C4 Therapeutics (CCCC)
Market Price (5/6/2026): $2.97 | Market Cap: $348.0 MilSector: Health Care | Industry: Biotechnology
C4 Therapeutics (CCCC)
Market Price (5/6/2026): $2.97Market Cap: $348.0 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -54% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -97%, 3Y Excs Rtn is -76% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -104 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -291% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 53% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -275%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -276% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 81% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34% High stock price volatilityVol 12M is 102% Key risksCCCC key risks include [1] the early development stage of its lead candidates, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -54% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -97%, 3Y Excs Rtn is -76% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -104 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -291% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 53% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -275%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -276% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 81% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34% |
| High stock price volatilityVol 12M is 102% |
| Key risksCCCC key risks include [1] the early development stage of its lead candidates, Show more. |
Qualitative Assessment
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C4 Therapeutics (CCCC) stock has gained about 55% since 1/31/2026 because of the following key factors:
1. C4 Therapeutics reported strong financial results for the fourth quarter of 2025, significantly surpassing analyst expectations. The company announced earnings per share (EPS) of ($0.18) on February 26, 2026, beating the consensus estimate of ($0.43) by $0.25. Additionally, C4 Therapeutics reported revenue of $11.02 million, considerably exceeding analyst projections of $4.48 million. This represented a 56.10% beat on EPS.
2. The company advanced its lead therapeutic candidate, cemsidomide, into later-stage clinical development with the initiation of two key trials. On February 23, 2026, C4 Therapeutics announced the dosing of the first patient in the Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone for relapsed/refractory multiple myeloma (RRMM). This trial is designed for potential accelerated approval. Subsequently, on March 25, 2026, the first patient was dosed in the Phase 1b trial of cemsidomide in combination with Pfizer's elranatamab for RRMM, which was initiated on or ahead of schedule.
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1. C4 Therapeutics reported strong financial results for the fourth quarter of 2025, significantly surpassing analyst expectations. The company announced earnings per share (EPS) of ($0.18) on February 26, 2026, beating the consensus estimate of ($0.43) by $0.25. Additionally, C4 Therapeutics reported revenue of $11.02 million, considerably exceeding analyst projections of $4.48 million. This represented a 56.10% beat on EPS.
2. The company advanced its lead therapeutic candidate, cemsidomide, into later-stage clinical development with the initiation of two key trials. On February 23, 2026, C4 Therapeutics announced the dosing of the first patient in the Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone for relapsed/refractory multiple myeloma (RRMM). This trial is designed for potential accelerated approval. Subsequently, on March 25, 2026, the first patient was dosed in the Phase 1b trial of cemsidomide in combination with Pfizer's elranatamab for RRMM, which was initiated on or ahead of schedule.
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Stock Movement Drivers
Fundamental Drivers
The 56.3% change in CCCC stock from 1/31/2026 to 5/5/2026 was primarily driven by a 111.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.90 | 2.97 | 56.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30 | 36 | 19.4% |
| P/S Multiple | 4.6 | 9.7 | 111.4% |
| Shares Outstanding (Mil) | 73 | 117 | -38.1% |
| Cumulative Contribution | 56.3% |
Market Drivers
1/31/2026 to 5/5/2026| Return | Correlation | |
|---|---|---|
| CCCC | 56.3% | |
| Market (SPY) | 3.6% | 41.3% |
| Sector (XLV) | -5.7% | 36.9% |
Fundamental Drivers
The 13.8% change in CCCC stock from 10/31/2025 to 5/5/2026 was primarily driven by a 78.8% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.61 | 2.97 | 13.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34 | 36 | 5.0% |
