C4 Therapeutics, Inc.
CCCC evidence brief
What we can confirm
- BioSniper Score:
- 6.4 / 10
- Market Cap:
- $420.7M
- Lead Asset:
- cemsidomide (Phase 1)
What it means
What to watch
Prepared research question
What matters most for CCCC—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CCCC
C4 Therapeutics is a publicly traded biotechnology company focused on developing oral targeted protein degradation medicines, with a lead clinical program in multiple myeloma and a cash runway extending to the end of 2028.
Key risk: Narrow pipeline
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 6 clinical trials for C4 Therapeutics, Inc..
C4 Therapeutics is a publicly traded biotechnology company focused on developing oral targeted protein degradation medicines, with a lead clinical program in multiple myeloma and a cash runway extending to the end of 2028.
- Cash & equivalents of $78.6M as of 2026-06-30 [sec].
- Total revenue of $6.6M and net income of -$23.6M as of 2026-06-30 [sec].
- Lead clinical program cemsidomide, an IKZF1/3 degrader, is in Phase 1/2 trials for multiple myeloma [sec · filed 2026-04-29].
- Completed a $125M underwritten offering in October 2025, extending cash runway to the end of 2028 [sec · filed 2026-04-29].
- Strategic collaborations with Biogen and Roche, including two development candidates advanced into Phase 1 by Biogen [sec · filed 2026-04-29].
What works
- Extended cash runway to end of 2028 through a $125M financing in October 2025, providing financial stability through key value inflection points [sec · filed 2026-04-29].
- Lead program cemsidomide has generated Phase 1 data supporting a potential best-in-class profile in multiple myeloma, with an efficient development path planned [sec · filed 2026-04-29].
- Strong partnership execution: delivered two development candidates to Biogen that advanced into Phase 1, and entered a new collaboration with Roche on degrader-antibody conjugates [sec · filed 2026-04-29].
- New discovery strategy focused on inflammation, neuroinflammation, and neurodegeneration (INN) diversifies pipeline beyond oncology [sec · filed 2026-04-29].
What to weigh
- Net income was -$23.6M as of 2026-06-30, indicating ongoing operating losses [sec].
- Total revenue of $6.6M as of 2026-06-30 is modest, reflecting early-stage pipeline with no approved products [sec].
- Clinical pipeline is narrow, with only two wholly-owned oncology degraders (cemsidomide and CFT1946) in active development [sec · filed 2026-04-29].
- Dependence on partnership milestones and external financing for cash runway; warrants could provide up to $225M additional but are not guaranteed to be exercised [sec · filed 2026-04-29].
From the filings
Quoted directly from source documents.
Cash runway extended to end of 2028
“extended our cash runway to the end of 2028, through key value inflection point”
SEC filings · April 29, 2026
Cemsidomide Phase 1 data supports best-in-class potential
“presented full Phase 1 clinical data demonstrating cemsidomide's potential to be best-in-class for multiple myeloma”
SEC filings · April 29, 2026
Collaboration with Biogen advanced two candidates to Phase 1
“we designed and delivered two development candidates that Biogen has now advanced into Phase 1 clinical development”
SEC filings · April 29, 2026
Risks & what to watch (4)›
Key risks
- Narrow pipeline — Only two wholly-owned oncology degraders in active clinical development; limited diversification [sec · filed 2026-04-29].
- Operating losses — Net income of -$23.6M as of 2026-06-30 with modest revenue of $6.6M [sec].
- Dependence on partnerships — Milestone payments and collaboration success critical for non-dilutive funding and pipeline expansion [sec · filed 2026-04-29].
- Warrant exercise uncertainty — Up to $225M additional proceeds from warrants not guaranteed; depends on stockholder exercise [sec · filed 2026-04-29].
What to watch
- Initiation of Phase 3 cemsidomide trial in multiple myeloma, targeted for 2028 [sec · filed 2026-04-29].
- Efficacy and safety data from the Phase 2 MOMENTUM trial of cemsidomide plus dexamethasone [sec · filed 2026-04-29].
- Potential delivery of up to three development candidates from internal INN discovery pipeline by 2028 [sec · filed 2026-04-29].
- Progress of Phase 1b combination trial of cemsidomide with elranatamab (Pfizer collaboration) [sec · filed 2026-04-29].
Sources: SEC filings · Generated September 28, 2026 · How we verify sources →
Run C4 Therapeutics, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available C4 Therapeutics, Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.45 · 0% dilution
Lead: Phase 1
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
123
Total value held
$216.9M
| Holder | Shares | Value |
|---|---|---|
| morgan stanley | 9,072,400 | $23.9M |
| ra capital management, l.p. | 8,000,000 | $21.0M |
| bain capital life sciences investors, llc | 7,171,910 | $18.9M |
| lynx1 capital management lp | 6,998,902 | $18.4M |
| vanguard capital management llc | 3,861,852 | $10.2M |
| soleus capital management, l.p. | 3,803,942 | $10.0M |
| two sigma investments, lp | 3,035,634 | $8.0M |
| wasatch advisors lp | 2,961,761 | $7.8M |
| jpmorgan chase & co | 3,223,054 | $7.6M |
| citadel advisors llc | 2,511,015 | $6.6M |
Showing top 10 of 123 institutional holders of C4 Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 19.2%
- Days to cover
- 7.1
- Shares short
- 21,055,109
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CCCC short interestGovernance
Frequently asked questions
What is the AI investment thesis for C4 Therapeutics, Inc.?
C4 Therapeutics is a publicly traded biotechnology company focused on developing oral targeted protein degradation medicines, with a lead clinical program in multiple myeloma and a cash runway extending to the end of 2028.
What is C4 Therapeutics, Inc.'s lead drug candidate?
C4 Therapeutics, Inc.'s most advanced tracked candidate is cemsidomide (Phase 1) for Multiple Myeloma; Multiple Myeloma (MM).
Who is the CEO of C4 Therapeutics, Inc.?
Mr. Andrew J. Hirsch M.B.A. is the chief executive officer of C4 Therapeutics, Inc. (CCCC).
Where is C4 Therapeutics, Inc. headquartered?
C4 Therapeutics, Inc. (CCCC) is headquartered in Watertown, MA, United States.
What therapeutic areas does C4 Therapeutics, Inc. focus on?
C4 Therapeutics, Inc. develops therapies across Oncology, Hematology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.