C4 Therapeutics, Inc. (CCCC): Business Model Canvas [Dec-2025 Updated]

You're digging into a clinical-stage biotech, and honestly, figuring out the real engine behind a company like C4 Therapeutics, Inc. (CCCC) can be tricky. Here's the quick math: their business model hinges on their proprietary Targeted Protein Degradation (TPD) science, the TORPEDO® platform, which they are monetizing through big pharma deals like those with Roche and Biogen. As of September 30, 2025, they held $199.8 million in cash to fund the advancement of key assets like cemsidomide toward registrational trials, even while burning $26.0 million on R&D in Q3 2025. If you want to see exactly how this high-science, partnership-driven strategy translates into their nine core building blocks-from revenue streams driven by milestone payments to their specific customer segments-dive into the full Business Model Canvas breakdown below.

C4 Therapeutics, Inc. (CCCC) - Canvas Business Model: Key Partnerships

You're looking at the external engine driving C4 Therapeutics, Inc.'s pipeline forward. These alliances aren't just nice-to-haves; they are the financial backbone supporting the development of their targeted protein degraders, so let's break down the hard numbers tied to these relationships as of late 2025.

Large Pharmaceutical Companies (Roche, Biogen)

C4 Therapeutics, Inc. relies on major pharma partners to validate and advance its platform technology across different therapeutic areas. These deals bring in non-dilutive funding through upfront payments and milestone achievements.

For the collaboration with Roche, C4 Therapeutics, Inc. achieved preclinical milestones in March 2025, earning a total of $4 million across two programs. The partnership continues to advance these programs into later stages of preclinical work.

The relationship with Biogen centers on non-oncology targets, where C4 Therapeutics, Inc. delivered two development candidates. A recent financial event was the earning of a $2 million milestone payment from Biogen related to a patient dosing milestone for the Phase 1 trial of BIIB142, a degrader of IRAK4, reported in the third quarter of 2025. To give you context on year-over-year comparisons, total revenue for the third quarter of 2025 was $11.2 million, compared to $15.4 million for the third quarter of 2024, partly due to an $8.0 million milestone from Biogen recognized in the third quarter of 2024 being absent in the current period.

Here's a quick look at the financial impact from these two partners through Q3 2025:

Betta Pharmaceuticals for Co-development and Commercialization of CFT8919 in Greater China

The deal with Betta Pharmaceuticals is territory-specific, focusing on CFT8919 for non-small cell lung cancer in Greater China. This partnership structure provided immediate cash and equity infusion for C4 Therapeutics, Inc.

The total expected upfront consideration was $35 million, which included $10 million in upfront cash plus a $25 million one-time equity investment. Beyond that, C4 Therapeutics, Inc. is eligible for up to $357 million in potential milestones and royalties on net sales in the licensed territories.

As of early 2025, Betta Pharmaceuticals was progressing with the Phase 1 dose escalation study of CFT8919 in Greater China.

Merck KGaA, Darmstadt, Germany, for Research Collaboration Ending in Late November 2025

C4 Therapeutics, Inc. entered a strategic discovery research collaboration with Merck KGaA, Darmstadt, Germany (MKDG) in March 2024, focused on two targeted protein degraders against critical oncogenic proteins within the KRAS family.

The terms included an upfront payment of $16 million to C4 Therapeutics, Inc.

The collaboration was set to conclude in late November 2025, as C4 Therapeutics, Inc. was notified of Merck's decision to end the research agreement.

During the second quarter of 2025, C4 Therapeutics, Inc. achieved a milestone on one of the projects, earning $1 million. The recognition of all deferred revenue from this collaboration contributed to the third quarter of 2025 revenue.

The total potential value for this specific collaboration was up to approximately $740 million in discovery, regulatory, and commercial milestone payments, plus mid-single to low-double digit tiered royalties.

The partnership with Merck KGaA, Darmstadt, Germany, is distinct from the separate collaboration with Merck & Co. (MSD), which involved degrader-antibody conjugates (DACs) and had a potential total value of up to $2.5 billion if all options were exercised.

Key financial data points related to the MKDG collaboration:

• Upfront Payment Received: $16 million.
• Q2 2025 Milestone Earned: $1 million.
• Total Potential Milestones: Up to approximately $740 million.
• Collaboration End Date: Late November 2025.

