C4 Therapeutics (NASDAQ: CCCC) inks $1B+ DAC cancer deal with Roche
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
C4 Therapeutics, Inc. entered into a major research collaboration and license agreement with Roche to discover, develop and commercialize degrader‑antibody conjugates (DACs) for oncology. C4T grants Roche a worldwide, exclusive license for DACs against two undisclosed cancer targets, while Roche funds all development, regulatory, manufacturing and commercialization activities.
C4T will receive a $20.0 million upfront cash payment and is eligible for over $1.0 billion in development, regulatory and commercial milestone payments, plus tiered royalties ranging from mid‑single digit to low‑double digit percent on net sales. Roche also holds an option, for an additional fee, to add a third oncology target with its own milestones and royalties. The agreement can be terminated for customary reasons, and Roche may also terminate for convenience with 90 days’ notice.
Positive
- Roche collaboration brings significant non‑dilutive capital and upside, including a $20.0 million upfront payment, eligibility for over $1.0 billion in development, regulatory and commercial milestones, and tiered mid‑single digit to low‑double digit percent royalties on net sales, while Roche funds all development and commercialization costs.
Negative
- None.
Insights
Large, non-dilutive Roche alliance adds funding and validation but depends on future milestones.
C4 Therapeutics has secured a substantial collaboration with Roche focused on degrader‑antibody conjugates, an emerging oncology modality. C4T licenses DAC rights on two oncology targets while Roche covers all development, regulatory, manufacturing and commercialization costs, limiting C4T’s cash burden.
The economics are meaningful: C4T receives a $20.0 million upfront payment and is eligible for over $1.0 billion in development, regulatory and commercial milestones, plus tiered royalties from mid‑single digit to low‑double digit % on net sales. An option for a third target could add further upside if exercised.
Financial impact will depend on Roche’s execution and clinical success of DAC candidates, and Roche retains a right to terminate for convenience on 90 days’ notice. Even so, this agreement expands an existing relationship dating back to 2016 and provides non‑dilutive capital, external validation of C4T’s platform, and potential long‑term royalty streams if products reach the market.
8-K Event Classification
3 items: 1.01, 7.01, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Upfront payment from Roche: $20.0 million
Total potential milestones: Over $1.0 billion
Royalty range: Mid-single digit to low-double digit %
+3 more
6 metrics
Upfront payment from Roche
$20.0 million
Cash payment under April 8, 2026 license agreement
Total potential milestones
Over $1.0 billion
Aggregate development, regulatory and commercial milestone payments
Royalty range
Mid-single digit to low-double digit %
Tiered royalties on Roche net sales of DAC products
Cash runway
To end of 2028
Management presentation: financial strength to execute portfolio
Multiple myeloma market
$46B by 2030
Projected total global multiple myeloma market size
Cemsidomide peak revenue
$2.5–$4B
Estimated initial opportunity in 2L+ and 4L+ multiple myeloma
Key Terms
degrader-antibody conjugates (DACs), targeted protein degradation, TORPEDO® platform, Bispecific T-cell engager (BiTE), +1 more
5 terms
degrader-antibody conjugates (DACs) medical
"to collaborate on the discovery, development and commercialization of degrader-antibody conjugates (“DACs”)"
targeted protein degradation medical
"advancing targeted protein degradation science today announced that it has entered into a new collaboration agreement"
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.
TORPEDO® platform technical
"C4T will use its proprietary TORPEDO® platform to design degrader payload candidates."
Bispecific T-cell engager (BiTE) medical
"Early IKZF1/3 Degrader + BiTE Data Provide Proof of Concept"
accelerated approval regulatory
"two distinct opportunities for accelerated approval in 2L+ and 4L+"
Accelerated approval is a process that allows new medical treatments to be approved more quickly than usual if they address serious or life-threatening conditions and show promising early results. For investors, it signals that a treatment may reach the market sooner, potentially boosting a company's prospects, but it also involves some uncertainty since full evidence of effectiveness is still being gathered.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): April 9, 2026 (April 8, 2026)
_________________________________________________________________
(Exact name of Registrant as Specified in Its Charter)
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(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 1.01 Entry into a Material Definitive Agreement.
On April 8, 2026, C4 Therapeutics, Inc. (“C4T”) entered into a Research Collaboration and License Agreement (the “License Agreement”) with F. Hoffmann-La Roche Ltd. (“Roche Basel”) and Hoffmann-La Roche Inc. (“Roche US”, and together with Roche Basel, “Roche”) to collaborate on the discovery, development and commercialization of degrader-antibody conjugates (“DACs”), an emerging modality designed to selectively target and neutralize disease-causing proteins in cancer cells. C4T and Roche have a pre-existing material relationship arising from the Amended and Restated License Agreement entered into by and between C4T and Roche dated as of December 20, 2018, as amended, pursuant to which the parties have been collaborating on targeted protein degradation research since 2016.
Pursuant to the terms of the License Agreement, C4T grants Roche a worldwide, exclusive license under certain of C4T’s intellectual property rights to develop, manufacture and commercialize DACs directed to two initial undisclosed oncology targets. Roche is responsible for all development, regulatory approval, manufacturing and commercialization costs. Under the terms of the License Agreement, Roche has agreed to make an upfront cash payment of $20.0 million. Roche is also obligated to make certain additional payments upon the achievement of specified research and development milestones, including payments upon advancement of programs through defined research stages. In addition, across the collaboration, C4T is eligible to receive over $1.0 billion in aggregate development, regulatory and commercial milestone payments, plus tiered royalties on net sales. Royalties payable from Roche to C4T range from mid-single digit to low-double digit percent, subject to customary product-by-product and country-by-country basis termination and reductions under certain circumstances as described in the License Agreement.
