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CLOSED · 03:10 ET
Market ClerkRecap
Sun Oct 25 · markets closed1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

CCCC

C4 Therapeutics, Inc.
NASDAQ · HEALTH CARE · BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES)
3.06
−0.12 −3.77%
USD · close Oct 23
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Work order
28
FLAG · shorts 28
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $376.5MP/E —DIV YIELD —FCF YIELD -22.68%REV TTM $35M +2.3%NET INCOME −$101.4MNET CASH $68.3M52W 1.71 – 4.67SEC XBRL · TTM TO Invalid Date

How CCCC rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
49%
of sentences unchanged
Added
532
new sentences
Dropped
640
sentences removed
Length
−3,225
words, now 59,742

New in FY2025

  • In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.
  • These risks include, among others: • We are a clinical-stage biopharmaceutical company and have incurred significant losses since our inception.
  • Our net loss was $105.0 million and $105.3 million for the years ended December 31, 2025 and 2024, respectively. • We will need substantial additional funding to pursue our business objectives and continue our operations.
  • If we are unable to raise capital when needed, we may be required to delay, limit, reduce or terminate our research or product development programs or future commercialization efforts. • Our approach to the discovery and development of product candidates based on our TORPEDO platform is unproven, which makes it difficult to predict the time, cost and likelihood of successfully developing any products. • While we are a clinical-stage company and have commenced clinical trials of several product candidates, we have never obtained regulatory approval to commercialize any of our product candidates.
  • In addition, the results of preclinical studies may not be predictive of the results of clinical trials and the results of any early-stage clinical trials we commence may not be predictive of the results of later-stage clinical trials. • Our preclinical studies and clinical trials may fail to demonstrate adequately the safety and efficacy of any of our product candidates, which would prevent, delay, or require additional research or analysis to proceed with development, regulatory approval, and commercialization of our current and future product candidates. • We have ongoing collaborations with Roche, Betta Pharma, and Merck KGaA.
  • We may also seek to enter into additional collaborations in the future with third parties for the discovery, development and/or commercialization of certain of our product candidates.
  • This reliance on third parties may increase the risk that we will not have sufficient quantities of our product candidates in a timely manner, or at an acceptable cost or quality. • If we are unable to obtain required marketing approvals for, commercialize, manufacture, obtain, and maintain patent protection for or gain market acceptance of our product candidates, or if we experience significant delays in doing so, our business will be materially harmed and our ability to generate revenue from product sales will be materially impaired. • Potential changes in government programs and changes in government staffing or funding levels could affect various aspects of our business, and our degrader clinical candidates that require government review or approval may experience delays in obtaining requisite authorizations. • International trade policies, including tariffs, sanctions, and trade barriers may adversely affect our business, financial condition and results of operations and prospects. • If we are unable to obtain and maintain patent protection for our technology and any future products or if the scope of the patent protection obtained is not sufficiently broad or enforceable, our competitors could develop and commercialize technology, product candidates, or products similar or identical to ours, and our ability to successfully commercialize our technology, product candidates, and any future products may be impaired. iv NOTE REGARDING COMPANY REFERENCES Unless the context otherwise requires, the terms “C4 Therapeutics,” the “Company,” “we,” “us,” and “our” in this Form 10-K refer to C4 Therapeutics, Inc. and its consolidated subsidiary.
  • This Form 10-K may also contain trademarks, service marks, and trade names of third parties, including, without limitation, our collaboration partners Roche, Biogen, Merck KGaA, and Pfizer Inc., which are the property of their respective owners.
  • Our use or display of third parties’ trademarks, service marks, trade names or products in this Form 10-K is not intended to and does not imply a relationship with, or endorsement or sponsorship by us.
  • Solely for convenience, the trademarks, service marks, and trade names referred to in this Form 10-K may appear without the ®, TM or SM symbols, but the omission of such references is not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable owner of these trademarks, service marks, and trade names. v PART I Item 1.
  • Leveraging our proprietary TORPEDO platform, we efficiently design and optimize small molecule protein degraders that are highly active against their desired targets by harnessing the body’s natural process for destroying unwanted proteins.
  • Our strategy is to develop degraders that modulate clinically validated disease pathways with best-in-class or first-in-class potential to address significant unmet patient needs.