Academic Institutions and Contract Research Organizations (CROs) for Clinical Trial Execution

C4 Therapeutics, Inc. utilizes third-party organizations to execute clinical trials, which is reflected in the Research and Development (R&D) expense line item. For instance, R&D expense for the third quarter of 2025 was $26.0 million, compared to $31.8 million for the third quarter of 2024.

The decrease in R&D expense in Q3 2025 was primarily related to reduced clinical trial expense for CFT1946 as its Phase 1 trial neared completion.

The company expects its cash, cash equivalents and marketable securities as of September 30, 2025, which stood at $199.8 million, to fund its operating plan into 2027, before considering the $125 million in gross proceeds raised in October 2025, extending the runway to the end of 2028.

C4 Therapeutics, Inc. (CCCC) - Canvas Business Model: Key Activities

Targeted Protein Degradation (TPD) drug discovery using the TORPEDO® platform.

• Delivered two development candidates for non-oncology targets to collaborator Biogen.
• Continued to utilize the TORPEDO® platform to develop orally bioavailable degraders for oncology and non-oncology targets.

Advancing lead clinical candidates like cemsidomide toward registrational trials.

C4 Therapeutics, Inc. completed Phase 1 dose escalation for cemsidomide in multiple myeloma (MM) and non-Hodgkin's lymphoma (NHL).

Registrational development for cemsidomide is on track to initiate in early 2026.

Executing and managing complex strategic research and development collaborations.

Research and Development (R&D) Expense for the third quarter of 2025 was $26.0 million.

Protecting and expanding the intellectual property portfolio for degrader molecules.

• The company expects to continue to advance, expand, maintain, and protect its intellectual property portfolio.
• Shares of common stock outstanding as of May 1, 2025, were 71,007,083.

Cash, cash equivalents and marketable securities as of September 30, 2025, were $199.8 million.

C4 Therapeutics, Inc. (CCCC) - Canvas Business Model: Key Resources

The Key Resources for C4 Therapeutics, Inc. center on its proprietary technology, financial stability, and specialized human capital, all supporting its clinical pipeline.

Proprietary TORPEDO® platform for designing BiDAC™ and MonoDAC™ degraders represents the core intellectual asset. This platform, which stands for Target Oriented Protein Degrader Optimizer, is a collection of experimental and computational approaches used to rationally design, analyze, and predict degrader performance, enabling rapid iteration on drug candidates. The platform is capable of designing both molecular glues (MonoDAC™ degraders) and heterobifunctional degraders (BiDAC™ degraders). The productivity of this platform is evidenced by achieving two preclinical milestones under the Roche collaboration in March 2025, for which C4 Therapeutics earned $4 million in payments.

Financial resources provide the necessary runway to advance these complex programs. As of September 30, 2025, C4 Therapeutics reported $199.8 million in cash, cash equivalents, and marketable securities. This figure does not account for the $125 million in gross proceeds raised via an equity offering in October 2025. The company projected that its then-current cash position would enable funding of its operating plan to the end of 2028.

Specialized scientific talent is critical for leveraging the TORPEDO® platform. This resource includes expertise in:

• Targeted protein degradation science.
• Small-molecule chemistry.
• Computational methods for degrader design.
• Cell-based assays measuring catalytic efficiency.

The company's clinical-stage assets are tangible resources representing significant prior investment and future potential. The status and key data points for the lead programs as of late 2025 are detailed below:

The company also holds a significant number of shares outstanding, reported as 96.91 million as of the data from December 2, 2025. This structure underpins the market capitalization, which was reported at $234M as of October 29, 2025. Furthermore, the trailing twelve-month revenue as of September 30, 2025, stood at $30.1M.

C4 Therapeutics, Inc. (CCCC) - Canvas Business Model: Value Propositions

C4 Therapeutics, Inc. (CCCC) offers value through its proprietary targeted protein degradation science, centered on its TORPEDO® platform to create a new generation of small-molecule medicines.

The platform is designed to address targets historically difficult to inhibit with traditional small molecules or antibodies, which speaks to the potential to treat previously undruggable targets.

• The company is advancing degraders against oncology and non-oncology targets through internal research and collaborations.
• The platform has demonstrated productivity, achieving two preclinical milestones under the Roche collaboration in March 2025, earning $4 million in payments.

