On August 1, 2024, C4 Therapeutics Inc (CCCC, Financial) released its 8-K filing detailing the financial results for the second quarter ended June 30, 2024. C4 Therapeutics Inc is a biopharmaceutical company advancing targeted protein degradation science to develop a new generation of small-molecular medicines to transform how the disease is treated. Its TORPEDO platform enables the discovery of a new class of targeted investigational small-molecule medicines called protein degraders.
Financial Performance and Challenges
C4 Therapeutics Inc (CCCC, Financial) reported total revenue of $12.0 million for Q2 2024, significantly surpassing the analyst estimate of $4.78 million. This increase was primarily driven by an $8.0 million milestone payment from Biogen. However, the company continues to face challenges with high research and development (R&D) expenses, which totaled $23.8 million for the quarter, albeit a reduction from $29.9 million in Q2 2023. The reduction in R&D expenses was attributed to the prioritization of internal discovery efforts and the cessation of clinical development for CFT8634.
Key Financial Achievements
Despite the challenges, C4 Therapeutics Inc (CCCC, Financial) achieved notable financial milestones. The company reported a net loss of $17.7 million for Q2 2024, a significant improvement from the $35.9 million net loss in Q2 2023. The net loss per share was $0.26, compared to $0.73 in the same period last year. The company's cash, cash equivalents, and marketable securities stood at $295.7 million as of June 30, 2024, providing a financial runway into 2027.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Revenue | $12.0 million | $2.7 million |
| R&D Expense | $23.8 million | $29.9 million |
| G&A Expense | $9.7 million | $10.3 million |
| Net Loss | $17.7 million | $35.9 million |
| Net Loss per Share | $0.26 | $0.73 |
Clinical Advancements
C4 Therapeutics Inc (CCCC, Financial) continues to make significant strides in its clinical programs. The company advanced its Phase 1/2 clinical trials for Cemsidomide and CFT1946. Cemsidomide, an oral degrader of IKZF1/3, is being tested for relapsed/refractory multiple myeloma and non-Hodgkin’s lymphoma. The Phase 1 trial is progressing through dose escalation, with data expected in Q4 2024.
Similarly, the CFT1946 Phase 1/2 trial for BRAF V600X mutant solid tumors is advancing, with preliminary monotherapy data to be presented at the ESMO Congress 2024. The company has also initiated a monotherapy expansion cohort in melanoma and a combination cohort with Cetuximab in colorectal cancer.
Corporate Updates and Future Outlook
In June 2024, Ron Cooper was appointed as chairman of C4T’s Board of Directors, bringing extensive biopharmaceutical executive leadership to the company. The company is on track to share multiple Phase 1 datasets during the second half of the year, which could potentially transform patient outcomes.
“Our strong execution during the first half of the year has built momentum across our clinical, discovery, and partnered programs, each of which has the potential to advance targeted protein degradation science and transform patients’ lives,” said Andrew Hirsch, president and chief executive officer of C4 Therapeutics.
For more detailed financial information and future updates, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from C4 Therapeutics Inc for further details.
