C4 Therapeutics, Inc.
CCCC · Biological Products, (No Diagnostic Substances) · 110.6M shares · +15%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$29M (gross $194K, SBC $30M)
Reference price $2.22 · est. market cap ~$245M — last insider sale, 2026-01-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — protein-degrader clinical, heavy burn ($99M), funded.
Strengths
- Liquidity — current ratio 7.8 (71st)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-99.3M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +15%/yr over 3y (dilution, book value/share -41%)
- Net lossNet loss (net margin -292.1%)
- Strong balance sheetStrong balance sheet — $297M cash & investments, ~12 quarters of runway
- Revenue declineRevenue -44.2% YoY
- Notable holderHeld by 5 notable fund(s): CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-320.5%
Net margin
-292.1%
Return on equity
-40.9%
Return on assets
-29.2%
Revenue growth (QoQ)
-44.2%
Current ratio
7.8×
Free cash flow
-$99M
EBITDA
-$113M
Tangible book value
$257M
Cash & investments
$297M
Cash runway
12q
Stock comp / revenue
53.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Anderson Kenneth Carl | Option exercise | 1.1K | $2.11 |
| 2026-04-01 | Anderson Kenneth Carl | Grant | 4.3K | $2.70 |
| 2026-04-01 | GROGAN DONNA ROY | Grant | 5.4K | $2.70 |
| 2026-02-15 | Hirsch Andrew | Tax withheld | 9.1K | $1.89 |
| 2026-02-15 | Hirsch Andrew | Option exercise | 20K | — |
| 2026-02-14 | Hirsch Andrew | Option exercise | 82K | — |
| 2026-02-14 | Boyle Scott N | Option exercise | 21K | — |
| 2026-02-14 | Boyle Scott N | Tax withheld | 7.3K | $1.89 |
| 2026-02-14 | Mahaney Paige | Option exercise | 7.0K | — |
| 2026-02-14 | Mahaney Paige | Tax withheld | 2.4K | $1.89 |
| 2026-02-14 | Schick Kelly | Option exercise | 21K | — |
| 2026-02-14 | Schick Kelly | Tax withheld | 7.3K | $1.89 |
| 2026-02-14 | Hirsch Andrew | Tax withheld | 39K | $1.89 |
| 2026-02-14 | REYNO LEONARD | Option exercise | 31K | — |
| 2026-02-14 | REYNO LEONARD | Tax withheld | 17K | $1.89 |
| 2026-02-14 | Adams Kendra | Option exercise | 31K | — |
| 2026-02-14 | Adams Kendra | Tax withheld | 15K | $1.89 |
| 2026-02-14 | Mossler Mark | Option exercise | 9.4K | — |
| 2026-02-14 | Mossler Mark | Tax withheld | 3.3K | $1.89 |
| 2026-02-13 | Boyle Scott N | Option exercise | 5.0K | — |
| 2026-02-13 | Boyle Scott N | Grant | 200K | — |
| 2026-02-13 | REYNO LEONARD | Grant | 240K | — |
| 2026-02-13 | Mossler Mark | Grant | 57K | — |
| 2026-02-13 | Adams Kendra | Tax withheld | 1.9K | $1.89 |
| 2026-02-13 | Hirsch Andrew | Grant | 700K | — |
| 2026-02-13 | Boyle Scott N | Tax withheld | 1.7K | $1.89 |
| 2026-02-13 | Mahaney Paige | Grant | 240K | — |
| 2026-02-13 | Adams Kendra | Grant | 240K | — |
| 2026-02-13 | Adams Kendra | Option exercise | 3.8K | — |
| 2026-02-13 | Schick Kelly | Grant | 200K | — |
| 2026-02-13 | Schick Kelly | Option exercise | 5.0K | — |
| 2026-02-13 | Schick Kelly | Tax withheld | 1.7K | $1.89 |
| 2026-01-16 | REYNO LEONARD | Sell | 10K | $2.22 |
| 2026-01-02 | Anderson Kenneth Carl | Grant | 6.0K | $1.93 |
| 2026-01-02 | GROGAN DONNA ROY | Grant | 7.5K | $1.93 |
| 2025-10-28 | Mahaney Paige | Option exercise | 19K | — |
| 2025-10-28 | Mahaney Paige | Tax withheld | 5.6K | $2.58 |
| 2025-10-01 | GROGAN DONNA ROY | Grant | 6.7K | $2.15 |
| 2025-10-01 | Anderson Kenneth Carl | Grant | 5.3K | $2.15 |
| 2025-09-18 | Adams Kendra | Option exercise | 6.2K | — |
| 2025-09-18 | Adams Kendra | Tax withheld | 2.8K | $3.32 |
| 2025-07-10 | REYNO LEONARD | Tax withheld | 7.4K | $1.99 |
| 2025-07-10 | REYNO LEONARD | Option exercise | 15K | — |
| 2025-07-10 | REYNO LEONARD | Tax withheld | 7.4K | $1.99 |
| 2025-07-01 | GROGAN DONNA ROY | Grant | 9.6K | $1.51 |
| 2025-07-01 | Anderson Kenneth Carl | Grant | 7.6K | $1.51 |
