10-Q · May 12, 2026
C4 Therapeutics reported Q1 2026 revenue of $6.15 million, a decrease from $7.24 million in Q1 2025. Despite this decline, the company's net loss of $25.1 million marked an improvement from a loss of $26.3 million a…
Earnings analysis · 10-Q
CCCC earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
C4 Therapeutics delivered second-quarter revenue of $6.641 million and diluted EPS of $(0.18), with revenue improving sequentially and year over year while the EPS loss narrowed. Liquidity remains the key offset:…
Read full summary
C4 Therapeutics delivered second-quarter revenue of $6.641 million and diluted EPS of $(0.18), with revenue improving sequentially and year over year while the EPS loss narrowed. Liquidity remains the key offset: approximately $300.4 million of cash, cash equivalents and marketable securities is expected to fund operations through the end of 2028. However, the company remains deeply loss-making, reported a $48.8 million six-month net loss, requires substantial future financing and faces heightened clinical, collaboration and dilution risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.18
What stood out
-
Revenue Improved Sequentially and Year Over Year
Second-quarter revenue was $6.641 million, up from $6.0 million in the immediately preceding quarter and $6.5 million in the prior-year quarter.
-
EPS Loss Narrowed
Diluted EPS was $(0.18), improving from $(0.20) in the prior quarter and $(0.37) in the prior-year quarter.
-
Cash Runway Maintained Through 2028
Management maintained its liquidity outlook, stating that approximately $300.4 million of cash, cash equivalents and marketable securities as of June 30, 2026 should fund planned operating expenses through the end of 2028.
-
Short-Dated Investment Portfolio
Marketable securities totaled $221.8 million at June 30, 2026, consisting of corporate debt, U.S. government debt and U.S. Treasury securities, with a weighted-average maturity of 0.7 years.
-
Controls Remained Effective
Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2026, and reported no material changes in internal control during the quarter.
What to watch
-
Persistent Losses and Capital Needs
The company reported a six-month net loss of $48.8 million and an accumulated deficit of $787.5 million as of June 30, 2026. Management expects losses and significant expenses to continue for at least the next several years.
-
Ongoing Dilution and Financing Risk
The company sold 9,273,620 shares through its ATM program during the three and six months ended June 30, 2026, at a weighted-average price of $3.71 per share, generating $33.5 million of net proceeds. Additional dilution could come from Class A and Class B warrants exercisable for 50,608,500 shares each and pre-funded warrants for 13,018,000 shares.
-
Accelerated Approval Execution Risk
Newly marked risk language states that the company plans to seek accelerated approval for cemsidomide using, in part, single-arm clinical trials. The FDA may reject that evidence, require additional financing or trials, and accelerated approval could be withdrawn if confirmatory studies are not conducted or fail to verify benefit; sponsors must provide study-status updates every 180 days.
-
Dependence on Collaboration Partners
Newly marked collaboration-risk language identifies ongoing Roche collaboration activities for two targets, the Roche DAC Agreement for two initial undisclosed targets with an option for a third, one active MKDG target and the Betta Pharma license for CFT8919 in Greater China. Termination or underperformance by collaborators could eliminate future funding, milestones or royalties and force the company to fund programs independently.
-
Runway Does Not Cover Full Development
The company stated that its current cash, cash equivalents and marketable securities will not fund any product candidate through regulatory approval and that substantial additional capital will be required. The company also noted that all outstanding Class A and Class B warrants could generate $224.7 million of gross proceeds only if exercised for cash, but holders are not obligated to exercise them.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that cash, cash equivalents and marketable securities of approximately $300.4 million as of June 30, 2026 are expected to fund planned operating expenses through the end of 2028, consistent with the prior outlook.
Earlier filings 4
10-K · February 26, 2026
C4 Therapeutics is a clinical-stage TPD (TORPEDO) company advancing cemsidomide into later-stage development (Phase 2 MOMENTUM enrollment began in February 2026 with full enrollment expected Q1 2027) and continuing…
10-Q · November 6, 2025
C4 Therapeutics reported Q3 revenue from collaboration agreements of $11.23M, beating consensus and improving materially versus the prior quarter, but posted a $32.2M quarterly net loss (EPS $(0.44)) and recognized a…
10-Q · May 7, 2025
C4 Therapeutics reported collaboration revenues of $7.238 million for the quarter ended March 31, 2025 (up from $3.039 million in Q1 2024) and GAAP net loss of $26.322 million, or $(0.37) per share (improved from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.