C4 Therapeutics, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
CCCC$3.10+5.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001628280-25-038587
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001628280-25-049854
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 111 previous paragraphs and 124 current paragraphs.
72 unchanged; 31 reworded; 18 added; 7 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
Recent Developments
Current report
In September 2025, we entered into a clinical trial collaboration and supply agreement with Pfizer Inc., or Pfizer. Under the terms of the agreement, Pfizer will supply elranatamab (ELREXFIO®), a B-cell maturation antigen CD3 targeted bispecific antibody (BCMAxCD3 bispecific, at no cost for our Phase 1b trial with cemsidomide and we will share data from that trial with Pfizer.
Current report
In October 2025, we entered into the Underwriting Agreement, with the Underwriters, related to the Offering, of (i) 21,896,000 shares of Common Stock, (ii) in lieu of Common Stock to certain investors, the Pre-Funded Warrants in an aggregate of 28,712,500 shares, (iii) and accompanying Class A and Class B Warrants to purchase an aggregate of 50,608,500 shares of Common Stock (or pre-funded warrants in lieu thereof) in each tranche. Each share of Common Stock was offered and sold together with accompanying Class A and Class B Warrants each exercisable for one share of Common Stock at a combined offering price of $2.47 per Share and accompanying Class A and Class B Warrants, and each Pre-Funded Warrant was offered and sold together with accompanying Class A and Class B Warrants at a combined offering price of $2.4699 per Pre-Funded Warrant and accompanying Class A and Class B Warrants. We received net proceeds from the Offering, after deducting the underwriting discount and commissions and other estimated offering expenses, of approximately $117.0 million. If all Warrants are exercised, the aggregate gross proceeds to us from the Offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be $341.7 million.
Current report
•a $2.9 million decrease in revenue related to the Betta collaboration due to higher program activity in the prior year period.
Current report
•a $2.2 million increase in revenue under the Merck Agreement as the Company recognized all of the remaining deferred revenue for the collaboration upon receipt of the notice of termination in September 2025;
Current report
•a $1.6 million increase in revenue under the Roche Agreement, as two targets have progressed to the next phase of development in 2025; and
Current report
•a $2.3 million decrease in revenue related to the Betta collaboration as a result of higher program activity in the prior year period.
Current report
•a $2.6 million increase in revenue under the Merck Agreement upon receipt of notice of termination in September 2025.
Current report
The $5.8 million decrease in research and development expenses in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 is primarily driven by:
Current report
•a $3.3 million decrease in preclinical development and discovery expenses as a result of higher drug development costs in 2024 related to start up costs associated with Betta Pharma's Phase 1 trial of CFT8919, and
Current report
This was offset by a $1.3 million decrease in professional fees.
Current report
Impairment of long-lived assets expense
Current report
The $10.7 million increase in impairment of long-lived assets expense for the three and nine months ended September 30, 2025 is a result of our entry into a new sublease agreement n September 2025, which will commence in February 2026 and will result in net negative cash flows over the term of the sublease.
Current report
•net loss of $84.5 million;
Current report
•$3.4 million increase in accounts receivable.
Current report
Net cash provided by financing activities for the nine months ended September 30, 2025 was $7.7 million, and was driven primarily by net proceeds from our 2024 ATM Program.
Current report
Underwritten offering
Current report
In October 2025, the Company entered into an underwriting agreement, or the Underwriting Agreement, with Jefferies LLC, TD Securities (USA) LLC and Evercore Group L.L.C., or collectively, the Underwriters, related to an underwritten offering, or the Offering, of (i) 21,895,000 shares, or the Shares, of the Company’s common stock, par value $0.0001 per share, or the Common Stock; (ii) in lieu of Common Stock to certain investors, pre-funded warrants to purchase an aggregate of 28,713,500 shares of Common Stock, or the Pre-Funded Warrants; (iii) accompanying Class A warrants to purchase an aggregate of 50,608,500 shares of Common Stock (or pre-funded warrants in lieu thereof), or the Class A Warrants, and together with the Class B Warrants (as defined below), the Class A and Class B Warrants; and (iv) accompanying Class B warrants to purchase an aggregate of 50,608,500 shares of Common Stock (or pre-funded warrants in lieu thereof), or the Class B Warrants, and together with the Pre-Funded Warrants and the Class A Warrants, the Warrants. Each Share was offered and sold together with accompanying Class A and Class B Warrants each exercisable for one share of Common Stock at a combined offering price of $2.47 per Share and accompanying Class A and Class B Warrants, and each Pre-Funded Warrant was offered and sold together with accompanying Class A and Class B Warrants at a combined offering price of $2.4699 per Pre-Funded Warrant and accompanying Class A and Class B Warrants, which represents the per share price of the Common Stock less the $0.0001 per share exercise price for each Pre-Funded Warrant. The purchase price paid by the Underwriters to us was $2.3218 per Share and accompanying Class A and Class B Warrants and $2.3217 per Pre-Funded Warrant and accompanying Class A and Class B Warrants. We received net proceeds from the Offering, after deducting the underwriting discount and commissions and other estimated offering expenses, of approximately $117.0 million. If all Warrants are exercised, the aggregate gross proceeds to us from the Offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $341.7 million.
