C4 Therapeutics, Inc. (CCCC)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 revenue was $5.18M and diluted EPS was -$0.49; revenue grew vs. Q4 2023 ($3.26M) but the quarter remained loss-making as R&D spend stepped up with advancing trials . Versus Wall Street, the quarter missed Zacks EPS consensus (-$0.44) and revenue missed by 39.45% per Zacks, implying a revenue consensus of ~$8.56M .
• Cash, cash equivalents and marketable securities ended at $267.3M, with runway into 2027, supporting multiple clinical catalysts in 2025–2026 .
• Clinical execution continues: at ASH, cemsidomide showed ORR of 36% at 75 µg QD in MM combos and 38% ORR in NHL monotherapy (44% ORR in PTCL), reinforcing the program’s potential ahead of next-phase trials expected to initiate in early 2026 .
• Near-term catalysts include multiple CFT1946 data readouts in 2H 2025 and opening PTCL expansion cohorts in 2H 2025; management signaled ongoing work to operationalize cemsidomide’s next phase and maintain 2027 cash runway .

What Went Well and What Went Wrong

• What Went Well

  • Clinical momentum: cemsidomide produced a 36% ORR at 75 µg QD in MM (combo with dexamethasone) and 38% ORR across NHL subtypes (44% in PTCL), with a generally well‑tolerated profile; dose escalation continues toward 100 µg QD .
  • Pipeline breadth and data cadence: CFT1946 Phase 1/2 continues across melanoma and CRC cohorts with multiple data readouts planned in 2H 2025; preclinical data demonstrated brain penetration (Kpuu 0.34–0.88) .
  • Balance sheet strength: $267.3M of cash, cash equivalents and marketable securities and runway into 2027, despite advancing programs and clinical spend .
  • Management quote: “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 .

• What Went Wrong

  • Estimates miss: Q4 EPS (-$0.49) missed Zacks consensus (-$0.44) and revenue ($5.18M) missed by 39.45% vs. Zacks consensus, highlighting quarter-to-quarter variability in collaboration revenue timing .
  • Operating loss persists: Q4 operating expenses were $42.9M (R&D $32.5M, G&A $10.4M), keeping the company in a net loss position as trials progress .
  • No formal revenue/earnings guidance: The company reiterated cash runway guidance but did not provide P&L guidance; investors remain dependent on collaboration milestones and clinical catalysts to shape expectations .

Financial Results

Vs. estimates (Q4 2024):

• EPS: Actual -$0.49 vs. Zacks consensus -$0.44; surprise -11.36% .
• Revenue: Actual $5.18M; Zacks reports a 39.45% miss vs. consensus, implying ~$8.56M consensus revenue .

KPIs and clinical metrics:

• Cemsidomide (MM combo with dexamethasone): 36% ORR at 75 µg QD; well tolerated; escalation ongoing at 100 µg QD .
• Cemsidomide (NHL monotherapy): 38% ORR overall; in PTCL, 44% ORR and 25% CMR; dose-finding ongoing with 75 µg QD cohort open .

Guidance Changes

Earnings Call Themes & Trends

Note: A Q4 2024 earnings call transcript was not available in our document corpus or investor portal at the time of analysis.

Management Commentary

• Strategy and focus: “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, President & CEO .
• Cemsidomide clinical perspective: “Cemsidomide continues to deliver clinical data demonstrating its potential to be used in both multi-refractory patients and as part of combination therapies across all lines of treatment...” — Len Reyno, M.D., CMO .
• Independent KOL perspective (MM): “Cemsidomide in combination with dexamethasone is active and well-tolerated over a range of doses in a heavily pretreated, relapsed/refractory multiple myeloma patient population...” — Binod Dhakal, M.D., Medical College of Wisconsin .
• Independent KOL perspective (NHL): “These initial data are encouraging, particularly in PTCL where relapsed/refractory patients lack effective targeted therapies.” — Steve Horwitz, M.D., MSKCC .

Q&A Highlights

• No Q4 2024 earnings call transcript was available in our source set; no Q&A disclosures to report. Management reiterated program timelines and cash runway within the press release .

Estimates Context

• Q4 2024 EPS: Actual -$0.49 vs. Zacks consensus -$0.44 (surprise -11.36%) .
• Q4 2024 Revenue: Actual $5.18M; Zacks reports a 39.45% miss vs. consensus (implies consensus ~$8.56M) .
• S&P Global consensus data was unavailable via our estimate tool at time of query; we anchored context on Zacks’ published figures.

Key Takeaways for Investors

• Clinical de‑risking continues: ASH data from cemsidomide reinforced efficacy signals in MM and PTCL, supporting progression to expansion cohorts and next-phase trials; sustained clinical progress is the near-term value driver .
• 2025 catalyst path is clear: multiple CFT1946 readouts in 2H 2025 (mono, melanoma expansion, CRC combo) plus cemsidomide expansion/PTCL cohort opens in 2H 2025 .
• Balance sheet supports execution: $267.3M in liquidity and runway into 2027 should bridge to key inflection points without near-term financing pressure .
• Estimate variance stems from collaboration revenue timing: Q4 missed third‑party consensus, reminding that quarterly collaboration revenue can be lumpy; focus remains on clinical milestones rather than quarterly P&L beats .
• Watch regulatory and study initiations: Early 2026 start for next-phase cemsidomide trials (MM, PTCL) is a pivotal operational milestone that can unlock further valuation upside if timelines hold .
• Governance and talent: Board/leadership additions underscore scaling toward a more integrated biotech profile ahead of later-stage development .

Appendix: Additional Press Releases in Q4 2024

• First patient dosed in CFT8919 Phase 1 in Greater China with Betta Pharma (Nov 6, 2024) .
• Board and CSO appointments (Nov 20, 2024; Oct 15, 2024) .
• ASH 2024 cemsidomide data across MM and NHL (Dec 8, 2024) .