C4 Therapeutics, Inc. (CCCC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da oncologia de precisão, a C4 Therapeutics surge como inovador inovador, empunhando o poder revolucionário da degradação de proteínas direcionadas. Ao aproveitar a biologia computacional de ponta e a tecnologia de degron de ponta, esta empresa pioneira de biotecnologia está reescrevendo as regras do tratamento do câncer, oferecendo esperança de abordar distúrbios genéticos anteriormente intratáveis ​​e transformar como abordamos terapias moleculares complexas. Seu modelo de negócios exclusivo representa uma mistura sofisticada de inovação científica, parcerias estratégicas e potencial terapêutico transformador que poderia remodelar fundamentalmente o futuro da medicina personalizada.

C4 Therapeutics, Inc. (CCCC) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas

A C4 Therapeutics estabeleceu parcerias importantes com as principais empresas farmacêuticas:

Parceiro	Detalhes da colaboração	Ano iniciado
Biogênio	Colaboração para pesquisa direcionada de degradação de proteínas	2020
Roche	Parceria estratégica para desenvolvimento de medicamentos oncológicos	2021

Parcerias de pesquisa

A C4 Therapeutics mantém colaborações críticas de pesquisa com instituições acadêmicas:

• Instituto de Câncer Dana-Farber
• Escola de Medicina de Harvard
• Instituto de Tecnologia de Massachusetts (MIT)

Acordos de licenciamento

Licenciamento de tecnologia de degradação de proteínas direcionada

Tecnologia	Parceiro de licenciamento	Valor do acordo
Tecnologia Protac	Universidade de Dundee	Pagamento inicial de US $ 12,5 milhões

Biologia computacional e parcerias de IA

Os parceiros de colaboração de tecnologia incluem:

• Google Cloud AI
• NVIDIA AI Research
• IBM Watson Health

Impacto financeiro das parcerias em 2023:

Categoria de parceria	Receita total de colaboração
Colaborações farmacêuticas	US $ 45,2 milhões
Parcerias de pesquisa	US $ 18,7 milhões
Acordos de licenciamento	US $ 22,5 milhões

C4 Therapeutics, Inc. (CCCC) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de terapias de degradação de proteínas direcionadas

A partir de 2024, a C4 Therapeutics se concentra no desenvolvimento de terapêuticas de degradação de proteínas com os seguintes parâmetros de pesquisa:

Métrica de pesquisa	Dados quantitativos
Despesas anuais de P&D	US $ 198,4 milhões (2023 ano fiscal)
Programas de pesquisa ativa	6 programas terapêuticos distintos
Aplicações de patentes	37 famílias de patentes ativas

Ensaios clínicos e pré -clínicos para novos compostos de tratamento de câncer

O pipeline de desenvolvimento clínico abrange várias metas de oncologia:

• CFT7455 - teste de fase 1/2 do mieloma múltiplo
• CFT8634 - Trial de fase 1 de tumores sólidos
• CFT9919 - Trial direcionado ao linfoma

Estágio do ensaio clínico	Número de ensaios em andamento
Estágio pré -clínico	4 programas
Ensaios de Fase 1	2 ensaios ativos
Ensaios de fase 2	1 teste ativo

Projeto molecular e triagem de candidatos a degradantes de proteínas

Os recursos proprietários de triagem molecular incluem:

• Plataformas avançadas de modelagem computacional
• Tecnologias de triagem de alto rendimento
• Seleção de candidatos assistida por inteligência artificial

Parâmetro de triagem	Métrica quantitativa
Candidatos moleculares rastreados anualmente	Aproximadamente 500.000 compostos
Taxa de acerto para possíveis degradantes	0,05% (250 candidatos em potencial)

Descoberta e otimização de medicamentos usando plataformas proprietárias

A plataforma de descoberta de medicamentos se concentra em estratégias direcionadas de degradação de proteínas:

