C4 Therapeutics
Develops targeted-protein degraders for oncology through TORPEDO.
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Profile
Clinical-stage work centers on small-molecule targeted-protein degraders created through TORPEDO, alongside internal oncology programs and partner collaborations. With no marketed-product portfolio, the company expects collaboration arrangements to provide revenue for the next several years.
Uses the cell's protein-recycling system to remove disease-causing proteins rather than merely inhibit them. Its TORPEDO discovery and optimization platform is designed to generate MonoDAC molecular glues, BiDAC heterobifunctional degraders, and degrader-antibody-conjugate payloads for oncology research.
Internal oncology programs include cemsidomide. The clinical-stage business combines these programs with agreements involving Merck KGaA, Merck, Betta, Roche, and Biogen, rather than a marketed-product portfolio.
Headquartered in Watertown, Massachusetts, the company traces its scientific origin to Dana-Farber research. Existing agreements had not yielded royalties at the time of the filing. Collaboration arrangements are expected to provide revenue for the next several years.
Company facts
Key statistics
Year to date +99.5% · Average volume (30d) 2.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Feb 26, 2026 | Barclays | Target | $5 | $7 | ||
| Dec 17, 2025 | Barclays | Reiterate | Overweight | $10 | $5 | |
| Sep 23, 2025 | Wells Fargo | Reiterate | Overweight | $12 | $10 | |
| Sep 22, 2025 | Barclays | Target | $8 | $10 | ||
| Sep 16, 2025 | Barclays | Target | $8 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | −$0.23 | −$0.18 | +20.5% | $4.0M | $6.6M | +66.0% | +6.91% |
| May 12, 2026Q1 FY26 | −$0.25 | −$0.20 | +20.2% | $4.4M | $6.2M | +40.4% | +16.09% |
| Feb 26, 2026Q4 FY25 | −$0.31 | −$0.18 | +41.9% | $5.4M | $11.0M | +104.2% | −2.88% |
| Nov 6, 2025Q3 FY25 | −$0.47 | −$0.44 | +6.4% | $4.5M | $11.2M | +150.7% | −1.68% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $7.2M | $6.5M | $11.2M | $11.0M | $6.2M | $6.6M | |
| Gross profit | $7.2M | $6.5M | $11.2M | $11.0M | $4.4M | $6.6M | |
| Operating income | −$29.2M | −$28.5M | −$34.4M | −$23.1M | −$27.8M | −$26.4M | |
| Net income | −$26.3M | −$26.0M | −$32.2M | −$20.5M | −$25.1M | −$23.6M | |
| Diluted EPS | −$0.37 | −$0.37 | −$0.44 | −$0.18 | −$0.20 | −$0.18 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 70.7% | 100.0% | |
| Operating margin | -402.9% | -441.0% | -306.4% | -210.1% | -451.6% | -397.9% |
Fiscal years (4-quarter sums)FY21 $45.8M · FY22 $31.1M · FY23 $20.8M · FY24 $35.6M · FY25 $35.9M
Balance sheet, Jun 30, 2026Cash & short-term investments $253.7M · Total debt $56.9M · Total assets $359.4M · Shareholders' equity $247.3M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 110.57M · Float 83.71M · 75.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Sirenia Capital Management LP | 23.51M | 9.90% | 13G | May 15, 2026 |
| Morgan Stanley | 8.87M | 8.02% | 13F | Aug 13, 2026 |
| Ra Capital Management, L.P. | 8.00M | 7.24% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 7.68M | 6.90% | 13G | Jul 27, 2026 |
| LYNX1 Capital Management LP | 7.33M | 6.63% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jan 16, 2026 | Leonard Reyno | officer: Chief Medical Officer | −10,000 | $2.22 |
Peers
- Bristol-Myers Squibb
IKZF1/3 CELMoDs advancing in relapsed/refractory myeloma
- Nurix Therapeutics
Clinical protein degraders across B-cell cancers and discovery
- Monte Rosa Therapeutics
Molecular-glue degraders in oncology and other serious diseases
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| C4 Therapeutics | $3.91 | +1.54% | $425.7M | — | — | 12.1 | +2.8% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| Nurix Therapeutics | $26.64 | +1.72% | $2.72B | — | — | 74.0 | −79.5% |
| Monte Rosa Therapeutics | $13.38 | +0.04% | $1.13B | — | — | 39.3 | −61.2% |
| Median | 14.7 | 10.5 | 39.3 | −61.2% |