C4 Therapeutics reported fourth‑quarter revenue of $11.0 million, up 111% from $5.2 million in the same period a year earlier, and a full‑year revenue of $35.9 million, a modest 1% increase over $35.6 million in 2024. The company posted a net loss of $20.5 million for the quarter and $105.0 million for the year, translating to a loss per share of $0.18 for the quarter and $1.27 for the year. These results beat consensus estimates of $-0.41 per share for the quarter and $-0.43 for the year, a $0.23 and $0.16 improvement respectively, and exceeded revenue expectations of $4.48 million for the quarter and $35.6 million for the year by $6.52 million and $0.3 million.
The company reduced research and development expenses to $25.0 million in Q4, down from $32.5 million a year earlier, largely due to the completion of the CFT1946 Phase 1 clinical trial. General and administrative costs fell to $9.2 million from $10.4 million, driven by lower stock‑based compensation. The disciplined cost management helped narrow the loss margin despite the revenue increase, reflecting a focus on scaling the pipeline while controlling operating spend.
Cash, cash equivalents and marketable securities stood at $297.1 million as of December 31, 2025, up from $199.8 million at September 30, 2025 and $267.3 million at December 31, 2024. The company stated that the current cash balance will fund operations through the end of 2028, extending its runway beyond the previously projected 2028 guidance. In addition, a $125 million equity offering in October 2025 and a $2 million milestone payment from Biogen in January 2026 contributed to the robust liquidity position.
Andrew Hirsch, president and chief executive officer, said, "We made significant progress in 2025, notably demonstrating cemsidomide's best‑in‑class potential, establishing an efficient and differentiated regulatory path for cemsidomide, and extending our cash runway beyond key value‑inflection milestones, further positioning us to become a fully integrated biopharmaceutical company." He added, "As cemsidomide progresses into later‑stage clinical trials across multiple lines of therapy in multiple myeloma, we believe it is well positioned to become the IKZF1/3 degrader of choice."
Investors responded favorably to the results, citing the revenue beat, the extended cash runway to 2028, and the progress of cemsidomide into Phase 2 trials. The company’s ability to reduce operating expenses while increasing revenue, coupled with a strong liquidity position, reinforced confidence in its ability to fund future development milestones without immediate financing needs.
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