C4 Therapeutics (Nasdaq: CCCC) details 2025 loss and cash runway to 2028

Rhea-AI Filing Summary

C4 Therapeutics reported fourth quarter and full-year 2025 results and outlined progress across its pipeline. Total revenue was $11.0 million for Q4 and $35.9 million for 2025, roughly flat year over year, while operating expenses declined modestly.

Full-year R&D was $104.2 million and G&A was $36.2 million, contributing to a net loss of $105.0 million, or $1.27 per share. Cash, cash equivalents and marketable securities were $297.1 million as of December 31, 2025, and the company expects this to fund its operating plan to the end of 2028. Strategically, cemsidomide advanced into a Phase 2 trial in later-line multiple myeloma, a Phase 1b combination study with elranatamab is expected to start in Q2 2026, C4T earned a $2 million milestone from Biogen for BTK degrader BIIB145, and it raised $125 million in an October 2025 equity offering.

Insights

Biotech equity analyst

Pipeline advanced and cash runway extended, while revenue and losses remained relatively stable.

C4 Therapeutics combined steady collaboration revenue with tighter spending and balance sheet strengthening in 2025. Revenue was $35.9 million, essentially flat versus 2024, but R&D and G&A both declined, keeping the net loss roughly unchanged at $105.0 million.

The company ended 2025 with $297.1 million in cash, cash equivalents and marketable securities, helped by a $125 million October equity raise and collaboration milestones, including $2 million from Biogen. Management states this should fund its operating plan to the end of 2028, which is a long runway for a clinical-stage biotech.

On the clinical side, cemsidomide moved into a potentially registration-enabling Phase 2 trial in later-line multiple myeloma and is expected to enter a Phase 1b combination study with elranatamab in Q2 2026. Additional milestones include ex-China decisions for CFT8919 by the end of Q1 2026 and further discovery and collaboration progress through year-end 2026. Overall, the update is strategically important but does not appear to radically change the investment thesis.

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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): February 26, 2026

_________________________________________________________________

C4 THERAPEUTICS, INC.

(Exact name of Registrant as Specified in Its Charter)

_________________________________________________________________

Delaware			001-39567			47-5617627
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)
490 Arsenal Way,   Suite 120 Watertown,  MA						02472
(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:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			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

Common Stock, $0.0001 par value per share

CCCC

The Nasdaq Global Select Market

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 February 26, 2026, C4 Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results and business highlights for the quarter and fiscal year ended December 31, 2025. 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 February 26, 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: February 26, 2026			By:			/s/ Kendra R. Adams
						Kendra R. Adams
						Chief Financial Officer and Treasurer

Exhibit 99.1

C4 Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Business Highlights

Cemsidomide Advancing into Later-stage Development with Potential for Accelerated Approval; First Patient Dosed in the Phase 2 MOMENTUM Trial for Multiple Myeloma in the Fourth Line or Later

Phase 1b Trial of Cemsidomide in Combination with Elranatamab on Track to Initiate in Q2 2026 to Support Use in Earlier Lines of Multiple Myeloma Therapy

Second Degrader Designed and Delivered to Biogen Entered Clinical Development for Autoimmune Diseases

Strong Balance Sheet Provides Runway to the End of 2028; Cash, Cash Equivalents and Marketable Securities of $297.1 million as of December 31, 2025

WATERTOWN, Mass., Feb. 26, 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 year ended December 31, 2025, as well as business updates.

“We made significant progress in 2025, notably demonstrating cemsidomide’s best-in-class potential, establishing an efficient and differentiated regulatory path for cemsidomide, and extending our cash runway beyond key value‑inflection milestones, further positioning us to become a fully integrated biopharmaceutical company,” said Andrew Hirsch, president and chief executive officer of C4 Therapeutics. “As cemsidomide progresses into later-stage clinical trials across multiple lines of therapy in multiple myeloma, we believe it is well positioned to become the IKZF1/3 degrader of choice. We continue to advance our discovery strategy, focused on targets that have a strong degrader rationale with first-in-class potential in inflammation, neuroinflammation and neurodegeneration diseases. Together, these achievements will bring us closer to delivering transformative TPD medicines for patients with significant unmet needs.”

FOURTH QUARTER 2025 HIGHLIGHTS AND RECENT ACHIEVEMENTS

•In February 2026, the first patient was dosed in the Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone in the fourth line or later MM setting. The MOMENTUM trial was designed for potential accelerated approval with a recommended Phase 2 dose of 100 µg. The trial will enroll approximately 100 patients with enrollment expected to be completed in Q1 2027.

