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C4 Therapeutics

CCCC Lead: Phase 2 ★ Read the deep dive → 6 Biotech Distilled articles ↓ 23 filings & releases ↓ Cash $32.4M (Sep 30, 2026) ↓ 6 verdicts ↓ 3 timing quotes ↓
Oncology Small Molecule

Market cap $407M 131.3M shares (10-Q, Oct 30, 2026) × $3.10 close Nov 6, 2026

Most recent annual filing: 2026-02-15

Catalyst timeline

6 trackedQuarter catalyst calendar →
  1. internal discovery pipeline IND candidateEnd of 2026internal discovery pipeline IND candidate, End of 2026, routine
  2. partnered pipeline partnershipBy year-end 2026partnered pipeline partnership, By year-end 2026, routine
  3. cemsidomide MOMENTUM trial enrollment done1Q 2027cemsidomide MOMENTUM trial enrollment done, 1Q 2027, routine
  4. MOMENTUM enrollment done1Q 2027MOMENTUM enrollment done, 1Q 2027, routine
  5. cemsidomide + elranatamab Ph1 readoutMid-2027cemsidomide + elranatamab Ph1 readout, Mid-2027, major
  6. cemsidomide MOMENTUM trial Ph2 interim2H 2027cemsidomide MOMENTUM trial Ph2 interim, 2H 2027, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (2 active programs)

Technology platforms

TORPEDO

Proprietary targeted protein degradation platform — collection of computational and experimental tools for designing, analyzing, and predicting degrader performance; supports MonoDAC (molecular glue type) and BiDAC (heterobivalent) degraders with properties such as oral bioavailability, CNS penetration, enhanced potency, and selectivity; focus on oncology, inflammation, neuroinflammation, and neurodegeneration

Targets: IKZF1/3, EGFR L858R, IL-23/IL-17, Type 1 IFN, MAPK, PI3K/AKT, NF-kB

BIDAC · Roche

Bivalent degrader antibody conjugate platform technology used in collaboration with Roche for discovering and developing DACs against oncology targets.

MonoDAC

Molecular glue degrader modality producing orally bioavailable targeted protein degraders; disease focus: oncology including multiple myeloma

DAC · Roche

Degrader Antibody Conjugates (DACs) platform; C4T collaboration with Roche focused on discovering and developing DACs for two oncology programs

Capital (as filed)

Cash
$32.4M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
−$26.0M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$300M cash, runway end of 2028 per the update of Aug 11, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (6)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (6 calls)

Every verdict Biotech Distilled has published on C4 Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-04-01 Watch C4 Therapeutics (CCCC) - Scientific Deep Dive for Cemsidomide and Pipeline Products Fundamentally sound TPD play with solid chemistry and M&A appeal, but the make-or-break Phase 1b combination data won't mature until mid-2027, so there is time to let the story develop without paying a premium.
  2. 2026-04-11 Hold UPDATE: C4 Therapeutics (CCCC) - Roche Validates the DAC Modality and Pads the Balance Sheet The Roche DAC deal fortifies the platform thesis and raises the M&A floor but does not accelerate cemsidomide's clinical timeline, so the stance remains unchanged pending mid-2026 Phase 1b safety data.
  3. 2026-05-12 Buy speculative UPDATE: C4 Therapeutics (CCCC) - The CFT8919 Bonfire and the All-In Bet on Cemsidomide CFT8919 shelving narrows the story to a pure cemsidomide bet, but the 2H 2026 elranatamab safety readout is the next genuine catalyst and the asymmetry still favors patient accumulation on weakness rather than chasing the 25% rally.
  4. 2026-06-12 Buy core UPDATE: C4 Therapeutics (CCCC) - The EHA Print Holds, and the Depth Story Gets Real Mature Phase 1 data confirmed the 53% ORR, responses are deepening over time with MRD-negativity established, the dose-reduction rate tightened to 7%, and the stock still trades at roughly cash value — the asymmetry tightened in favor of accumulating into weakness ahead of the 2H 2026 elranatamab readout.
  5. 2026-08-12 Buy core UPDATE: C4 Therapeutics (CCCC) - They Sold Stock They Said They Didn't Need Clinical thesis is intact and timelines reaffirmed, but the 'no dilution gap' framing needs revision after $33.5M in ATM sales and Phase 3 planning language; the 2H 2026 elranatamab readout remains the key inflection and weakness into it is the accumulation window.
  6. 2026-09-25 Buy core UPDATE: C4 Therapeutics (CCCC) - The Canary Survived Cohort One The 75 µg + elranatamab cohort cleared the safety gate and immune biomarkers point in the right direction, but no hematologic data was disclosed and the real test is the 100 µg cohort; the drawdown into a de-risking step may be the accumulation window anticipated in prior updates.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (3 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (23)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 12, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

10 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)