C4 Therapeutics, Inc.
CCCC evidence brief
What we can confirm
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, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted protein degradation therapies using its proprietary TORPEDO® platform, with lead programs in oncology and collaborations with Biogen and Roche.
Key risk: Clinical development risk
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 6 clinical trials for C4 Therapeutics, Inc..
C4 Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted protein degradation therapies using its proprietary TORPEDO® platform, with lead programs in oncology and collaborations with Biogen and Roche.
- C4 Therapeutics uses its TORPEDO® platform to design small-molecule degraders that harness the cell's protein degradation machinery to target disease-causing proteins [sec · filed 2026-04-29].
- The company has advanced two development candidates into Phase 1 clinical trials through its collaboration with Biogen [sec · filed 2026-04-29].
- C4 Therapeutics entered into a new collaboration agreement with Roche to advance research in the degrader-antibody conjugate modality [sec · filed 2026-04-29].
- As of June 30, 2026, the company reported cash and equivalents of $82.1 million, total revenue of $6.6 million, and a net loss of $23.6 million [sec].
- The company's lead product candidate, CFT7455, is being evaluated in a Phase 1/2 open-label multicenter study (NCT04756726) that is active but not recruiting [catalyst].
What works
- The TORPEDO® platform has demonstrated the ability to deliver development candidates that have advanced into clinical trials, as evidenced by two candidates from the Biogen collaboration entering Phase 1 [sec · filed 2026-04-29].
- The company has established strategic collaborations with major pharmaceutical companies, including Biogen and Roche, which provide validation and potential funding for its platform [sec · filed 2026-04-29].
- C4 Therapeutics is positioned to develop first-in-class therapies in areas of significant unmet need, leveraging its platform's ability to cross the blood-brain barrier [sec · filed 2026-04-29].
What to weigh
- The company is pre-commercial and has no approved products, with its lead candidates still in early-stage clinical trials [sec_mda · as of 2026-08-11].
- C4 Therapeutics has a history of net losses, reporting a net loss of $23.6 million for the quarter ended June 30, 2026 [sec].
- The company faces significant uncertainty in estimating future capital requirements due to the risks and costs associated with clinical development and potential commercialization [sec_mda · as of 2026-08-11].
- Several of the company's clinical trials are in early phases (Phase 1/2), and the outcomes remain uncertain, with no guarantee of success [catalyst].
From the filings
Quoted directly from source documents.
The company's platform has enabled the advancement of two development candidates into Phase 1 clinical trials through the Biogen collaboration.
“In partnership with Biogen, we designed and delivered two development candidates that Biogen has now advanced into Phase 1 clinical development, which highlights the value of our platform.”
SEC filings · April 29, 2026
C4 Therapeutics entered into a new collaboration with Roche for degrader-antibody conjugates.
“We also entered into a new collaboration agreement with Roche to advance research in the emerging degrader-antibody conjugate modality.”
SEC filings · April 29, 2026
The company's lead candidate CFT7455 is in a Phase 1/2 study that is active but not recruiting.
“Phase 1 Start: A Phase 1/2 Open-Label Multi-Center Study to Characterize the Safety and Tolerability of CFT7455 in - NCT: NCT04756726. Status: Active, not recruiting.”
Catalysts
Catalyst timeline
- 2021-04-27 · Phase 1/2 trial start for CFT7455 — A Phase 1/2 open-label multicenter study to characterize safety and tolerability of CFT7455 (NCT04756726) is active but not recruiting.
- 2022-12-08 · Phase 1 trial start for CFT1946 — A Phase 1/2 open-label multicenter trial to characterize safety, tolerability, and preliminary efficacy of CFT1946 (NCT05668585) has been completed.
- 2022-12-20 · Phase 1 trial start for YL202 — A Phase 1 first-in-human study of YL202 in patients with locally advanced solid tumors (NCT05653752) is active but not recruiting.
Risks & what to watch (4)›
Key risks
- Clinical development risk — All product candidates are in early-stage clinical trials (Phase 1/2) with no guarantee of safety or efficacy; failure could halt programs [sec_mda · as of 2026-08-11].
- Capital requirements uncertainty — The company cannot reliably estimate future capital needs due to the numerous risks and uncertainties of drug development [sec_mda · as of 2026-08-11].
- No approved products — C4 Therapeutics has no marketed products and relies entirely on the success of its pipeline and collaborations [sec_mda · as of 2026-08-11].
- Competition in protein degradation — The targeted protein degradation field is highly competitive, with many companies pursuing similar mechanisms [sec_mda · as of 2026-08-11].
What to watch
- Progress of the Phase 1/2 trial for CFT7455 (NCT04756726), which is active but not recruiting [catalyst].
- Updates from the Biogen collaboration as the two Phase 1 candidates advance [sec · filed 2026-04-29].
- Initial data from the Roche collaboration on degrader-antibody conjugates [sec · filed 2026-04-29].
- Financial runway and cash burn rate, given the net loss of $23.6M in Q2 2026 and cash of $82.1M [sec].
Sources: Catalysts · SEC filings · SEC MD&A · Generated August 26, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
259.8 months
D/E 0.45 · 0% dilution
Lead: Phase 1
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
120
Total value held
$192.0M
| Holder | Shares | Value |
|---|---|---|
| morgan stanley | 9,072,400 | $23.9M |
| ra capital management, l.p. | 8,000,000 | $21.0M |
| vanguard capital management llc | 7,723,704 | $20.3M |
| lynx1 capital management lp | 6,998,902 | $18.4M |
| two sigma investments, lp | 3,035,634 | $8.0M |
| wasatch advisors lp | 2,961,761 | $7.8M |
| citadel advisors llc | 2,588,615 | $6.8M |
| renaissance technologies llc | 2,461,815 | $6.5M |
| goldman sachs group inc | 2,387,378 | $6.3M |
| bank of america corp /de/ | 2,359,241 | $6.2M |
Showing top 10 of 120 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, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted protein degradation therapies using its proprietary TORPEDO® platform, with lead programs in oncology and collaborations with Biogen and Roche.
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.