doses with no cemsidomide‑related discontinuations, which the company says support a differentiated profile. Multiple ongoing and planned cemsidomide trials remain on track, with key data readouts expected in 2027.
Positive
- Q2 2026 revenue slightly higher at $6.6 million vs. $6.5 million in Q2 2025
- Net loss narrowed to $23.6 million from $26.0 million year over year
- R&D expense decreased to $24.5 million from $26.2 million; G&A to $8.6 million from $8.8 million
- Cash, cash equivalents and marketable securities of $300.4 million at June 30, 2026
- Raised $33.5 million via ATM and received $20 million upfront from Roche collaboration in Q2
- Company expects current cash to fund operations through end of 2028
- Phase 1 cemsidomide data showed 40% and 53% ORR at top doses, with no cemsidomide‑related discontinuations
- Multiple cemsidomide trials (Phase 2 MOMENTUM and Phase 1b combinations) progressing with defined 2027 data timelines
Negative
- Q2 2026 net loss remains significant at $23.6 million
- Total operating expenses in Q2 2026 were $33.1 million, exceeding quarterly revenue
- Weighted‑average shares outstanding rose to 130.7 million from 71.0 million, reflecting substantial equity issuance
- Key MOMENTUM Phase 2 ORR readout not expected until second half of 2027
- Cemsidomide remains investigational; no disclosed multiple myeloma approvals or late‑stage (Phase 3) trials yet underway
Market Reaction – CCCC
Following this news, CCCC has gained 2.76%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $3.72. Trading volume is elevated at 2.2x the average, suggesting notable buying interest.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | 1Q26 earnings | Positive | +0.0% | Roche collaboration, clinical progress, and runway through end of 2028 |
| Feb 26 | FY25 earnings | Positive | +0.4% | MOMENTUM advancement, 100 µg dose, and cash runway through 2028 |
| Nov 06 | 3Q25 earnings | Positive | +0.4% | Equity financing, 53% ORR, and cemsidomide combination-study plans |
| Aug 07 | 2Q25 earnings | Positive | +31.6% | Phase 1 activity, milestone payment, and registrational-development planning |
| May 07 | 1Q25 earnings | Positive | +6.4% | Phase 1 progress, cash runway, and reduced quarterly net loss |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions ranged from 0% to 31.63%, with all five recorded reactions nonnegative.
Key Terms
targeted protein degradation technical
degrader-antibody conjugate technical
at-the-market financial
overall response rate medical
minimal residual disease negativity medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Cemsidomide’s Ongoing Phase 2 MOMENTUM Trial and Phase 1b Trial in Combination With Elranatamab Remain on Track to Deliver Clinical Data Readouts in 2027
Phase 1 Data Presented at European Hematology Association (EHA) 2026 Congress Further Support Cemsidomide’s Potential Best-in-Class Profile in Multiple Myeloma
Phase 1b Trial of Cemsidomide in Combination With Approved Standard of Care Multiple Myeloma Therapies On Track to Initiate in 1H 2027
WATERTOWN, Mass., Aug. 11, 2026 (GLOBE NEWSWIRE) -- C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation (TPD) science, today reported financial results for the second quarter ended June 30, 2026, as well as recent business highlights.
“The first half of 2026 was a period of execution for cemsidomide, our next-generation IKZF1/3 degrader, and our clinical development plan. At the EHA Congress in June, we presented clinical data that further supported cemsidomide’s differentiated and potential best-in-class profile for the treatment of relapsed refractory multiple myeloma. In addition, insights from our June KOL webinar underscored the importance of IKZF1/3 degradation as a foundational mechanism in multiple myeloma and highlighted the potential for next-generation IKZF1/3 degraders to become a cornerstone therapy across the disease continuum,” said Andrew Hirsch, president and chief executive officer of C4 Therapeutics. “As we enter the second half of the year, we remain focused on advancing the Phase 2 MOMENTUM trial, the Phase 1b combination trial with elranatamab and start-up activities for our additional Phase 1b combination trial with approved standard-of-care multiple myeloma therapies. Together, these studies are expected to generate clinical milestones in 2027 and beyond and will support our vision of establishing cemsidomide as a potential backbone therapy for combination regimens in multiple myeloma.”
SECOND QUARTER 2026 UPDATES AND RECENT ACHIEVEMENTS
- The ongoing Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone in late-line multiple myeloma (MM) treatment is on track to complete enrollment in the first quarter of 2027. The initial investigator-assessed overall response rate (ORR) data are expected in the second half of 2027.
- The ongoing Phase 1b trial evaluating cemsidomide and dexamethasone in combination with elranatamab (ELREXFIO®), a B-cell maturation antigen CD3 targeted bispecific antibody, in earlier lines of MM treatment continues to progress. C4T expects to provide an update on the dose escalation progress in the second half of 2026 with data from all cohorts expected in mid-2027.
- Study start-up activities are underway for an additional Phase 1b trial evaluating cemsidomide across two treatment arms for relapsed refractory MM patients: (1) cemsidomide, dexamethasone, daratumumab, a CD38 antibody, and (2) cemsidomide, dexamethasone, carfilzomib, a proteasome inhibitor. The trial is expected to initiate in the first half of 2027 with the goal to characterize cemsidomide’s dose and safety with approved standard of care MM therapies.