| P/S Multiple | 5.4 | 9.7 | 78.8% |
| Shares Outstanding (Mil) | 71 | 117 | -39.4% |
| Cumulative Contribution | 13.8% |
Market Drivers
10/31/2025 to 5/5/2026| Return | Correlation | |
|---|---|---|
| CCCC | 13.8% | |
| Market (SPY) | 5.5% | 37.5% |
| Sector (XLV) | 1.6% | 30.7% |
Fundamental Drivers
The 81.1% change in CCCC stock from 4/30/2025 to 5/5/2026 was primarily driven by a 197.4% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.64 | 2.97 | 81.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 36 | 36 | 1.0% |
| P/S Multiple | 3.3 | 9.7 | 197.4% |
| Shares Outstanding (Mil) | 71 | 117 | -39.7% |
| Cumulative Contribution | 81.1% |
Market Drivers
4/30/2025 to 5/5/2026| Return | Correlation | |
|---|---|---|
| CCCC | 81.1% | |
| Market (SPY) | 30.4% | 28.2% |
| Sector (XLV) | 5.3% | 24.4% |
Fundamental Drivers
The -1.7% change in CCCC stock from 4/30/2023 to 5/5/2026 was primarily driven by a -58.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302023 | 5052026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.02 | 2.97 | -1.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 31 | 36 | 15.6% |
| P/S Multiple | 4.8 | 9.7 | 103.6% |
| Shares Outstanding (Mil) | 49 | 117 | -58.2% |
| Cumulative Contribution | -1.7% |
Market Drivers
4/30/2023 to 5/5/2026| Return | Correlation | |
|---|---|---|
| CCCC | -1.7% | |
| Market (SPY) | 78.7% | 23.8% |
| Sector (XLV) | 14.4% | 22.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CCCC Return | -3% | -82% | -4% | -36% | -47% | 59% | -91% |
| Peers Return | -1% | -63% | -2% | 17% | 39% | -0% | -42% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| CCCC Win Rate | 50% | 42% | 42% | 25% | 50% | 60% | |
| Peers Win Rate | 54% | 35% | 40% | 50% | 53% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| CCCC Max Drawdown | -11% | -84% | -80% | -36% | -69% | -10% | |
| Peers Max Drawdown | -39% | -71% | -59% | -38% | -50% | -16% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARVN, KYMR, NRIX, GLUE, FHTX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/5/2026 (YTD)
How Low Can It Go
| Event | CCCC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -63.5% | -18.8% |
| % Gain to Breakeven | 173.6% | 23.1% |
| Time to Breakeven | 152 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -68.5% | -9.5% |
| % Gain to Breakeven | 217.8% | 10.5% |
| Time to Breakeven | 2 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -51.5% | -6.7% |
| % Gain to Breakeven | 106.2% | 7.1% |
| Time to Breakeven | 184 days | 31 days |
In The Past
C4 Therapeutics's stock fell -63.5% during the 2025 US Tariff Shock. Such a loss loss requires a 173.6% gain to breakeven.
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| Event | CCCC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -63.5% | -18.8% |
| % Gain to Breakeven | 173.6% | 23.1% |
| Time to Breakeven | 152 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -68.5% | -9.5% |
| % Gain to Breakeven | 217.8% | 10.5% |
| Time to Breakeven | 2 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -51.5% | -6.7% |
| % Gain to Breakeven | 106.2% | 7.1% |
| Time to Breakeven | 184 days | 31 days |
In The Past
C4 Therapeutics's stock fell -63.5% during the 2025 US Tariff Shock. Such a loss loss requires a 173.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About C4 Therapeutics (CCCC)
C4 Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops novel therapeutic candidates to degrade disease-causing proteins for the treatment of cancer, neurodegenerative conditions, and other diseases. Its lead product candidate is CFT7455, an orally bioavailable MonoDAC degrader of protein that is in Phase 1/2 trial targeting IKZF1 and IKZF3 for multiple myeloma and non-Hodgkin lymphomas, including peripheral T-cell lymphoma and mantle cell lymphoma. The company is also developing CFT8634, an orally bioavailable BiDAC degrader of BRD9, a protein target for synovial sarcoma and SMARCB1-deleted solid tumors; CFT1946, an orally bioavailable BiDAC degrader targeting V600X mutant BRAF to treat melanoma, non-small cell lung cancer (NSCLC), colorectal cancer, and other solid malignancies; CFT8919, an orally bioavailable, allosteric, and mutant-selective BiDAC degrader of epidermal growth factor receptor, or EGFR, with an L858R mutation in NSCLC; and earlier stage programs comprising RET degraders for the treatment of various cancers. C4 Therapeutics, Inc. has strategic collaborations with F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc.; Biogen MA, Inc.; and Calico Life Sciences LLC. The company was incorporated in 2015 and is headquartered in Watertown, Massachusetts.