In addition, as part of the collaboration, C4T grants Roche an option to obtain a worldwide, exclusive license under certain of C4T’s intellectual property rights to develop, manufacture and commercialize DACs directed to one additional target exercisable within a specified period following the effective date of the License Agreement, subject to payment of an option exercise fee. If Roche exercises this option, this additional program would also provide for additional potential milestones and royalties.
The License Agreement includes customary representations and warranties, covenants, and indemnification obligations for a transaction of this nature. The License Agreement became effective upon signing and will continue in full force and effect on a product-by-product and country-by-country basis until the expiration of all applicable royalty terms, unless earlier terminated. Under the terms of the License Agreement, each of C4T and Roche has the right to terminate the agreement for material breach by, or insolvency of, the other party. Roche may also terminate the License Agreement in its entirety, or on a target-by-target basis, for convenience upon ninety (90) days’ notice.
The foregoing description of the License Agreement is only a summary and is qualified in its entirety by reference to the License Agreement, a copy of which C4T intends to file as an exhibit to C4T’s Quarterly Report on Form 10-Q for the period ending June 30, 2026.
Item 7.01 Regulation FD Disclosure.
On April 9, 2026, C4T issued a press release relating to the License Agreement. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
On April 9, 2026, the Company also posted a corporate presentation on its website at https://ir.c4therapeutics.com/events-presentations. A copy of the presentation is furnished herewith as Exhibit 99.2 to this Current Report on Form 8-K.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed subject to the requirements of amended Item 10 of Regulation S-K, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing. The furnishing of this information hereby shall not be deemed an admission as to the materiality of any such information.
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 April 9, 2026 | |||||||
99.2 | Corporate presentation of the Company dated April 9, 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 and Treasurer | ||||||||
Exhibit 99.1
C4 Therapeutics Expands Long-Term Partnership with Roche Through New Collaboration Agreement Focused on Discovering and Developing Degrader-Antibody Conjugates (DACs)
Agreement Focused on Developing DACs With Payloads For Two Oncology Targets, With an Option for a Third Target
C4T to Develop Degraders With Payload Properties; Roche to Conjugate Payloads to Targeted Antibodies
C4T to Receive $20 Million Upfront Payment and Eligible to Receive Over $1 Billion in Discovery, Development and Commercial Milestones, in Addition to Future Royalties
WATERTOWN, Mass., - April 9, 2026 - C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science today announced that it has entered into a new collaboration agreement with Roche (SIX: RO, ROP; OTCQX: RHHBY) to advance research in the emerging degrader-antibody conjugate (DAC) modality. Working together, C4T and Roche will combine antibody-drug conjugation (ADC) and targeted protein degradation (TPD) to develop a new way to treat cancers that leverages both the specificity and catalytic efficiency of degraders with the delivery capabilities of ADCs.
“For the past decade, C4T and Roche have worked together to drive research in targeted protein degradation and to establish this modality as a new way to treat cancer,” said Andrew Hirsch, president and chief executive officer of C4 Therapeutics. “Our new collaboration leverages C4T’s ability to design highly catalytic and selective degraders, as well as degrader payloads for DACs, alongside Roche’s extensive experience developing ADCs with specific binding. Together, these capabilities build a powerful new modality that can offer transformative medicines for patients.”
“Roche has been a believer in targeted protein degradation and its potential for differentiation early on, when partnering with C4T for the first time in 2016,” said Boris Zaïtra, head of corporate business development, Roche. “Our relationship with C4 Therapeutics is built on a decade of trust and shared scientific ambition. We are pleased to enter into our third collaboration, expanding our long-standing partnership to pioneer the emerging modality of degrader-antibody conjugates (DACs).”
Under the joint research plan, C4T and Roche will collaborate on two programs to develop DACs against undisclosed oncology targets exclusive to the collaboration. C4T will use its proprietary TORPEDO® platform to design degrader payload candidates. Roche will select and design the antibody as well as conjugate the antibody to the degrader payload. Roche will be responsible for advancing DAC candidates through preclinical and clinical development as well as commercialization.
C4T will receive a $20 million upfront payment for the two programs. Should Roche exercise its option for a third target, C4T will receive an additional payment. Across the collaboration, C4T will receive near-term discovery milestone payments. C4T is eligible to receive over $1 billion in discovery, regulatory and commercial milestone payments. In addition, C4T is entitled to tiered royalties on future sales, subject to reductions under certain circumstances as described in the collaboration agreement.
About Degrader-Antibody Conjugates (DACs)
ADCs over the last 15 years have made important contributions to cancer therapy, but their clinical utility has historically been challenged by a limited therapeutic margin. Degrader-based ADCs, or degrader-antibody conjugates (DACs), represent a potential step-change in this modality. By utilizing degrader payloads that target specific cellular dependencies, DACs offer a superior therapeutic index. These small-molecule degraders are characterized by a catalytic mechanism of action—a feature unique to this approach—rendering them exceptionally well suited for targeted antibody delivery.
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.
