olivLaw · US equity research
C4 Therapeutics, Inc. CCCC
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
C4 Therapeutics develops small-molecule protein degraders using its proprietary TORPEDO platform, with a focus on multiple myeloma through its candidate cemsidomide. In 2026 the company is concentrating resources on the Phase 2 MOMENTUM study and a Phase 1b study combined with elranatamab, with key readouts expected in 2027. As a company without approved products, its funding runway into the end of 2028 is a central thing to monitor.
At the close of 03 Nov 2026, C4 Therapeutics, Inc. (CCCC) stock was 3.21 USD (+0.00% on the day), with market capitalisation 394.9 m USD, beta 1.70, 52-week range 1.71–4.67 USD. Latest reported quarter (Q2 2026): revenue of 6.6 m USD (+2.8% YoY), net income of -23.6 m USD, diluted EPS -0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.4
- neutral
- Bollinger (20, 2)
- 2.61 – 3.49
- in the upper half of the band · %B 0.68 · band width 28.8%
- SMA 50 / 200
- 3.31 / 3.21
- mixed trend
- MACD (12, 26, 9)
- 0.01 / -0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.8% | −2.0% | +10.8 pp | — |
| 3 months | −11.1% | −2.2% | −8.9 pp | — |
| 6 months | +8.1% | +4.3% | +3.8 pp | — |
| Year to date | +68.1% | +10.6% | +57.5 pp | — |
| 1 year | +29.4% | +10.5% | +19.0 pp | +2.5% |
| 3 years | +105.8% | +73.7% | +32.1 pp | −9.8% |
| 5 years | −92.9% | +61.7% | −154.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.4 m | 5.2 m | 7.2 m | 6.5 m | 11.2 m | 11.0 m | 6.2 m | 6.6 m |
| Research & development | 31.8 m | 32.5 m | 27.1 m | 26.2 m | 26.0 m | 25.0 m | 24.6 m | 24.5 m |
| Operating income | -28.2 m | -37.7 m | -29.2 m | -28.5 m | -34.4 m | -23.1 m | -27.8 m | -26.4 m |
| Depreciation & amortisation | 442.0 k ≈ | 480.0 k | 456.0 k | 615.0 k ≈ | 460.0 k ≈ | 428.0 k | 404.0 k | 292.0 k ≈ |
| Pre-tax income | -24.7 m | -34.4 m | -26.3 m | -26.0 m | -32.2 m | -20.4 m | — | — |
| Income tax | 0 | 131.0 k | 0 | 0 | 0 | 121.0 k | 0 | 0 |
| Net income | -24.7 m | -34.6 m | -26.3 m | -26.0 m | -32.2 m | -20.5 m | -25.1 m | -23.6 m |
| Diluted EPS | -0.35 | -0.49 ≈ | -0.37 | -0.37 | -0.44 | -0.18 ≈ | -0.20 | -0.18 |
| Operating cash flow | -24.1 m ≈ | -17.9 m | -33.3 m | -12.1 m ≈ | -31.2 m ≈ | -22.1 m | -29.9 m | -1.6 m ≈ |
| Capex | -13.0 k ≈ | -4.0 k | 0 | 185.0 k ≈ | 411.0 k ≈ | 11.0 k | 64.0 k | 37.0 k ≈ |
| Share repurchases | 85.0 k ≈ | 0 | 155.0 k | 0 ≈ | 24.0 k ≈ | 14.0 k | 200.0 k | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 45.8 m | 31.1 m | 20.8 m | 35.6 m | 35.9 m |
| Revenue YoY | unavailable | unavailable | unavailable | −32.1% | −33.3% | +71.4% | +1.0% |
| Net income | -34.1 m | -66.3 m | -83.9 m | -128.2 m | -132.5 m | -105.3 m | -105.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -31.03 | -5.83 | -1.82 | -2.62 | -2.67 | -1.52 | -1.27 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -183.2% | -412.2% | -638.3% | -296.0% | -292.1% |
| Free cash flow | 54.3 m | -67.9 m | -88.2 m | -111.4 m | -108.5 m | -65.3 m | -99.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 74.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 256.6 m USD
- Total assets
- 359.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 7.81x
- ROE
- -44.4%
- ROA
- -29.6%
- FCF margin
- -276.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | 45.8 m | 31.1 m | 20.8 m | 35.6 m | 35.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 78.4 m | 94.7 m | 117.8 m | 117.7 m | 110.6 m | 104.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -60.4 m | -82.1 m | -129.5 m | -139.0 m | -119.6 m | -115.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 1.6 m | 1.5 m | 1.7 m | 1.9 m | 1.8 m | 2.0 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -58.8 m ≈ | -80.6 m ≈ | -127.9 m ≈ | -137.2 m ≈ | -117.8 m ≈ | -113.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | -67.0 m | -83.9 m | -128.2 m | -131.2 m | -105.2 m | -104.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -626.0 k | 0 | 0 | 1.3 m | 131.0 k | 121.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -66.3 m | -83.9 m | -128.2 m | -132.5 m | -105.3 m | -105.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -5.83 | -1.82 | -2.62 | -2.67 | -1.52 | -1.27 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | — | 46.0 m | 48.9 m | 49.6 m | 69.4 m | 82.9 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 181.7 m | 76.1 m | 29.8 m | 126.6 m | 55.5 m | 74.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 4.5 m | 5.7 m | 1.5 m | 11.8 m | 3.1 m | 2.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 381.0 m | 325.7 m | 287.6 m | 271.2 m | 257.8 m | 258.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 3.3 m | 3.1 m | 7.4 m | 7.1 m | 5.8 m | 4.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 400.1 m | 506.8 m | 430.8 m | 376.5 m | 349.6 m | 359.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 5.7 m | 4.5 m | 1.2 m | 1.4 m | 1.3 m | 858.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | — | 0 | 2.3 m | 0 | — | — | SEC (XBRL)· 22 Feb 2024verified |
| Long-term debt | 10.1 m | 10.8 m | 9.2 m | 0 | — | — | SEC (XBRL)· 22 Feb 2024verified |
| Current liabilities | 43.9 m | 51.2 m | 44.5 m | 42.8 m | 45.2 m | 33.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 119.3 m | 117.2 m | 141.6 m | 130.3 m | 133.6 m | 102.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 280.8 m † | 389.6 m † | 289.2 m † | 246.1 m † | 216.0 m † | 256.6 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -67.2 m | -87.0 m | -105.9 m | -106.8 m | -65.2 m | -98.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 650.0 k | 1.3 m | 5.5 m | 1.7 m | 180.0 k | 607.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -67.9 m ≈ | -88.2 m ≈ | -111.4 m ≈ | -108.5 m ≈ | -65.3 m ≈ | -99.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -190.5 m | -189.3 m | 58.4 m | 158.3 m | -51.3 m | -8.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 348.9 m | 171.4 m | 1.1 m | 45.5 m | 45.3 m | 126.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 194.0 k | — | 0 | 110.0 k | 194.0 k | 193.0 k | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 394.9 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -289.4% | 44 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 5.0% | 41 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.4x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -21.6% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial41/100 · 1/2 factors with a value
- Quality· partial44/100 · 1/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
C4 Therapeutics, Inc. (CCCC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 35.9 m USD in 2025; YoY growth 1.0%; net margin -289.4%; ROE -48.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.4x
What contradicts it
- FCF yield: -21.6%
- Shareholder yield (distributions): 0.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 249.4 bn | 28.7 | 91.5% | 23.0% | +10.0% | +34% / +71% |
| GILDGilead Sciences, Inc. | 207.7 bn | — | -22.3% | -12.5% | +2.4% | +33% / +119% |
| MRNAModerna, Inc. | 91.2 bn | — | -39.0% | -141.4% | −39.9% | +779% / +194% |
| RVMDRevolution Medicines, Inc. | 41.6 bn | — | -79.1% | — | unavailable | +150% / +733% |
| BIIBBiogen Inc. | 36.8 bn | 106.4 | 1.9% | 3.4% | +2.2% | +37% / +6% |
| EXELExelixis, Inc. | 17.6 bn | 21.6 | 44.3% | 35.5% | +7.0% | +64% / +232% |
| NBIXNeurocrine Biosciences, Inc. | 16.7 bn | 24.5 | 20.4% | 19.0% | +21.4% | +8% / +41% |
| HALOHalozyme Therapeutics, Inc. | 14.6 bn | 37.9 | 173.7% | 24.9% | +37.6% | +80% / +233% |
| KYMRKymera Therapeutics, Inc. | 10.8 bn | — | -27.3% | -341.8% | −16.7% | +87% / +512% |
| BEAMBeam Therapeutics Inc. | 2.7 bn | — | -11.3% | -73.9% | +120.0% | +4% / −6% |
| BCRXBiocryst Pharmaceuticals, Inc. | 2.2 bn | — | — | -40.9% | +94.1% | +19% / +46% |
| MAZEMaze Therapeutics, Inc. | 1.8 bn | — | -37.3% | -5,343.6% | unavailable | −15% / unavailable |
| ALVOAlvotech | 1.4 bn | 45.4 | — | 4.8% | +19.7% | −11% / −52% |
| CGEMCullinan Therapeutics, Inc. | 1.0 bn | — | -50.3% | — | −100.0% | +39% / +92% |
| CADLCandel Therapeutics, Inc. | 674.9 m | — | -81.8% | — | 0.0% | +85% / +881% |
| ATYRaTYR PHARMA INC | 650.3 m | — | -98.4% | -32,003.7% | −19.1% | +749% / +410% |
| FDMT4D Molecular Therapeutics, Inc. | 594.8 m | — | -43.3% | -194.7% | +230,194.6% | +2% / −6% |
| CCCCC4 Therapeutics, Inc. | 394.9 m | — | -48.1% | -289.4% | +1.0% | +29% / +106% |
| ALLOAllogene Therapeutics, Inc. | 386.9 m | — | -42.4% | -3,566.7% | −100.0% | −23% / −52% |
| AUTLAutolus Therapeutics plc | 376.6 m | — | -133.0% | -238.7% | +644.9% | +0% / −67% |