The value proposition is underscored by the clinical profile of its lead candidate, cemsidomide, in a heavily pretreated patient population, suggesting an ability to overcome resistance mechanisms.

Developing cemsidomide, an orally bioavailable IKZF1/3 degrader, shows potential for a best-in-class profile in relapsed/refractory multiple myeloma (RRMM).

The data supports a differentiated safety profile, with no discontinuations related to cemsidomide and few dose reductions, which is ideal for combination regimens.

C4 Therapeutics, Inc. (CCCC) offers partners a validated platform for novel degrader drug candidates, evidenced by its ongoing strategic collaborations and recent financing activity to support pipeline advancement.

• The company has collaborations with Betta Pharmaceuticals (for CFT8919 in Greater China), Roche, and previously Merck & Co. and Merck KGaA.
• The October 2025 underwritten offering raised aggregate gross proceeds of $125.0 million upfront, with potential for up to $349.7 million if all warrants are exercised.
• The company expects its cash position, including the October 2025 proceeds, to fund its operating plan to the end of 2028.
• The Q3 2025 Net Loss was $32.2 million, with Total Revenue at $11.2 million.

C4 Therapeutics, Inc. (CCCC) - Canvas Business Model: Customer Relationships

High-touch, long-term strategic collaboration management with pharma partners defines a significant part of C4 Therapeutics, Inc. (CCCC) customer relationship structure, focusing on platform validation and pipeline advancement through shared risk and reward.

Direct engagement with key opinion leaders (KOLs) and clinical investigators centers on presenting compelling clinical data to build confidence in the cemsidomide asset and the underlying TORPEDO platform.

• Completed enrollment in the ongoing cemsidomide Phase 1 trials for Multiple Myeloma (MM) and Non-Hodgkin's Lymphoma (NHL).
• Presented Phase 1 data for cemsidomide in MM as an oral presentation at the International Myeloma Society (IMS) Annual Meeting on September 20, 2025.
• Presented data analyzing population pharmacokinetic and exposure-response relationships for cemsidomide at the 2025 American Conference on Pharmacometrics (ACoP 2025).
• Phase 1 monotherapy dose escalation for CFT1946, targeting BRAF V600 mutations, was expected to complete in the first half of 2025.

Regulatory communication with the U.S. Food and Drug Administration (FDA) is critical for aligning the clinical path for cemsidomide, C4 Therapeutics, Inc. (CCCC)'s lead asset.

• Held a productive Type C meeting with the FDA to refine the cemsidomide registrational development plan.
• Expectation to formally align with the FDA on the recommended Phase 2 dose of cemsidomide for the registrational Phase 2 trial by year-end 2025.
• Registrational Phase 2 MOMENTUM trial in combination with dexamethasone is on track to initiate in the first quarter of 2026.
• Phase 1b trial in combination with elranatamab is planned to initiate in the second quarter of 2026.

Investor relations and public disclosure are managed to maintain capital market confidence, particularly following significant financing events and clinical data readouts.

The company actively engages the market through presentations at investor conferences, such as participation in the 8th Annual Evercore Healthcare Conference on December 3, 2025.

C4 Therapeutics, Inc. (CCCC) - Canvas Business Model: Channels

You're looking at how C4 Therapeutics, Inc. (C4T) gets its value propositions-like its targeted protein degradation science-to its partners and the broader scientific community. This isn't about direct-to-consumer sales; it's about high-value, strategic interactions.

Direct licensing and collaboration agreements with major pharmaceutical companies.

The channel for C4T's pipeline assets is heavily reliant on strategic alliances, which bring in non-dilutive funding through milestones and research payments. Here's a look at the financial flow from these key channels as of late 2025:

C4 Therapeutics, Inc. is also using its internal capacity, with 131 total employees as of September 30, 2025, to advance its internal discovery portfolio and support these external efforts.

Global network of clinical trial sites for drug development and testing.

