C4 Therapeutics Q3 2024 Financial Results and Business Highlights

C4 Therapeutics, Inc. (C4T), a biopharmaceutical company specializing in targeted protein degradation, announced financial results for the third quarter ending September 30, 2024, along with notable business developments. The company highlighted a significant year marked by robust execution and progress across its portfolio, which reinforces its leading position in the field of targeted protein degradation.

In 2024, C4T advanced its Cemsidomide Phase 1/2 clinical trial for treating relapsed/refractory (R/R) multiple myeloma (MM) and non-Hodgkin’s lymphoma (NHL). This trial, testing Cemsidomide in combination with dexamethasone for MM and as a monotherapy for NHL, continues to enroll patients, with dose escalation ongoing. Notably, the maximum tolerated dose has not been reached yet. For MM, patients are enrolling at dose level 6 (100 µg once daily), and for NHL, the trial is progressing at dose level 5 (100 µg once daily).

Moreover, C4T presented new preclinical data for CFT1946 at the 7th Annual Targeted Protein Degradation Summit in October 2024. This data demonstrated CFT1946’s ability to cross the blood-brain barrier, indicating potential effectiveness in central nervous system diseases. At the European Society for Medical Oncology (ESMO) Congress 2024, initial clinical data from the Phase 1 trial of CFT1946 showed a well-tolerated safety profile and early indications of anti-tumor activity. The Phase 1/2 trial of CFT1946 for BRAF V600 mutant solid tumors is also ongoing, with patients enrolling in various cohorts, including monotherapy dose escalation and combination strategies with other targeted therapies.

C4T has also been active in research presentations and collaborations. At the 7th Annual TPD Summit, they showcased their TORPEDO® platform, highlighting their ability to predict clinical pharmacodynamic responses. Additionally, C4T delivered a second development candidate to Biogen, earning an $8 million milestone payment. This candidate marks the final development under their strategic collaboration with Biogen.

Corporate updates include the appointment of Paige Mahaney, Ph.D., as Chief Scientific Officer, succeeding Stew Fisher, Ph.D., who is retiring. Dr. Mahaney brings over 25 years of experience in pharmaceutical and biotech industries. In another leadership update, Stephen Fawell, Ph.D., joined the Board of Directors, adding extensive expertise in discovery and development strategies for global pharmaceutical companies.

Financially, C4T reported a total revenue of $15.4 million for the third quarter of 2024, up from $11.1 million in the same period of 2023. This increase is largely due to an $8 million milestone from Biogen and revenue recognized under agreements with Betta. Research and Development expenses rose to $31.8 million, driven by costs associated with advancing clinical trials for Cemsidomide and CFT1946. General and Administrative expenses were $11.8 million, up from $10.5 million in the previous year, reflecting higher personnel costs related to stock-based compensation.

C4T's net loss for the third quarter of 2024 was $24.7 million, compared to $27 million in the third quarter of 2023. Net loss per share was $0.35, an improvement from $0.55 in the same period the previous year. As of September 30, 2024, C4T’s cash, cash equivalents, and marketable securities were $284.4 million, expected to fund operations into 2027.

Looking ahead, C4T plans to present updated data from ongoing Cemsidomide trials at the ASH Annual Meeting in December 2024. They also anticipate multiple data readouts from the CFT1946 trial in 2025, including monotherapy dose escalation and combination therapy cohorts. The company aims to initiate a Phase 1b dose escalation cohort evaluating CFT1946 with trametinib in melanoma by the end of the year.

C4 Therapeutics continues to pursue advancements in targeted oncology programs, leveraging its proprietary platform to design and optimize small-molecule medicines for challenging diseases.