| FENCFennec Pharmaceuticals Inc. | 375.2 m | — | -18.6% | -5.5% | −6.1% | +31% / +24% |
| AGENAgenus Inc | 300.3 m | 2.5 | — | 69.3% | +10.4% | +46% / −57% |
| OCGNOcugen, Inc. | 252.7 m | — | — | -1,786.3% | +8.8% | −40% / +93% |
| ALECAlector, Inc. | 228.9 m | — | -385.1% | -850.1% | −79.1% | +54% / −62% |
| PLXProtalix BioTherapeutics, Inc. | 210.3 m | 11.3 | 31.2% | 23.5% | −1.2% | +47% / +73% |
1- and 3-year price returns: for CCCC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
C4 Therapeutics develops small-molecule protein degraders using its proprietary TORPEDO platform, with a focus on multiple myeloma through its candidate cemsidomide. In 2026 the company is concentrating resources on the Phase 2 MOMENTUM study and a Phase 1b study combined with elranatamab, with key readouts expected in 2027. As a company without approved products, its funding runway into the end of 2028 is a central thing to monitor.
SWOT
Strengths
- The proprietary TORPEDO platform and its demonstrated ability to produce orally available degraders with catalytic activity are clear strengths 1.
- Cemsidomide has Phase 1 clinical data supporting a differentiated safety profile and notable anti-myeloma activity 3.
- Collaborations with several large partners bring funding and access to additional discovery capabilities 13.
Weaknesses
- The company has no approved product and has generated no product sales, and losses have continued for several years 1.
- Reliance on equity and at-the-market financing could lead to dilution for shareholders 13.
- Revenue depends largely on collaboration agreements, which can be reduced or ended, as happened with the Merck agreement 1.
Opportunities
- Combination studies with elranatamab and standard therapies could extend cemsidomide's use across several lines of treatment 2.
- Degraders that penetrate the central nervous system could open markets in neuroinflammation and neurodegeneration 1.
- The new Roche agreement on degrader-antibody conjugates could extend the platform into oncology with new modalities 3.
Threats
- Competition in multiple myeloma is intensifying as immune-based and other combination therapies become standard in earlier lines 1.
- Delays in enrollment or weak clinical results in ongoing studies could postpone the funding and development timeline 2.
- Capital market conditions could make additional funding more costly or unavailable if it becomes needed 1.
Risks
- Lack of profitabilityhigh
The company has repeatedly reported net losses and expects losses over the coming years, which could affect its ability to continue development 1.
- Need for additional capitalhigh
If financing is not available on acceptable terms, the company could be forced to reduce or stop research programs 1.
- Clinical risk for cemsidomidehigh
Results from MOMENTUM and the elranatamab Phase 1b study could fail to confirm early data, and a setback would affect the company's overall strategy 2.
- Dependence on partnersmedium
Development of CFT8919 in Greater China depends on Betta Pharma, and results from that study will shape the ex-China strategy 12.
- Sublease obligationslow
A new sublease could generate negative cash flows over its term, according to the annual report 1.
Investment thesis
What would need to be true (bull case)
- If data from the Phase 2 and Phase 1b studies confirm the safety profile and anti-myeloma activity seen so far, cemsidomide could become a backbone therapy in myeloma combinations 23.
- The TORPEDO platform could generate more candidates, and collaborations with large partners could bring upfront payments and further milestones 13.
- Existing funds combined with the at-the-market program could support operations into the end of 2028, giving time for important clinical results 13.
What would break the thesis
- The company has no product revenue and has been losing money for years, so any delay in obtaining approvals could amplify financial pressure 1.
- If cemsidomide's clinical results fall short of expectations in ongoing studies, the plan to become a backbone therapy could be compromised 2.
- The decision not to continue CFT8919 outside China shows capital constraints and market competition, which could limit the number of programs advanced 2.