Removed paragraphs (7)
Previous report
•a $0.6 million increase in personnel expenses.
Previous report
The $7.0 million increase in research and development expenses in the six months ended June 30, 2025 as compared to the three months ended June 30, 2024 is primarily driven by:
Previous report
•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 report
•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 report
•a $1.7 million increase in personnel expenses.
Previous report
•net loss of $52.3 million;
Previous report
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.
Reworded paragraphs (31)
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. Going forward, we will prioritize MM development for cemsidomide.
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 September 2025, we shared data from the Phase 1 trial in MM, demonstrating that cemsidomide in combination with dexamethasone in MM was generally well-tolerated over the range of doses tested, led to robust IKZF1/3 degradation and T-cell activation, and showed compelling anti-myeloma activity, as measured by overall response rate and clinical benefit rate. This data is consistent with cemsidomide's profile from the previous data we shared in December 2024, as well as prior MM monotherapy data showing that cemsidomide activated immune cells at clinically relevant doses. In December 2024, we also shared Phase 1 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. We are prioritizing cemsidomide development in MM. We expect to initiate the next phase of cemsidomide development in MM in 2026, including a Phase 1b trial in combination with elranatamab that we will conduct pursuant to the Pfizer Agreement, and a registrational Phase 2 trial with cemsidomide in combination with dexamethasone.
Previous wording
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. In September 2024, we presented initial 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. While we will complete the ongoing Phase 1 trial, we have made the decision not to advance CFT1946 beyond the current Phase 1 trial.
Current wording
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. In September 2024, we presented initial 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 have made the decision not to advance CFT1946 beyond the Phase 1 trial.
Previous wording
Beyond these product candidates, we are further diversifying our pipeline by developing new degraders in therapeutic areas in and beyond oncology for our own proprietary pipeline and in collaboration with MKDG, Merck and Roche.
Current wording
Beyond these product candidates, we are further diversifying our pipeline by developing new degraders in therapeutic areas in and beyond oncology for our own proprietary pipeline and in collaboration with MKDG and Roche.
Previous wording
Comparison of the three and six months ended June 30, 2025 and 2024
Current wording
Comparison of the three and nine months ended September 30, 2025 and 2024
Previous 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):
Current wording
Revenue from our collaboration and license agreements consisted of the following for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
The $5.5 million decrease in revenue in the three months ended June 30, 2025, as compared to the three months ended June 30, 2024 is primarily driven by an $8.0 million decrease in revenue related to the Biogen collaboration, as a milestone was achieved and recognized in full during the second quarter of 2024.
Current wording
The $4.1 million decrease in revenue in the three months ended September 30, 2025, as compared to the three months ended September 30, 2024 is primarily driven by:
Previous wording
•a $1.0 million increase in revenue under the Roche Agreement as the two targets have progressed to the lead series identification achievement phase in 2025.
Current wording
•a $1.0 million increase in revenue under the MKDG Agreement as one target has progressed to the lead series identification achievement phase in 2025.
Previous wording
The $1.3 million decrease in revenue in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024 is primarily driven by a $8.9 million decrease in revenue related to the Biogen collaboration, as a milestone was achieved and recognized in full during 2024.
Current wording
• a $16.9 million decrease in revenue related to the Biogen collaboration, as the collaboration concluded in March 2024 and a total of $16.0 million of milestones were achieved and recognized in full during 2024, compared to only one $2.0 million milestone was achieved and recognized in full during 2025; and
Previous wording
•a $1.5 million increase in revenue under the MKDG Agreement, which commenced in March 2024; and
Current wording
•a $5.6 million increase in revenue under the MKDG Agreement which commenced in March 2024;
Previous wording
•a $2.0 million increase revenue under the Roche Agreement as the two targets have progressed to the lead series identification achievement phase 2025, and a milestone was earned for each target.
Current wording
•a $3.6 million increase in revenue under the Roche Agreement as the two active programs in the collaboration have progressed to the lead series identification achievement phase 2025, and a milestone was earned for each program; and
Previous wording
The following table summarizes our research and development expenses for the three and six months ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table summarizes our research and development expenses for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
•a $1.2 million increase in clinical expenses as a result of our ongoing Phase 1/2 clinical trial of cemsidomide;
Current wording
•a $2.2 million decrease in clinical expenses as a result of our completion of the Phase 1 clinical trial of CFT1946.
