The significant revenue growth, improved cost structure, strong cash runway to 2028, and advancement of key clinical programs suggest C4T is executing well on its strategy. Traders should monitor upcoming clinical data readouts in mid-2026 and the initiation of the Phase 1b combination trial with elranatamab in Q2 2026 as potential catalysts.
Price Chart
Executive Summary
C4 Therapeutics reported financial results for Q4 and full year 2025, highlighted by a 112% YoY increase in quarterly revenue to $11.0 million driven by its collaboration with Merck, reduced R&D and G&A expenses, and a strengthened cash position of $297.1 million following a $125 million equity raise. The company advanced its lead candidate cemsidomide into a Phase 2 trial for multiple myeloma and earned a $2 million milestone from Biogen.
Key Financial Metrics
Key Facts
- Revenue increased 112% YoY in Q4 2025 to $11.0 million, driven by prioritization of a KRAS project under the Merck collaboration
- Full-year 2025 revenue was $35.9 million, up slightly from $35.6 million in 2024
- R&D expenses decreased to $25.0 million in Q4 2025 from $32.5 million in Q4 2024 due to completion of the CFT1946 Phase 1 trial
- G&A expenses decreased to $9.2 million in Q4 2025 from $10.4 million in Q4 2024 due to lower stock-based compensation
- Net loss narrowed to $20.5 million in Q4 2025 from $34.6 million in Q4 2024; full-year net loss was $105.0 million vs $105.3 million in 2024
- Cash, cash equivalents, and marketable securities totaled $297.1 million as of December 31, 2025, up from $199.8 million as of September 30, 2025, providing runway to end of 2028
- Company raised $125 million in gross proceeds through an underwritten offering in October 2025
- Earned $2 million milestone payment from Biogen in January 2026 related to BIIB145, a BTK degrader
- First patient dosed in Phase 2 MOMENTUM trial for cemsidomide in multiple myeloma in February 2026
- Phase 1b trial of cemsidomide in combination with elranatamab expected to initiate in Q2 2026
Financial Impact
Revenue increased by $5.8 million YoY in Q4 2025; cash position increased by $97.3 million from September 30, 2025 to $297.1 million as of December 31, 2025
Risk Factors
- Biotech stock with no approved products and significant clinical development risk
- Future dilution risk from potential exercise of warrants issued in the October 2025 offering
- Dependence on collaboration partners like Merck and Biogen for milestone payments and funding
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-011971 |
| Document: cccc-20260226.htm | 0001628280-26-011971 |
| Document: 0001628280-26-011971-index-headers.html | 0001628280-26-011971 |
| Document: 0001628280-26-011971-index.html | 0001628280-26-011971 |
| Document: 0001628280-26-011971.txt | 0001628280-26-011971 |
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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