The clinical development channel involves executing trials across various sites to generate data for regulatory submissions and future partnership expansion. Key activities and timelines for late 2025/early 2026 include:

• Cemsidomide Phase 1 dose escalation completion: Data expected in the second half of 2025.
• Expansion cohort(s) for peripheral T-cell lymphoma (PTCL) opening: Set to open in the second half of 2025.
• CFT8919 Phase 1 dose escalation in Greater China: Led by partner Betta Pharmaceuticals.
• Registrational Phase 2 MOMENTUM Trial initiation (Cemsidomide + Dexamethasone): Expected in Q1 2026.
• Phase 1b Trial initiation (Cemsidomide + Elranatamab): Expected in Q2 2026.
• Expected alignment with the FDA on recommended Phase 2 dose: By year-end 2025.

Scientific publications and conference presentations (e.g., ACoP 2025) to disseminate data.

Dissemination is managed through presentations at key medical and financial conferences to validate the science and inform investors and potential partners. Here are the specific events C4 Therapeutics, Inc. engaged with in 2025:

• 43rd Annual J.P. Morgan Healthcare Conference: Presentation date was January 15, 2025.
• TD Cowen 45th Annual Health Care Conference: Presentation date was March 3, 2025.
• International Myeloma Society (IMS) Annual Meeting: Oral presentation for Cemsidomide data took place from September 17 - September 20, 2025.
• 8th Annual Evercore Healthcare Conference: Management participation scheduled for December 2 - 4, 2025.

The company's cash position as of June 30, 2025, was expected to fund its operating plan to mid-2027, and after a late 2025 equity offering, the runway was extended to the end of 2028.

C4 Therapeutics, Inc. (CCCC) - Canvas Business Model: Customer Segments

You're looking at the core groups C4 Therapeutics, Inc. (CCCC) is targeting with its targeted protein degradation (TPD) science as of late 2025. This isn't about selling a finished product yet; it's about validating the science with partners and hitting clinical milestones for specific patient populations.

Large pharmaceutical and biotech companies seeking TPD technology access.

This segment is crucial because, as a clinical-stage firm, C4 Therapeutics, Inc. (CCCC)'s current sales are entirely revenue from strategic collaborations, validating the utility of its TORPEDO^® platform. For the third quarter of 2025, C4 Therapeutics, Inc. (CCCC) reported total revenue of $11.2 million. This Trailing Twelve Months (TTM) revenue stood at approximately $30.11 million as of September 30, 2025. The progress is tangible: C4 Therapeutics, Inc. (CCCC) earned a total of $4 million in payments from the Roche collaboration upon achieving certain preclinical milestones in March 2025. Furthermore, the company earned a $2 million milestone payment from Biogen related to a patient dosing milestone for the IRAK4 degrader BIIB142. C4 Therapeutics, Inc. (CCCC) recently entered into a Clinical Trial Collaboration and Supply Agreement with Pfizer, which will provide elranatamab for a Phase 1b trial.

Patients with difficult-to-treat cancers, including relapsed/refractory multiple myeloma.

The lead program, cemsidomide, is squarely aimed here. Multiple myeloma affects approximately 36,000 people annually in the United States. Data from the Phase 1 trial of cemsidomide in combination with dexamethasone showed compelling activity in this heavily pre-treated group. At the highest dose level of 100 µg, the Overall Response Rate (ORR) achieved was 50%. Critically, the patient population was highly refractory: 75% had received prior BCMA-targeted therapy, and 75% had prior CAR-T or T-cell engager therapy. C4 Therapeutics, Inc. (CCCC) plans to initiate the Phase 2 MOMENTUM trial in Q1 2026, which is expected to enroll approximately 100 patients who have received at least three prior lines of therapy.

Patients with BRAF V600 mutant cancers and non-small cell lung cancer (NSCLC).

The pipeline includes assets targeting these indications, which C4 Therapeutics, Inc. (CCCC) is advancing through preclinical and clinical stages. The company is actively pursuing partnership opportunities to advance the BRAF program.

Patients with non-oncology diseases, as the pipeline expands.

C4 Therapeutics, Inc. (CCCC) is leveraging its TORPEDO^® platform to design and optimize small-molecule medicines for targets in and beyond oncology, driven by a strong degrader rationale and genetic link to disease. The company continues to advance its internal research pipeline focused on these broader therapeutic areas.

• C4 Therapeutics, Inc. (CCCC) is focused on creating a new generation of medicines that transforms patients' lives.
• The company is progressing discovery pipeline degraders against non-oncology targets.
• The platform is designed to address difficult-to-treat diseases by harnessing the body's natural protein recycling system.

