C4 Therapeutics Inc · Q4 2023 earnings

Briefing

C4 Therapeutics reported its Q4 2023 financial results and provided recent business highlights.

C4 Therapeutics reported its full year 2023 financial results, highlighting progress in clinical trials for CFT7455 and CFT1946, new collaborations with Merck and Betta Pharmaceuticals, and a workforce reduction to streamline research efforts. The company's cash runway is expected to extend into 2027.

• Presented positive data from the ongoing Phase 1/2 trial of CFT7455 in R/R MM, showing an optimal 14 days on/14 days off schedule and anti-myeloma activity.
• Shared encouraging initial PK and PD data from the CFT1946 Phase 1/2 trial, demonstrating dose proportional exposure and oral bioavailability.
• Entered into a license and research collaboration with Merck to develop degrader antibody conjugates, receiving a $10 million upfront payment.
• Completed a $25 million stock purchase by a subsidiary of Betta Pharmaceuticals and saw approval for a Clinical Trial Application of CFT8919 in Greater China.

Headline financials

Revenue & EPS history

C4 Therapeutics expects to present updated data from ongoing Phase 1 dose escalation trials for CFT7455 in R/R MM and R/R NHL and complete Phase 1 dose exploration in R/R MM and R/R NHL by year-end 2024. Also, they plan to present preclinical data demonstrating differentiated activity in preclinical models of BRAF V600X NSCLC, CRC, melanoma and brain metastasis at the AACR Annual Meeting and present clinical data from the ongoing Phase 1 dose escalation trial in NSCLC, CRC, melanoma and other cancers with BRAF V600X mutations in 2H 2024.