C4 Therapeutics reports Q4 net loss $20.5M, cash $297M; cemsidomide Phase 2 trial dosed

C4 Therapeutics, Inc.

2025-FY EPS reported -$1.27 vs consensus -$0.31 ▼ miss (-309.9%)

Q4 revenue $11.0M, net loss $20.5M ($0.18/sh); full-year net loss $105.0M ($1.27/sh).
Cash, equivalents and marketable securities $297.1M as of Dec 31, 2025; runway to end of 2028.
First patient dosed in Phase 2 MOMENTUM trial of cemsidomide for multiple myeloma; designed for accelerated approval.
Phase 1b trial of cemsidomide + elranatamab (Pfizer supply) to initiate Q2 2026; collaboration agreement signed Oct 2025.
October 2025 raised $125M gross proceeds from underwritten offering; warrants could add $225M.

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