•In October 2025, C4T entered into a clinical trial collaboration and supply agreement with Pfizer Inc. Under the terms of the agreement, Pfizer will supply elranatamab (ELREXFIO®), a B-cell maturation antigen CD3 targeted bispecific antibody, for the upcoming Phase 1b trial of cemsidomide in combination with elranatamab in earlier lines of MM treatment. C4T has continued to execute operational steps necessary for the initiation of the Phase 1b trial, which is expected in Q2 2026.

•In October 2025, C4T raised $125 million in gross proceeds through an underwritten offering with the potential to earn up to $225 million in additional proceeds if the outstanding warrants are exercised.

•In January 2026, C4T earned a $2 million milestone payment from Biogen related to BIIB145, a BTK degrader, designed by C4T and delivered to Biogen for clinical development. This is the second degrader that Biogen has advanced into the clinic under the Biogen and C4T collaboration.

KEY UPCOMING MILESTONES

Cemsidomide: IKZF1/3 Degrader for Relapsed Refractory Multiple Myeloma (RRMM)

•On track to initiate the Phase 1b trial of cemsidomide in combination with elranatamab in Q2 2026 with plans to provide incremental progress throughout 2026.

•Present further analysis of the data from the completed Phase 1 trial of cemsidomide in combination with dexamethasone in mid-2026.

•Share the plan to initiate an additional Phase 1b trial to evaluate cemsidomide in combination with other anti-myeloma agents in mid-2026.

CFT8919: EGFR L858R Degrader for Non-Small-Cell Lung Cancer (NSCLC)

•By end of Q1 2026, utilize data from the Phase 1 dose escalation trial conducted by Betta Pharmaceuticals to inform potential ex-China clinical development.

Research & Discovery: Internal Discovery Efforts Focused on Inflammation, Neuroinflammation & Neurodegeneration (INN) with Collaboration Efforts Focused on Oncology & Non-oncology

•Optimize indication selection for multiple targets across discovery portfolio focused on INN in 2026.

•Deliver at least one development candidate to a collaboration partner by year-end 2026.

•Advance existing collaborations toward key milestones by year-end 2026.

UPCOMING INVESTOR EVENTS:

•March 3, 2026, at 11:50 AM ET: Management will participate in a presentation and fireside chat at the TD Cowen 46th Annual Health Care Conference taking place in Boston, Massachusetts.

•March 10, 2026, at 8:00 AM ET: Management will participate in a fireside chat at the Barclays 28th Annual Global Healthcare Conference taking place in Miami, Florida.

FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS

Revenue: Total revenue for the fourth quarter and full year ended December 31, 2025, was $11.0 million and $35.9 million, respectively, compared to $5.2 million and $35.6 million for the prior year periods. The increase in revenue for the fourth quarter of 2025, as compared to the prior year period, reflects the prioritization of one KRAS project under the collaboration with Merck KGaA, Darmstadt, Germany.

Research and Development (R&D) Expense: R&D expense for the fourth quarter and full year ended December 31, 2025, was $25.0 million and $104.2 million, respectively, compared to $32.5 million and $110.6 million for the prior year periods. The decrease in R&D expense for the fourth quarter of 2025, as compared to the prior year period, was primarily related to the completion of the CFT1946 Phase 1 clinical trial.

General and Administrative (G&A) Expense: G&A expense for the fourth quarter and full year ended December 31, 2025, was $9.2 million and $36.2 million, respectively, compared to $10.4 million and

$42.1 million for the prior year periods. The decrease in G&A expense for the fourth quarter of 2025, as compared to the prior year period, was primarily related to lower stock-based compensation expense.

Net Loss and Net Loss per Share: Net loss for the fourth quarter and full year ended December 31, 2025, was $20.5 million and $105.0 million, respectively, compared to $34.6 million and $105.3 million for the prior year periods. Net loss per share for the fourth quarter and full year ended December 31, 2025, was $0.18 and $1.27, respectively, compared to $0.49 and $1.52 for the prior year periods.

Cash Position and Financial Guidance: Cash, cash equivalents and marketable securities as of December 31, 2025, was $297.1 million, compared to $199.8 million as of September 30, 2025, and $267.3 million as of December 31, 2024. The increase in cash, cash equivalents and marketable securities during 2025 was primarily the result of the net proceeds from the October equity offering partially offset by the cash used to fund operations and advance our programs. The company expects that its current cash, cash equivalents and marketable securities will enable it to fund its operating plan to the end of 2028.

About Cemsidomide

Cemsidomide is an investigational, orally bioavailable molecular glue degrader (MonoDAC® degrader) of IKZF1/3, transcription factors foundational to multiple myeloma biology. Data from the Phase 1 trial, which has completed enrollment, show cemsidomide’s differentiated safety and tolerability profile and potentially class-leading anti-myeloma activity that support 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, safety, pharmacokinetics and pharmacodynamics 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 in combination with elranatamab, an FDA-approved B-cell maturation antigen CD3 targeted bispecific antibody. 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 (MM) is a rare blood cancer affecting plasma cells. Approximately 36,000 people in the United States are diagnosed with MM each year. Approved IKZF1/3 degraders remain foundational therapies across lines of MM treatment. Despite advances, including immune-directed approaches, most patients ultimately relapse, underscoring a growing need for new therapeutics options that continue to leverage IKZF1/3 degradation to drive myeloma cell death and T-cell activation.

