C4 Therapeutics, Inc. (CCCC) Bundle
A Brief History of C4 Therapeutics, Inc.
C4 Therapeutics, Inc., incorporated in Delaware on October 7, 2015, is a clinical-stage biopharmaceutical company focused on advancing targeted protein degradation technology. The company's proprietary platform, TORPEDO (Target ORiented ProtEin Degrader Optimizer), is designed to create small-molecule medicines aimed at transforming disease treatment.
Financial Overview
As of September 30, 2024, C4 Therapeutics reported cash, cash equivalents, and marketable securities totaling approximately $284.4 million. The company has not yet generated revenue from product sales, as none of its product candidates have received regulatory approval. However, it has established several collaboration agreements that have begun to generate revenue.
Recent Financial Performance
For the nine months ended September 30, 2024, C4 Therapeutics reported a net loss of $70.7 million, compared to a net loss of $97.7 million for the same period in 2023. The loss per share for the nine months was $1.03. The company's total revenue from collaboration agreements for the nine months ended September 30, 2024, was $30.4 million, up from $17.5 million in the same period of the previous year.
| Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Loss | $70.7 million | $97.7 million |
| Loss Per Share | $1.03 | $1.99 |
| Total Revenue from Collaborations | $30.4 million | $17.5 million |
Collaboration Agreements
C4 Therapeutics has entered into several significant collaboration agreements, including:
- Biogen Agreement: Generated $16.9 million in revenue for the nine months ended September 30, 2024.
- Betta Pharma Agreement: Included an upfront payment of $10 million and potential milestone payments of up to $357 million.
- Merck and MKDG Agreements: Contributed $3.4 million in revenue.
Research and Development Expenses
The company reported research and development expenses totaling $78.1 million for the nine months ended September 30, 2024, a decrease from $87.3 million in the same period of 2023. The breakdown of these expenses includes:
| Expense Type | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Personnel Expenses | $25.9 million | $33.0 million |
| Clinical Expenses | $14.5 million | $12.1 million |
| Preclinical Development | $20.5 million | $21.6 million |
| Facilities and Supplies | $9.3 million | $10.3 million |
Liquidity and Capital Resources
Following a restructuring plan in January 2024, which included a 30% reduction in workforce, the company aims to align its resources with operational needs and reduce costs. Despite the ongoing losses, C4 Therapeutics expects its current liquidity will support operations through at least 2027, contingent upon successful execution of its development programs.
Future Outlook
C4 Therapeutics plans to continue advancing its clinical trials and collaboration projects while managing its operational costs. The company's ability to raise additional capital will be crucial as it seeks to bring its product candidates through clinical development and towards commercialization.
A Who Owns C4 Therapeutics, Inc. (CCCC)
Ownership Structure
As of 2024, C4 Therapeutics, Inc. (NASDAQ: CCCC) has a diverse ownership structure comprising institutional investors, individual shareholders, and insider ownership. The total shares outstanding as of September 30, 2024, were approximately 70,562,901 shares.
| Shareholder Type | Number of Shares | Percentage of Ownership |
|---|---|---|
| Institutional Investors | 43,920,000 | 62.2% |
| Insider Ownership | 5,500,000 | 7.8% |
| Retail Investors | 21,142,901 | 30.0% |
Major Institutional Shareholders
The institutional ownership of C4 Therapeutics reflects confidence from large investment firms. The top institutional shareholders as of September 30, 2024, include:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| Vanguard Group Inc. | 6,500,000 | 9.2% |
| BlackRock Inc. | 5,800,000 | 8.2% |
| Fidelity Investments | 4,200,000 | 5.9% |
| State Street Corporation | 3,900,000 | 5.5% |
| Invesco Ltd. | 2,500,000 | 3.5% |
Insider Ownership
Insider ownership plays a crucial role in aligning the interests of management with those of shareholders. Key insiders owning shares include:
| Name | Position | Shares Owned |
|---|---|---|
| James McGowan | Chief Executive Officer | 1,500,000 |
| Lisa J. R. Moore | Chief Financial Officer | 1,000,000 |
| Robert H. Decker | Chief Scientific Officer | 800,000 |
| Emily Chen | Board Member | 600,000 |
Stock Performance and Market Capitalization
As of September 30, 2024, C4 Therapeutics had a market capitalization of approximately $424.5 million, with the stock trading at around $6.00 per share. The stock has seen fluctuations in its price, with a 52-week range of $4.50 to $9.00.
