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C4 Therapeutics, Inc. (CCCC)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 delivered a clear top-line beat: revenue was $7.24M vs Wall Street consensus of $3.54M; EPS was -$0.37 vs consensus of -$0.46, reflecting higher collaboration receipts and milestone payments; G&A trended lower post-2024 restructuring, partially offsetting higher R&D outlays .
  • Management prioritized cemsidomide and disclosed robust efficacy signals (MM ORR 50% at 100 µg; 40% at 75 µg), while deciding not to advance CFT1946 beyond Phase 1 and to seek partners for the BRAF program, reframing the medium-term narrative toward hematology assets and collaboration monetization .
  • Liquidity remains strong: cash, cash equivalents and marketable securities were $234.7M at quarter-end, with runway guided into 2027; an additional $4.0M Roche milestone was earned in Q1 and expected to be received in Q2 2025, underpinning capital flexibility for planned next-phase studies in early 2026 .
  • Near-term catalysts: FDA feedback on cemsidomide registrational pathway by mid-2025, MM dose escalation data presentation (Q3 2025), NHL dose escalation data (Q4 2025), and opening PTCL expansion cohorts in H2 2025; these events can recalibrate investor expectations and drive estimate revisions .

What Went Well and What Went Wrong

What Went Well

  • Multiple myeloma responses strengthened: cemsidomide demonstrated 50% ORR at 100 µg (including an MRD-negative CR) and 40% ORR at 75 µg; tolerability remained favorable with manageable neutropenia, supporting a best-in-class profile narrative .
  • Monetization of collaborations: $4M preclinical milestone payments under Roche and continued contributions from MKDG and Betta, driving revenue upside and diversifying funding sources relative to pure equity financing .
  • Quote: “We are prioritizing progressing cemsidomide to the next phase of development to realize its potential to be a best-in-class IKZF1/3 degrader.” – Andrew Hirsch, CEO .

What Went Wrong

  • Elevated R&D expense as clinical programs advance: R&D rose to $27.1M from $22.5M YoY on cemsidomide and CFT1946 clinical costs and research collaborations; net loss remained substantial at $26.3M despite improved revenue .
  • Strategic retrenchment in BRAF: C4T will not advance CFT1946 beyond Phase 1, pivoting to find partners; while capital-disciplined, this curtails near-term optionality in solid tumors absent external support .
  • Lack of an earnings call transcript limits insight into Q&A-driven clarifications; the quarter’s narrative relies on the press release and 8-K, constraining visibility into analyst concerns and granular guidance [SearchDocuments returned none; ListDocuments contained no earnings-call-transcript for Q1 2025].

Financial Results

Quarterly Trend (oldest → newest)

MetricQ3 2024Q4 2024Q1 2025
Revenue ($USD)$15.36M $5.18M $7.24M
Net Loss ($USD)$(24.67)M $(34.57)M $(26.32)M
Net Loss per Share ($USD)$(0.35) $(0.49) $(0.37)
R&D Expense ($USD)$31.84M $32.51M $27.07M
G&A Expense ($USD)$11.77M $10.37M $9.33M

Year-over-Year (Q1 2024 → Q1 2025)

MetricQ1 2024Q1 2025
Revenue ($USD)$3.04M $7.24M
Net Loss ($USD)$(28.36)M $(26.32)M
Net Loss per Share ($USD)$(0.41) $(0.37)
R&D Expense ($USD)$22.53M $27.07M
G&A Expense ($USD)$10.29M $9.33M

Actual vs Consensus (Q1 2025)

MetricConsensusActual
Revenue ($USD)$3.54M*$7.24M
Primary EPS ($USD)$(0.46)*$(0.37)
# of Estimates5*N/A

Values retrieved from S&P Global.*

KPIs (Q1 2025)

KPIQ1 2025
Cash, Cash Equivalents & Marketable Securities ($USD)$234.71M
Deferred Revenue ($USD)$46.70M
Total Stockholders’ Equity ($USD)$195.14M
Weighted-average Shares (Basic & Diluted)70,833,044

Segment breakdown: Not applicable; revenue primarily from collaboration agreements .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayMulti-yearFund operating plan into 2027 (as of 12/31/2024) Fund operating plan into 2027 (as of 3/31/2025) Maintained
Roche Milestone ReceiptsQ2 2025N/A$4.0M milestone earned; expected receipt in Q2 2025 New disclosure
Cemsidomide Registrational FeedbackMid-2025Planning next phase; studies early 2026 FDA feedback by mid-2025; studies expected early 2026 Clarified timing
CFT1946 Strategy2025+Continue Phase 1/2 advancement; data 2H 2025 Will not advance beyond Phase 1; seek partnership Lowered/internal advancement

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript was available; themes reflect press releases and 8-Ks.

