CCCC · C4 Therapeutics, Inc.

C4 Therapeutics reported first quarter 2026 financial results, highlighting progress in its clinical pipeline and a strengthened balance sheet. Total revenue for Q1 2026 was $6.2 million, down from $7.2 million in the same period last year, primarily due to the conclusion of the Merck collaboration and prioritization of one KRAS project under the collaboration with Merck KGaA, Darmstadt, Germany (MKDG). This decrease was partially offset by a $2.0 million milestone earned from Biogen. Research and development expenses decreased to $24.6 million from $27.1 million, reflecting the same factors. General and administrative expenses remained flat at $9.3 million. Net loss improved to $25.1 million ($0.20 per share) from $26.3 million ($0.37 per share) in the prior year quarter. Cash, cash equivalents and marketable securities stood at $268.3 million as of March 31, 2026, compared to $297.1 million at year-end 2025, with the company expecting this to fund operations to the end of 2028. Key operational highlights include the initiation of the Phase 2 MOMENTUM trial and a Phase 1b trial evaluating cemsidomide in combination with elranatamab, with first patients dosed in February and March 2026, respectively. The company also expanded its partnership with Roche through a new degrader-antibody conjugate (DAC) collaboration, receiving a $20 million upfront payment in May 2026. Management commentary emphasized the potential of cemsidomide as a best-in-class IKZF1/3 degrader for multiple myeloma and the strategic decision to not advance CFT8919 outside Greater China due to the evolving NSCLC landscape. Upcoming milestones include data presentations at EHA and ASCO 2026, and plans to initiate an additional Phase 1b trial in the first half of 2027.