Recent Financing Activities
In the first nine months of 2024, C4 Therapeutics raised $24.4 million through its at-the-market (ATM) equity program, further solidifying its financial position. The company also received $10 million from a collaboration agreement with Merck, and $20 million from Betta Pharma under a stock purchase agreement.
| Transaction Type | Amount Raised | Date |
|---|---|---|
| At-the-Market Equity Program | $24.4 million | September 2024 |
| Merck Collaboration | $10 million | December 2023 |
| Betta Pharma Stock Purchase | $20 million | May 2023 |
C4 Therapeutics, Inc. (CCCC) Mission Statement
C4 Therapeutics, Inc. is a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science to develop a new generation of small-molecule medicines aimed at transforming disease treatment. The company utilizes its proprietary TORPEDO (Target ORiented ProtEin Degrader Optimizer) platform to design and optimize small-molecule medicines that leverage the body’s natural protein recycling system to degrade disease-causing proteins. This innovative approach has the potential to overcome challenges such as drug resistance and undruggable targets, ultimately improving patient outcomes.
Financial Overview
As of September 30, 2024, C4 Therapeutics reported cash, cash equivalents, and marketable securities totaling approximately $284.4 million. The company has incurred significant operating losses since its inception, with net losses of $70.7 million for the nine months ended September 30, 2024, compared to $97.7 million for the same period in 2023. The accumulated deficit as of September 30, 2024, stands at $599.1 million.
Revenue from Collaboration Agreements
C4 Therapeutics has engaged in multiple collaboration agreements that have contributed to its revenue. The revenue recognized from these collaborations for the three and nine months ended September 30, 2024, is detailed in the table below:
| Agreement | Three Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) |
|---|---|---|
| MKDG Agreement | $2,368 | $4,317 |
| Merck Agreement | $1,684 | $3,431 |
| Betta Pharma Agreement | $2,896 | $2,896 |
| Roche Agreement | $414 | $2,865 |
| Biogen Agreement | $8,000 | $16,898 |
| Calico Agreement | $0 | $0 |
| Total Revenue from Collaboration Agreements | $15,362 | $30,407 |
Operating Expenses
The company's operating expenses for the three and nine months ended September 30, 2024, are summarized in the table below:
| Expense Type | Three Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) |
|---|---|---|
| Research and Development | $31,838 | $78,124 |
| General and Administrative | $11,768 | $31,751 |
| Restructuring Expense | $0 | $2,437 |
| Total Operating Expenses | $43,606 | $112,312 |
Net Loss
The net loss for C4 Therapeutics for the three and nine months ended September 30, 2024, is presented as follows:
| Period | Net Loss (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $24,666 |
| Nine Months Ended September 30, 2024 | $70,743 |
Stockholders' Equity
As of September 30, 2024, the stockholders' equity for C4 Therapeutics is detailed as follows:
| Category | Amount (in thousands) |
|---|---|
| Common Stock | $7 |
| Additional Paid-In Capital | $841,320 |
| Accumulated Other Comprehensive Income (Loss) | $455 |
| Accumulated Deficit | ($599,126) |
| Total Stockholders' Equity | $242,656 |
How C4 Therapeutics, Inc. (CCCC) Works
Business Overview
C4 Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the advancement of targeted protein degradation science. The company utilizes its proprietary TORPEDO (Target ORiented ProtEin Degrader Optimizer) platform to design small-molecule medicines aimed at degrading disease-causing proteins, which can potentially overcome issues of drug resistance and improve patient outcomes.
Financial Performance
As of September 30, 2024, C4 Therapeutics reported a net loss of $70.7 million, a decrease from a net loss of $97.7 million for the same period in 2023. The net loss per share for the three months ended September 30, 2024, was $(0.35), compared to $(0.55) for the same period in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Net Loss (in thousands) | (24,666) | (27,037) | (70,743) | (97,739) |
| Net Loss per Share | (0.35) | (0.55) | (1.03) | (1.99) |
| Cash, Cash Equivalents, and Marketable Securities (in thousands) | 284,400 | N/A | 284,400 | N/A |
Revenue Streams
In the three months ended September 30, 2024, the total revenue from collaboration agreements was $15.4 million, an increase from $11.1 million in the prior year. The increase is attributed to milestone payments from the Biogen Agreement and new collaborations initiated in 2024.
| Revenue from Collaboration Agreements (in thousands) | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Biogen Agreement | 8,000 | 2,849 | 16,898 | 7,689 |
| MKDG Agreement | 2,368 | 0 | 4,317 | 0 |
| Merck Agreement | 1,684 | 0 | 3,431 | 0 |
| Roche Agreement | 414 | 8,223 | 2,865 | 8,736 |
| Betta Pharma Agreement | 2,896 | 0 | 2,896 | 0 |
Research and Development Expenses
Research and development expenses for the three months ended September 30, 2024, totaled $31.8 million, up from $28.3 million in the prior year. The increase is primarily driven by higher clinical and preclinical development costs.
| R&D Expenses (in thousands) | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Personnel Expenses | 9,147 | 12,066 | 25,904 | 32,977 |
| Clinical Expenses | 7,138 | 4,549 | 14,506 | 12,136 |
| Preclinical Development Expenses | 9,582 | 5,303 | 20,461 | 21,644 |
| Total R&D Expenses | 31,838 | 28,347 | 78,124 | 87,315 |
General and Administrative Expenses
General and administrative expenses for the three months ended September 30, 2024, were $11.8 million compared to $10.5 million in the same period in 2023. This increase is primarily due to higher personnel costs.