Financially, C4 Therapeutics, Inc. (CCCC) ended Q3 2025 with $199.8 million in cash, cash equivalents, and marketable securities. Following an equity offering in October 2025 that brought in $125 million in gross proceeds, the company extended its cash runway to the end of 2028. The net loss for Q3 2025 was $32.2 million.

C4 Therapeutics, Inc. (CCCC) - Canvas Business Model: Cost Structure

You're looking at the core spending that keeps C4 Therapeutics, Inc. moving its pipeline forward, which is heavily weighted toward discovery and development. Honestly, for a clinical-stage biotech, the Cost Structure is almost entirely driven by the science.

Dominant Research and Development (R&D) expenses represent the largest outflow. For the third quarter ended September 30, 2025, R&D expense totaled $26.0 million. This figure was actually a decrease from the $31.8 million reported in the third quarter of 2024.

The fluctuations in R&D are directly tied to the clinical programs. You see significant costs for clinical trial execution, especially for cemsidomide, which is a key focus area. For instance, the decrease in R&D expense in Q3 2025 was primarily related to reduced clinical trial expense for CFT1946 as its Phase 1 trial neared completion. Conversely, R&D expense in the second quarter of 2025 had increased, primarily related to clinical trial expenses for cemsidomide.

Here's a quick look at how the major operating expenses compare quarter-over-quarter:

The overhead costs, categorized as General and Administrative (G&A) expenses, were $8.9 million for Q3 2025. This was also lower than the $11.8 million reported in the third quarter of 2024. The decrease in G&A was primarily related to lower stock-based compensation expense in the most recent quarter.

Beyond the direct operational spend, C4 Therapeutics, Inc. has ongoing costs related to protecting its platform and assets. These include:

• Intellectual property maintenance costs for the TORPEDO platform and drug candidates.
• Licensing fees and potential milestone payments owed under existing agreements.
• Costs associated with the conclusion of the research collaboration with Merck, which was notified to end in late November 2025.

Finance: draft 13-week cash view by Friday.

C4 Therapeutics, Inc. (CCCC) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of C4 Therapeutics, Inc.'s business model as of late 2025. This is where the upfront cash and the potential future upside from their drug development partnerships show up. For a clinical-stage company, these collaboration payments are critical to funding the lab work.

The total revenue for the third quarter of 2025 was reported as $11.2 million. This figure was primarily driven by the ongoing progress within their strategic collaboration agreements. This compares to total revenue of $15.4 million recognized in the third quarter of 2024.

Collaboration revenue is structured around specific achievements, like hitting development or clinical milestones. For instance, C4 Therapeutics, Inc. earned a $2 million milestone payment from Biogen in the third quarter of 2025 related to a patient dosing milestone for the Phase 1 trial of BIIB142, which is an IRAK4 degrader designed by C4 Therapeutics, Inc..

The structure of these revenue sources can be summarized, showing the mix of current recognition and future potential. Note that the prior year's Q3 revenue included an $8.0 million milestone from Biogen that was recognized in the third quarter of 2024, which is why the Q3 2025 revenue looks different year-over-year.

Here's a quick look at the key revenue components and related financial context from the Q3 2025 report:

Research funding from strategic partners supports the ongoing R&D work. While the collaboration with Merck is concluding in late November 2025, all deferred revenue from that agreement was recognized during Q3 2025. The nature of these partnerships means C4 Therapeutics, Inc. receives upfront payments, research funding, and milestone payments for hitting specific targets. The company is also focused on advancing its pipeline, which includes programs with partners like Biogen and a collaboration with Pfizer for cemsidomide supply.

The long-term financial expectation rests on future tiered royalties. This stream only becomes active if partnered products ultimately gain regulatory approval and reach the market. C4 Therapeutics, Inc. is positioned to receive these royalties on net sales of any defintely approved products stemming from their collaborations.

You can see the current financial standing supports this development path:

• Cash, cash equivalents and marketable securities as of September 30, 2025, totaled $199.8 million.
• The company raised $125 million in gross proceeds through an equity offering in October 2025.
• This financing extends the expected cash runway to the end of 2028.

Finance: draft 13-week cash view by Friday.