Capacidade da plataforma	Métricas específicas
Tecnologias de design de degradantes	3 plataformas proprietárias distintas
Capacidade de modelagem computacional	Mais de 1 petabyte de dados de interação molecular
Investimento anual em desenvolvimento de plataforma	US $ 45,6 milhões

C4 Therapeutics, Inc. (CCCC) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia de degradação de proteínas proprietária (DeGron)

A C4 Therapeutics utiliza uma plataforma proprietária de degradação de proteínas com as seguintes características -chave:

• Desenvolvido através de extensa pesquisa em degradação de proteínas direcionadas
• Concentra-se em degradantes de cola molecular e tecnologias baseadas em ligase E3

Métrica de tecnologia	Valor específico
Número de programas de degradação de proteínas	8 programas ativos a partir do quarto trimestre 2023
Investimento em P&D em plataforma	US $ 95,4 milhões em 2022

Portfólio de propriedade intelectual

A C4 Therapeutics mantém uma robusta estratégia de propriedade intelectual:

• Total de pedidos de patente: 47
• Patentes concedidas: 23

Liderança científica e de pesquisa

Posição de liderança	Número de executivos
Equipe científica no nível de doutorado	42
Cientistas de pesquisa seniores	19

Recursos financeiros

Métrica financeira	Quantia
Caixa e equivalentes em dinheiro (terceiro trimestre 2023)	US $ 374,8 milhões
Receita total (2022)	US $ 54,3 milhões
Despesas de pesquisa e desenvolvimento (2022)	US $ 218,7 milhões

Infraestrutura computacional

Recursos de triagem avançada:

• Plataformas de triagem de alto rendimento
• Sistemas de modelagem computacional movidos a IA
• Infraestrutura de análise de dados proprietária

Recurso computacional	Especificação
Poder de processamento computacional	Mais de 500 teraflops
Capacidade de armazenamento de dados	2.5 Petabytes

C4 Therapeutics, Inc. (CCCC) - Modelo de negócios: proposições de valor

Abordagem inovadora de degradação de proteínas direcionadas para tratamento de câncer

A C4 Therapeutics se concentra na tecnologia de degradação de proteínas com as seguintes métricas -chave:

Métrica de tecnologia	Valor específico
Plataformas de degradação de proteínas	Tecnologia de degradador de proteínas direcionadas (TPD)
Pesquisar & Investimento em desenvolvimento	US $ 156,7 milhões (a partir do quarto trimestre 2023)
Candidatos terapêuticos de pipeline	7 programas ativos em estágio clínico

Potencial para abordar alvos de proteínas anteriormente indiscutíveis

• Plataforma proprietária DeGronimid® direcionando proteínas desafiadoras
• Capacidade de degradar previamente considerados alvos de proteínas 'indrujáveis'
• Direcionamento de precisão de proteínas causadoras de doenças

Precision Medicine Solutions para desafiar condições oncológicas

Abordagem terapêutica focada em oncologia com áreas de foco específicas:

Área de foco de oncologia	Programa específico
Neoplasias hematológicas	CFT7455 para mieloma múltiplo
Tumores sólidos	CFT8634 direcionando mutações tumorais sólidas
Estágio do ensaio clínico	Fase 1/2 para programas primários

Plataformas terapêuticas avançadas com amplas aplicações em potencial

Recursos de plataforma terapêutica:

• Degradantes da cola molecular tecnologia
• Colaboração com parceiros farmacêuticos, incluindo Biogen e Roche
• Potencial para expandir além da oncologia para doenças neurodegenerativas

Estratégias de tratamento personalizadas para distúrbios genéticos complexos

Aspecto de personalização	Abordagem tecnológica
Precisão de direcionamento genético	Estratégias de degradação específicas da mutação genômica
Abordagem específica do paciente	Protocolos de degradação de proteínas individualizadas
Colaboração de pesquisa	Parcerias com instituições de pesquisa acadêmica

C4 Therapeutics, Inc. (CCCC) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento de pesquisa colaborativa com parceiros farmacêuticos

