C4 Therapeutics Q3 loss narrows to $21.8M
A planned Phase 1b study will test cemsidomide with daratumumab and carfilzomib in separate treatment arms, with initiation on track for 1H 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
C4 Therapeutics, Inc. reported third-quarter 2026 results and clinical-program updates. Collaboration revenue was $8.468 million, compared with $11.230 million a year earlier, and net loss was $21.843 million, compared with $32.166 million. Net loss per share was $0.16 versus $0.44.
Research and development expense was $24.803 million, compared with $25.989 million. Cash, cash equivalents and marketable securities were $274.687 million as of September 30, 2026, compared with $300.4 million as of June 30, 2026. C4 expects its current cash, cash equivalents and marketable securities to fund its operating plan to the end of 2028.
In the Phase 1b trial of cemsidomide with elranatamab, the Safety Data Review Committee determined that the 75 µg cemsidomide dose level was safe to proceed; the trial advanced to a 100 µg dose-escalation safety cohort and a 75 µg expansion cohort, with data from all evaluated cohorts expected in mid-2027. The Phase 2 cemsidomide/dexamethasone trial is on track to complete enrollment in 1Q 2027, with initial investigator-assessed overall response rate data expected in 2H 2027.
1 point · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet loss fell to $21.843 million from $32.166 million year over year.
Negative
- Moderate pointCollaboration revenue fell to $8.468 million from $11.230 million year over year.
Filing Explained
The report gives weighted-average shares of 136,080,965 for the third quarter of 2026 versus 72,563,311 for the same quarter in 2025, so the reported per-share loss comparison uses different average share-count bases.
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, or exhibit attachments filed with this report.
Key Figures
Collaboration revenue: $8.468 million
Research and development expense: $24.803 million
General and administrative expense: $8.261 million
+3 more
6 metrics
Collaboration revenue
$8.468 million
Three months ended September 30, 2026; $11.230 million in the same period of 2025
Research and development expense
$24.803 million
Three months ended September 30, 2026; $25.989 million in the same period of 2025
General and administrative expense
$8.261 million
Three months ended September 30, 2026; $8.920 million in the same period of 2025
Net loss
$21.843 million
Three months ended September 30, 2026; $32.166 million in the same period of 2025
Net loss per share
$0.16 per share
Three months ended September 30, 2026; $0.44 per share in the same period of 2025
Cash, cash equivalents and marketable securities
$274.687 million
As of September 30, 2026; $297.100 million as of December 31, 2025
Key Terms
cereblon-modulating protein degrader, overall response rate, BCMA × CD3 bispecific antibody, open-label, single-arm study
4 terms
cereblon-modulating protein degrader medical
"investigational oral cereblon-modulating protein degrader of IKZF1/3"
overall response rate medical
"initial investigator-assessed overall response rate (ORR) data"
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.
BCMA × CD3 bispecific antibody medical
"B-cell maturation antigen (BCMA) × CD3 bispecific antibody"
open-label, single-arm study medical
"a Phase 2, open-label, single-arm study"
Earnings Snapshot
Collaboration revenue: $8.468 million · Guidance included
Third quarter 2026
Collaboration revenue
$8.468 million
Compared with $11.230 million in the third quarter of 2025
Net loss
$21.843 million
Compared with $32.166 million in the third quarter of 2025
Net loss per share
$0.16 per share
Compared with $0.44 per share in the third quarter of 2025
Research and development expense
$24.803 million
Compared with $25.989 million in the third quarter of 2025
General and administrative expense
$8.261 million
Compared with $8.920 million in the third quarter of 2025
Guidance
C4 Therapeutics expects its current cash, cash equivalents and marketable securities to fund its operating plan to the end of 2028.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CCCC's third-quarter 2026 revenue and net loss?
Collaboration revenue was $8.468 million and net loss was $21.843 million in the third quarter of 2026. Revenue was $11.230 million and net loss was $32.166 million in the third quarter of 2025.
What is CCCC's Phase 2 cemsidomide trial evaluating?
The Phase 2 study evaluates cemsidomide with dexamethasone in patients with relapsed or refractory multiple myeloma. It plans to enroll approximately 100 patients who have received at least three prior anti-myeloma regimens, including an IKZF1/3 degrader, a proteasome inhibitor, an anti-CD38 antibody, and a T-cell engager or CAR-T therapy. Its primary endpoint is overall response rate, assessed by an independent review committee.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 5, 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 November 5, 2026, C4 Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results and business highlights for the quarter ended September 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 into any filing of the Company 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 November 5, 2026, furnished herewith. | |||||||
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 hereunto duly authorized.