- A poster presentation was accepted at the International Myeloma Society (IMS) Annual Meeting, featuring additional biomarker data on cemsidomide’s immunomodulatory effects on T cells and natural killer (NK) cells in combination with dexamethasone. These data further support cemsidomide’s potential as a combination partner for immune-based therapies. The meeting will take place September 23–26, 2026, in Glasgow, Scotland.
- Further analysis from the Phase 1 trial evaluating cemsidomide in combination with dexamethasone was presented at the EHA 2026 Congress supporting its differentiated safety profile and compelling anti-myeloma activity in a heavily pretreated relapsed refractory MM patient population. At the two highest dose levels evaluated (75 µg and 100 µg), responses deepened over time and demonstrated a
40% ORR and a53% ORR, respectively, including one stringent complete response and two complete responses. Two patients also achieved minimal residual disease negativity. Across all doses there were no cemsidomide-related discontinuations and minimal dose reductions were observed. These data further support cemsidomide’s potential best-in-class profile. - C4T entered into a new collaboration agreement with Roche in April 2026 to advance research in the emerging degrader-antibody conjugate (DAC) modality. C4T and Roche are combining antibody-drug conjugation and targeted protein degradation to develop a new way to treat cancers. In May 2026, C4T received an upfront payment of
$20 million . - C4T raised approximately
$33.5 million in net proceeds in the second quarter through its at-the-market (ATM) program. The proceeds are expected to support the continued advancement of cemsidomide, including the additional Phase 1b trial and Phase 3 trial planning activities and execution efforts. - C4T hosted an educational KOL webinar featuring Nisha Joseph, M.D., associate professor at the Winship Cancer Institute at Emory University and investigator in the cemsidomide clinical trials. The event highlighted the evolving MM landscape, the foundational role of IKZF1/3 degradation and cemsidomide’s differentiated profile. An archived replay of the webinar is available under “Events and Presentations” within the Investors section of C4T’s website.
UPCOMING MILESTONES
- IMS Annual Meeting, September 23 - 26, 2026: Present a poster featuring additional biomarker data on cemsidomide’s immunomodulatory effects on T cells and NK cells in combination with dexamethasone.
- 2H 2026: Provide an update on the dose escalation progress from the Phase 1b trial evaluating the combination of cemsidomide, dexamethasone, and elranatamab.
- By year-end 2026: Deliver at least one development candidate to a collaboration partner and advance collaborations toward key milestones.
UPCOMING INVESTOR EVENTS
- September 9, 2026: Management will participate in the 2026 Cantor Global Healthcare Conference taking place in New York, NY from September 9 – September 11, 2026.
- September 10, 2026, at 11:00 am ET: Management will participate in a fireside chat at the 2026 Wells Fargo Healthcare Conference taking place in Boston, MA from September 8 – September 10, 2026.
SECOND QUARTER 2026 FINANCIAL RESULTS
Revenue: Total revenue for the second quarter of 2026 was
Research and Development (R&D) Expense: R&D expense for the second quarter of 2026 was
General and Administrative (G&A) Expense: G&A expense for the second quarter of 2026 was
Net Loss and Net Loss per Share: Net loss for the second quarter of 2026 was
Cash Position and Financial Guidance: Cash, cash equivalents and marketable securities as of June 30, 2026, were
About Cemsidomide
Cemsidomide is an investigational, next-generation orally bioavailable MonoDAC® degrader (molecular glue) of IKZF1/3, transcription factors foundational to multiple myeloma biology. Data from the fully enrolled Phase 1 trial show cemsidomide’s differentiated safety and tolerability profile and potentially class-leading anti-myeloma activity that supports the potential for durable outcomes.
About the MOMENTUM Trial
MOMENTUM (Multi-center trial Of cemsidoMidE iN relapsed/refracTory mUltiple Myeloma) is a Phase 2, open-label, single-arm study to evaluate the efficacy and safety of cemsidomide in combination with dexamethasone in patients with relapsed/refractory multiple myeloma. Data from the Phase 1 trial identified 100 µg as the recommended Phase 2 dose. The primary endpoint is overall response rate per International Myeloma Working Group response criteria, as assessed by an independent review committee. Approximately 100 patients who have received at least three prior anti-myeloma regimens that must have included an IKZF1/3 degrader, a proteasome inhibitor, an anti-CD38 antibody, and a T-cell engager or CAR-T therapy will be enrolled in the trial. More information is available at clinicaltrials.gov (NCT07284758).
