C4 Therapeutics (CCCC) Q2 2026 earnings summary

Executive summary

• Entered a new research collaboration and license agreement with Roche, granting Roche exclusive global rights to develop, manufacture, and commercialize Degrader-Antibody Conjugates (DACs) for two initial oncology targets, with an option for a third target.

• C4T will use its proprietary technology to design degrader payloads, while Roche will handle antibody selection, conjugation, and all downstream development and commercialization.

• Advanced cemsidomide clinical development with ongoing Phase 2 MOMENTUM and Phase 1b combination trials, both on track for key data readouts in 2027.

• Presented Phase 1 data at EHA 2026 Congress, supporting cemsidomide's potential best-in-class profile in multiple myeloma.

• Raised $33.5 million in net proceeds via ATM program to support clinical advancement and trial planning.

Financial highlights

• Roche paid a $20 million upfront, non-refundable, non-creditable payment to C4T.

• C4T is eligible for over $1 billion in aggregate milestone payments across discovery, regulatory, and commercial milestones, plus tiered royalties on future net sales.

• Q2 2026 revenue was $6.6 million, up from $6.5 million in Q2 2025, mainly due to the Roche collaboration.

• R&D expenses decreased to $24.5 million from $26.2 million year-over-year, primarily due to lower personnel costs.

• Cash, cash equivalents, and marketable securities totaled $300.4 million as of June 30, 2026, expected to fund operations through end of 2028.

Outlook and guidance

• The agreement provides C4T with significant non-dilutive funding and long-term revenue potential through milestones and royalties.

• Roche assumes all costs and responsibilities for development, regulatory approval, manufacturing, and commercialization, reducing C4T's financial risk.

• MOMENTUM Phase 2 trial enrollment expected to complete in Q1 2027, with initial ORR data in 2H 2027.

• Phase 1b combination trial with elranatamab progressing, with dose escalation update in 2H 2026 and full cohort data in mid-2027.

• Current cash position projected to fund operations through 2028.