C4 Therapeutics, Inc.

Previous wording

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. The United States Food and Drug Administration, or FDA, has granted orphan drug designation to cemsidomide for the treatment of MM. In December 2024, we shared data from the ongoing Phase 1/2 clinical trial of cemsidomide in MM and NHL as of an October 11, 2024 cutoff date. The dose escalation portion of the trial evaluating cemsidomide in combination with dexamethasone in MM demonstrated a well-tolerated safety profile and compelling anti-myeloma activity, as measured by overall response rate and clinical benefit rate. Additionally, we previously shared MM monotherapy data that showed cemsidomide activates immune cells at clinically relevant doses. In December 2024, we also shared data evaluating cemsidomide as a monotherapy in NHL that demonstrated a well-tolerated profile and compelling anti-lymphoma activity in NHL and in peripheral t-cell lymphoma, or PTCL, as measured by overall response rate and complete metabolic response rate.

Current wording

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. The United States Food and Drug Administration, or FDA, has granted orphan drug designation to cemsidomide for the treatment of MM. In December 2024, we shared data from the ongoing Phase 1/2 clinical trial of cemsidomide in MM and NHL as of an October 11, 2024 cutoff date. The dose escalation portion of the trial evaluating cemsidomide in combination with dexamethasone in MM demonstrated a well-tolerated safety profile and compelling anti-myeloma activity, as measured by overall response rate and clinical benefit rate. Additionally, we previously shared MM monotherapy data that showed cemsidomide activates immune cells at clinically relevant doses. In December 2024, we also shared data evaluating cemsidomide as a monotherapy in NHL that demonstrated a well-tolerated profile and compelling anti-lymphoma activity in NHL and in peripheral t-cell lymphoma, or PTCL, as measured by overall response rate and complete metabolic response rate. Going forward, we will prioritize MM development for cemsidomide.

Previous wording

Other income (expense), net primarily consists of the following:

Current wording

Other income, net primarily consists of the following:

Previous wording

Comparison of the three months ended March 31, 2025 and 2024

Current wording

Comparison of the three and six months ended June 30, 2025 and 2024

Previous wording

Revenue from our collaboration and license agreements consisted of the following for the three months ended March 31, 2025 and 2024 (in thousands):

Current wording

Revenue from our collaboration and license agreements consisted of the following for the three and six months ended June 30, 2025 and 2024 (in thousands):

Previous wording

The $4.2 million increase in revenue in the three months ended March 31, 2025, as compared to the three months ended March 31, 2024 is primarily driven by the progression of two targets under the Roche Agreement to the lead series identification achievement phase and a $3.1 million increase in revenue under the MKDG Agreement which commenced in March 2024. This was offset by a decrease in revenue related to the Biogen collaboration as a result of the completion of all research activities in the first quarter of 2024.

Current wording

•a $1.5 million increase in revenue under the MKDG Agreement, which commenced in March 2024; and

Previous wording

•a $2.7 million increase in preclinical expenses as a result of the progress made on our collaboration programs;

Current wording

•a $2.9 million increase in preclinical development and discovery expenses as a result of the progress made on our collaboration programs and internal programs;

Previous wording

•a $0.8 million increase in clinical expenses as a result of our ongoing Phase 1/2 clinical trial of cemsidomide and our Phase 1 trial of CFT1946.

Current wording

•a $2.1 million increase in clinical expenses a result of our ongoing Phase 1/2 clinical trial of cemsidomide and our Phase 1 trial of CFT1946; and

Previous wording

The following table summarizes our general and administrative expense for the three months ended March 31, 2025 and 2024 (in thousands):

Current wording

The following table summarizes our general and administrative expenses for the three and six months ended June 30, 2025 and 2024 (in thousands):

Previous wording

The $1.0 million decrease in general and administrative expense in the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 is primarily driven by a $0.8 million decrease in personnel expenses related to our restructuring activities that occurred in January 2024.

Current wording

The $0.9 million decrease in general and administrative expenses in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 is primarily driven by a $1.1 million decrease in personnel expenses related to lower stock-based compensation expense.

Previous wording

The $2.4 million decrease of restructuring expense in the three months ended March 31, 2025 compared to the three months ended March 31, 2024 is driven by the restructuring activities that occurred and were completed in 2024.

Current wording

The $2.4 million decrease of restructuring expenses in the six months ended June 30, 2025 compared to the six months ended June 30, 2024 is driven by the restructuring activities that occurred and were completed in 2024.

