C4 Therapeutics, Inc. reported its financial results for the third quarter of 2025, revealing a decline in revenue and an increase in operating losses compared to the same period in 2024. The company generated $11.2 million in revenue from collaboration agreements during the three months ended September 30, 2025, down from $15.4 million in the prior year. For the nine-month period, revenue also decreased to $24.9 million from $30.4 million. The decline was primarily attributed to a significant drop in revenue from the Biogen collaboration, which saw a $6 million decrease due to the recognition of a milestone payment in the previous year that was not matched in 2025.
Operating expenses for C4 Therapeutics increased to $45.6 million in the third quarter of 2025, compared to $43.6 million in the same quarter of 2024. This rise was driven by a $10.7 million impairment charge related to long-lived assets, which was recognized following a new sublease agreement. Research and development expenses decreased slightly to $26 million from $31.8 million year-over-year, while general and administrative expenses also fell to $8.9 million from $11.8 million. The net loss for the quarter was $32.2 million, compared to a loss of $24.7 million in the prior year.
In terms of strategic developments, C4 Therapeutics entered into a Clinical Trial Collaboration and Supply Agreement with Pfizer in September 2025, which will see Pfizer supply elranatamab for a Phase 1b trial involving the company's lead candidate, cemsidomide. This collaboration is expected to enhance the clinical development of cemsidomide, which is being evaluated for multiple myeloma and non-Hodgkin lymphoma. Additionally, the company has made progress in its collaboration agreements with MKDG and Roche, with both partnerships contributing to revenue growth in the current fiscal year.
As of September 30, 2025, C4 Therapeutics reported total assets of $265.5 million, a decrease from $349.6 million at the end of 2024. The company had cash and cash equivalents of $58.8 million, alongside marketable securities totaling $140.9 million. The decrease in total assets was primarily due to the reduction in marketable securities and the impairment charge. The company’s accumulated deficit increased to $718.2 million, reflecting ongoing operational losses since its inception.
Looking ahead, C4 Therapeutics anticipates continued operating losses as it advances its clinical programs and invests in research and development. The company expects its cash, cash equivalents, and marketable securities will be sufficient to fund operations for at least the next twelve months. However, it acknowledges the need for additional financing to support its long-term business plan, which may include equity offerings and collaborations. The company remains focused on its lead product candidates and aims to initiate further clinical trials in 2026.
About C4 Therapeutics, Inc.
C4 Therapeutics is a clinical-stage biopharmaceutical company specializing in targeted protein degradation (TPD) to develop small-molecule medicines that eliminate disease-causing proteins. Leveraging its proprietary TORPEDO platform, the company designs oral, selective protein degraders primarily for oncology indications, including multiple myeloma, non-Hodgkin lymphoma, melanoma, colorectal, and non-small cell lung cancers. C4’s approach offers catalytic, durable, and highly selective therapies addressing unmet medical needs through innovative drug discovery and strategic collaborations.
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