C4 Therapeutics Q2 2024 Financial Results and Business Highlights

C4 Therapeutics, Inc. (C4T) has reported its financial results for Q2 2024, alongside recent business developments. The biopharmaceutical company is advancing the science of targeted protein degradation to transform patient care. Andrew Hirsch, the company's President and CEO, highlighted the progress in their leading programs and anticipated sharing multiple Phase 1 datasets in the latter half of the year.

One of C4T’s lead programs, CFT1946, is an oral degrader targeting BRAF V600X mutations, aiming at treating solid tumors like colorectal cancer, melanoma, and non-small cell lung cancer (NSCLC). The ongoing Phase 1/2 trial for CFT1946 has completed enrollment at dose level 5 (640 mg BID), with ongoing evaluations for safety, pharmacokinetics, pharmacodynamics, and anti-tumor activity at the 160 mg BID and 320 mg BID levels. An exploratory expansion cohort for BRAF inhibitor refractory melanoma at the 320 mg BID dose level has also begun enrollment. Additionally, the trial's Phase 1b portion, assessing CFT1946 in combination with cetuximab for colorectal cancer, is underway at the 160 mg BID level. Initial monotherapy data from this trial will be presented at the ESMO Congress 2024 in Barcelona.

Another key program, cemsidomide, is an oral degrader of IKZF1/3 targeting relapsed/refractory multiple myeloma (MM) and non-Hodgkin’s lymphoma (NHL). The Phase 1/2 trial, combining cemsidomide with dexamethasone for MM and as a monotherapy for NHL, is progressing well. The combination arm has reached dose level 4 (75 µg QD) safely, and further enrollment is ongoing, while the NHL monotherapy arm is enrolling at dose level 5 (100 µg QD).

In the corporate sphere, C4T has appointed Ron Cooper as chairman of the Board of Directors, aiming to strategically guide the company through its next growth phase. Cooper brings extensive leadership experience from the biopharmaceutical industry.

Financially, C4T reported a total revenue of $12.0 million for Q2 2024, a notable increase from $2.7 million in the same period in 2023. This rise is attributed mainly to an $8.0 million milestone payment from Biogen. Revenue for Q2 2024 also includes earnings from collaborations with Merck KGaA, Merck, Roche, and Biogen.

Research and development expenses for Q2 2024 were $23.8 million, down from $29.9 million in Q2 2023. This reduction is due to the prioritization of discovery efforts and halting the development of CFT8634, albeit slightly offset by increased trial expenses as cemsidomide and CFT1946 progress. General and administrative expenses also decreased to $9.7 million from $10.3 million in the same period last year, primarily due to decreased external consulting costs.

C4T's net loss for Q2 2024 was $17.7 million, compared to $35.9 million in Q2 2023. The net loss per share for Q2 2024 was $0.26, down from $0.73 in the same quarter of the previous year. The company's cash, cash equivalents, and marketable securities stood at $295.7 million as of June 30, 2024, which is expected to sustain operations into 2027.

Looking ahead, C4T plans to present updated cemsidomide Phase 1 data in Q4 2024 and complete Phase 1 dose exploration for both programs by year-end. The company also has several upcoming investor events in September 2024 to discuss their progress and data presentations.

C4 Therapeutics is committed to leveraging its TORPEDO® platform to design and optimize small-molecule medicines, aiming to tackle challenging diseases and improve patient outcomes through targeted protein degradation.

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