C4 Therapeutics (CCCC) reports Q2 2026 results, Roche deal and cash runway to 2028
Rhea-AI Filing Summary
C4 Therapeutics, Inc. reported second quarter 2026 results and provided clinical and corporate updates centered on its IKZF1/3 degrader cemsidomide. For the quarter ended June 30, 2026, revenue from collaboration agreements was $6.6 million, while research and development expense was $24.5 million and general and administrative expense was $8.6 million. Net loss was $23.6 million, or $0.18 per share.
Cash, cash equivalents and marketable securities totaled $300.4 million as of June 30, 2026, supported by a $20 million upfront payment from a new collaboration with Roche and $33.5 million in net proceeds raised through an at-the-market program. The company expects this cash to fund operations through the end of 2028.
Clinically, a Phase 2 multiple myeloma trial of cemsidomide plus dexamethasone is ongoing, with enrollment expected to complete in early 2027 and initial overall response rate data in the second half of 2027. A Phase 1b trial in combination with elranatamab is progressing, and another Phase 1b trial with standard-of-care multiple myeloma therapies is planned to initiate in the first half of 2027.
Positive
- Cash runway to end of 2028 supported by $300.4 million in cash, cash equivalents and marketable securities as of June 30, 2026, plus recent financing and collaboration inflows.
- Strategic Roche collaboration in degrader-antibody conjugates delivered a $20 million upfront payment and expands C4 Therapeutics’ targeted protein degradation platform into a new oncology modality.
Negative
- Continuing operating losses with a second quarter 2026 net loss of $23.6 million and first-half 2026 net loss of $48.8 million, reflecting substantial R&D and G&A spending ahead of potential product revenue.
Filing Explained
The company reports that it raised
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $6.641 million
Q2 2026 Net Loss: $23.635 million
Q2 2026 Net Loss Per Share: $0.18
+5 more
8 metrics
Q2 2026 Revenue
$6.641 million
Revenue from collaboration agreements for the quarter ended June 30, 2026
Q2 2026 Net Loss
$23.635 million
Net loss for the quarter ended June 30, 2026
Q2 2026 Net Loss Per Share
$0.18
Basic and diluted net loss per share for the quarter ended June 30, 2026
R&D Expense Q2 2026
$24.471 million
Research and development expense for the quarter ended June 30, 2026
G&A Expense Q2 2026
$8.593 million
General and administrative expense for the quarter ended June 30, 2026
Cash and Securities
$300.449 million
Cash, cash equivalents and marketable securities as of June 30, 2026
Roche Upfront Payment
$20.0 million
Upfront payment received in May 2026 under the Roche DAC collaboration
ATM Program Proceeds
$33.5 million
Approximate net proceeds raised through the at-the-market program in Q2 2026
Key Terms
targeted protein degradation, MonoDAC, degrader-antibody conjugate (DAC), overall response rate, +2 more
6 terms
targeted protein degradation medical
"a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation (TPD) science"
Targeted protein degradation is a drug approach that uses small molecules to mark harmful or malfunctioning proteins inside cells so the cell’s own disposal system breaks them down, rather than simply blocking their activity. For investors, it matters because this method can potentially tackle diseases that traditional drugs cannot reach, offering a new class of therapies with broad commercial and patent potential—like switching from silencing a problem to removing it entirely.
MonoDAC medical
"Cemsidomide is an investigational, next-generation orally bioavailable MonoDAC degrader"
degrader-antibody conjugate (DAC) medical
"a new collaboration agreement with Roche ... in the emerging degrader-antibody conjugate (DAC) modality"
overall response rate medical
"The primary endpoint is overall response rate per International Myeloma Working Group response criteria"
Overall response rate is the percentage of patients in a clinical study whose measurable disease shrinks or disappears after receiving a treatment. Investors watch it like a product’s “hit rate” because higher response rates can signal a drug’s effectiveness, boost chances of regulatory approval and market demand, and affect a company’s future revenue prospects, similar to how a higher batting average suggests a more reliable player.
minimal residual disease negativity medical
"Two patients also achieved minimal residual disease negativity"
Minimal residual disease negativity (MRD negativity) means laboratory tests cannot find remaining cancer cells after treatment, using very sensitive methods that detect tiny amounts of disease. For investors, MRD negativity is a measurable sign of how effectively a therapy can clear disease and predict longer remission, similar to seeing no embers after a fire—it's a technical milestone that can influence regulatory decisions, trial outcomes, and the perceived value of a treatment program.
at-the-market (ATM) program financial
"raised approximately $33.5 million in net proceeds in the second quarter through its at-the-market (ATM) program"
An at-the-market (ATM) program is a way for a company to sell newly issued shares directly into the open market at the current trading price over time, rather than all at once. For investors it matters because it provides a flexible, ongoing source of capital but can dilute existing ownership and put steady selling pressure on a stock’s price—similar to a store quietly adding more items for sale at the posted price.
Earnings Snapshot
Revenue from collaboration agreements Q2 2026: $6.641 million · Guidance included
Quarter and six months ended June 30, 2026
Revenue from collaboration agreements Q2 2026
$6.641 million
compared to $6.463 million in Q2 2025
Net loss Q2 2026
$23.635 million
compared to $26.020 million in Q2 2025
Cash and securities
$300.449 million as of June 30, 2026
compared to $297.100 million as of December 31, 2025
Guidance
Management expects current cash, cash equivalents and marketable securities to fund operations to the end of 2028.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did C4 Therapeutics (CCCC) perform financially in Q2 2026?
C4 Therapeutics reported $6.6 million in collaboration revenue for Q2 2026, with R&D expense of $24.5 million and G&A expense of $8.6 million. Net loss was $23.6 million, or $0.18 per basic and diluted share.
What is C4 Therapeutics’ (CCCC) cash position and runway after Q2 2026?
As of June 30, 2026, C4 Therapeutics held $300.4 million in cash, cash equivalents and marketable securities. Management expects this balance to fund operations to the end of 2028, incorporating recent ATM proceeds and a Roche upfront payment.
What are the key clinical milestones for cemsidomide disclosed by C4 Therapeutics (CCCC)?
C4 Therapeutics expects its Phase 2 cemsidomide plus dexamethasone trial to complete enrollment in Q1 2027, with initial overall response rate data in 2H 2027. A Phase 1b combination trial with elranatamab is ongoing, with a dose-escalation update planned in 2H 2026.
What new collaborations or funding did C4 Therapeutics (CCCC) secure in Q2 2026?
C4 Therapeutics entered a new collaboration with Roche in April 2026 focused on degrader-antibody conjugates and received a $20 million upfront payment. The company also raised approximately $33.5 million in net proceeds through its at-the-market equity program.
How is C4 Therapeutics (CCCC) advancing cemsidomide in multiple myeloma?
C4 Therapeutics is running a Phase 2 study of cemsidomide plus dexamethasone in relapsed/refractory multiple myeloma and a Phase 1b trial combining cemsidomide, dexamethasone and elranatamab. An additional Phase 1b trial with standard-of-care regimens is expected to start in the first half of 2027.
What efficacy signals for cemsidomide did C4 Therapeutics (CCCC) highlight?
Phase 1 data of cemsidomide plus dexamethasone showed 40% and 53% overall response rates at the 75 µg and 100 µg dose levels, including one stringent complete response, two complete responses and two patients achieving minimal residual disease negativity.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________________
FORM 8-K
_________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2026
_________________________________________________________________
(Exact name of Registrant as Specified in Its Charter)
_________________________________________________________________
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: (617 ) 231-0700
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
_________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On August 11, 2026 , C4 Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results and business highlights for the quarter ended June 30, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The exhibits shall be deemed to be filed or furnished, depending on the relevant item requiring such exhibit, in accordance with the provisions of Item 601 of Regulation S-K (17 CFR 229.601) and Instruction B.2 to this form.
Exhibit Number | Description | |||||||
99.1 | Press release issued August 11, 2026 | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
C4 Therapeutics, Inc. | ||||||||
Date: | By: | /s/ Kendra R. Adams | ||||||
Kendra R. Adams | ||||||||
Chief Financial Officer, Head of Corporate Affairs, and Treasurer | ||||||||
Exhibit 99.1
C4 Therapeutics Reports Second Quarter 2026 Financial Results and Recent Business Highlights
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., August 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 a 53% 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 $6.6 million, compared to $6.5 million for the second quarter of 2025. The increase was primarily related to revenue recognized under the new Roche DAC collaboration agreement, offset by a decrease in revenue from the conclusion of certain research activities associated with the collaborations with Merck and Merck KGaA, Darmstadt Germany.
Research and Development (R&D) Expense: R&D expense for the second quarter of 2026 was $24.5 million, compared to $26.2 million for the second quarter of 2025. The decrease in R&D expense was primarily due to lower personnel costs resulting from reduced stock-based compensation expense.
General and Administrative (G&A) Expense: G&A expense for the second quarter of 2026 was $8.6 million, compared to $8.8 million for the second quarter of 2025. The decrease in G&A expense was primarily due to lower personnel costs resulting from reduced stock-based compensation expense.
Net Loss and Net Loss per Share: Net loss for the second quarter of 2026 was $23.6 million, compared to $26.0 million for the second quarter of 2025. Net loss per share for the second quarter of 2026 was $0.18, compared to $0.37 for the second quarter of 2025.
Cash Position and Financial Guidance: Cash, cash equivalents and marketable securities as of June 30, 2026, were $300.4 million, compared to $268.3 million as of March 31, 2026, and $297.1 million as of December 31, 2025. The increase in cash, cash equivalents and marketable securities during the second quarter of 2026 primarily reflects $33.5 million in net proceeds from the company’s ATM program and a $20.0 million upfront payment related to its collaboration with Roche, offset by cash used to fund operations and advance programs. The company expects that its current cash, cash equivalents and marketable securities will fund its operations to the end of 2028.
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 40% of patients do not survive beyond five years.
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)
| 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)
| 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 | |||||||||||||||||||