What to watch
- Completion of enrollment in the Phase 2 MOMENTUM studyQ1 2027
- Initial overall response rate data from MOMENTUM2H 2027
- Update on dose escalation in the Phase 1b study with elranatamab2H 2026
- Cash position and further funding through the at-the-market programnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
C4 Therapeutics is a clinical-stage biopharmaceutical company developing small-molecule protein degraders through its proprietary TORPEDO platform, designed to harness the body's natural process for destroying unwanted proteins, as its annual report describes 1. The clinical pipeline includes cemsidomide, an IKZF1/3 degrader for multiple myeloma, and CFT8919, an EGFR L858R degrader for non-small-cell lung cancer 1. The company has not generated product revenue, its revenue coming from collaboration and license agreements, and its net loss was about 105 million USD in 2025 1.
The company's strategy rests on three pillars: advancing its clinical oral oncology programs, building an internal portfolio in inflammation, neuroinflammation and neurodegeneration, and collaborating with partners to realize the value of the TORPEDO platform 1. Its degraders have shown oral bioavailability and catalytic activity, and some have reached blood-brain barrier penetration in preclinical studies 1. In 2026 the company said it will not advance CFT8919 into the next clinical phase outside Greater China at this time, given capital priorities and the treatment landscape 2.
On funding, the company has relied mainly on equity offerings, collaboration payments and debt, and in the second quarter of 2026 it raised approximately 33.5 million USD through its at-the-market program 3. Following its October 2025 offering, the company said its funds would cover planned operating expenses until the end of 2028 1. It remains early in its development lifecycle without an approved product, so its trajectory depends heavily on future clinical results 1.
Segments
Oncology: CFT8919 (EGFR L858R NSCLC)
CFT8919 is an allosteric degrader selective for the EGFR L858R mutation, intended for non-small-cell lung cancer after failure of approved EGFR inhibitors 1. The Phase 1 study is run by partner Betta Pharma in Greater China, while the company keeps rights for the rest of the world 2. The company has however decided not to advance CFT8919 by itself outside China for now 2.
Discovery: inflammation, neuroinflammation, neurodegeneration
The internal discovery pipeline targets inflammation, neuroinflammation and neurodegeneration, where degraders could offer advantages over traditional inhibitors 1. The company collaborates with Merck KGaA, Merck and Roche to extend the platform in oncology and non-oncology indications, and in April 2026 it entered a new agreement with Roche on degrader-antibody conjugates 13.
Market context
Multiple myeloma remains an area with unmet medical needs, with about 65,370 new cases in 2024 across the United States, United Kingdom and EU4 1. The fourth-line patient population was estimated at about 42,000 in 2024, a group that could grow as immune-based therapies move into earlier lines 1. In EGFR-mutant lung cancer, about 419,380 patients were diagnosed with NSCLC in 2024 in the United States, United Kingdom and EU4 1.
Trends
- Immune-based and combination therapies in myelomatailwind
The rise of BCMAxCD3 bispecific antibodies and CAR-T therapies moves patients to earlier lines, which could increase interest in combinations with IKZF1/3 degraders 12.
- Resistance to EGFR inhibitorstailwind
Resistance through T790M and C797S mutations limits available treatments, which could favor mutant-selective degraders 1.
- Biotech funding environmentheadwind
Reliance on capital markets, as seen in the at-the-market program and equity issuance, could become a constraint if market conditions worsen 13.
- Interest in degraders beyond oncologymixed
Interest in degraders that penetrate the central nervous system could open partnerships in neurodegeneration, although this segment is still at the discovery stage 12.
Competitive position
In multiple myeloma, cemsidomide competes with immune-based therapies and other IKZF1/3-targeting agents, and reference positions will depend on clinical evidence from comparative studies 12. In EGFR oncology, the CFT8919 degrader faces third-generation inhibitors approved in the first line, which remain the standard of care 1.
In protein degraders, the company is compared with other developers working on similar mechanisms, and its edge could come from the TORPEDO platform and existing collaborations, which it named as central to its strategy 1.
- Pfizer (elranatamab)PFE
Supplier of the bispecific antibody elranatamab for the Phase 1b study with cemsidomide, under a supply agreement 1.
- Betta Pharma
License partner for CFT8919 in Greater China, running the Phase 1 study in the region 1.
- Roche
Collaboration partner in discovery and in a new agreement on degrader-antibody conjugates 3.
- Merck KGaA
Collaboration partner for degrader discovery, including a KRAS project 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report25 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report24 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report11 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report15 May 2026Departure or appointment of officers
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement29 Apr 2026
- Current report10 Apr 2026Amendments to articles or bylaws · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / C4 Therapeutics, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / C4 Therapeutics, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / C4 Therapeutics, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.