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 our ability to develop potential therapies for patients; the design and potential efficacy of our therapeutic approaches; the predictive capability of our TORPEDO® platform in the development of novel, selective, orally bioavailable BiDAC™ and MonoDAC® degraders; the potential timing, design and advancement of our preclinical studies and clinical trials, including the potential timing for and receipt of regulatory authorization related to clinical trials and other clinical development activities including clinical trial commencement and patient enrollment; our ability and the potential to successfully manufacture and supply our product candidates for clinical trials; our ability to replicate results achieved in our preclinical studies or clinical trials in any future studies or trials; our ability to replicate interim or early-stage results from our clinical trials in the results obtained when those clinical trials are completed or when those therapies complete later-stage clinical trials; regulatory developments in the United States and foreign countries; the anticipated timing and content of presentations of data from our clinical trials; and our ability to fund our future operations. 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 our product candidates; the risk that any one or more of our product candidates will cost more to develop or may not be successfully developed and commercialized; and the risk that sufficient capital to fund our future operations will be available to us 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 our 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)

			December 31, 2025						December 31, 2024
Cash, cash equivalents and marketable securities			$	297,100					$	267,263
Total assets			359,075						349,602
Deferred revenue			28,334						47,169
Total stockholders' equity			256,587						215,986

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

			Three Months Ended December 31,												Years Ended December 31,
			2025						2024						2025						2024
Revenue from collaboration agreements			$	11,016					$	5,177					$	35,947					$	35,584
Operating expenses:
Research and development			24,982						32,513						104,240						110,637
General and administrative			9,179						10,373						36,196						42,124
Impairment of long-lived assets			—						—						10,733						—
Restructuring			—						—						—						2,437
Total operating expenses			34,161						42,886						151,169						155,198
Loss from operations			(23,145)						(37,709)						(115,222)						(119,614)
Other income, net:
Interest and other income, net			2,780						3,267						10,349						14,429
Total other income, net			2,780						3,267						10,349						14,429
Loss before income taxes			(20,365)						(34,442)						(104,873)						(105,185)
Income tax expense			(121)						(131)						(121)						(131)
Net loss			$	(20,486)					$	(34,573)					$	(104,994)					$	(105,316)
Net loss per share − basic and diluted			$	(0.18)					$	(0.49)					$	(1.27)					$	(1.52)
Weighted-average shares outstanding − basic and diluted			116,784,306						70,606,156						82,894,459						69,372,993

FAQ

How did C4 Therapeutics (CCCC) perform financially in 2025?

C4 Therapeutics reported 2025 revenue of $35.9 million, essentially flat with 2024. Net loss was $105.0 million, or $1.27 per share, compared with $105.3 million and $1.52 per share in 2024, reflecting modestly lower operating expenses.

What is C4 Therapeutics’ cash position and runway as of December 31, 2025?

As of December 31, 2025, C4 Therapeutics held $297.1 million in cash, cash equivalents and marketable securities. Management expects this balance to fund its operating plan to the end of 2028, supported by the October 2025 equity raise and collaboration payments.

What progress did C4 Therapeutics report for cemsidomide in multiple myeloma?

C4 Therapeutics dosed the first patient in a Phase 2 trial of cemsidomide plus dexamethasone in fourth-line or later multiple myeloma, targeting about 100 patients. A Phase 1b trial combining cemsidomide with elranatamab is expected to start in Q2 2026, supported by a Pfizer supply agreement.

What collaborations contributed to C4 Therapeutics’ 2025 results?

Revenue was driven by collaboration agreements, including work prioritizing a KRAS project with Merck KGaA, Darmstadt, Germany. In January 2026, C4 Therapeutics earned a $2 million milestone from Biogen for BTK degrader BIIB145, the second degrader Biogen has advanced into the clinic under their collaboration.

How did C4 Therapeutics’ operating expenses change in 2025?

Research and development expense was $104.2 million in 2025, down from $110.6 million, mainly after completing the CFT1946 Phase 1 trial. General and administrative expense fell to $36.2 million from $42.1 million, largely due to lower stock-based compensation.

Did C4 Therapeutics raise capital during 2025, and on what terms?

In October 2025, C4 Therapeutics completed an underwritten offering raising $125 million in gross proceeds. The company also has the potential to receive up to an additional $225 million if outstanding warrants from this financing are fully exercised.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 68.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 22.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.8 KB