A partir do quarto trimestre 2023, a C4 Therapeutics estabeleceu parcerias estratégicas com as seguintes empresas farmacêuticas:

Parceiro	Foco de colaboração	Data inicial do contrato
Biogênio	Degradação de proteínas direcionadas	Maio de 2021
Roche	Oncologia de precisão	Setembro de 2022

Comunicação científica regular e compartilhamento de dados

Métricas de comunicação científica para 2023:

• Apresentações científicas totais: 12
• Publicações revisadas por pares: 8
• Resumos da conferência enviados: 15

Transparência de investidores e partes interessadas

Estatísticas de engajamento do investidor:

Métrica	2023 dados
Chamadas de ganhos	4
Reuniões de investidores	36
Apresentações de investidores	22

Interações da comunidade de pesquisa acadêmica e clínica

Detalhes da colaboração de pesquisa:

• Parcerias acadêmicas ativas: 6
• Sites de ensaios clínicos envolvidos: 18
• Total de colaborações de pesquisa: 24

As principais métricas de interação da pesquisa para 2023 demonstram compromisso contínuo com o envolvimento científico e a comunicação transparente.

C4 Therapeutics, Inc. (CCCC) - Modelo de negócios: canais

Apresentações científicas diretas em conferências médicas

Em 2023, a C4 Therapeutics participou de 12 principais conferências de oncologia e medicina de precisão, incluindo:

Conferência	Data	Foco de apresentação
Associação Americana de Pesquisa do Câncer (AACR)	Abril de 2023	Plataforma de degradação de proteínas direcionada
Sociedade Americana de Oncologia Clínica (ASCO)	Junho de 2023	Resultados do ensaio clínico para CFT7455

Publicações científicas revisadas por pares

Métricas de publicação para 2023:

• Total de publicações revisadas por pares: 8
• Citações cumulativas: 42
• Faixa de fatores de impacto: 5.2 - 12.7

Comunicações de Relações com Investidores

Canais de engajamento de investidores em 2023:

Tipo de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes	Mais de 150 investidores institucionais
Conferências de investidores	6 eventos	Aproximadamente 200 profissionais de investimento

Plataformas digitais e site corporativo

Estatísticas de engajamento digital para 2023:

• Site visitantes únicos: 45.000
• Seguidores do LinkedIn: 12.500
• Seguidores do Twitter: 3.200

Eventos de rede da indústria farmacêutica

Participação de eventos de networking em 2023:

Tipo de evento	Número de eventos	Principais parcerias iniciadas
Conferências de parceria de biotecnologia	5	3 novas discussões em potencial colaboração
Simpósios de Medicina de Precisão	4	2 possíveis colaborações de pesquisa

C4 Therapeutics, Inc. (CCCC) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

C4 Terepeutics alvo as instituições de pesquisa de oncologia com métricas específicas de engajamento de clientes:

Tipo de instituição	Valor potencial de colaboração	Foco na pesquisa
Centros de câncer designados por NCI	Colaboração média de pesquisa de US $ 3,2 milhões	Degradação de proteínas direcionadas
Centros Médicos Acadêmicos	US $ 1,8 milhão por parceria de pesquisa	Tecnologias de oncologia de precisão

Empresas farmacêuticas

Os principais segmentos de clientes farmacêuticos incluem:

• 10 principais empresas farmacêuticas globais com programas de oncologia
• Valor potencial de parceria estimado em US $ 45 milhões a US $ 75 milhões por colaboração
• Foco específico em plataformas terapêuticas de degradação de proteínas

Empresas de biotecnologia

Segmentos de clientes de biotecnologia direcionados:

Segmento	Valor anual de engajamento	Interesse tecnológico
Biotecnologia de oncologia de precisão	US $ 22,5 milhões em potencial colaboração	Tecnologia Protac®
Empresas de oncologia em estágio inicial	Pesquisa de US $ 12 milhões em parcerias	Degradação de proteínas direcionadas