AI Analysis | Feedback
Here are 1-3 brief analogies for C4 Therapeutics (CCCC):
It's like a CRISPR Therapeutics, but instead of editing genes, C4 Therapeutics develops drugs that specifically *degrade* harmful proteins to treat diseases like cancer.
Think of it as the Moderna or BioNTech of drug development, building a platform to create therapies that specifically *destroy* harmful proteins rather than just blocking them.
It's a clinical-stage biotech company similar to Amgen or Genentech, but uniquely focused on pioneering a new class of medicines called 'protein degraders' to eliminate disease-causing proteins for cancer and other serious conditions.
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- CFT7455: An orally bioavailable MonoDAC degrader targeting IKZF1 and IKZF3 for multiple myeloma and non-Hodgkin lymphomas.
- CFT8634: An orally bioavailable BiDAC degrader of BRD9 for synovial sarcoma and SMARCB1-deleted solid tumors.
- CFT1946: An orally bioavailable BiDAC degrader targeting V600X mutant BRAF for melanoma, NSCLC, colorectal cancer, and other solid malignancies.
- CFT8919: An orally bioavailable BiDAC degrader targeting EGFR with an L858R mutation in NSCLC.
- RET Degraders: Earlier stage programs developing degraders for the treatment of various cancers.
AI Analysis | Feedback
C4 Therapeutics (CCCC) is a clinical-stage biopharmaceutical company that develops novel therapeutic candidates. As such, it sells primarily to other companies through strategic collaborations rather than directly to individuals or end-users.
Its major customers, in the context of strategic collaborations and potential future revenue streams, are:
- F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. (commonly referred to as Roche). Its shares are publicly traded on the SIX Swiss Exchange under the symbol ROG.VX.
- Biogen MA, Inc. (a subsidiary of Biogen Inc.). The parent company, Biogen Inc., is publicly traded on the NASDAQ under the symbol BIIB.
- Calico Life Sciences LLC. Calico is a subsidiary of Alphabet Inc. (GOOGL/GOOG) and does not have its own public stock symbol.
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Andrew HirschPresident, Chief Executive Officer, and Director
Andrew Hirsch joined C4 Therapeutics in September 2020. He has over 25 years of experience in strategic and operating roles within the biotechnology sector. Previously, he was Chief Financial Officer and Head of Corporate Development at Agios Pharmaceuticals. Hirsch also served as President and Chief Executive Officer of BIND Therapeutics. Prior to BIND, he was Chief Financial Officer at Avila Therapeutics until its acquisition by Celgene Corporation. He also held various roles at Biogen, including Vice President of Corporate Strategy and M&A. He currently serves on the Board of Directors of Editas Medicine, Inc.
Kendra Adams
Chief Financial Officer and Head of Corporate Affairs
Kendra Adams joined C4 Therapeutics in November 2020 and was appointed Chief Financial Officer in September 2023. From November 2020 to August 2023, she served as the Senior Vice President of Communications and Investor Relations for the company. Ms. Adams has more than 25 years of experience in financial, operational, and strategic planning, with over two decades in the biotechnology sector. Her previous roles include investor relations positions at Agios Pharmaceuticals, ARIAD Pharmaceuticals, and Amgen. She began her professional career at General Electric in their Financial Management Program and later worked at KPMG LLP.
Scott Boyle
Chief Business Officer
Scott Boyle joined C4 Therapeutics in January 2022. Prior to this, he was Vice President, Business and Corporate Development at Forma Therapeutics. He also served clients in oncology and precision medicine at Boston Consulting Group (BCG) and established the business development function at Caris Life Sciences.
Leonard Reyno
Chief Medical Officer
Leonard Reyno joined C4 Therapeutics in July 2023. He brings nearly 30 years of experience in oncology drug development. Previously, he served as President and Chief Medical Officer at Pionyr Immunotherapeutics and was Executive Vice President and Chief Medical Officer at ORIC Pharmaceuticals.