  • To date, our degraders have demonstrated oral bioavailability and catalytic activity, and we have also leveraged our capability to design compounds that are brain penetrant.
  • Our Clinical and Preclinical Pipeline Our clinical pipeline has two oncology degraders, cemsidomide, an IKZF1 and IKZF3 degrader, for multiple myeloma, or MM, and CFT8919, an EGFR L858R degrader for non-small-cell lung cancer, or NSCLC.
  • Our discovery strategy is focused on selecting targets where we believe TPD offers a compelling mechanistic rationale and first-in-class potential in inflammation, neuroinflammation and neurodegeneration diseases.
  • Our solely-owned pipeline is reflected below.
  • Our most advanced product candidate, cemsidomide, is an orally bioavailable MonoDAC (molecular glue type) degrader targeting IKZF1 and IKZF3, or IKZF1/3.
  • Cemsidomide has the opportunity to address a significant unmet need across multiple lines of therapy in multiple myeloma supported by a strong mechanistic rationale, well-defined biology, and a differentiated safety profile with compelling anti-myeloma activity demonstrated in our Phase 1 trial in combination with dexamethasone.
  • Our other clinical-stage oncology product candidate, CFT8919, is an orally bioavailable, allosteric, mutant-selective BiDAC degrader of epidermal growth factor receptor, or EGFR, with an L858R mutation in non-small cell lung cancer, or NSCLC.
  • Our collaboration partner, Betta Pharma, is conducting clinical development of CFT8919 in Greater China.
  • We are further diversifying our internal pipeline by developing new degraders focused on inflammation, neuroinflammation, and neurodegeneration.
  • We have engineered degraders that have successfully achieved blood-brain barrier penetration in preclinical studies, which is a key step in developing medicines with the potential to treat brain metastases in central nervous system diseases.
  • This element is a key part of our strategy is selecting targets where there is a strong degrader rationale over other therapeutic modalities.
  • We are also advancing a discovery pipeline in collaboration with Merck KGaA, and Roche.
  • Our partnership strategy allows us to further expand our reach in both oncology and non-oncology indications.
  • Our Strategy We are committed to improving outcomes for patients through the discovery, development, and commercialization of novel therapies in oncology as well as inflammation, neuroinflammation, and neurodegeneration.
  • We currently are advancing two clinical programs that were developed from our proprietary TORPEDO platform and have the potential to improve patients’ outcomes. ◦ Develop cemsidomide as a potential best-in-class IKZF1/3 degrader: The Phase 1 trial of cemsidomide in combination with dexamethasone demonstrated a differentiated safety profile with compelling anti-myeloma activity.
  • Cemsidomide is advancing to the next phase of development with an efficient regulatory strategy, which includes the potential for two accelerated approvals.
  • Our development strategy includes a Phase 2 trial evaluating cemsidomide in combination with dexamethasone as well as a Phase 1b evaluating cemsidomide in combination with elranatamab, pursuant to the Pfizer Agreement (defined below). • Progress new internal discovery strategy focused on inflammation, neuroinflammation, and neurodegeneration, which are areas that could benefit from a TPD approach.
  • Through our target identification process, we evaluate where TPD could have an outsized patient impact.
  • We have selected targets that modulate clinically validated pathway(s) with a clear target-to-disease link where degraders potentially offer a clear and compelling advantage over other therapeutic options, including developing degraders that are central nervous system, or CNS, penetrant.
  • We have extended capabilities to identify molecular glue degraders for targets with and without G- and RT-loops by utilizing DNA-encoded library (DEL) technology and are advancing our programs to lead optimization and development candidate nominations. • Collaborate with partners to realize the full value of the TORPEDO platform.
  • We have existing strategic collaborations with Merck KGaA, and Roche under which we are working to identify and develop novel degraders across multiple therapeutic areas and targets.
  • These partnerships allow us to advance and accelerate our research and enable access to additional capabilities and expand the utility of our TORPEDO platform to address high unmet patient needs.
  • Our Product Candidates—Highly Potent and Selective Targeted Protein Degraders Cemsidomide: An IKZF1/3 Degrader for Multiple Myeloma Cemsidomide is an orally bioavailable degrader designed to target IKZF1/3, for the treatment of MM.
  • IKZF1/3 are targets that have a strong mechanistic rationale and well-defined biology.
  • In preclinical studies, cemsidomide has shown robust activity in MM in subcutaneous xenograft mouse models, providing preclinical proof of concept.
  • We believe that the differentiated pharmacology of cemsidomide, including its high potency, may translate into improved clinical outcomes for MM patients.
  • IKZF1/3 directly regulate the activity of IRF4, another transcription factor that MM is dependent on for survival.
  • Degradation of these transcription factors leads to myeloma cell death as well as T-cell activation.

