C4 Therapeutics Q4 Revenue Rises to $11M, Cash Runway Extended to 2028
Q4 revenue rose to $11.0M from $5.2M year-over-year while R&D spending fell to $25.0M from $32.5M, leaving C4 Therapeutics with $297.1M cash runway into 2028. The company dosed its first patient in the Phase 2 MOMENTUM trial for cemsidomide and plans Phase 1b combo trial in Q2 2026.
1. Financial Performance
C4 Therapeutics reported Q4 revenue of $11.0M, up from $5.2M year-over-year, and full-year revenue of $35.9M versus $35.6M. R&D expenses declined to $25.0M from $32.5M, while G&A expenses were $9.2M, contributing to improved operating efficiency.
2. Clinical Development Updates
The company dosed the first patient in the Phase 2 MOMENTUM trial evaluating cemsidomide plus dexamethasone in fourth-line multiple myeloma, targeting accelerated approval with 100-patient enrollment by Q1 2027. A Phase 1b trial combining cemsidomide with elranatamab is set to start in Q2 2026 under a collaboration with Pfizer.
3. Cash Position and Milestones
C4 held $297.1M in cash, cash equivalents and marketable securities as of December 31, 2025, extending its runway into late 2028. In October 2025, it raised $125M in gross proceeds and earned a $2M milestone payment from Biogen on its second degrader entering clinical development.