About the TORPEDO® Platform
The proprietary TORPEDO® platform drives C4 Therapeutics’s (C4T) efforts to create a new generation of small molecule medicines centered around heterobivalent degraders (BiDAC™ degraders), molecular glue degraders (MonoDAC® degraders) and degrader-antibody conjugates (DACs). The TORPEDO platform integrates DNA-encoded library (DEL) technology, a Cereblon toolkit, diverse chemical libraries, degrader design assisted by AI-driven ternary complex models and proteomics to selectively target disease-causing proteins. C4T utilizes the TORPEDO platform to design and develop highly catalytic, specific and potent degraders with the ability to penetrate the blood brain barrier across a range of clinically validated pathways and diseases that include oncology, inflammation and neuroinflammation and neurodegeneration. C4T further leverages the TORPEDO platform to develop payloads for degrader-antibody conjugates (DACs), an emerging modality for hard-to-treat cancers.
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; our ability to achieve potential future milestone or royalty payments; 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. For a discussion of the 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
Investors:
Courtney Solberg
Associate Director, Investor Relations
CSolberg@c4therapeutics.com
Media:
Loraine Spreen
Senior Director, Corporate Communications & Patient Advocacy
LSpreen@c4therapeutics.com
Loraine Spreen
Senior Director, Corporate Communications & Patient Advocacy
LSpreen@c4therapeutics.com
Protein degraded. Disease targeted. Lives transformed. April 2026
Forward-looking Statements and Intellectual Property 2 FORWARD-LOOKING STATEMENTS The following presentation contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. These forward-looking statements include, but are not limited to, statements regarding the therapeutic potential of C4 Therapeutics, Inc.’s technology and products. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated generally with research and development, clinical trials and related regulatory reviews and approvals, as well as the fact that the product candidates that we are developing or may develop may not demonstrate success in clinical trials. Prospective investors are cautioned not to place undue reliance on these forward- looking statements. The forward-looking statements included in this presentation speak only as of the date hereof and are subject to a variety of risks and uncertainties, including those set forth in our most recent and future filings with the Securities and Exchange Commission. Our actual results could vary significantly from those anticipated in this presentation, and our financial condition and results of operations could be materially adversely affected. C4 Therapeutics, Inc., undertakes no obligation to update or revise the information contained in this presentation, whether as a result of new information, future events or circumstances or otherwise. This presentation also contains estimates, projections and other information concerning the markets for C4 Therapeutics, Inc.’s product candidates, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions and patient use of medicines. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties and actual events, and circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, the Company obtained this industry, business, market and other data from reports, research surveys, clinical trials studies and similar data prepared by market research firms and other third parties, from industry, medical and general publications, from other publicly available information, and from government data and similar sources. INTELLECTUAL PROPERTY C4 Therapeutics, Inc., owns various registered and unregistered trademarks and service marks in the U.S. and internationally, including, without limitation, C4 THERAPEUTICS, our housemark logo, the name of our TORPEDO platform, and the names of our BIDAC and MONODAC degrader products. All trademarks, service marks, or trade names referred to in this presentation that we do not own are the property of their respective owners. Solely for convenience, the trademarks, service marks, and trade names in this presentation are referred to without the symbols ®, SM and , but those references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights to these trademarks, service marks, or trade names. © 2026 C4 Therapeutics, Inc.
Advancing Differentiated TPD Medicines and Building a Sustainable Pipeline of High-value Degraders To Achieve Our Vision 3© 2026 C4 Therapeutics, Inc. BEST-IN-CLASS AND FIRST-IN-CLASS DEGRADERS. VALIDATED PATHWAYS. LARGE MARKET OPPORTUNITIES Multiple myeloma (MM); Non-small cell lung cancer (NSCLC) High Value Clinical Oncology Portfolio Discovery Strategy Now Focused on INN (Inflammation, Neuroinflammation, and Neurodegeneration) Financial Strength to Execute Advancing two clinical degraders • A potential best-in- class IKZF1/3 degrader for MM • An EGFR L858R degrader for NSCLC Progressing potential first-in-class degraders focused on INN diseases to build a sustainable pipeline Cash runway expected to end of 2028 beyond key value inflection points across portfolio Vision: To become a fully integrated biopharmaceutical company