Kelly Schick
Chief People Officer
Kelly Schick joined C4 Therapeutics in January 2021. Before joining C4 Therapeutics, she served as Senior Vice President, Chief Human Resources Officer, and Head of Corporate Engagement at AMAG Pharmaceuticals, where she started in September 2016. She possesses 20 years of human resources experience within the pharmaceutical industry.
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Risk of Clinical Trial Failure and Regulatory Approval
As a clinical-stage biopharmaceutical company, C4 Therapeutics' business model is highly dependent on the successful development and eventual commercialization of its product candidates, which are currently in early stages of clinical trials. The drug development process is inherently uncertain, lengthy, and expensive, with a high risk of failure at any stage. Most drug candidates do not successfully complete clinical trials or obtain the necessary regulatory approvals. Failure to demonstrate safety and efficacy in clinical trials or to secure regulatory approval from agencies such as the FDA would severely impact the company's ability to generate revenue and continue operations.
Risk of Financial Sustainability and Need for Additional Funding
C4 Therapeutics is a clinical-stage company that has a history of substantial losses and currently generates no revenue from product sales. The company anticipates continued losses as it advances its product candidates through clinical development. Its operations are heavily reliant on external funding, including equity offerings and revenue from collaborations. The inability to raise substantial additional capital on acceptable terms, or at the times required, poses a significant financial risk and could severely impact its research and development activities and overall business sustainability.
Risk from Intense Competition
The biopharmaceutical industry, particularly in areas like oncology and neurodegenerative conditions, is highly competitive. C4 Therapeutics' novel therapeutic candidates, if successfully developed and approved, will face significant competition from existing treatments, as well as from other companies developing similar or alternative protein degradation therapies and traditional approaches to cancer treatment. This competition could limit market acceptance and the commercial success of its product candidates.
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C4 Therapeutics (CCCC) develops therapeutic candidates for various cancers. The addressable markets for their main products or services are as follows:
- CFT7455 (targeting IKZF1 and IKZF3 for Multiple Myeloma and Non-Hodgkin Lymphomas, including Peripheral T-cell Lymphoma and Mantle Cell Lymphoma):
- Multiple Myeloma: The global multiple myeloma market size was valued at approximately USD 29.24 billion in 2025 and is projected to reach USD 44.19 billion by 2034, with a CAGR of 6.10% during the forecast period. North America dominated this market with a share of 58.28% in 2025. Another source states the global multiple myeloma market size was USD 26.07 billion in 2024 and is expected to grow to USD 38.39 billion in 2029 at a CAGR of 8.1%. The U.S. multiple myeloma market is estimated to have around 35,730 new cases diagnosed in 2023.
- Non-Hodgkin Lymphoma (NHL): The global non-Hodgkin lymphoma treatment market size was valued at USD 11.59 billion in 2025 and is projected to grow to USD 19.44 billion by 2034, exhibiting a CAGR of 6.25%. North America held the largest market share of 49.35% in 2025. Another report estimates the global NHL therapeutics market size was USD 10.99 billion in 2025 and is predicted to increase to approximately USD 20.94 billion by 2034, expanding at a CAGR of 7.43%. The global non-Hodgkin lymphoma therapeutics market size was valued at USD 9.14 billion in 2022 and is expected to grow at a CAGR of 7.95% from 2023 to 2030.
- Peripheral T-cell Lymphoma (PTCL): The global peripheral T-cell lymphoma treatment market is projected to grow from USD 679.5 million in 2025 to USD 1,294.9 million by 2035, at a CAGR of 6.7%. The market for peripheral T-cell lymphoma across the top 7 markets (US, EU4, UK, and Japan) reached USD 637.1 million in 2024 and is expected to reach USD 1,051.2 million by 2035. The total Peripheral T-Cell Lymphoma Therapeutics Industry Market Size in the 7MM (United States, EU4, UK, and Japan) was estimated to be approximately USD 680 million in 2020. In 2023, there were approximately 12,600 new cases of Peripheral T-cell Lymphoma (PTCL) in the U.S.
