CCCC · C4 Therapeutics, Inc.

This collaboration significantly advances C4 Therapeutics’ strategic positioning in targeted protein degradation by extending its science into the emerging degrader-antibody conjugate (DAC) modality—a fusion of ADC delivery precision and TPD’s catalytic mechanism. The agreement builds directly on C4T’s decade-long relationship with Roche, now entering its third formal collaboration since 2016, underscoring deep scientific alignment and trust. Structurally, the deal de-risks C4T’s early-stage DAC efforts: Roche assumes full responsibility—and cost—for all downstream development, regulatory approval, manufacturing, and commercialization, while C4T focuses on its core strength—designing highly selective, catalytic degrader payloads via its proprietary TORPEDO® platform. The $20.0 million upfront provides immediate liquidity, and the >$1.0 billion in potential milestones (including near-term discovery payments) offers meaningful value inflection points across research, clinical, and commercial stages. However, the absence of guaranteed minimum spend, coupled with Roche’s unilateral right to terminate for convenience on 90 days’ notice, means milestone and royalty realization remains fully dependent on Roche’s continued strategic prioritization and clinical progress. Given that the targets are undisclosed and preclinical, investor focus should center on future disclosures regarding candidate nomination, IND filings, and Roche’s public commentary on DAC advancement—key indicators of de-risking. This is not a near-term revenue driver, but a high-upside, science-validated partnership that strengthens C4T’s platform valuation and validates DACs as a therapeutically differentiated modality with potential to overcome limitations of traditional ADCs.