C4T is Focused on Advancing Potential Best-in-Class And First-in-Class Degraders Across Clinical Oncology Portfolio and INN Discovery Strategy © 2026 C4 Therapeutics, Inc. Advance potential best-in-class and first-in-class degraders • Enroll 2 clinical trials with cemsidomide to address 2L+ and 4L+ opportunities in MM ✓ First patient dosed in Phase 2 MOMENTUM trial ✓ First patient dosed in Phase 1b trial in combination with elranatamab • Establish combinability profile with cemsidomide + elranatamab1 • Evaluate CFT8919 for ex-China development • Optimize indication selection for multiple targets across discovery portfolio Unlock value across portfolio • Initiate and enroll Phase 3 trial of cemsidomide + BCMAxCD3 Bispecific • Present efficacy and safety data from the Phase 2 MOMENTUM trial • Submit first NDA for cemsidomide • Deliver 3 potential INDs from discovery pipeline in INN indications Position for regulatory success and pipeline build • Complete enrollment for Phase 2 MOMENTUM trial • Present two cemsidomide data readouts: ➢ Initial ORR data from Phase 2 MOMENTUM trial establishing potential path to AA ➢ Phase 1b data w/ elranatamab1 to support advancement to Phase 3 trial • Start up activities for Phase 3 cemsidomide + BCMAxCD3 Bispecific • Advance internal discovery pipeline to enable INDs 202820272026 1. Pfizer supplying elranatamab (ELREXFIO®), a B-cell maturation antigen CD3 targeted bispecific antibody, to C4T for the Phase 1b trial Dexamethasone (dex); Inflammation, Investigational new drug (IND); New Drug Application (NDA); Overall response rate (ORR); Inflammation, Neuroinflammation, Neurodegeneration (INN); Accelerated approval (AA); Multiple myeloma 4
2026 is an Important Year for Cemsidomide as We Build Upon Recent Progress © 2026 C4 Therapeutics, Inc. Initiated Phase 2 MOMENTUM trial in February 2026 and Phase 1b trial in combination with elranatamab1 in March 2026 Advance Registrational development with Phase 2 MOMENTUM trial and Phase 1b trial Report Progress throughout Phase 1b trial to establish combinability 5 1. Pfizer supplying elranatamab (ELREXFIO®), a B-cell maturation antigen CD3 targeted bispecific antibody, to C4T for the Phase 1b trial
Focused Pipeline Advancing Clinical Oncology Degraders and a New Discovery Strategy in Inflammation, Neuroinflammation & Neurodegeneration (INN) Diseases 6© 2026 C4 Therapeutics, Inc. INN DISCOVERY Discovery Novel targets in pathways of: -IL-23/IL-17 -Type 1 IFN -MAPK, PI3K/AKT, NF-kB INN Inflammation, Neuroinflammation & Neurodegeneration By year-end 2026: Optimize indication selection for multiple targets 1. License and collaboration agreement with Betta Pharmaceuticals for development and commercialization in Greater China 2. Pfizer supplying elranatamab (ELREXFIO®), a B-cell maturation antigen CD3 targeted bispecific antibody, to C4T for the Phase 1b trial Dexamethasone (dex) CLINICAL ONCOLOGY PORTFOLIO PROGRAM TARGET INDICATIONS RESEARCH & PRECLINICAL PHASE 1 PHASE 2 PHASE 3 NEXT MILESTONE Cemsidomide IKZF1/3 4L+ Multiple Myeloma Q1 2027: Complete enrollment 2H 2027: Present initial ORR data 2L+ Multiple Myeloma 2026: Provide incremental updates Mid-2027: Present Phase 1b data from all cohorts CFT89191 EGFR L858R Non-Small Cell Lung Cancer Q1 2026: Utilize data from the Phase 1 trial to inform next steps Phase 2 MOMENTUM trial w/ dex Phase 1b trial w/ elranatamab2
Strategic Platform Collaborations Expand Potential Reach of C4T TPD Medicines 7© 2026 C4 Therapeutics, Inc. 1. Earned and received preclinical milestones in Q1 2025 2. Delivered development candidates to Biogen in Q1 2024 and Q3 2024. In Q3 2025, the IRAK4 degrader, BIIB142, entered Phase 1 clinical development and in Q1 2025, the BTK degrader, entered Phase 1 clinical development Targeted Protein Degradation (TPD); Degrader antibody conjugates (DACs) By year-end 2026: Deliver at least one development candidate to collaboration partner 1) Evaluating targets in autoimmune diseases & oncology ✓ Advanced two programs to preclinical milestones1 2) Discovering and developing DACs for two programs against oncology targets Discovering targeted protein degraders against critical oncogenic proteins ✓ Achieved preclinical milestone from a project within the KRAS family Delivered two development candidates (IRAK4 and BTK) for non-oncology targets2 ✓ Both development candidates are now in Phase 1 clinical development Ongoing Collaborations
Cemsidomide IKZF1/3 Degrader Multiple Myeloma
Cemsidomide is Positioned for Success in Multiple Myeloma 9© 2026 C4 Therapeutics, Inc. Efficient cemsidomide registrational development path with the potential for two accelerated approvals is differentiated from other IKZF1/3 degraders and focused on where the landscape is evolving Cemsidomide has a potential best-in-class profile among other IKZF1/3 degraders, including CELMoDs® , in a large and growing multiple myeloma market with a clinically and commercially de-risked MOA Despite recent approval for immune-based therapies in the MM landscape, IKZF1/3 are central drivers of MM development and progression, thus IKZF1/3 degraders will remain relevant across multiple lines and in combinations Multiple myeloma (MM) CELMoDs® is a registered trademarks of BMS
