On May 12, 2026 C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation (TPD) science, reported financial results for the first quarter ended March 31, 2026, as well as recent business highlights.
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"During the first quarter, we made strong progress advancing cemsidomide as a potential best-in-class IKZF1/3 degrader for the treatment of multiple myeloma, highlighted by the initiation of two new clinical trials and plans to begin an additional combination trial next year. We believe our clinical development path further supports the advancement of IKZF1/3 degradation – the only mechanism targeting a central transcriptional dependency in multiple myeloma – and will help position cemsidomide as a potentially foundational therapy for these patients with relapsed refractory disease," said Andrew Hirsch, president and chief executive officer of C4 Therapeutics. "In addition to these clinical advances, we also expanded our partnership with Roche through a new collaboration focused on degrader-antibody conjugates, broadening the reach of targeted protein degradation in cancer. Supported by a strong balance sheet through key value inflection points, we remain focused on advancing our portfolio to deliver the next generation of targeted protein degrader medicines to patients."
FIRST QUARTER 2026 HIGHLIGHTS AND RECENT ACHIEVEMENTS
Planning is underway to initiate an additional Phase 1b trial evaluating cemsidomide in combination with approved multiple myeloma (MM) therapies. The trial will include two treatment arms: (1) cemsidomide, dexamethasone, and a proteasome inhibitor, and (2) cemsidomide, dexamethasone, and a CD38 antibody, for the relapsed refractory (RR) MM patients. Trial initiation is expected in the first half of 2027 with the goal of further establishing cemsidomide’s profile as a potentially foundational therapy across multiple lines of MM treatment.
Data from the Phase 1 trial evaluating cemsidomide in combination with dexamethasone in RRMM was accepted as a poster presentation at the European Hematology Annual (EHA) (Free EHA Whitepaper) Congress taking place from June 11 – June 14, 2026, in Stockholm, Sweden. Enrollment was completed in September 2025, and the poster presentation will include further analysis from the ongoing trial.
A trial-in-progress poster highlighting the Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone in RRMM was accepted at the 2026 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting taking place from May 29 – June 2, 2026, in Chicago, Illinois.
The first patient was dosed in the Phase 1b trial in March 2026. The trial is evaluating cemsidomide and dexamethasone in combination with elranatamab (ELREXFIO), B-cell maturation antigen CD3 targeted bispecific antibody, for earlier lines of MM treatment.
The first patient was dosed in the Phase 2 MOMENTUM trial in February 2026. The trial is evaluating cemsidomide in combination with dexamethasone in MM for the fourth line or later. The trial is expected to enroll approximately 100 patients and is on track to complete enrollment by the end of Q1 2027.
Based on the evolving treatment landscape for EGFR mutated non-small cell lung cancer (NSCLC), capital priorities, and available clinical data to date, C4T has made the decision to not advance CFT8919, an EGFR L858R degrader, into the next phase of clinical development outside of Greater China at this time.
C4T entered into a new collaboration agreement with Roche in April 2026, to advance research in the emerging degrader-antibody conjugate (DAC) modality. C4T and Roche will combine antibody-drug conjugation and targeted protein degradation to develop a new way to treat cancers. In May 2026, C4T received an upfront payment of $20 million.
UPCOMING MILESTONES
EHA Congress, June 11 – 14, 2026: Dr. Sagar Lonial, MD, FACP, FASCO, Chief Medical Officer at the Winship Cancer Institute at Emory University, will present a poster titled "Updated Results of a Phase 1 First-In-Human Study of Cemsidomide, a Novel MonoDAC Degrader, with Dexamethasone in Patients with RRMM" at the EHA (Free EHA Whitepaper) Congress on Friday, June 12, 2026 at 6:45 pm CEST / 12:45 pm ET.
2H 2026: Provide an update on the dose escalation progress from the Phase 1b trial evaluating the combination of cemsidomide, dexamethasone, and elranatamab.
By year-end 2026: Deliver at least one development candidate to a collaboration partner and advance collaborations toward key milestones.
UPCOMING INVESTOR EVENTS
May 26th at 2:30 pm ET: Management will participate in a virtual fireside chat at TD Cowen’s 7th Annual Oncology Innovation Summit: Insights for ASCO (Free ASCO Whitepaper) & EHA (Free EHA Whitepaper), taking place virtually from May 26 – May 27, 2026.
June 3rd at 8:45 am ET: Management will participate in a fireside chat at the 2026 Jefferies Global Healthcare Conference taking place in New York, NY from June 2 – June 4, 2026.