and 492 more.

Gone since FY2024

  • ii In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.
  • These risks include, among others: • We are a clinical-stage biopharmaceutical company with a limited operating history and have incurred significant losses since our inception.
  • To date, we have not generated any revenue from product sales.
  • We expect to continue to incur significant expenses and increasing operating losses for at least the next several years and may never achieve or maintain profitability.
  • Our net loss was $105.3 million and $132.5 million for the years ended December 31, 2024 and 2023, respectively. • We will need substantial additional funding to pursue our business objectives and continue our operations.
  • If we are unable to raise capital when needed, we may be required to delay, limit, reduce or terminate our research or product development programs or future commercialization efforts. • Our approach to the discovery and development of product candidates based on our TORPEDO platform is unproven, which makes it difficult to predict the time, cost and likelihood of successfully developing any products. • While we are a clinical-stage company and have commenced clinical trials of several product candidates, we have never completed a clinical trial of any of our product candidates.
  • In addition, the results of preclinical studies may not be predictive of the results of clinical trials and the results of any early-stage clinical trials we commence may not be predictive of the results of later-stage clinical trials. • Our preclinical studies and clinical trials may fail to demonstrate adequately the safety and efficacy of any of our product candidates, which would prevent, delay, or require additional research or analysis to proceed with development, regulatory approval, and commercialization of our current and future product candidates. • We have ongoing collaboration agreements with Roche, Betta Pharma, Merck, and MKDG, as well as collaboration agreements with Biogen MA, Inc., or Biogen and Calico, whose research terms expired on June 30, 2023 and March 13, 2023, respectively.
  • We may also seek to enter into additional collaborations in the future with third parties for the development and/or commercialization of certain of our product candidates.
  • This reliance on third parties may increase the risk that we will not have sufficient quantities of our product candidates in a timely manner, or at an acceptable cost or quality. • If we are unable to obtain required marketing approvals for, commercialize, manufacture, obtain, and maintain patent protection for or gain market acceptance of our product candidates, or if we experience significant delays in doing so, our business will be materially harmed and our ability to generate revenue from product sales will be materially impaired. • If we are unable to obtain and maintain patent protection for our technology and products or if the scope of the patent protection obtained is not sufficiently broad or enforceable, our competitors could develop and commercialize technology, product candidates, and products similar or identical to ours, and our ability to successfully commercialize our technology, product candidates, and products may be impaired. iv NOTE REGARDING COMPANY REFERENCES Unless the context otherwise requires, the terms “C4 Therapeutics,” “the Company,” “we,” “us,” and “our” in this Form 10-K refer to C4 Therapeutics, Inc. and its consolidated subsidiary.
  • This Form 10-K may also contain trademarks, service marks, and trade names of third parties, which are the property of their respective owners.
  • Our use or display of third parties’ trademarks, service marks, trade names or products in this prospectus is not intended to and does not imply a relationship with, or endorsement or sponsorship by us.
  • Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus may appear without the ®, TM or SM symbols, but the omission of such references is not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable owner of these trademarks, service marks, and trade names. v PART I Item 1.
  • By leveraging our proprietary TORPEDO platform, we have the capability to efficiently design and optimize small molecule protein degraders that are highly active against their desired targets by harnessing the body’s natural process for destroying unwanted proteins.
  • Our degrader approaches are focused on bringing the E3 ligase in close enough proximity to the disease-causing protein, so that the E3 ligase can “tag” it for destruction.
  • We have the capability to design two different types of protein degraders depending on the target.
