Monitor upcoming catalysts: Phase 1b dose escalation update in 2H 2026 and IMS biomarker data in September 2026. The extended cash runway reduces near-term financing risk, but ATM dilution and lack of product revenue keep the stock dependent on clinical milestones.
Price Chart
Executive Summary
C4 Therapeutics reported Q2 2026 revenue of $6.6M (up 2.7% YoY) and a net loss of $23.6M ($0.18 per share), beating the Street consensus of -$0.23 by 21.7%. Cash increased to $300.4M following a $33.5M ATM raise and $20M Roche upfront, extending runway to end 2028. Clinical progress remains on track with Phase 2 MOMENTUM enrollment expected to complete in Q1 2027 and data in 2H 2027.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $6.6M vs $6.5M YoY (up 2.7%)
- Net loss $23.6M vs $26.0M YoY; EPS -$0.18 vs -$0.37 YoY
- EPS beat consensus of -$0.23 by 21.7%
- Cash $300.4M, up from $268.3M QoQ; runway to end 2028
- Raised $33.5M net via ATM program in Q2
- Received $20M upfront from Roche DAC collaboration
- Phase 2 MOMENTUM trial on track to complete enrollment Q1 2027, data 2H 2027
- Phase 1b with elranatamab progressing; update expected 2H 2026
- EHA data showed 40% ORR at 75µg and 53% ORR at 100µg cemsidomide doses
Financial Impact
EPS beat of $0.05 per share (21.7%) on consensus of -$0.23; revenue slightly above prior year; cash position strengthened by $33.5M ATM and $20M Roche upfront
Risk Factors
- Dilution from ongoing ATM program
- Clinical trial risk for cemsidomide (Phase 2 MOMENTUM and Phase 1b combinations)
- No approved products; revenue entirely from collaborations
- Competition from approved IKZF1/3 degraders and other MM therapies
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-055490 |
| Document: cccc-20260811.htm | 0001628280-26-055490 |
| Document: 0001628280-26-055490-index-headers.html | 0001628280-26-055490 |
| Document: 0001628280-26-055490-index.html | 0001628280-26-055490 |
| Document: 0001628280-26-055490.txt | 0001628280-26-055490 |
| 8-K Data (Synthetic) | 0001628280-26-055490 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 6w ago | 144 | $4.27 $4.10 | ▼ −3.87% | ▼ −2.68% | $3.03 (−29.07%) |
Aug 14, 2026 6w ago | Institutional Cluster | $4.27 $4.10 | ▼ −3.87% | ▼ −2.68% | $3.03 (−29.07%) |
Aug 11, 2026 7w ago | 8-K | $3.62 $4.18 | ▲ +15.47% | ▲ +15.87% | $3.03 (−16.44%) |
Jun 11, 2026 16w ago | Press Release | $3.87 $3.92 | ▲ +1.29% | ▲ +0.86% | $3.03 (−21.83%) |
May 15, 2026 19w ago | 8-K | $3.22 $3.49 | ▲ +8.39% | ▲ +6.77% | $3.03 (−6.06%) |
May 12, 2026 20w ago | 8-K | $3.17 $3.22 | ▲ +1.58% | ▲ +1.50% | $3.03 (−4.57%) |
May 12, 2026 20w ago | Press Release | $3.17 $3.22 | ▲ +1.58% | ▲ +1.50% | $3.03 (−4.57%) |
Apr 9, 2026 25w ago | 8-K | $2.83 $2.90 | ▲ +2.47% | ▼ −0.71% | $3.03 (+6.89%) |
Apr 9, 2026 25w ago | Press Release | $2.83 $2.90 | ▲ +2.47% | ▼ −0.71% | $3.03 (+6.89%) |
Mar 25, 2026 27w ago | Press Release | $2.69 $2.70 | ▲ +0.37% | ▲ +0.62% | $3.03 (+12.45%) |
US Market Status
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