Previous wording

The $1.0 million decrease in other income, net in the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 is primarily driven by a $1.0 million decrease in interest and other income resulting from reduced invested balances as cash was used to fund operations, as well as lower interest rates for the three months ended March 31, 2025.

Current wording

The $1.2 million decrease in other income, net in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 is primarily driven by a $1.2 million decrease in interest and other income resulting from reduced invested balances as cash was used to fund operations, as well as lower interest rates for the three months ended June 30, 2025.

Previous wording

Since inception, we have incurred significant operating losses. We expect to incur significant expenses and operating losses for the foreseeable future as we advance the preclinical programs and our product candidates through clinical development. We do not currently have any approved products and have never generated any revenue from product sales. To date, we have financed our operations primarily through the sale of preferred stock, public offerings of our common stock, private placements of our common stock, and through payments from collaboration partners. As of March 31, 2025, we had cash, cash equivalents and marketable securities of approximately $234.7 million.

Current wording

Since inception, we have incurred significant operating losses. We expect to incur significant expenses and operating losses for the foreseeable future as we advance the preclinical programs and our product candidates through clinical development. We do not currently have any approved products and have never generated any revenue from product sales. To date, we have financed our operations primarily through the sale of preferred stock, public offerings of our common stock, private placements of our common stock, and through payments from collaboration partners. As of June 30, 2025, we had cash, cash equivalents and marketable securities of approximately $223.0 million.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2025 was driven primarily by the following uses of cash:

Current wording

Net cash used in operating activities for the six months ended June 30, 2025 was $45.3 million, and was driven primarily by the following uses of cash:

Previous wording

•$6.7 million decrease in accrued expenses and other current liabilities;

Current wording

•$6.1 million decrease in accrued expenses and other current liabilities;

Previous wording

•$1.4 million decrease in our operating lease liability.

Current wording

•$2.8 million decrease in our operating lease liability.

Previous wording

•non-cash expenses of $6.8 million, which primarily consisted of stock-based compensation expense of $5.5 million.

Current wording

•non-cash expenses of $13.6 million, which primarily consisted of stock-based compensation expense of $10.5 million.

Previous wording

Net cash provided by investing activities for the three months ended March 31, 2025 was driven by $29.1 million of sales and maturities of marketable securities, net of purchases.

Current wording

Net cash provided by investing activities for the six months ended June 30, 2025 was $68.0 million, and was driven primarily by $68.2 million of sales and maturities of marketable securities, net of purchases.

Previous wording

Net cash used in financing activities for the three months ended March 31, 2025 was driven primarily by payments for repurchase of common stock for tax withholding.

Current wording

Net cash used in financing activities for the six months ended June 30, 2025 was driven primarily by payments for repurchase of common stock for tax withholding.

Previous wording

In October 2024, we filed a registration statement on Form S-3, or the Registration Statement, with the SEC that became effective on November 13, 2024 and registered the offering, issuance and sale of an unspecified amount of common stock, preferred stock, debt securities, warrants and/or units of any combination thereof. Simultaneously, we entered into a sales agreement with TD Securities (USA) LLC, as sales agent, to provide for the issuance and sale by us of up to $200.0 million of common stock from time to time in “at-the-market” offerings under the Registration Statement and related prospectus filed with the Registration Statement, or the 2024 ATM Program. For the three months ended March 31, 2025, no sales were made under the 2024 ATM Program.

Current wording

In October 2024, we filed a registration statement on Form S-3, or the Registration Statement, with the SEC that became effective on November 13, 2024 and registered the offering, issuance and sale of an unspecified amount of common stock, preferred stock, debt securities, warrants and/or units of any combination thereof. Simultaneously, we entered into a sales agreement with TD Securities (USA) LLC, as sales agent, to provide for the issuance and sale by us of up to $200.0 million of common stock from time to time in “at-the-market” offerings under the Registration Statement and related prospectus filed with the Registration Statement, or the 2024 ATM Program. For the three and six months ended June 30, 2025, no sales were made under the 2024 ATM Program.

Previous wording

During the three months ended March 31, 2025, except for the minimum rental commitments disclosed in Note 6, Leases, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, there were no significant changes to our contractual obligations and commitments described under "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024.

Current wording

During the six months ended June 30, 2025, except for the minimum rental commitments disclosed in Note 6, Leases, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, there were no significant changes to our contractual obligations and commitments described under "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024.