  • The first type are MonoDAC degraders, which function by binding to E3 ligases and creating a new surface on the E3 ligases that enhances the binding of the E3 ligases to target proteins.
  • The second type are BiDAC degraders, which are designed to have one end of the molecule bind to the disease-causing target protein and the other end bind to the E3 ligase.
  • To date, our platform has produced several novel, oral, highly catalytic and brain penetrant degraders that have demonstrated robust target degradation, several of which are progressing through clinical development and have the potential to improve patient outcomes.
  • Currently, our solely-owned pipeline is focused on oncology and our partnership strategy allows us to explore other disease areas.
  • Our solely-owned pipeline is reflected in the image below.
  • Our most advanced product candidate, cemsidomide, is an orally bioavailable MonoDAC degrader of protein targets called IKZF1 and IKZF3.
  • Cemsidomide is currently in clinical development for multiple myeloma, or MM, and non-Hodgkin lymphoma, or NHL.
  • With a strong mechanistic rationale and well-defined biology of targeting IKZF1 and IKZF3, cemsidomide has the opportunity to address a significant unmet need.
  • In December 2024, we shared data evaluating cemsidomide in combination with dexamethasone in multiple myeloma, or MM, that demonstrated a well-tolerated safety profile with compelling anti-myeloma activity.
  • In addition, in December 2023, we shared MM monotherapy data that demonstrated that cemsidomide activates immune cells at clinically relevant doses.
  • Additionally, in December 2024, we shared data evaluating cemsidomide as a monotherapy in NHL demonstrating a well-tolerated profile and compelling anti-lymphoma activity in NHL and in particular in peripheral t-cell lymphoma or PTCL.
  • We continue to progress the ongoing Phase 1/2 clinical trial in MM and NHL.
  • Our next most advanced product candidate, CFT1946, is an orally bioavailable BiDAC degrader designed to be potent and selective against BRAF V600 mutant proteins to treat melanoma, colorectal cancer, or CRC, and other malignancies that harbor V600 mutations.
  • In preclinical studies, CFT1946 has demonstrated the ability to cross the blood-brain barrier with Kp uu values ranging from 0.34 to 0.88, an important feature as a portion of patients with BRAF V600 mutant solid tumors develop brain metastases.
  • Additionally, CFT1946 is more efficacious than the standard of care therapies in CRC and BRAF V600 mutant protein xenograft models and in a melanoma patient-derived xenograft, or PDX, BRAF inhibitor resistance model.
  • In September 2024, at the European Society of Medical Oncology Congress, we presented monotherapy data from the ongoing Phase 1/2 trial, which demonstrated that CFT1946 was well tolerated with initial signs of anti-tumor activity across all dose levels.
  • We continue to progress the ongoing Phase 1/2 clinical trial in BRAF V600 mutant protein cancers, including melanoma and CRC.
  • Additionally, we are developing CFT8919, an orally bioavailable, allosteric, mutant-selective BiDAC degrader of epidermal growth factor receptor, or EGFR, with an L858R mutation in non-small lung cancer, or NSCLC.
  • In May 2023, we entered into a license and collaboration agreement with Betta Pharma to collaborate on the development and commercialization of CFT8919 in mainland China, Hong Kong SAR, Macau SAR and Taiwan, with us retaining rights to develop and commercialize CFT8919 in the rest of the world.
  • In November 2024, Betta Pharma initiated a Phase 1 clinical trial in NSCLC patients with the EGFR L858R mutation in Greater China and is continuing to progress the trial.
  • Data generated from this trial will inform our ex-China clinical development strategy.
  • Beyond these initial product candidates, we are further diversifying our pipeline by developing new degraders for our own proprietary pipeline and for the pipeline we are developing in collaboration with MKDG, Merck and Roche.
  • We have engineered degraders that have successfully achieved blood-brain barrier penetration in preclinical studies, which is a key step in developing medicines with the potential to treat brain metastases in oncology, as well as in therapeutic areas such neurodegenerative diseases.
  • We also believe there are many therapeutic areas and indications where leveraging our TORPEDO platform to develop novel degraders may be advantageous.
  • Our Strategy We are committed to transforming the treatment of cancer and other diseases through the discovery, development, and commercialization of novel therapies that destroy disease-causing proteins.

and 600 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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