The Q1 print is largely in-line with expectations for a clinical-stage biotech. Key catalysts to watch: EHA poster presentation (June 12), ASCO trial-in-progress poster (May 29-June 2), and initial ORR data from Phase 2 MOMENTUM in 2H 2027. The Roche collaboration provides non-dilutive capital and validates the DAC platform. The CFT8919 discontinuation outside China removes a pipeline asset but likely already discounted. Monitor cash burn rate and any future partnership milestones.
Price Chart
Executive Summary
C4 Therapeutics reported Q1 2026 revenue of $6.2M (down 14% YoY from $7.2M) and a net loss per share of -$0.20 (improved from -$0.37 YoY). The company highlighted clinical progress with cemsidomide (Phase 2 MOMENTUM enrolling, Phase 1b combo with elranatamab dosed) and a new Roche collaboration for degrader-antibody conjugates, but also announced it will not advance CFT8919 outside Greater China. Cash burn continues with $268.3M at quarter-end, providing runway to end of 2028.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $6.2M vs $7.2M YoY (-14%), driven by conclusion of Merck collaboration and prioritization of one KRAS project
- Net loss per share -$0.20 vs -$0.37 YoY, improved on lower R&D spend ($24.6M vs $27.1M)
- Cash, cash equivalents and marketable securities $268.3M as of March 31, 2026, down from $297.1M at Dec 31, 2025
- Cash runway expected to fund operations to end of 2028
- Phase 2 MOMENTUM trial of cemsidomide + dexamethasone in 4L+ multiple myeloma enrolling, enrollment completion expected Q1 2027
- Phase 1b trial of cemsidomide + elranatamab initiated, first patient dosed March 2026
- Additional Phase 1b combo trial with approved MM therapies expected to initiate in first half of 2027
- C4T entered new collaboration with Roche in April 2026 for degrader-antibody conjugates, received $20M upfront payment in May 2026
- Company decided not to advance CFT8919 (EGFR L858R degrader) outside Greater China
- Received $2M milestone payment from Biogen for second degrader delivered to clinical development
Financial Impact
Revenue decline of ~14% YoY to $6.2M; net loss improved to -$25.1M from -$26.3M; cash burn ~$28.8M in Q1
Risk Factors
- Revenue concentration on collaboration agreements with no approved products
- Clinical trial execution risk for cemsidomide (Phase 2 MOMENTUM, Phase 1b combo)
- Cash burn of ~$28.8M/quarter may require future capital raises before reaching profitability
- CFT8919 discontinuation outside China narrows pipeline optionality
- Dependence on partnership milestones for non-dilutive funding
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033861 |
| Document: maycorporatedeck_finalx5.htm | 0001628280-26-033861 |
| Document: cccc-20260512.htm | 0001628280-26-033861 |
| Document: 0001628280-26-033861-index-headers.html | 0001628280-26-033861 |
| Document: 0001628280-26-033861-index.html | 0001628280-26-033861 |
| Document: 0001628280-26-033861.txt | 0001628280-26-033861 |
| 8-K Data (Synthetic) | 0001628280-26-033861 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 6w ago | 144 | $4.27 $4.10 | ▼ −3.87% | ▼ −2.68% | $2.95 (−30.83%) |
Aug 14, 2026 6w ago | Institutional Cluster | $4.27 $4.10 | ▼ −3.87% | ▼ −2.68% | $2.95 (−30.83%) |
Aug 11, 2026 7w ago | 8-K | $3.62 $4.18 | ▲ +15.47% | ▲ +15.87% | $2.95 (−18.51%) |
Jun 11, 2026 16w ago | Press Release | $3.87 $3.92 | ▲ +1.29% | ▲ +0.86% | $2.95 (−23.77%) |
May 15, 2026 20w ago | 8-K | $3.22 $3.49 | ▲ +8.39% | ▲ +6.77% | $2.95 (−8.39%) |
May 12, 2026 20w ago | 8-K | $3.17 $3.22 | ▲ +1.58% | ▲ +1.50% | $2.95 (−6.94%) |
May 12, 2026 20w ago | Press Release | $3.17 $3.22 | ▲ +1.58% | ▲ +1.50% | $2.95 (−6.94%) |
Apr 9, 2026 25w ago | 8-K | $2.83 $2.90 | ▲ +2.47% | ▼ −0.71% | $2.95 (+4.24%) |
Apr 9, 2026 25w ago | Press Release | $2.83 $2.90 | ▲ +2.47% | ▼ −0.71% | $2.95 (+4.24%) |
Mar 25, 2026 27w ago | Press Release | $2.69 $2.70 | ▲ +0.37% | ▲ +0.62% | $2.95 (+9.67%) |
US Market Status
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