| 2025-04-01 | GROGAN DONNA ROY | Grant | 9.6K | $1.44 |
| 2025-04-01 | Anderson Kenneth Carl | Grant | 7.8K | $1.44 |
| 2025-02-18 | Boyle Scott N | Sell | 669 | $3.15 |
| 2025-02-15 | Hirsch Andrew | Tax withheld | 9.4K | $3.18 |
| 2025-02-14 | Schick Kelly | Tax withheld | 2.4K | $3.18 |
| 2025-02-14 | Adams Kendra | Tax withheld | 4.6K | $3.18 |
| 2025-02-14 | Adams Kendra | Grant | 87K | — |
| 2025-02-14 | Mahaney Paige | Grant | 28K | — |
| 2025-02-14 | REYNO LEONARD | Grant | 87K | — |
| 2025-02-14 | REYNO LEONARD | Tax withheld | 5.1K | $3.18 |
| 2025-02-14 | Hirsch Andrew | Grant | 224K | — |
| 2025-02-14 | Hirsch Andrew | Tax withheld | 13K | $3.18 |
| 2025-02-14 | Siegel Jolie | Grant | 56K | — |
| 2025-02-14 | Siegel Jolie | Tax withheld | 2.9K | $3.18 |
| 2025-02-14 | Boyle Scott N | Grant | 56K | — |
| 2025-02-14 | Boyle Scott N | Sell | 490 | $3.15 |
| 2025-02-14 | Boyle Scott N | Tax withheld | 2.4K | $3.18 |
| 2025-02-14 | Mossler Mark | Tax withheld | 1.6K | $3.18 |
| 2025-02-14 | Schick Kelly | Grant | 56K | — |
| 2025-02-13 | Boyle Scott N | Tax withheld | 1.7K | $3.20 |
| 2025-02-13 | Siegel Jolie | Tax withheld | 2.1K | $3.20 |
| 2025-02-13 | Schick Kelly | Tax withheld | 1.7K | $3.20 |
| 2025-02-13 | Adams Kendra | Tax withheld | 1.9K | $3.20 |
| 2025-01-02 | GROGAN DONNA ROY | Grant | 3.8K | $3.66 |
| 2025-01-02 | Anderson Kenneth Carl | Grant | 3.1K | $3.66 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07284758 ↗ | A Study to Evaluate the Efficacy of Cemsidomide + Dexamethasone in Participants With Relapsed/Refractory Multiple Myeloma Multiple Myeloma, Relapsed/Refractory Multiple Myeloma | PHASE2 | Recruiting | 2030-03-01 |
| NCT07280013 ↗ | A Study to Learn About the Effects of Cemsidomide in Combination With Elranatamab in Relapsed/Refractory Multiple Myeloma Subjects Multiple Myeloma (MM) | PHASE1 | Recruiting | 2028-12-01 |
| NCT04756726 ↗ | Study to Assess the Safety and Tolerability of CFT7455 in Relapsed/Refractory Non-Hodgkin's Lymphoma or Multiple Myeloma Multiple Myeloma, Lymphoma, Non-Hodgkin's | PHASE1 | Active Not Recruiting | 2026-09-30 |
| NCT05668585 ↗ | A Study to Characterize the Safety, Tolerability, and Preliminary Efficacy of CFT1946 as Monotherapy and Combination Therapy in Subjects With BRAF V600 Mutant Solid Tumors Solid Tumors, Melanoma | PHASE1 | Completed | 2025-11-05 |
| NCT05355753 ↗ | A Study to Assess the Safety and Tolerability of CFT8634 in Locally Advanced or Metastatic SMARCB1-Perturbed Cancers, Including Synovial Sarcoma and SMARCB1-Null Tumors Synovial Sarcoma, Soft Tissue Sarcoma | PHASE1 | Terminated | 2023-12-19 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-24 | Shareholder voteExhibits | filing ↗ |
| 2026-06-11 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-15 | Exec/director change | filing ↗ |
| 2026-05-12 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-10 | 5.03Exhibits | filing ↗ |
| 2026-04-09 | Material agreementReg FDExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-01-14 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-24 | 2026-06-24 | 0001628280-26-045194 ↗ |
| 8-K | 2026-06-11 | 2026-06-11 | 0001628280-26-042365 ↗ |
| 8-K | 2026-05-15 | 2026-05-15 | 0001628280-26-035542 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001628280-26-033865 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001628280-26-033861 ↗ |
| 8-K | 2026-04-10 | 2026-04-10 | 0001628280-26-024583 ↗ |
| 8-K | 2026-04-09 | 2026-04-09 | 0001628280-26-024336 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001628280-26-012000 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001628280-26-011971 ↗ |
| 8-K | 2026-01-14 | 2026-01-14 | 0001628280-26-002010 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001628280-25-049850 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001628280-25-049854 ↗ |