C4 Therapeutics, Inc. (CCCC): restructuring charge — C4 Therapeutics cuts workforce 30%, narrows focus on two clinical programs, reports $330M cash runway into 2027

C4 Therapeutics, Inc.

Workforce reduction of ~30% (45 positions) substantially complete by end of Q1 2024; estimated charges of ~$3M.
Unaudited cash, equivalents, and marketable securities of ~$330M as of Jan 5, 2024; expects cash runway into 2027.
Raised ~$107M: $25M Betta equity, $10M Merck upfront, $72M net from ATM (13.7M shares at avg $5.42).
Prioritizes CFT7455 (multiple myeloma/NHL) and CFT1946 (solid tumors) Phase 1/2 trials; data in 2H 2024.
Supports CFT8919 partner trial (Betta) and collaborations with Roche, Biogen, Merck; internal discovery streamlined.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

C4 Therapeutics, Inc. announced a restructuring with charges of approximately $3 million (approximately 30% of the workforce or 45 positions).

Type: restructuring
Charge: approximately $3 million
Headcount: approximately 30% of the workforce or 45 positions

Exact text from the filing

The employees impacted by the strategic imperatives and resulting Restructuring were notified on January 9, 2024 and represent approximately 30% of the workforce or 45 positions. The reductions will be substantially complete by the end of the first quarter of 2024. As a result of these changes, the Company estimates that it will incur charges of approximately $3 million.

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13 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

C4 Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-000947

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