C4 Therapeutics, Inc. (CCCC)·Q2 2025 Earnings Summary

Executive Summary

• Q2 2025 EPS beat and revenue was essentially in-line: EPS of $0.37 loss vs consensus -$0.3925 (beat by $0.0225); revenue of $6.46M vs consensus $6.55M (miss by ~$0.09M). Values retrieved from S&P Global.*
• Completed enrollment and dose escalation for cemsidomide in MM and NHL; MM ORR holds at 40% (75 µg) and 50% (100 µg) as of the July 23 cutoff; productive FDA Type C meeting keeps registrational start timeline on track for early 2026 .
• Cash, cash equivalents and marketable securities of $223.0M; runway extended to mid-2027, lowering near-term financing risk .
• External validation and execution continue: MKDG KRAS collaboration milestone ($1M) achieved; Greater China CFT8919 dose escalation advancing with Betta .

What Went Well and What Went Wrong

What Went Well

• Phase 1 dose escalation completed in MM and NHL; cemsidomide demonstrated compelling activity and tolerability, with highest dose level studied at 100 µg QD in both indications .
• MM efficacy maintained: ORR of 40% at 75 µg and 50% at 100 µg as of July 23, 2025; prior data included an MRD‑negative CR at 100 µg, bolstering best‑in‑class potential .
• Strategic progress: FDA Type C feedback refined registrational plan; MKDG milestone earned ($1M); multiple degraders identified outside oncology advancing in discovery .

Quote: “We recently completed enrollment in the ongoing cemsidomide Phase 1 trials in multiple myeloma and non‑Hodgkin’s lymphoma… Our recent Type C meeting with the FDA enabled refinement of our cemsidomide registrational development plans and we remain on track to initiate registrational development in early 2026.” — Andrew Hirsch, CEO .

What Went Wrong

• Revenue down year-over-year (Q2’25 $6.5M vs Q2’24 $12.0M) due to absence of an $8.0M Biogen milestone recognized in Q2’24 .
• Operating intensity elevated: R&D expense rose to $26.2M from $23.8M YoY on cemsidomide clinical and collaboration preclinical work; net loss widened to $26.0M from $17.7M YoY .
• No earnings call transcript available for Q2 2025, limiting color on pacing of registrational trial preparations and potential label‑enabling package; management plans an investor call in conjunction with IMS MM data in September .

Financial Results

Multi-period actuals (GAAP)

Notes: EBIT margin calculated as Loss from Operations ÷ Revenue using cited GAAP values.

Consensus vs Actuals

Values retrieved from S&P Global.*

Segment revenue breakdown

KPIs (Clinical program highlights)

Guidance Changes

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript is available; management plans an investor call around IMS MM data in September .

Management Commentary

• “We recently completed enrollment in the ongoing cemsidomide Phase 1 trials in multiple myeloma and non‑Hodgkin’s lymphoma… we remain on track to initiate registrational development in early 2026.” — Andrew Hirsch, President & CEO .
• Management will host an investor call to discuss MM data in conjunction with the IMS presentation (Sept. 17–20, 2025) .

Q&A Highlights

• No Q2 2025 earnings call transcript available in the document set; investor call is planned around the IMS oral presentation, where additional Q&A may surface regarding RP2D, label‑enabling strategy, and combo designs .

Estimates Context

• Q2 2025: EPS actual $(0.37) vs consensus $(0.3925) — bold beat by $0.0225; Revenue actual $6.46M vs consensus $6.55M — slight miss of ~$0.09M. Values retrieved from S&P Global.*
• Q1 2025: EPS actual $(0.37) vs consensus $(0.4618) — beat; Revenue actual $7.24M vs consensus $3.54M — beat. Values retrieved from S&P Global.*
• Q2 2024: EPS actual $(0.26) vs consensus $(0.395) — beat; Revenue actual $12.01M vs consensus $4.78M — beat (Biogen milestone). Values retrieved from S&P Global.*
  Given the company’s collaboration‑driven revenue, estimate variability is driven by milestone timing; Street will likely refine revenue timing around announced collaboration milestones and upcoming clinical/regulatory events .

Key Takeaways for Investors

• Cemsidomide efficacy in MM remains compelling and durable across doses; Phase 1 is complete and registrational development remains on track for early 2026, making the IMS data and RP2D alignment key near‑term catalysts .
• The mix shift away from one‑time Biogen milestones reduced YoY revenue; focus should be on clinical inflection points rather than quarterly revenue cadence .
• Runway extended to mid‑2027 provides strategic flexibility to drive registrational work without near‑term financing, a supportive backdrop for the equity story .
• Collaboration productivity continues (MKDG $1M milestone; Roche progress), offering diversified non‑dilutive funding and optionality around preclinical assets .
• Expect investor focus on MM registrational study designs (Dex combo late‑line, BCMA BiTE earlier lines), RP2D, and maintenance/combination strategies referenced by management and corporate materials .
• Absent a Q2 call transcript, the September IMS presentation and investor call will be pivotal to sentiment; positive efficacy/safety confirmation and clear regulatory path could be stock catalysts .
• For trading, the near‑term setup is event‑driven (IMS, RP2D alignment); medium‑term thesis hinges on cemsidomide’s best‑in‑class profile translating into efficient registrational execution and label‑enabling data .

Footnote: Values retrieved from S&P Global for consensus estimates (and any values marked with an asterisk if present).

Citations:

• Q2 2025 press release financials, milestones, guidance:
• 8-K and exhibits (press release EX-99.1; corporate deck EX-99.2) and clinical program details:
• Q1 2025 press release financials and portfolio decisions:
• Q4 2024 press release clinical context and financials: