C4 Therapeutics, Inc.

c4therapeutics.com

What Do They Do?

Develops medicines that prompt cells to break down disease-causing proteins, for people with cancers and inflammatory or neurodegenerative diseases.

How Do They Make Money?

Revenue comes from research collaborations and licenses: partners can pay upfront fees, reimburse certain costs, and pay option or development, regulatory and commercial milestone fees. The company earns collaboration revenue over the agreement work period; agreements can also provide royalties on licensed-product sales.

FY2025 revenue

Who Are Their Customers?

Collaborators such as Merck KGaA and Roche work with the company on drug discovery; Betta Pharma licenses and develops CFT8919 in Greater China.

Do Revenues Turn Into Profits?

No. It lost $105M in FY2025.

Operating income, FY2025

−321% of revenue

▼ −4% (Loss) vs FY2024 (−$119.6M, −336%)

Net income, FY2025

−292% of revenue

▼ 0% (Loss) vs FY2024 (−$105.3M, −296%)

Free cash flow, FY2025

−276% of revenue

▲ +52% (Loss) vs FY2024 (−$65.3M, −184%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +3%; vs $6.5M in Q2 FY2025
Net income: ▼ −9% (Loss); vs −$26M in Q2 FY2025

Apr 9, 2026 C4 and Roche signed a degrader-antibody conjugate collaboration C4 licensed oncology targets to Roche, which covers development, approval, manufacturing and commercialization costs; the deal also includes potential milestone and royalty payments.

Shrinking. Revenue fell 21% in 4 years, from $45.8M in FY2021 to $35.9M in FY2025, about 6% a year.

Clinical pipeline focus The latest report centers the clinical oncology pipeline on multiple myeloma and lung cancer; the older report also described clinical candidates for sarcoma, melanoma and colorectal cancer.

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