About Cemsidomide in Combination With Elranatamab (ELREXFIO®)
The Phase 1b trial is designed to evaluate the safety, tolerability and preliminary efficacy of cemsidomide and dexamethasone in combination with elranatamab, an FDA-approved B-cell maturation antigen CD3 targeted bispecific antibody. Data generated from the cemsidomide Phase 1 trial in relapsed/refractory multiple myeloma demonstrate robust T-cell activation and cytokine expression across multiple doses. By activating immune T-cells, cemsidomide, when combined with a BCMAxCD3 bispecific such as elranatamab, may amplify the anti-myeloma immune response and lead to deeper and more durable responses. The study will evaluate different cemsidomide dose levels (beginning with 75 µg, with the opportunity to simultaneously explore 50 µg and 100 µg) in patients who have received one to four prior lines of therapy, which must have consisted of at least one IKZF1/3 degrader. Exclusion criteria for patients include those who have received prior treatment with a BCMA-directed T-cell engager or BCMA-directed CAR-T therapy. More information is available at clinicaltrials.gov (NCT07280013).
About Multiple Myeloma
Multiple myeloma is a blood cancer that affects plasma cells in the bone marrow. It is the second most common blood cancer, with approximately 36,000 people in the United States diagnosed each year. Multiple myeloma is characterized by cycles of remission and relapses, which leads to patients needing multiple lines of therapy to manage this persistent disease. More than 175,000 patients in the United States are estimated to be living with or in remission from myeloma. However, despite treatment advances, approximately
About C4 Therapeutics
C4 Therapeutics (C4T) (Nasdaq: CCCC) is a clinical-stage biopharmaceutical company dedicated to delivering on the promise of targeted protein degradation science to create a new generation of medicines that transforms patients’ lives. C4T is progressing targeted oncology programs through clinical studies and leveraging its TORPEDO® platform to efficiently design and optimize small-molecule medicines to address difficult-to-treat diseases. C4T’s degrader medicines are designed to harness the body’s natural protein recycling system to rapidly degrade disease-causing proteins, offering the potential to overcome drug resistance, drug undruggable targets and improve patient outcomes. For more information, please visit www.c4therapeutics.com.
Forward Looking Statements
This press release contains “forward-looking statements” of C4 Therapeutics, Inc., within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but may not be limited to, express or implied statements regarding the Company’s ability to develop potential therapies for patients; the design and potential efficacy of the Company’s therapeutic approaches; the predictive capability of the Company’s TORPEDO® platform in the development of novel, selective, orally bioavailable BiDAC™ and MonoDAC® degraders; the potential timing, design and advancement of the Company’s preclinical studies and clinical trials, including the Company’s Phase 2 MOMENTUM trial, Phase 1b combination trials, and Phase 3 trial planning activities, and the potential timing for and receipt of regulatory authorization, clinical trial initiation and patient enrollment; the potential timing and/or receipt of regulatory approval for the Company’s product candidates; the anticipated timing and content of presentations of data from the Company’s clinical trials; and expectations for the Company’s uses of capital, expenses and financial results, including its cash runway to the end of 2028. Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties related to the initiation, timing, advancement and conduct of preclinical and clinical studies and other development requirements for the Company’s product candidates; the risk that any one or more of the Company’s product candidates will cost more to develop or may not be successfully developed and commercialized; and the risk that sufficient capital to fund the Company’s future operations will be available to the Company on acceptable terms or at the times required. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in C4 Therapeutics’ most recent Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and C4 Therapeutics undertakes no duty to update this information unless required by law.
Contacts:
Investors:
Courtney Solberg
Associate Director, Investor Relations
CSolberg@c4therapeutics.com
Media:
Loraine Spreen
Senior Director, Corporate Communications & Patient Advocacy
LSpreen@c4therapeutics.com
| Condensed Consolidated Balance Sheet Data | |||||
| (in thousands) | |||||
| (Unaudited) | |||||
| June 30, 2026 | December 31, 2025 | ||||
| Cash, cash equivalents and marketable securities | $ | 300,449 | $ | 297,100 | |
| Total assets | 359,404 | 359,075 | |||
| Deferred revenue | 40,375 | 28,334 | |||
| Total stockholders' equity | 247,265 | 256,587 | |||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except share and per share amounts) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue from collaboration agreements | $ | 6,641 | $ | 6,463 | $ | 12,793 | $ | 13,701 | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 24,471 | 26,197 | 49,077 | 53,269 | |||||||||||
| General and administrative | 8,593 | 8,767 | 17,924 | 18,097 | |||||||||||
| Total operating expenses | 33,064 | 34,964 | 67,001 | 71,366 | |||||||||||
| Loss from operations | (26,423 | ) | (28,501 | ) | (54,208 | ) | (57,665 | ) | |||||||
| Other income, net: | |||||||||||||||
| Interest and other income, net | 2,788 | 2,481 | 5,444 | 5,323 | |||||||||||
| Total other income, net | 2,788 | 2,481 | 5,444 | 5,323 | |||||||||||
| Net loss | $ | (23,635 | ) | $ | (26,020 | ) | $ | (48,764 | ) | $ | (52,342 | ) | |||
| Net loss per share − basic and diluted | $ | (0.18 | ) | $ | (0.37 | ) | $ | (0.38 | ) | $ | (0.74 | ) | |||
| Weighted-average shares outstanding − basic and diluted | 130,696,742 | 71,005,743 | 128,398,417 | 70,919,871 | |||||||||||