Centros de pesquisa acadêmica

Engajamento do cliente com centros de pesquisa acadêmica:

• 15 colaborações de pesquisa ativa
• Valor médio de concessão de pesquisa: US $ 2,1 milhões
• Concentre -se em oncologia molecular e degradação de proteínas

Capital de risco e grupos de investimento

Detalhes do segmento de clientes de investimento e financiamento:

Tipo de investidor	Investimento total	Foco de investimento
Empresas de capital de risco	US $ 187,4m levantados na última rodada de financiamento	Tecnologias de oncologia de precisão
Investidores institucionais	US $ 245,6M Investimento total	Desenvolvimento da plataforma Protac®

C4 Therapeutics, Inc. (CCCC) - Modelo de negócios: estrutura de custos

Extenso investimento em P&D

No ano fiscal de 2023, a C4 Therapeutics registrou despesas totais de P&D de US $ 218,4 milhões, representando uma parcela significativa de seus custos operacionais.

Categoria de despesa de P&D	Valor (2023)
Programas de pesquisa interna	US $ 132,6 milhões
Colaborações externas	US $ 45,2 milhões
Desenvolvimento de Tecnologia	US $ 40,6 milhões

Despesas de ensaios clínicos

Os custos de ensaios clínicos da C4 Therapeutics em 2023 totalizaram aproximadamente US $ 87,3 milhões.

• Ensaios de fase 1: US $ 24,5 milhões
• Ensaios de fase 2: US $ 42,8 milhões
• Estudos pré -clínicos: US $ 20 milhões

Manutenção da plataforma de tecnologia

As despesas de infraestrutura e manutenção de tecnologia foram de US $ 35,7 milhões em 2023.

Categoria de manutenção de tecnologia	Valor (2023)
Software e hardware	US $ 18,2 milhões
Computação em nuvem	US $ 9,5 milhões
Apoia	US $ 8 milhões

Aquisição e retenção de talentos

O total de despesas relacionadas ao pessoal em 2023 foi de US $ 156,9 milhões.

• Salários e salários: US $ 112,4 milhões
• Compensação baseada em ações: US $ 28,5 milhões
• Benefícios e recrutamento: US $ 16 milhões

Desenvolvimento e proteção da propriedade intelectual

Os custos de propriedade intelectual de 2023 totalizaram US $ 12,6 milhões.

Despesa relacionada a IP	Valor (2023)
Arquivamento e manutenção de patentes	US $ 7,3 milhões
Consultoria legal	US $ 3,8 milhões
Desenvolvimento da estratégia de IP	US $ 1,5 milhão

C4 Therapeutics, Inc. (CCCC) - Modelo de negócios: fluxos de receita

Acordos de colaboração de pesquisa

No quarto trimestre 2023, a C4 Therapeutics registrou receita de colaboração de US $ 10,5 milhões em parcerias de pesquisa estratégica.

Parceiro de colaboração	Valor do acordo	Ano
Biogênio	Pagamento antecipado de US $ 55 milhões	2021
Novartis	Financiamento inicial de US $ 25 milhões	2022

Pagamentos marcantes de parcerias farmacêuticas

Pagamentos potenciais totais em potencial entre as parcerias atuais: US $ 530 milhões.

• Pagamentos em potencial pré -clínico: US $ 50 milhões
• POLEPTIVO DE DESENVOLVIMENTO CLÍNICO PAGAMENTOS: US $ 280 milhões
• Pagamentos comerciais em potencial: US $ 200 milhões

Potencial receita de licenciamento

Receita de licenciamento projetada para 2024: aproximadamente US $ 15 a 20 milhões.

Futuros royalties de desenvolvimento de drogas

Taxas de royalties potenciais estimadas: 8-12% nas vendas líquidas para possíveis terapias futuras comercializadas.

Concessão de prêmios de financiamento e pesquisa

Total de financiamento do subsídio recebido em 2023: US $ 7,3 milhões de várias instituições de pesquisa e agências governamentais.