Previous wording
The $2.4 million increase in research and development expenses in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 is primarily driven by:
Current wording
The $1.1 million increase in research and development expenses in the nine months ended September 30, 2025 as compared to the three months ended September 30, 2024 is primarily driven by:
Previous wording
•a $0.7 million increase in facilities and supplies; and
Current wording
•a $1.4 million increase in facilities and supplies as our sublease for a portion of the office and laboratory space in Suite 200 at 490 Arsenal Way, Watertown, Massachusetts ended in June 2025; and
Previous wording
The following table summarizes our general and administrative expenses for the three and six months ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table summarizes our general and administrative expenses for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Previous 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.
Current wording
The $2.8 million decrease in general and administrative expenses in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 is primarily driven by a $2.8 million decrease in personnel expenses related to lower stock-based compensation expense.
Previous wording
The $1.9 million decrease in general and administrative expenses in the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 is primarily driven by a $1.9 million decrease in personnel expenses related to lower stock-based compensation expense.
Current wording
The $4.7 million decrease in general and administrative expenses in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 is primarily driven by a $4.7 million decrease in personnel expenses related to lower stock-based compensation expense.
Previous 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.
Current wording
The $2.4 million decrease of restructuring expenses in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 is driven by the restructuring activities that occurred and were completed in 2024.
Previous 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.
Current wording
The $1.3 million decrease in other income, net in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 is primarily driven by a $1.3 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 September 30, 2025.
Previous wording
The $2.3 million decrease in other income, net in the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 is primarily driven by a $2.3 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 six months ended June 30, 2025 compared to the prior year period.
Current wording
The $3.6 million decrease in other income, net in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 is primarily driven by a $3.6 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 nine months ended September 30, 2025 compared to the prior year period.
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 June 30, 2025, we had cash, cash equivalents and marketable securities of approximately $223.0 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 September 30, 2025, we had cash, cash equivalents and marketable securities of approximately $199.8 million.
Previous 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:
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025 was $76.5 million, and was driven primarily by the following uses of cash:
Previous wording
•$3.4 million decrease in deferred revenue, primarily a result of our advancement of our collaboration programs; and
Current wording
•$10.2 million decrease in deferred revenue, primarily a result of our advancement of our collaboration programs;
Previous wording
•$6.1 million decrease in accrued expenses and other current liabilities;
Current wording
•$8.1 million decrease in accrued expenses and other current liabilities;
Previous wording
•$2.8 million decrease in our operating lease liability.
Current wording
•$4.3 million decrease in our operating lease liability; and
Previous wording
•$4.0 million decrease in prepaid expenses and other assets; and
Current wording
•$3.4 million decrease in prepaid expenses and other assets; and
Previous wording
•non-cash expenses of $13.6 million, which primarily consisted of stock-based compensation expense of $10.5 million.
Current wording
•non-cash expenses of $30.6 million, which primarily consisted of stock-based compensation expense of $15.1 million and a loss on impairment of long-lived assets of $10.7 million.
Previous 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.
Current wording
Net cash provided by investing activities for the nine months ended September 30, 2025 was $72.1 million, and was driven primarily by $72.7 million of sales and maturities of marketable securities, net of purchases.
Previous wording
As a result of the anticipated expenditures described above, we will need to obtain substantial additional financing to support our continuing operations and pursue our long-term business plan. Until such time, if ever, that we can generate substantial revenue from product sales, we expect to finance our cash needs through a combination of equity offerings, private placements of equity securities, debt offerings, collaborations, strategic alliances, and marketing, distribution or licensing arrangements. Although we may receive potential future milestone and royalty payments under our collaborations with Roche, Biogen, Betta Pharma, Merck, and MKDG, we do not have any committed external sources of funds as of June 30, 2025.
Current wording
As a result of the anticipated expenditures described above, we will need to obtain substantial additional financing to support our continuing operations and pursue our long-term business plan. Until such time, if ever, that we can generate substantial revenue from product sales, we expect to finance our cash needs through a combination of equity offerings, private placements of equity securities, debt offerings, collaborations, strategic alliances, and marketing, distribution or licensing arrangements. Although we may receive potential future milestone and royalty payments under our collaborations with Roche, Biogen, Betta Pharma, and MKDG, we do not have any committed external sources of funds as of September 30, 2025.
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 and six months ended June 30, 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 nine months ended September 30, 2025, a total of 2,950,225 shares of our common stock had been sold through the 2024 ATM Program at an average purchase price of $2.62, resulting in net proceeds of $7.5 million. On October 16, 2025, we terminated the sales agreement prospectus related to the 2024 ATM Program.
Previous 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.
Current wording
During the nine months ended September 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.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
•a $6.0 million decrease in revenue related to the Biogen collaboration, as a $2.0 million milestone was achieved and recognized in full during the third quarter of 2025 whereas an $8.0 million milestone was achieved and recognized in full during the third quarter of 2024; and
Current report — wording carried from elsewhere
The $5.5 million decrease in revenue in the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024 is primarily driven by:
Current report — wording carried from elsewhere
•a $1.0 million increase in personnel expenses related to lower stock-based compensation expense.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•a $4.6 million increase in revenue under the MKDG Agreement which commenced in March 2024; and