IKZF1/3 are Transcription Factors That are Central Drivers of Multiple Myeloma Development and Progression © 2026 C4 Therapeutics, Inc. Multiple myeloma (MM) IMiDs® and CELMoDs® are registered trademarks of BMS 10 Physiological Functions: • IKZF1/3 directly regulate the activity of IRF4, another transcription factor that regulates downstream immune cell differentiation Oncogenic Functions: • Multiple myeloma cells rely on IKZF1/3 and IRF4 for survival IKZF1/3 Degradation Leads to: • Downregulation of IRF4 promoting myeloma cell death • T-cell activation • On-target neutropenia Key Roles of IKZF1/3 Common Myeloid Progenitor Cell Common Lymphoid Progenitor Cell Neutrophil Platelets B-Cell Plasma Cell Oncogenic Mutations/Aberrations Multiple Myeloma IRF4 IKZF1/3 and IRF4 IKZF1/3 Hematopoietic Stem Cell T-cell Activation Adapted from Chen and Gooding, 2022 IKZF1/3 Degrader IMiDs® ( ), CELMoDs® ( Iberdomide Mezigdomide ), and cemsidomide all degrade IKZF1/3 to drive anti-myeloma activity
Based on the Mechanism of Action, IKZF1/3 Degraders Are Foundational Therapies Across Multiple Lines of Treatment and Combinations 11© 2026 C4 Therapeutics, Inc. bortez/carfilz + pom + dex BCMA CAR-T ide-cel / cilta-cel Dara + len/pom + dex PI + IKZF1/3 Degrader doublets for frail patients (D)KRd (Dara) + carfilzomib + len + dex DKd dara + carfilzomib + dex elotuzumab based regimen isatuximab + len/pom + dex ixazomib + len/pom + dex BCMA bispecific teclistamab / elranatamab PI + IKZF1/3 Degrader doublets for frail patients Selinexor based regimen GPRC5D bispecific talquetamab Dara regimen rechallenge BCMA bispecific linvoseltamab32 0 2 4 M M p re v a le n c e i n U S , E U 4 + U K 2 Treatment Landscape of Approved MM Agents IKZF1/3 degrader regimen 1.NCCN guidelines 2.EvaluatePharma (accessed 8/28/25) 3. Linovesltamab is only approved in 5L Multiple myeloma (MM) • IKZF1/3 degraders remain relevant across multiple lines of therapy • Unmet need for an IKZF1/3 degrader that is well-tolerated with compelling anti-myeloma activity Treatment Regimens For 2/3 Line1 (~56,000 / ~49,000) / Treatment Regimens For 4/5+ Line1 (~42,000 / ≥ 23,000)
First-generation IKZF1/3 Degraders Have Limitations Supporting the Need for Next-generation IKZF1/3 Degraders 12© 2026 C4 Therapeutics, Inc. High to moderate renal clearance decreasing tolerability ~50% of MM patients suffer from renal impairment1 First-gen IKZF1/3 degraders’ potency vs. Next-gen IKZF1/3 degraders (illustrative graphic) First-generation IKZF1/3 degraders limitations: 1. Rana 2020 Blood Advances. Multiple myeloma (MM); First-generation (First-gen); Next-gen (Next generation) Potency not optimized resulting in modest on- target degradation thereby limiting anti-myeloma activity Limited selectivity resulting in off-target non hematology toxicities Least to Most Potent IKZF1/3 Degraders Next-gen IKZF1/3 Degraders (Iberdomide, Mezigdomide, Cemsidomide)
Data from Phase 1 Trial Support Cemsidomide as a Potential Best-in-Class Next-generation IKZF1/3 Degrader for Use Across Multiple Lines of Treatment 13© 2026 C4 Therapeutics, Inc. Heavily Pre-treated Patient Population Representative of current multi-refractory patients • ~75% of cemsidomide treated patients received prior BCMA therapy vs. 12% of mezi treated patients and N/A for iber5 treated patients • 100% triple-class exposed • 100% prior anti CD-38 mAb • 3-22 prior lines of therapy Differentiated safety profile • No dose discontinuations related to cemsidomide4 • Grade 3/4 neutropenia: 59% (43/73) • Only 6% dose reductions due to TEAEs • Mezi: 25% dose reductions due to AEs • Iber: 24% dose reductions due to TEAEs Sources: 1.Richardson 2023 NEJM. 2. Phase I dose escalation (Lonial 2022 Lancet Haematology) 3. Unable to determine MRD negativity for one additional patient as the patient did not consent to a biopsy 4. Patient at 75 µg discontinued due to grade 5 AE of septic shock, deemed unrelated to cemsidomide 5. Dose escalation trial was conducted from 2016 – 2020 and BCMA therapies were not approved until 2021 *1 patient in the 62.5µg cohort did not have a post-baseline assessment Mezigdomide (Mezi); Iberdomide (Iber); Adverse events (AEs); Treatment emergent adverse events (TEAEs); Overall response rate (ORR); Cemsidomide (Cemsi); Minimal residual disease (MRD); Complete response (CR); Dexamethasone (Dex) 36% 53% 25% 55% 32% 31% 0% 10% 20% 30% 40% 50% 60% ORR Across all Doses ORR at Highest Dose Level Cemsi Dose Escalation Mezi Dose Escalation Iber Dose Escalation Cemsi N=72* Mezi N=77 Cemsi N=19 Mezi N=11 Iber N=90 Iber N=13 1 2 Cemsidomide demonstrated compelling anti-myeloma activity with a wide therapeutic index in the Phase 1 dose escalation trial One patient achieved an MRD negative CR3 Phase 1 trial of cemsidomide + dex Cross-trial comparisons should be used with caution and only as benchmarks for relative comparison; no head-to-head studies have been conducted Data cutoff as of 9/10/2025
14© 2026 C4 Therapeutics, Inc. Cemsidomide Has the Potential to Capture a Valuable Portion of the Large Global Multiple Myeloma Market Sources: 1. Evaluate Pharma (8/14/2025) 2. Health Advances (2022), ClearView (2023), and C4T analysis Dexamethasone (dex) 2 Total global projected MM market is $46B by 20301 Cemsidomide’s market opportunity has potential to increase with additional combinations Cemsidomide has potential for multibillion dollar opportunities across multiple lines of therapy 2 Cemsidomide + BCMAxCD3 Bispecific (2L+) and Cemsidomide + dex (4L+) Estimated peak revenue for initial cemsidomide opportunity $2.5-$4B