C4 Therapeutics, Inc. | ||||||||
Date: | By: | /s/ Kendra R. Adams | ||||||
Kendra R. Adams | ||||||||
Chief Financial Officer, Head of Corporate Affairs, and Treasurer | ||||||||
1 C4 Therapeutics Reports Third Quarter 2026 Financial Results and Recent Business Highlights Cemsidomide Phase 2 MOMENTUM Trial On Track to Complete Enrollment in 1Q 2027 with Initial ORR Data Expected in 2H 2027 Enrollment Complete for First Safety Cohort in Phase 1b Trial of Cemsidomide with Elranatamab; Progressing Additional Cohorts with Data from All Evaluated Cohorts Expected in Mid-2027 Phase 1b Trial of Cemsidomide in Combination with Approved Standard of Care Multiple Myeloma Therapies On Track to Initiate in 1H 2027 WATERTOWN, Mass., November 5, 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 third quarter ended September 30, 2026, as well as recent business highlights. “Throughout the year, we have continued to build evidence supporting cemsidomide’s potential as a backbone therapy across the multiple myeloma treatment landscape while advancing our clinical development plan to evaluate cemsidomide in late and earlier lines of therapy,” said Andrew Hirsch, president and chief executive officer of C4 Therapeutics. “Growing clinical and translational insights from our program as well as the broader class of cereblon-modulating protein degraders of IKZF1/3 continue to support the potential for these investigational treatments to enhance immune-based therapies, reinforcing our conviction in cemsidomide’s development strategy. Looking ahead, we remain focused on completing enrollment in our Phase 2 MOMENTUM trial and advancing the Phase 1b trial in combination with elranatamab. With data expected from these trials in 2027, we believe next year will be pivotal in establishing cemsidomide’s therapeutic profile and its potential to address the significant unmet need of patients with multiple myeloma across an evolving standard of care.” THIRD QUARTER 2026 UPDATES AND RECENT ACHIEVEMENTS • The Phase 1b trial evaluating cemsidomide in combination with elranatamab (ELREXFIO®), a B-cell maturation antigen (BCMA) × CD3 bispecific antibody, in earlier lines of multiple myeloma (MM) treatment continues to advance. The Safety Data Review Committee determined that the 75 µg cemsidomide dose level was safe to proceed, and the trial has advanced to a dose escalation safety cohort at the 100 µg cemsidomide dose level and an expansion cohort at the 75 µg cemsidomide dose level. Data from all evaluated cohorts are expected in mid-2027. • C4T presented new biomarker data from its Phase 1 and Phase 1b clinical trials at the 23rd International Myeloma Society (IMS) Annual Meeting in September 2026. Immunomodulatory effects observed in the Phase 1 trial evaluating cemsidomide in Exhibit 99.1
2 combination with dexamethasone demonstrated robust T-cell activation, a key component of cemsidomide's dual mechanism of action. In addition, early biomarker data from the first two patients enrolled in the Phase 1b trial evaluating cemsidomide in combination with elranatamab reinforced cemsidomide's ability to drive T-cell activation and expansion as well as prevent T-cell exhaustion. These data continue to support cemsidomide's potential as a combination partner for immune-based therapies in relapsed refractory multiple myeloma (RRMM). • A trial-in-progress poster featuring the Phase 1b design for the trial evaluating cemsidomide in combination with elranatamab in RRMM will be presented at the 68th American Society of Hematology Annual Meeting taking place from December 12 - 15, 2026, in New Orleans, Louisiana. Title: A multicenter study to evaluate the safety and preliminary antimyeloma activity of different doses of cemsidomide in combination with elranatamab in subjects with RRMM Date/Time: December 12, 2026 from 5:30 – 7:30 PM CT/ 6:30 – 8:30 PM ET • The Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone in late-line MM 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. • An additional Phase 1b trial evaluating cemsidomide across two treatment arms in RRMM patients is on track to initiate in the first half of 2027. The trial will evaluate: 1) cemsidomide, dexamethasone, and daratumumab, a CD38-targeted antibody; and 2) cemsidomide, dexamethasone, and carfilzomib, a proteasome inhibitor. Both treatment arms will enroll patients who have received at least one prior line of therapy. The cemsidomide starting dose will be 75 µg. • At the 9th Annual Targeted Protein Degradation Summit that took place from October 26 - 29, 2026, C4T unveiled its novel DNA-encoded library (DEL) that leverages C4T’s large library of cereblon-binding ligands and screening capabilities. The addition of DEL to C4T’s TORPEDO® platform creates a powerful hit-finding engine that enables the rapid development of targeted protein degraders. UPCOMING MILESTONES • By year-end 2026: Deliver at least one development candidate to a collaboration partner and advance collaborations toward key milestones. • 1Q 2027: Complete enrollment of the Phase 2 MOMENTUM trial. • 1H 2027: Initiate an additional Phase 1b trial evaluating cemsidomide in combination with approved MM therapies. • Mid-2027: Present new data from all cohorts evaluated in the Phase 1b trial of cemsidomide in combination with elranatamab. • 2H 2027: Present initial ORR data from the Phase 2 MOMENTUM trial.
