C4 Therapeutics Q1 2024 Financial Results and Business Highlights

C4 Therapeutics, Inc. (C4T), a clinical-stage biopharmaceutical company, announced its financial results for the first quarter ending March 31, 2024, and highlighted recent business developments. A key achievement was delivering the first development candidate to Biogen, which earned C4T an $8 million payment. Additionally, the company has initiated a strategic discovery research collaboration with Merck KGaA, Darmstadt, Germany, to focus on two oncogenic proteins.

The company has made significant strides in its clinical trials. The Phase 1 dose escalation trials for Cemsidomide (CFT7455) and CFT1946 are progressing well, with data from these trials expected in the second half of 2024. Cemsidomide is being tested for its efficacy in treating relapsed/refractory multiple myeloma (MM) and non-Hodgkin’s lymphomas (NHL). The 62.5 µg dose level in combination with dexamethasone has been deemed safe, and patients are now enrolling at higher doses. Similarly, the Phase 1/2 trial for CFT1946, which targets BRAF V600X mutations in various solid tumors, is moving forward, with the 320 mg dose level declared safe.

In April 2024, C4T presented new preclinical data at the American Association for Cancer Research (AACR) Annual Meeting, showcasing the superior activity of CFT1946 compared to standard BRAF inhibitor combinations in models of non-small cell lung cancer (NSCLC), colorectal cancer (CRC), melanoma, and brain metastasis. A trial-in-progress poster on CFT1946 will be presented at the European Society for Medical Oncology Congress (ESMO) Gastrointestinal (GI) Cancers Congress in June 2024.

C4T has also made notable progress in its collaborations. In April 2024, the company received $8 million after Biogen accepted a development candidate. In March 2024, C4T entered into a license and collaboration agreement with Merck KGaA, Darmstadt, Germany, to discover two targeted protein degraders. This agreement includes an upfront payment of $16 million and potential milestone payments up to approximately $740 million, along with tiered royalties on future sales.

On the corporate front, Dan Powers, DO, was appointed as the senior vice president of clinical development in April 2024. Dr. Powers brings over 20 years of experience in clinical development and medical affairs within hematology and solid tumors and will report to C4T's chief medical officer, Len Reyno, M.D.

Looking ahead, C4T plans to present updated data from the ongoing Phase 1 trials for Cemsidomide in the second half of 2024 and complete Phase 1 dose exploration by year-end. Similarly, data from the Phase 1 dose escalation trial for CFT1946 will also be presented in the second half of the year.

In terms of financial performance, C4T reported total revenue of $3.0 million for the first quarter of 2024, down from $3.8 million in the same period in 2023, mainly due to the conclusion of research terms with Biogen and Calico. Research and development expenses were $22.5 million, reduced from $29.0 million in the previous year due to a focus on internal discovery efforts and halting clinical development for CFT8634. General and administrative expenses were $10.3 million, slightly down from $10.9 million in 2023, primarily due to reduced external consulting costs. The net loss for the first quarter of 2024 was $28.4 million, an improvement from $34.8 million in the same period of 2023.

As of March 31, 2024, C4T had $299.2 million in cash, cash equivalents, and marketable securities, up from $281.7 million at the end of December 2023. This increase was due to proceeds from share sales and an at-the-market offering. The company expects these funds to support its operations into 2027.

C4 Therapeutics is focused on delivering innovative treatments through targeted protein degradation science, leveraging its TORPEDO® platform to design and optimize small-molecule medicines for challenging diseases. The company's degrader medicines aim to harness the body's natural protein recycling systems to degrade disease-causing proteins, potentially overcoming drug resistance and improving patient outcomes.