- Mantle Cell Lymphoma (MCL): The global Mantle Cell Lymphoma therapeutics market size was valued at USD 1.45 billion in 2025 and is projected to grow to USD 2.78 billion by 2034, exhibiting a CAGR of 7.8%. North America is the largest market for MCL therapeutics, accounting for approximately 45% of the global market share. Another source states the global Mantle Cell Lymphoma market reached US$ 2.1 billion in 2022 and is expected to reach US$ 2.9 billion by 2030.
- CFT8634 (targeting BRD9 for Synovial Sarcoma and SMARCB1-deleted solid tumors):
- Synovial Sarcoma: The global synovial sarcoma treatment market size is estimated to be valued at USD 715 million in 2025 and is expected to reach USD 1.25 billion by 2032, exhibiting a CAGR of 8.5%. Another report indicates the global synovial sarcoma market is projected to grow to an estimated USD 420 million by 2034, up from USD 245 million in 2024, at a CAGR of 6.8%. The global synovial sarcoma therapeutics market was valued at US$ 47.6 million in 2022 and is expected to reach US$ 139.8 million by 2031. North America accounted for the largest revenue share in 2022.
- SMARCB1-deleted solid tumors: Specific addressable market size for "SMARCB1-deleted solid tumors" was not found directly in the search results.
- CFT1946 (targeting V600X mutant BRAF to treat Melanoma, Non-Small Cell Lung Cancer (NSCLC), Colorectal Cancer, and other solid malignancies):
- Melanoma: The global melanoma therapeutics market size was valued at USD 5.95 billion in 2023 and is expected to reach USD 14.89 billion by 2032, growing at a CAGR of 10.59%. The U.S. melanoma therapeutics market was valued at USD 0.52 billion in 2023 and is expected to reach USD 1.14 billion by 2032. North America dominated the melanoma therapeutics market with around 40% market share in 2023. The US melanoma market is projected to grow from USD 1.68 billion in 2025 to USD 2.96 billion by 2035.
- Non-Small Cell Lung Cancer (NSCLC): The global non-small cell lung cancer market was estimated at USD 20.2 billion in 2024. It is expected to grow to USD 53.9 billion in 2034, at a CAGR of 10.4% from 2025 to 2034. North America dominated the global market with a market share of 44.4% in 2024. The U.S. non-small cell lung cancer market was valued at USD 8.2 billion in 2024. Another source states the global non-small cell lung cancer therapeutics market size was valued at USD 38.49 billion in 2025 and is projected to grow to USD 74.99 billion by 2034. The NSCLC market in the 7MM (US, EU4, UK, and Japan) is projected to reach approximately USD 65 billion by 2034.
- Colorectal Cancer: The global colorectal cancer market size was evaluated at USD 13 billion in 2023 and is slated to hit USD 20 billion by the end of 2032 with a CAGR of nearly 5% between 2024 and 2032. North America accounted for about 64.3% of the global colorectal cancer market size in 2023. The global colorectal cancer market is estimated to be valued at USD 13.74 billion in 2025 and is expected to reach USD 19.08 billion by 2032. The U.S. colorectal cancer therapeutics market size was estimated at USD 3.42 billion in 2024 and is predicted to be worth around USD 5.43 billion by 2034.
- CFT8919 (targeting EGFR with an L858R mutation in NSCLC):
- This product targets a specific mutation within Non-Small Cell Lung Cancer (NSCLC). The market size for NSCLC is detailed above, but a specific addressable market size solely for EGFR L858R mutation within NSCLC was not explicitly identified as a separate market.
- Earlier stage programs (comprising RET degraders for the treatment of various cancers):
- Specific addressable market size for "RET degraders" or "RET fusion cancer" was not found directly in the search results.
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C4 Therapeutics, Inc. (CCCC) is a clinical-stage biopharmaceutical company with several potential drivers for future revenue growth over the next 2-3 years, primarily centered on the advancement of its pipeline and strategic collaborations.