3 UPCOMING NOVEMBER INVESTOR EVENTS • November 9, 2026 at 11:00 am ET: Management will participate in a fireside chat at the Guggenheim 3rd Annual Healthcare Innovation Conference taking place in Boston, MA from November 9 – November 11, 2026. • November 17, 2026, at 9:30 am GMT/4:30 am ET: Management will participate in a fireside chat at the 2026 Jefferies Global Healthcare Conference in London taking place in London, UK from November 16 – November 19, 2026. THIRD QUARTER 2026 FINANCIAL RESULTS Revenue: Total revenue for the third quarter of 2026 was $8.5 million, compared to $11.2 million for the third quarter of 2025. The decrease was primarily related to the conclusion of certain research activities in 2025 associated with the collaborations with Merck and Merck KGaA, Darmstadt Germany, offset by an increase in revenue recognized under the Roche Degrader-Antibody Conjugate collaboration agreement. Research and Development (R&D) Expense: R&D expense for the third quarter of 2026 was $24.8 million, compared to $26.0 million for the third quarter of 2025. The decrease in R&D expense was primarily due to lower personnel costs from reduced stock-based compensation expense, offset by higher clinical expense associated with the advancement of its ongoing cemsidomide clinical trials. General and Administrative (G&A) Expense: G&A expense for the third quarter of 2026 was $8.3 million compared to $8.9 million for the third quarter of 2025. The decrease in G&A expense was primarily due to lower personnel costs from reduced stock-based compensation expense. Net Loss and Net Loss per Share: Net loss for the third quarter of 2026 was $21.8 million, compared to $32.2 million for the third quarter of 2025. Net loss per share for the third quarter of 2026 was $0.16, compared to $0.44 for the third quarter of 2025. Cash Position and Financial Guidance: Cash, cash equivalents, and marketable securities as of September 30, 2026, were $274.7 million, compared to $300.4 million as of June 30, 2026, and $297.1 million as of December 31, 2025. The decrease in cash, cash equivalents, and marketable securities during the third quarter of 2026 was driven by cash used to fund operations and advance its programs. C4T expects that its current cash, cash equivalents and marketable securities will fund its operating plan to the end of 2028. About Cemsidomide Cemsidomide is an investigational oral cereblon-modulating protein degrader 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.
4 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 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
5 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 clinical significance of the biomarker data presented from the Company’s Phase 1 clinical trial of cemsidomide in combination with dexamethasone in patients with RRMM and the Phase 1b trial of cemsidomide in combination with elranatamab; the anticipated timing and results from the Company’s Phase 1b trial and its Phase 2 MOMENTUM trial and the potential for this data to establish cemsidomide as a best-in-class cereblon-modulating protein degrader across multiple lines of therapy for multiple myeloma patients; the ability of cemsidomide to drive coordinated activation of T cells; the potential of enhanced immune cell function observed at the highest dose levels studied to translate into clinical benefit; the ability of cemsidomide to drive the expansion and activation of T cells and prevent T-cell exhaustion; the translational and mechanistic support for cemsidomide as a potential combination partner for immune-based therapies; the design and potential efficacy of the Company’s therapeutic approaches; and expectations for the Company’s use 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 preclinical or clinical data, including biomarker data or signs of biologic activity, may not be predictive of long-term results or translate across programs or the patient population; 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. Except as otherwise noted, the 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
6 Condensed Consolidated Balance Sheet Data (in thousands) (Unaudited) September 30, 2026 December 31, 2025 Cash, cash equivalents and marketable securities $ 274,687 $ 297,100 Total assets 331,800 359,075 Deferred revenue 33,281 28,334 Total stockholders' equity 228,168 256,587 Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue from collaboration agreements $ 8,468 $ 11,230 $ 21,261 $ 24,931 Operating expenses: Research and development 24,803 25,989 73,880 79,258 General and administrative 8,261 8,920 26,185 27,017 Impairment of long-lived assets — 10,733 — 10,733 Total operating expenses 33,064 45,642 100,065 117,008 Loss from operations (24,596) (34,412) (78,804) (92,077) Other income, net: Interest and other income, net 2,753 2,246 8,197 7,569 Total other income, net 2,753 2,246 8,197 7,569 Net loss $ (21,843) $ (32,166) $ (70,607) $ (84,508) Net loss per share − basic and diluted $ (0.16) $ (0.44) $ (0.54) $ (1.18) Weighted-average shares outstanding − basic and diluted 136,080,965 72,563,311 130,987,407 71,473,704