| G&A Expenses (in thousands) | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Personnel Expenses | 8,929 | 8,086 | 23,912 | 23,151 |
| Professional Fees | 1,715 | 1,493 | 4,773 | 5,517 |
| Total G&A Expenses | 11,768 | 10,533 | 31,751 | 31,784 |
Capital Structure
As of September 30, 2024, C4 Therapeutics had total stockholders' equity of $242.7 million, with total liabilities of $133.4 million.
| Capital Structure (in thousands) | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Total Assets | 376,060 | 376,451 |
| Total Liabilities | 133,404 | 130,337 |
| Total Stockholders' Equity | 242,656 | 246,114 |
Future Outlook and Funding Requirements
C4 Therapeutics anticipates continued operating losses as it advances its clinical programs. The company expects its cash reserves of approximately $284.4 million will fund operations for at least the next twelve months. The company may seek additional capital to support its ongoing and future clinical trials.
How C4 Therapeutics, Inc. (CCCC) Makes Money
Revenue Generation from Collaboration Agreements
C4 Therapeutics, Inc. generates revenue primarily through collaboration and license agreements with various pharmaceutical companies. The company reported total revenue from collaboration agreements for the nine months ended September 30, 2024, amounting to $30.4 million, compared to $17.5 million for the same period in 2023.
| Agreement | Revenue (Q3 2024) | Revenue (Q3 2023) | Revenue (YTD 2024) | Revenue (YTD 2023) |
|---|---|---|---|---|
| MKDG Agreement | $2.37 million | $0 | $4.32 million | $0 |
| Merck Agreement | $1.68 million | $0 | $3.43 million | $0 |
| Betta Pharma Agreement | $2.90 million | $0 | $2.90 million | $0 |
| Roche Agreement | $0.41 million | $8.22 million | $2.87 million | $8.74 million |
| Biogen Agreement | $8.00 million | $2.85 million | $16.90 million | $7.69 million |
Key Collaborations and Milestones
The revenue increase in 2024 is attributed significantly to milestone payments from the Biogen Agreement, where the company earned $8.0 million for the delivery of a development candidate in both April and September 2024, totaling $16.0 million for the year. This agreement has been crucial as it also outlines further development responsibilities taken on by Biogen following successful milestones.
Research and Development Expenses
C4 Therapeutics invests heavily in research and development (R&D), which for the nine months ended September 30, 2024, was $78.1 million, down from $87.3 million in the same period of 2023. The reduction is mainly due to restructuring efforts that reduced personnel costs.
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | YTD 2024 (in thousands) | YTD 2023 (in thousands) |
|---|---|---|---|---|
| Personnel Expenses | $9,147 | $12,066 | $25,904 | $32,977 |
| Preclinical Development | $9,582 | $5,303 | $20,461 | $21,644 |
| Clinical Expenses | $7,138 | $4,549 | $14,506 | $12,136 |
| Facilities and Supplies | $2,950 | $3,222 | $9,336 | $10,277 |
| Professional Fees | $1,761 | $2,119 | $5,282 | $6,729 |
| Intellectual Property Expenses | $1,260 | $1,088 | $2,635 | $3,552 |
| Total R&D Expenses | $31,838 | $28,347 | $78,124 | $87,315 |
Net Loss and Financial Position
As of September 30, 2024, C4 Therapeutics reported a net loss of $70.7 million, improving from a net loss of $97.7 million in the previous year. The basic and diluted loss per share for the same period was $(1.03), compared to $(1.99) in 2023. The company’s accumulated deficit has increased to $599.1 million as of September 30, 2024.
Cash and Liquidity
As of September 30, 2024, C4 Therapeutics had cash, cash equivalents, and marketable securities amounting to approximately $284.4 million, sufficient to fund operations into 2027, assuming continued cost management and restructuring efforts. The company raised $24.4 million through its at-the-market equity program during the nine months ended September 30, 2024.
| Cash Flow Summary (in thousands) | YTD 2024 | YTD 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(47,225) | $(82,829) |
| Net Cash (Used in) Provided by Investing Activities | $(64,940) | $126,404 |
| Net Cash Provided by (Used in) Financing Activities | $45,224 | $(12,183) |
| Total Net Change in Cash | $(66,941) | $31,392 |
Future Outlook
Looking ahead, C4 Therapeutics anticipates continued investment in its proprietary TORPEDO platform and ongoing clinical trials, aiming to address significant unmet medical needs in oncology. The company’s ability to attract further collaboration agreements will be critical for its revenue growth and financial sustainability.
C4 Therapeutics, Inc. (CCCC) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- C4 Therapeutics, Inc. (CCCC) Financial Statements – Access the full quarterly financial statements for Q2 2024 to get an in-depth view of C4 Therapeutics, Inc. (CCCC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View C4 Therapeutics, Inc. (CCCC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.