The key drivers of future revenue growth include:
- Advancement and Potential Commercialization of Cemsidomide in Multiple Myeloma: Cemsidomide, the company's lead product candidate, has entered a Phase 2 registrational trial (MOMENTUM) for relapsed/refractory multiple myeloma, with patient dosing initiated in early 2026. Topline data from the MOMENTUM study are anticipated in the second half of 2027. Additionally, a Phase 1b study evaluating cemsidomide in combination with Pfizer’s elranatamab is expected to commence in Q2 2026, forming part of a differentiated registrational pathway. Management projects an initial revenue opportunity for cemsidomide in multiple myeloma ranging from $2.5 billion to $4 billion.
- Growth in Collaboration Revenue and Achievement of Milestone Payments: C4 Therapeutics benefits from strategic collaborations with companies such as F. Hoffmann-La Roche Ltd and Biogen MA, Inc. The company has reported stronger-than-expected collaboration revenue. For instance, a $2 million milestone payment was received from Biogen in January 2026, associated with the advancement of BIIB145 (a BTK degrader) into clinical development. The prioritization of a KRAS project under a collaboration with Merck KGaA also contributed to an increase in revenue for Q4 2025.
- Progression of Other Clinical-Stage Programs: The advancement of other clinical candidates, such as CFT8919 and CFT1946, represents additional potential revenue drivers. CFT8919, an EGFR L858R degrader for non-small cell lung cancer (NSCLC), is currently in a Phase 1 study, with data expected in Q1 2026. The company continues to invest in its broader pipeline of degraders targeting various oncology and non-oncology indications, which could lead to future product launches or new collaboration opportunities.
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Share Issuance
- In January 2024, C4 Therapeutics received proceeds from the sale of common stock to a subsidiary of its partner Betta Pharmaceuticals.
- The company also received proceeds from the settlement of shares under its at-the-market (ATM) offering arrangement in January 2024.
- During the fourth quarter of 2023, C4 Therapeutics generated $72 million of new equity capital, net of commissions and fees, by selling approximately 13.7 million shares under its ATM facility.
Inbound Investments
- C4 Therapeutics entered into new collaborations in 2023.
- In December 2023, C4 Therapeutics and Merck entered a collaboration for degrader antibody conjugates, with C4T receiving a $10 million upfront payment in January 2024 and eligibility for approximately $600 million in milestone payments.
- Around January 2024, C4 Therapeutics received a $25 million equity investment from a subsidiary of Betta Pharmaceuticals.
Capital Expenditures
- C4 Therapeutics expects its cash, cash equivalents, and marketable securities to be sufficient to fund planned operating expenses and capital expenditures into 2027.
- The company reported capital expenditures of $11K in Q4 2025, which were directed towards funding long-term assets and infrastructure.
- Capital expenditures were $14K in Q3 2025.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| C4 Therapeutics Earnings Notes | 12/16/2025 | |
| With C4 Therapeutics Stock Sliding, Have You Assessed The Risk? | 10/17/2025 | |
| Day 8 of Loss Streak for C4 Therapeutics Stock with -39% Return (vs. -39% YTD) [9/25/2025] | 09/26/2025 |
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| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.61 |
| Mkt Cap | 1.2 |
| Rev LTM | 62 |
| Op Inc LTM | -111 |
| FCF LTM | -172 |
| FCF 3Y Avg | -144 |
| CFO LTM | -171 |
| CFO 3Y Avg | -139 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.1% |
| Rev Chg 3Y Avg | 26.9% |
| Rev Chg Q | -5.3% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 14.5% |
| Op Inc Chg 3Y Avg | 8.7% |
| Op Mgn LTM | -278.2% |
| Op Mgn 3Y Avg | -347.5% |
