On November 1, 2023, C4 Therapeutics Inc (CCCC, Financial) released its financial results for the third quarter ended September 30, 2023. The company reported a rise in revenue to $11.1 million, up from $6.8 million in the same quarter the previous year. This increase was primarily due to the completion of research activities on a nominated target under the Roche Agreement.
Financial Highlights
Research and Development (R&D) expense for the third quarter of 2023 was $28.3 million, compared to $29.7 million for the third quarter of 2022. The reduction in R&D expense was due to a decrease in preclinical expenses as programs progressed through the clinic.
General and Administrative (G&A) expense for the third quarter of 2023 was $10.5 million, compared to $9.6 million for the third quarter of 2022. The increase in G&A expense was attributable to stock compensation expense.
Net loss for the third quarter of 2023 was $27.0 million, compared to $32.0 million for the third quarter of 2022. Net loss per share for the third quarter of 2023 was $0.55 compared to $0.65 for the third quarter of 2022.
Cash, cash equivalents and marketable securities as of September 30, 2023, were $246.4 million, compared to $337.1 million as of December 31, 2022. The decrease in cash was attributable to ongoing operating expenses as well as the early payment of the outstanding principal balance of the term loan held with Perceptive Advisors of $12.5 million.
Business Highlights
C4 Therapeutics Inc (CCCC, Financial) made significant progress in its clinical trials during the third quarter of 2023. The company decided to prioritize ongoing Phase 1/2 trials of CFT7455, an IKZF1/3 Degrader, and CFT1946, a BRAF V600 Degrader. However, CFT8634, a BRD9 Degrader, will not advance in Synovial Sarcoma and SMARCB-1 Null Tumors due to insufficient single agent efficacy, despite high levels of BRD9 Degradation.
The company also announced the completion of the Phase 1 dose escalation for CFT7455 as a monotherapy in Relapsed/Refractory Multiple Myeloma (R/R MM) using a 14 days on/14 days off dosing schedule. The Phase 1 dose escalation evaluating CFT7455 in combination with dexamethasone in R/R MM and as a monotherapy in Relapsed/Refractory Non-Hodgkin’s Lymphomas (R/R NHL) continues to progress.
C4 Therapeutics Inc (CCCC, Financial) expects that its cash, cash equivalents and marketable securities as of September 30, 2023, will be sufficient to fund planned operating expenses and capital expenditures into the second half of 2025.
Explore the complete 8-K earnings release (here) from C4 Therapeutics Inc for further details.
