C4 Therapeutics, Inc. reported its financial results for the second quarter of 2026, revealing a total revenue of $6.6 million, a slight increase from $6.5 million in the same period last year. For the first half of 2026, the company generated $12.8 million in revenue, down from $13.7 million in the first half of 2025. The revenue growth in the second quarter was primarily driven by the recent collaboration agreement with Roche, which contributed $2.7 million. However, this was offset by declines in revenue from other collaborations, particularly a $1.6 million decrease from the MKDG collaboration and a $1.0 million decrease from the terminated Merck collaboration.
The company reported a net loss of $23.6 million for the second quarter of 2026, an improvement from a net loss of $26.0 million in the same quarter of 2025. For the first half of 2026, the net loss was $48.8 million, compared to $52.3 million in the prior year. The reduction in losses was attributed to lower operating expenses, particularly in research and development, which decreased to $24.5 million in the second quarter from $26.2 million a year earlier. This decline was mainly due to reduced personnel costs and a decrease in stock-based compensation expenses.
C4 Therapeutics has made significant strategic advancements, including the initiation of a collaboration with Roche to develop degrader-antibody conjugates, which is expected to enhance its oncology pipeline. The company also entered into a license agreement with Betta Pharma for the development of CFT8919 in Greater China, while retaining rights for the rest of the world. As of June 30, 2026, the company had cash, cash equivalents, and marketable securities totaling approximately $300.4 million, which it believes will be sufficient to fund operations for at least the next twelve months.
Operationally, C4 Therapeutics has focused on advancing its clinical pipeline, particularly the ongoing Phase 1b trial of cemsidomide in combination with dexamethasone and elranatamab for multiple myeloma. The company is also preparing to initiate additional trials for cemsidomide in 2027. As of the end of the second quarter, the company had a total of 122.9 million shares outstanding, reflecting an increase in share count due to recent equity offerings.
Looking ahead, C4 Therapeutics anticipates continued operating losses as it invests in research and development to advance its product candidates through clinical trials. The company remains focused on securing additional collaborations and financing to support its long-term growth strategy, while navigating the challenges inherent in the biopharmaceutical industry.
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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