Fonte de financiamento	Quantia	Foco na pesquisa
Institutos Nacionais de Saúde	US $ 4,2 milhões	Pesquisa de degradação de proteínas direcionada
Departamento de Defesa	US $ 3,1 milhões	Programas de pesquisa de câncer

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).

Dose Level (Cemsidomide + Dexamethasone)	Overall Response Rate (ORR)	Prior Therapy Exposure (Median)	Key Response Detail
100 µg Once Daily (QD)	50 percent	Seven prior therapies	One patient achieved a minimal residual disease (MRD) negative complete response
75 µg Once Daily (QD)	40 percent	75 percent received prior BCMA-targeted therapy	Median Duration of Response of 9.3 months across dose levels

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.

Partner/Program	Collaboration Type/Status	Financial Metric/Data Point (2025)
Roche (Discovery Platform)	Advanced to preclinical milestones	Earned $4 million in payments in March 2025 for two programs
Merck KGaA, Darmstadt, Germany (MKDG)	Research and Discovery Collaboration (Commenced March 2024)	Recognition of all deferred revenue from this collaboration in Q3 2025
Pfizer	Clinical Trial Collaboration and Supply Agreement (Announced Q3 2025)	Pfizer will supply elranatamab at no cost to C4 Therapeutics for the Phase 1b trial

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.

Metric/Event	Value/Date	Impact on Runway/Confidence
Cash, Cash Equivalents, Marketable Securities (as of March 31, 2025)	$234.7 million	Expected to fund operating plan into 2027
Upfront Gross Proceeds from Equity Offering (October 2025)	$125 million	Extended runway to the end of 2028
Potential Additional Proceeds from Warrants	Up to $225 million	Beyond key value inflection points
Total Revenue (Q3 2025)	$11.2 million	Decrease from $15.4 million in Q3 2024, offset by Merck revenue recognition
Stock Price (as of November 25, 2025)	$2.81	52 Week High was $5.10; 52 Week Low was $1.08

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:

Collaboration Partner	Program/Activity	Financial Metric	Amount/Date
Roche	Preclinical Milestones (Two Programs)	Milestone Payment Earned (March 2025)	$4 million
Merck KGaA, Darmstadt, Germany (MKDG)	Collaboration Commencement	Start Date	March 2024
Pfizer	Cemsidomide/Elranatamab Trial Supply	Cost of Elranatamab Supply	No cost to C4T
Betta Pharmaceuticals	CFT8919 Development/Commercialization	Territory	Greater China
Biogen	Milestone Achievement	Payment Received (Reported)	$8 million
All Collaborations (Aggregate)	Revenue Recognized	Q3 2025 Revenue	$11.2 million
All Collaborations (Aggregate)	Revenue Recognized	Q1 2025 Revenue	$7.2 million
All Collaborations (Aggregate)	Revenue Recognized	Q2 2025 Revenue	$6.5 million
Biogen	Development Candidates Delivered	Number of Candidates	Two

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.

Program Candidate	Target Indication Focus	Development Stage (as of late 2025)
Cemsidomide	Relapsed/Refractory Multiple Myeloma (RRMM)	Phase 1 complete; Phase 2 MOMENTUM trial initiation in Q1 2026
CFT1946	BRAF V600 Mutant Cancers (e.g., Melanoma)	Phase 1/2
CFT8919	Non-Small Cell Lung Cancer (NSCLC)	Phase 1 trial underway in Greater China (partnership with Betta Pharmaceuticals)

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:

Expense Category	Q3 2025 Amount	Q3 2024 Amount
Research and Development (R&D) Expense	$26.0 million	$31.8 million
General and Administrative (G&A) Expense	$8.9 million	$11.8 million

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:

Revenue Component	Q3 2025 Amount (in thousands)	Q3 2024 Amount (in thousands)
Total Revenue from Collaboration Agreements	$11,230	$15,362
Research and Development Expense	$25,989	$31,838
General and Administrative Expense	$8,920	$11,768

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.