Cemsidomide + Dexamethasone Has the Potential to Address a Large and Growing 4L+ Patient Population with a High Unmet Need © 2026 C4 Therapeutics, Inc. Large Market in a Growing Patient Population with High Unmet Needs Majority of MM Patients Continue to Progress Despite Novel Treatment Options: • Despite high initial response rates, 2/3 of CARVYKTI-treated patients relapse before 5 years1 • Later lines are expected to grow as patients live longer on newer treatments but ultimately progress - Median PFS range for patients treated with BiTEs: 7.5- 17.2 months2 Sources: 1. Legend Biotech Press Release June 3, 2025 (https://investors.legendbiotech.com/news-releases/news-release-details/legend-biotech-unveils-groundbreaking-5-year-survival-data) 2. https://www.jnjmedicalconnect.com/media/attestation/congresses/oncology/2024/ims/longterm-followup-from-the-phase-12-majestec1-trial-of-teclistamab-in-patients-with-relapsedrefracto.pdf; https://www.pfizer.com/news/press-release/press-release- detail/elrexfiotm-shows-median-overall-survival-more-two-years ; https://www.jnjmedicalconnect.com/products/talvey/medical-content/talvey-monumental1-mmy1001-study Overall Survival (OS); Mechanism of Action (MOA); Dexamethasone (dex) Phase 1 cemsidomide + dex trial in heavily pre- treated patients, de-risks Phase 2 MOMENTUM trial in the same population CEMSIDOMIDE DEVELOPMENT RATIONALE IN 4L+ 1 IKZF1/3 Remains A Key Validated MOA 2 3 Efficient Regulatory Path 15 Current treatment options have limited uptake due to their modest efficacy and poor tolerability
0% 20% 40% 60% 80% 100% ORR Range >CR Range Early IKZF1/3 Degrader + BiTE Data Provide Proof of Concept for Cemsidomide with Opportunity For Improvement © 2026 C4 Therapeutics, Inc. Currently CAR-Ts demonstrate higher ORR and >CR than BiTEs alone1 Early data from IKZF1/3 degrader + BiTE combo support POC for similar anti- myeloma activity to CAR-Ts with better overall profile, but opportunity to improve depth of response Cemsidomide is well-positioned to provide further differentiation to BiTE combination Sources: 1. Packaging Insert for each product (carvykti – accessed 8/26/25 and, tecvayli; elrexflo; lynozyfic - accessed 2/27/26) - the data is not a head-to-head trial; 2. 2025 ASH ORR data at each dose level from Phase 1b MagnetismMM-30 trial evaluating iberdomide + elranatamab 3. Pfizer supplying elranatamab (ELREXFIO®), a B-cell maturation antigen CD3 targeted bispecific antibody, to C4T for the Phase 1b trial Bispecifc T-cell engager (BiTE); Overall response rate (ORR); Complete response (CR); Combination (combo); Minimal residual disease (MRD) CEMSIDOMIDE DEVELOPMENT RATIONALE IN 2L+ IN COMBO WITH A BITE Opportunity to improve BiTE response rate including depth of response 16 • Combination is safe • Early evidence of anti-myeloma activity Differentiated safety profile Compelling anti-myeloma activity across the highest 3 doses T-cell activation observed across all cemsidomide dose levels Phase 1b trial with elranatamab3 will evaluate MRD negativite responses 74% ~58% - 70% CAR-T BiTE BiTE + IKZF1/3 BiTE + IKZF1/3 CAR-T BiTE ~74%>90% ~26% - 45% ~44%~85%
Cemsidomide Initial Development Plan Provides Efficient Path to Registration © 2026 C4 Therapeutics, Inc. A single, randomized controlled Phase 3 study would be used to support accelerated approval in 2L+ and full approval in 2L+ and 4L+ based on a time-to-event endpoint 1. Pfizer supplying elranatamab (ELREXFIO®), a B-cell maturation antigen CD3 targeted bispecific antibody, to C4T for the Phase 1b trial Overall response rate (ORR); Dexamethasone (dex) 17 Accelerated Approval Full Approval 4L or later Enrolling: Phase 2 MOMENTUM trial (Single Arm) Cemsidomide + dex ORR endpoint N= ~100 Dose: 100 µg Time-to-event endpoint 2L or later Enrolling: Phase 1b trial Cemsidomide + elranatamab1 Characterize safety and tolerability N = 30 - 50 ORR endpoint INITIAL DEVELOPMENT PATH 2 trials pave way for 2 distinct potential accelerated approvals based on ORR endpoint ADDITIONAL COMBINATION APPROACHES Mid-2026: Provide trial plan to initiate an additional Phase 1b trial in combination w/ other anti- myeloma agents Phase 3 Cemsidomide + BCMAxCD3 Bispecific = Next and ongoing clinical trial(s)
Phase 2 MOMENTUM Trial of Cemsidomide + Dex in 4L+ MM Now Enrolling Patients © 2026 C4 Therapeutics, Inc. Dexamethasone (dex); Overall response rate (ORR); Fourth line (4L); Recommended Phase 2 dose (RP2D); Overall response (ORR); International Myeloma Working Group (IMWG); Once daily (QD) 18 Endpoints: ORR per IMWG response criteria assessed by independent review committee • 20% increase over a background rate of 20% RP2D: 100 µg Schedule: QD 14/14 Potential for accelerated approval PHASE 2 MOMENTUM TRIAL DESIGN: 2H 2027: Phase 2 initial ORR data Phase 2 MOMENTUM Cemsidomide + dex (single arm) 4L+ N = ~100 Dose: 100 µg QD Enrollment Expected to Complete in Q1 2027
