C4 Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for Q3 2026 was $8.5 million, a decrease from $11.2 million in Q3 2025, primarily due to the conclusion of research activities with Merck and Merck KGaA offset by increased revenue from the Roche collaboration.
• Research and Development (R&D) expense was $24.8 million in Q3 2026, down from $26.0 million in Q3 2025, driven by lower personnel costs from reduced stock-based compensation, partially offset by higher clinical trial expenses.
• General and Administrative (G&A) expense was $8.3 million in Q3 2026, compared to $8.9 million in Q3 2025, due to lower personnel costs from reduced stock-based compensation.
• Net loss for Q3 2026 was $21.8 million, improving from $32.2 million in Q3 2025; net loss per share was $0.16 compared to $0.44 in the prior year period.
• Cash, cash equivalents, and marketable securities totaled $274.7 million as of September 30, 2026, down from $300.4 million as of June 30, 2026, and $297.1 million as of December 31, 2025.
• Deferred revenue increased to $33.3 million as of September 30, 2026, from $28.3 million as of December 31, 2025.
• For the nine months ended September 30, 2026, revenue was $21.3 million compared to $24.9 million in the same period in 2025, and net loss was $70.6 million compared to $84.5 million.

Guidance and Future Outlook:

• C4 Therapeutics expects its current cash position to fund its operating plan through the end of 2028.
• The Phase 2 MOMENTUM trial is on track to complete enrollment in the first quarter of 2027, with initial overall response rate (ORR) data expected in the second half of 2027.
• The Phase 1b trial of cemsidomide with elranatamab is progressing, with data from all evaluated cohorts expected in mid-2027.
• An additional Phase 1b trial evaluating cemsidomide in combination with approved standard of care multiple myeloma therapies is on track to initiate in the first half of 2027.
• The company aims to deliver at least one development candidate to a collaboration partner by year-end 2026.

Business Segments and Product Lines:

• Cemsidomide, an investigational oral cereblon-modulating protein degrader of IKZF1/3, is the primary clinical asset.
• The Phase 1b trial of cemsidomide with elranatamab advanced to a dose escalation safety cohort at 100 µg and an expansion cohort at 75 µg after the Safety Data Review Committee deemed the 75 µg dose safe.
• Biomarker data presented at the 23rd International Myeloma Society Annual Meeting demonstrated robust T-cell activation in the Phase 1 trial and reinforced cemsidomide's ability to drive T-cell expansion and prevent exhaustion in the Phase 1b trial.
• A new DNA-encoded library (DEL) was unveiled at the 9th Annual Targeted Protein Degradation Summit, enhancing the TORPEDO® platform for rapid development of targeted protein degraders.
• Upcoming trials include a Phase 1b study evaluating cemsidomide with dexamethasone and daratumumab, and cemsidomide with dexamethasone and carfilzomib, both initiating in the first half of 2027.

Market and Competitive Landscape:

• Multiple myeloma is the second most common blood cancer with approximately 36,000 new diagnoses annually in the U.S., and approximately 40% of patients do not survive beyond five years.
• The company positions cemsidomide as a potential backbone therapy to enhance immune-based therapies in the evolving standard of care for relapsed/refractory multiple myeloma (RRMM).
• C4 Therapeutics is leveraging its cereblon-modulating protein degrader class to address unmet needs in patients who have received prior lines of therapy including IKZF1/3 degraders, proteasome inhibitors, and anti-CD38 antibodies.

Risks and Challenges:

• Clinical development risks include uncertainties regarding the initiation, timing, and conduct of preclinical and clinical studies, as well as the possibility that data may not predict long-term results or translate across programs.
• There is a risk that product candidates may cost more to develop than anticipated or may not be successfully developed and commercialized.
• Capital availability risks exist regarding the ability to secure sufficient funding on acceptable terms or at required times to support future operations.
• The company notes that forward-looking statements are subject to risks that could cause actual results to differ materially from expectations.

Management Commentary and Tone:

• CEO Andrew Hirsch stated that the company continues to build evidence supporting cemsidomide as a backbone therapy while advancing its clinical development plan across late and earlier lines of therapy.
• Management expressed conviction in the development strategy, citing growing clinical and translational insights supporting the potential of cereblon-modulating protein degraders to enhance immune-based therapies.
• The tone indicates confidence in the 2027 data readouts as pivotal for establishing cemsidomide's therapeutic profile.

Other Key Points:

• Management will participate in a fireside chat at the Guggenheim 3rd Annual Healthcare Innovation Conference on November 9, 2026.
• Management will participate in a fireside chat at the 2026 Jefferies Global Healthcare Conference on November 17, 2026.
• A poster detailing the Phase 1b trial design with elranatamab will be presented at the 68th American Society of Hematology Annual Meeting on December 12, 2026.
• The Phase 2 MOMENTUM trial targets approximately 100 patients who have received at least three prior anti-myeloma regimens.
• The Phase 1b trial with elranatamab evaluates patients who have received one to four prior lines of therapy, excluding those with prior BCMA-directed T-cell engager or CAR-T therapy.