June 10th: Management will participate in 1×1 meetings at the Goldman Sachs 47th Annual Global Healthcare Conference taking place in Miami, FL from June 8 – 10, 2026.
FIRST QUARTER 2026 FINANCIAL RESULTS
Revenue: Total revenue for the first quarter of 2026 was $6.2 million, compared to $7.2 million for the first quarter of 2025. The decrease in revenue resulted from the conclusion of the research collaboration with Merck and the prioritization of one KRAS project under the collaboration with Merck KGaA, Darmstadt, Germany (MKDG). This was partially offset by a $2.0 million milestone that was earned from Biogen during the period ended March 31, 2026.
Research and Development (R&D) Expense: R&D expense for the first quarter of 2026 was $24.6 million, compared to $27.1 million for the first quarter of 2025. The decrease in R&D expense was primarily related to the conclusion of the Merck collaboration and the prioritization of one KRAS project under the collaboration with MKDG.
General and Administrative (G&A) Expense: G&A expense for the first quarter of 2026 was $9.3 million, which was unchanged compared to the first quarter of 2025.
Net Loss and Net Loss per Share: Net loss for the first quarter of 2026 was $25.1 million, compared to $26.3 million for the first quarter of 2025. Net loss per share for the first quarter of 2026 was $0.20, compared to $0.37 for the first quarter of 2025.
Cash Position and Financial Guidance: Cash, cash equivalents and marketable securities as of March 31, 2026 were $268.3 million, compared to $297.1 million as of December 31, 2025. The decrease in cash, cash equivalents and marketable securities during the first quarter of 2026 was primarily the result of the cash used to fund operations and advance our programs. The company expects that its current cash, cash equivalents and marketable securities will fund its operations to the end of 2028.
About Cemsidomide
Cemsidomide is an investigational, orally bioavailable molecular glue degrader (MonoDAC degrader) of IKZF1/3, transcription factors foundational to multiple myeloma biology. Data from the Phase 1 trial, which has completed enrollment, show cemsidomide’s differentiated safety and tolerability profile and potentially class-leading anti-myeloma activity that support the potential for durable outcomes.
About the MOMENTUM Trial
MOMENTUM (Multi-center trial Of cemsidoMidE iN relapsed/refracTory mUltiple Myeloma) is a Phase 2, open-label, single-arm study to evaluate the efficacy, safety, pharmacokinetics and pharmacodynamics of cemsidomide in combination with dexamethasone in patients with relapsed/refractory multiple myeloma. Data from the Phase 1 trial identified 100 µg as the recommended Phase 2 dose. The primary endpoint is overall response rate per International Myeloma Working Group response criteria, as assessed by an independent review committee. Approximately 100 patients who have received at least three prior anti-myeloma regimens that must have included an IKZF1/3 degrader, a proteasome inhibitor, an anti-CD38 antibody, and a T-cell engager or CAR-T therapy will be enrolled in the trial. More information is available at clinicaltrials.gov (NCT07284758).
About Cemsidomide in Combination With Elranatamab (ELREXFIO)
The Phase 1b trial is designed to evaluate the safety, tolerability and preliminary efficacy of cemsidomide and dexamethasone in combination with elranatamab, an FDA-approved B-cell maturation antigen CD3 targeted bispecific antibody. Data generated from the cemsidomide Phase 1 trial in relapsed/refractory multiple myeloma demonstrate robust T-cell activation and cytokine expression across multiple doses. By activating immune T-cells, cemsidomide, when combined with a BCMAxCD3 bispecific such as elranatamab, may amplify the anti-myeloma immune response and lead to deeper and more durable responses. The study will evaluate different cemsidomide dose levels (beginning with 75 µg, with the opportunity to simultaneously explore 50 µg and 100 µg) in patients who have received one to four prior lines of therapy, which must have consisted of at least one IKZF1/3 degrader. Exclusion criteria for patients include those who have received prior treatment with a BCMA-directed T-cell engager or BCMA-directed CAR-T therapy. More information is available at clinicaltrials.gov (NCT07280013).
About Multiple Myeloma
Multiple myeloma (MM) is a rare blood cancer affecting plasma cells. Approximately 36,000 people in the United States are diagnosed with MM each year. Approved IKZF1/3 degraders remain foundational therapies across lines of MM treatment. Despite advances, including immune-directed approaches, most patients ultimately relapse, underscoring a growing need for new therapeutics options that continue to leverage IKZF1/3 degradation to drive myeloma cell death and T-cell activation.
(Press release, C4 Therapeutics, MAY 12, 2026, View Source [SID1234665528])