| QoQ Delta Op Mgn LTM | 37.4% |
| CFO/Rev LTM | -276.6% |
| CFO/Rev 3Y Avg | -324.1% |
| FCF/Rev LTM | -277.2% |
| FCF/Rev 3Y Avg | -327.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.2 |
| P/S | 11.5 |
| P/Op Inc | -5.8 |
| P/EBIT | -5.8 |
| P/E | -7.4 |
| P/CFO | -5.3 |
| Total Yield | -13.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -19.2% |
| D/E | 0.0 |
| Net D/E | -0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.6% |
| 3M Rtn | -4.3% |
| 6M Rtn | 33.4% |
| 12M Rtn | 67.5% |
| 3Y Rtn | 30.9% |
| 1M Excs Rtn | -9.0% |
| 3M Excs Rtn | -9.3% |
| 6M Excs Rtn | 14.9% |
| 12M Excs Rtn | 31.3% |
| 3Y Excs Rtn | -38.7% |
Price Behavior
Price Behavior
| Market Price | $2.97 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 10/02/2020 | |
| Distance from 52W High | -17.3% | |
| 50 Days | 200 Days | |
| DMA Price | $2.82 | $2.46 |
| DMA Trend | up | up |
| Distance from DMA | 5.4% | 20.6% |
| 3M | 1YR | |
| Volatility | 100.0% | 102.2% |
| Downside Capture | 1.71 | 1.23 |
| Upside Capture | 411.11 | 238.85 |
| Correlation (SPY) | 39.8% | 27.6% |
CCCC Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.90 | 2.80 | 2.69 | 2.42 | 2.29 | 2.10 |
| Up Beta | 3.54 | 1.79 | 2.28 | 2.34 | 1.91 | 1.63 |
| Down Beta | -18.65 | -0.82 | 0.22 | 1.13 | 2.37 | 1.76 |
| Up Capture | 205% | 479% | 580% | 443% | 512% | 2379% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 20 | 31 | 58 | 113 | 322 |
| Down Capture | 568% | 361% | 242% | 212% | 172% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 22 | 31 | 62 | 129 | 410 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCCC | |
|---|---|---|---|---|
| CCCC | 71.1% | 102.5% | 0.97 | - |
| Sector ETF (XLV) | 6.8% | 15.7% | 0.23 | 24.2% |
| Equity (SPY) | 27.8% | 12.5% | 1.73 | 27.9% |
| Gold (GLD) | 40.6% | 27.2% | 1.23 | 10.9% |
| Commodities (DBC) | 50.1% | 18.0% | 2.16 | 5.1% |
| Real Estate (VNQ) | 11.0% | 13.4% | 0.53 | 18.0% |
| Bitcoin (BTCUSD) | -17.3% | 42.2% | -0.34 | 24.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCCC | |
|---|---|---|---|---|
| CCCC | -38.9% | 116.8% | 0.04 | - |
| Sector ETF (XLV) | 5.2% | 14.6% | 0.18 | 25.0% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 29.2% |
| Gold (GLD) | 20.2% | 17.9% | 0.92 | 7.9% |
| Commodities (DBC) | 14.0% | 19.1% | 0.60 | 3.2% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 28.0% |
| Bitcoin (BTCUSD) | 7.9% | 56.2% | 0.35 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCCC | |
|---|---|---|---|---|
| CCCC | -19.4% | 113.2% | 0.11 | - |
| Sector ETF (XLV) | 9.2% | 16.5% | 0.45 | 23.5% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 28.4% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 7.2% |
| Commodities (DBC) | 9.6% | 17.7% | 0.45 | 3.6% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 27.1% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.06 | 16.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | 0.4% | 11.6% | -5.4% |
| 11/6/2025 | 0.4% | 4.6% | 7.2% |
| 8/7/2025 | 31.6% | 18.9% | 38.8% |
| 2/27/2025 | -1.9% | -8.3% | -30.6% |
| 10/31/2024 | -3.6% | 8.0% | -17.7% |
| 5/8/2024 | -5.0% | -11.6% | -30.5% |
| 2/22/2024 | 21.4% | 51.0% | 20.1% |
| 11/1/2023 | -11.4% | 25.5% | 9.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 8 |
| # Negative | 8 | 8 | 11 |
| Median Positive | 6.9% | 11.6% | 20.7% |
| Median Negative | -3.8% | -10.2% | -24.4% |
| Max Positive | 31.6% | 51.0% | 38.8% |
| Max Negative | -11.4% | -29.9% | -37.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Potential additional proceeds from warrants | 225.00 Mil | ||||||
Prior: Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Operating Runway | |||||||
| 2027 Cash Runway | |||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reyno, Leonard | Chief Medical Officer | Direct | Sell | 1162026 | 2.22 | 10,000 | 22,200 | 347,168 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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