$CCCC

C4 Therapeutics, Inc.

CIK:0001662579|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue from collaboration agreements	$ 6,641	$ 6,463	$ 12,793	$ 13,701
Operating expenses:
Research and development	24,471	26,197	49,077	53,269
General and administrative	8,593	8,767	17,924	18,097
Total operating expenses	33,064	34,964	67,001	71,366
Loss from operations	(26,423)	(28,501)	(54,208)	(57,665)
Other income, net:
Interest and other income, net	2,788	2,481	5,444	5,323
Total other income, net	2,788	2,481	5,444	5,323
Net loss	$ (23,635)	$ (26,020)	$ (48,764)	$ (52,342)
Net loss per share − basic (in dollars per share)	$ (0.18)	$ (0.37)	$ (0.38)	$ (0.74)
Net loss per share − diluted (in dollars per share)	$ (0.18)	$ (0.37)	$ (0.38)	$ (0.74)
Weighted-average number of shares used in computed net loss per share − basic	130,696,742	71,005,743	128,398,417	70,919,871
Weighted-average number of shares used in computed net loss per share − diluted	130,696,742	71,005,743	128,398,417	70,919,871
Other comprehensive income (loss)
Unrealized loss on marketable securities	$ (122)	$ (73)	$ (494)	$ (83)
Comprehensive loss	$ (23,757)	$ (26,093)	$ (49,258)	$ (52,425)
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaborative Arrangement [Member]	Collaborative Arrangement [Member]	Collaborative Arrangement [Member]	Collaborative Arrangement [Member]

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows used in operating activities:
Net loss	$ (48,764)	$ (52,342)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation expense	5,707	10,499
Depreciation and amortization expense	696	1,071
Reduction in carrying amount of right-of-use asset	2,895	3,317
Net accretion of discounts on marketable securities	(1,275)	(1,364)
Other	42	48
Changes in operating assets and liabilities:
Accounts receivable	1,067	901
Prepaid expenses and other current and long-term assets	(1,537)	3,974
Accounts payable	263	889
Accrued expenses and other current liabilities	471	(6,103)
Operating lease liability	(3,124)	(2,833)
Deferred revenue	12,041	(3,399)
Net cash used in operating activities	(31,518)	(45,342)
Cash flows provided by (used in) investing activities:
Proceeds from maturities of marketable securities	113,080	115,551
Purchases of marketable securities	(111,641)	(47,320)
Purchases of property and equipment, net	(101)	(185)
Net cash provided by investing activities	1,338	68,046
Cash flows provided by (used in) financing activities:
Proceeds from exercise of stock options	781	0
Proceeds from issuance of common stock from at-the-market equity offering	33,548	0
Proceeds from exercise of warrants	2	0
Payments for repurchase of common stock for tax withholding	(200)	(155)
Other	56	109
Net cash provided by (used in) financing activities	34,187	(46)
Net change in cash, cash equivalents and restricted cash	4,007	22,658
Cash, cash equivalents and restricted cash at beginning of period	78,046	58,942
Cash, cash equivalents and restricted cash at end of period	82,053	81,600
Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash at end of period	82,053	81,600
Less: restricted cash	(3,443)	(3,443)
Cash and cash equivalents at end of the period	78,610	78,157
Supplemental disclosures of cash flow information:
Cash paid for leases	4,666	4,666
Supplemental disclosures of non-cash investing activities:
Capital expenditures in accounts payable and accrued expenses	$ 0	$ 294

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 78,610	$ 74,603
Marketable securities, current	175,053	173,934
Accounts receivable	1,334	2,401
Prepaid expenses and other current assets	7,905	7,172
Total current assets	262,902	258,110
Marketable securities, non-current	46,786	48,563
Property and equipment, net	4,149	4,744
Right-of-use asset	37,637	40,532
Restricted cash	3,443	3,443
Other assets	4,487	3,683
Total assets	359,404	359,075
Current liabilities:
Accounts payable	1,121	858
Accrued expenses and other current liabilities	13,785	13,314
Deferred revenue, current	26,661	12,493
Operating lease liability, current	6,680	6,367
Total current liabilities	48,247	33,032
Deferred revenue, net of current	13,714	15,841
Operating lease liability, net of current	50,178	53,615
Total liabilities	112,139	102,488
Commitments and contingencies (see Note 12)
Stockholders’ equity:
Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized, and no shares issued or outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Common stock, par value of $0.0001 per share; 300,000,000 shares authorized as of June 30, 2026, and December 31, 2025, respectively, and 122,905,756 and 96,914,418 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	12	9
Additional paid-in capital	1,035,154	995,221
Accumulated other comprehensive income	(444)	50
Accumulated deficit	(787,457)	(738,693)
Total stockholders’ equity	247,265	256,587
Total liabilities and stockholders’ equity	$ 359,404	$ 359,075
Common stock, shares authorized (in shares)	300,000,000	300,000,000