Phase 1b Trial is Evaluating Safety and Tolerability of Cemsidomide in Combination With Elranatamab, With Data From All Cohorts Expected in Mid-2027 © 2026 C4 Therapeutics, Inc. 1. Pfizer will supply elranatamab (ELREXFIO®), a B-cell maturation antigen CD3 targeted bispecific antibody, to C4T for its upcoming Phase 1b trial Dexamethasone (dex); Once daily (QD); Once weekly (QW) PHASE 1b TRIAL DESIGN: Primary Objectives: Characterize the safety and tolerability of cemsidomide in combination with elranatamab Dosing Regimen: • Cemsidomide: QD 14/14 • Dexamethasone: QW through cycle 4 • Elranatamab 1 Key Differentiators: • Evaluated with dex, which may help manage neutropenic complications • Focused on evaluating MRD negativity rates to demonstrate depth of response 19 Cemsidomide Dose Level: 75 µg + Elranatamab If 75 µg is declared safe, potential to simultaneously evaluate 50 µg and 100 µg Cemsidomide Dose Level: 50 µg + Elranatamab Cemsidomide Dose Level: 100 µg + Elranatamab Potential to expand at each dose level once combination is declared safe Trial Initiated in Q1; Enrollment Ongoing 2026: Provide incremental updates throughout Phase 1b dose escalation Elranatamab step-up dosing without cemsidomide
Cemsidomide Has a Potential Best-in-Class Profile To Be Used Across Multiple Lines of Treatment © 2026 C4 Therapeutics, Inc. • Orally bioavailable degrader with differentiated safety & tolerability profile with class-leading anti-myeloma activity ✓ 53% ORR at the highest dose level (100 µg) and 40% ORR at the second highest dose level (75 µg) ✓ 36% ORR across all doses evaluated, demonstrating a wide therapeutic window ✓ No discontinuations related to cemsidomide and minimal disruptive adverse events Potential best-in-class profile (Phase 1 cemsidomide + dex data) • Potential $2.5 - $4B1 peak revenue in combination with a BCMA BiTE in the 2L+ and with dexamethasone in 4L+ as an initial opportunity • Peak revenue has potential to increase with additional combinations Large addressable market opportunity • Initial opportunity focused on two distinct opportunities for accelerated approval in 2L+ and 4L+ • Differentiated development path focused on where the market is evolving Efficient regulatory path 1. Health Advances (2022), ClearView (2023), and C4T analysis 20 Data cutoff as of 9/10/2025
Discovery Inflammation, Neuroinflammation, & Neurodegeneration (INN)
New Discovery Strategy Focused on Inflammation, Neuroinflammation & Neurodegeneration (INN) with First-in-Class Potential in Clinically Validated Pathways Uniquely Suited for TPD 22© 2026 C4 Therapeutics, Inc. Targeted Protein Degradation (TPD); Central nervous system (CNS) Leveraging C4T’s success Maximizing value through target selection Deliver degraders with first-in-class potential that are CNS penetrant C4T HAS CONSISTENTLY DEVELOPED ORALY BIOAVAILABLE HIGHLY CATALYTIC HETEROBIVALENT DEGRADERS THAT… • Penetrate the blood brain barrier to achieve high central nervous system exposures and compelling efficacy in central nervous system models • Control target protein levels through finely-tuned degrader kinetics TARGET-TO-DISEASE LINK: • Selecting targets that modulate clinically validated pathways in inflammation, neuroinflammation, and neurodegeneration (INN) to enhance efficacy focusing on early clinical validation and growing valuing through indication expansion STRONG DEGRADER RATIONALE: • Strong competitive positioning • Clear and compelling advantage for a degrader over an inhibitor EXPANDED CAPABILITIES: • Extended capabilities to identify molecular glue degraders for targets with and without G- and RT-loops by utilizing DNA-encoded library (DEL) technology
Focused on Inflammation, Neuroinflammation & Neurodegeneration (INN) to Address High Unmet Needs in a Large Patient Population with a Clear TPD Advantage © 2026 C4 Therapeutics, Inc. Central nervous system (CNS), Pharmacodynamic (PD); Targeted Protein Degradation (TPD); Mechanism of action (MOA) 1. Based on preclinical evidence and working hypothesis 23 Deploying TPD where the MOA is uniquely positioned to have an advantage over inhibitors to help benefit patients in a large market Degraders have the potential to outperform inhibitors in efficacy and safety in CNS diseases1 Fast path to clinical proof-of-concept, including early validation based on PD markers in healthy volunteers Normalize elevated protein levels without the need for complete elimination of the target Large market opportunities with high unmet medical needs
Potential for Degraders To Be the Optimal Therapeutic Modality for CNS Diseases Over Inhibitors 24 Theoretical Inhibitor and Degrader Brain PK Curves for Molecules With Similar Efficacy* (Illustrative graphic) *For target proteins with a long resynthesis rate Lower exposure levels for highly catalytic degraders are required for efficacy versus inhibitors to achieve efficacious results in CNS diseases Pharmacokinetics of inhibitors is associated with high Cmax driving toxicities vs. degraders have consistent and sustained levels resulting in lower toxicity issues Sources: Drug Discov Today. 2019 May;24(5):1067-1073. doi: 10.1016/j.drudis.2019.01.015; Pharm Res. 2022 Jul;39(7):1321-1341. doi: 10.1007/s11095-022-03246-6 Central nervous system (CNS); Pharmacokinetic (PK) © 2026 C4 Therapeutics, Inc.