TopicPrevious Mentions (Q-2: Q3 2024)Previous Mentions (Q-1: Q4 2024)Current Period (Q1 2025)Trend
Cemsidomide efficacy/tolerabilityDose escalation ongoing; 75–100 µg QD cohorts; ASH data forthcoming MM ORR 36% at 75 µg; NHL ORR 38% overall; PTCL ORR 44% MM ORR 50% at 100 µg (incl. MRD-negative CR), 40% at 75 µg; expansion at 100 µg; tolerable Improving efficacy; increasing confidence
Regulatory trajectory (cemsidomide)Complete Phase 1 dose exploration by year-end Studies expected early 2026 FDA feedback mid-2025; studies early 2026 Timeline clarified
Collaborations monetizationBiogen $8M milestone; Betta revenue; MKDG Continued MKDG/Merck/Betta contributions Roche $4M milestones; continued MKDG Positive, sustained
BRAF (CFT1946) strategyProof of mechanism; broad Phase 1/2 progression Monotherapy dose escalation completion in 1H25; 2H25 data Not advancing beyond Phase 1; seeking partners Deprioritized internally
Liquidity/cash runwayCash $284.4M; runway into 2027 Cash $267.3M; runway into 2027 Cash $234.7M; runway into 2027 Lower cash, runway intact
CFT8919 (EGFR L858R)Advancing; Phase 1 initiation Greater China [25 (2024-11-06)]Phase 1 progressing in Greater China Partner advancing dose escalation; informs ex-China dev by YE25 Steady progress

Management Commentary

  • “With cemsidomide demonstrating compelling overall response rates at multiple dose levels…we are prioritizing progressing cemsidomide to the next phase of development to realize its potential to be a best-in-class IKZF1/3 degrader.” – Andrew Hirsch, CEO .
  • “We continue to demonstrate the productivity of our TORPEDO platform to discover highly catalytic, orally bioavailable, and brain penetrant degraders.” – Andrew Hirsch, CEO .
  • In Q4 context: “Entering 2025, we continue to advance these clinical programs and operationalize the next phase of cemsidomide development to enable patient dosing in early 2026.” – Andrew Hirsch, CEO .

Q&A Highlights

  • No Q1 2025 earnings call transcript was available in our document set; therefore, Q&A-derived clarifications are not accessible for this quarter [ListDocuments found no earnings-call-transcript; SearchDocuments returned none].

Estimates Context

  • C4T posted a material beat vs consensus: revenue $7.24M vs $3.54M*, EPS -$0.37 vs -$0.46*, driven by $4M Roche milestones and ongoing MKDG collaboration revenue; lower G&A also supported the EPS delta .
  • With cemsidomide efficacy signals strengthening and near-term regulatory feedback, estimates may trend higher on collaboration revenue durability and potential milestone timing; however, internal BRAF deprioritization may dampen expectations for solid-tumor-driven non-dilutive inflows absent a partner .
    Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Strong fundamental beat: revenue and EPS both exceeded consensus, primarily on collaboration monetization and milestone timing; this underscores an increasingly credible non-dilutive funding mix .
  • Hematology focus sharpened: cemsidomide’s efficacy profile at 100 µg and 75 µg strengthens the “best-in-class” thesis; mid-2025 FDA feedback and H2 2025 data readouts are the next stock catalysts .
  • Capital discipline: CFT1946 will require a partner for progression; reallocation to cemsidomide should reduce internal burn per asset risk and improve ROI on R&D .
  • Liquidity resilient: $234.7M in cash with runway guided into 2027, plus expected receipt of $4M Roche milestones in Q2 2025, provides flexibility to initiate next-phase studies in early 2026 without immediate equity needs .
  • Watch estimate revisions: Street models likely recalibrate collaboration revenue run-rate and near-term EPS losses lower; sensitivity remains to milestone timing and the pace of MM/PTCL enrollment .
  • Thesis pivot: The narrative shifts toward hematologic malignancies and partner-enabled solid tumor exposure; success hinges on cemsidomide’s registrational path clarity and execution of PTCL expansion cohorts .
  • Trading setup: Ahead of mid-2025 FDA feedback and Q3/Q4 data events, positive momentum may persist; absence of a live Q&A this quarter means incremental clarity likely via conferences and subsequent disclosures .

Bolded performance notes:

  • Revenue: $7.24M vs $3.54M* — strong beat .
  • EPS: -$0.37 vs -$0.46* — beat (less negative loss) .

Values retrieved from S&P Global.*