Pursuing Targets in Validated Pathways With Application to a Broad Set of Indications © 2026 C4 Therapeutics, Inc. *Highlights indications that are central nervous system diseases Image 1: Zheng M-Y, Luo L-Z Int. J. Mol. Sci. 2025; Image 2: Lukhele S, et al. Semin Immunol 2019; Image 3: Liu T, et al, Sig. Transduct. Target. Ther. 2017 25 Alzheimer’s Disease* Psoriasis Multiple Sclerosis* Down Syndrome* Parkinson’s Disease* Rheumatoid Arthritis Multiple Myeloma Lupus Nephritis Systemic Lupus Erythematosus Inflammatory Bowel Disease Asthma Autosomal Dominant Polycystic Kidney Disease Chronic Kidney Disease Metabolic Dysfunction Associated Steatohepatitis Idiopathic Pulmonary Fibrosis POTENTIAL INDICATIONS IL-23/IL-17 Pathway Type 1 IFN Pathway MAPK, PI3K/AKT, NF-kB Pathways
Multiple Strategic Milestones Expected to Advance Cemsidomide as a Potential Best-in-Class IKZF1/3 Degrader and Discovery Strategy Focused on Novel Targets in Clinically Validated Pathways 26© 2026 C4 Therapeutics, Inc. 2026 2027 - 2028 Cemsi + dex (4L+) ✓ Q1: Initiate the Phase 2 MOMENTUM trial of cemsidomide • Mid-2026: Present further analysis of the data from the completed Phase 1 trial • Q1 2027: Complete enrollment for Phase 2 MOMENTUM trial • 2H 2027: Present initial ORR data for the Phase 2 MOMENTUM trial • Mid-2028: Present ORR data and indices of durability and safety for the Phase 2 MOMENTUM trial • By year-end 2028: Submit new drug application Cemsi combination (2L+) ✓ Q1: Initiate the Phase 1b trial in combination w/ elranatamab1 • 2026: Provide incremental updates throughout Phase 1b dose escalation in combination w/ elranatamab1 • Mid-2026: Provide trial plan to initiate an additional Phase 1b trial in combination w/ other anti-myeloma agents • Mid-2027: Present Phase 1b data from all cohorts in combination w/ elranatamab1 • By early 2028: Initiate the Phase 3 trial in combination with a BCMAxCD3 Bispecific CFT8919 • Q1: Utilize data from the Phase 1 dose escalation trial to inform ex-China clinical development Discovery (INN & Collaborations) • By year-end: Deliver at least one development candidate to a collaboration partner • By year-end: Advance existing collaborations toward key milestones • 2027: Advance internal discovery pipeline to enable INDs • By year-end 2028: Deliver up to three investigational new drug applications Inflammation, Neuroinflammation & Neurodegeneration (INN) 1. Pfizer supplying elranatamab (ELREXFIO®), a B-cell maturation antigen CD3 targeted bispecific antibody, to C4T for the Phase 1b trial
FAQ
What did C4 Therapeutics (CCCC) announce in its new agreement with Roche?
C4 Therapeutics entered a research collaboration and license agreement with Roche to develop degrader‑antibody conjugates for two undisclosed oncology targets. C4T licenses key intellectual property, while Roche handles development, regulatory approvals, manufacturing and commercialization worldwide for these cancer programs.
How much upfront cash does C4 Therapeutics receive from the Roche collaboration?
C4 Therapeutics will receive a $20.0 million upfront cash payment from Roche under the collaboration. This payment provides immediate, non‑dilutive funding to support operations while Roche assumes the development and commercialization costs for the degrader‑antibody conjugate oncology programs.
What is the total milestone potential for C4 Therapeutics in the Roche deal?
Across the collaboration, C4 Therapeutics is eligible to receive over $1.0 billion in aggregate development, regulatory and commercial milestone payments. These payments would be triggered as programs advance through predefined research stages, regulatory events and commercial performance milestones if the DAC products succeed.
: What royalty terms did C4 Therapeutics negotiate with Roche on future DAC sales?
C4 Therapeutics negotiated tiered royalties on Roche’s net sales of degrader‑antibody conjugate products. The royalty rates range from mid‑single digit to low‑double digit percent, with potential reductions on a product‑by‑product and country‑by‑country basis under certain customary circumstances described in the license agreement.
Does Roche have an option to expand the collaboration with C4 Therapeutics?
Yes. Roche received an option to obtain a worldwide, exclusive license for degrader‑antibody conjugates directed to one additional oncology target. The option is exercisable within a specified period after the agreement’s effective date and requires an option exercise fee, plus additional milestones and royalties if exercised.
Who is responsible for development and commercialization costs in the C4 Therapeutics–Roche deal?
Roche is responsible for all development, regulatory approval, manufacturing and commercialization costs for the degrader‑antibody conjugate programs. This structure shifts major spending obligations to Roche while allowing C4 Therapeutics to benefit through upfront cash, potential milestones and royalties if products reach the market.