C4 Therapeutics posted a Q2 loss but exceeded revenue estimates. Mixed Q2 earnings with loss offset by revenue beat point to moderate effects on near-term sentiment and financial perception.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | 1 | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2025 | ‡‡‡ |
|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 253.68 | 244.90 | 248.54 | 253.66 |
| Receivables | 11.80 | 3.10 | 2.40 | 1.33 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 271.19 | 257.77 | 258.11 | 262.90 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1.45 | 1.33 | 0.86 | 1.12 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 42.77 | 45.18 | 33.03 | 48.25 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡ | ‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 6.15 | 6.64 | — | — |
—
|
| ’25 | 7.24 | 6.46 | 11.23 | 11.02 |
35.95
|
| ’24 | 3.04 | 12.01 | 15.36 | 5.18 |
35.58
|
| ’23 | 3.76 | 2.66 | 11.07 | 3.26 |
20.76
|
| ’22 | 7.65 | 13.83 | 6.75 | 2.85 |
31.10
|
| ’21 | 7.43 | 9.78 | 8.50 | 20.08 |
45.79
|
| ’20 | 6.82 | 9.67 | 8.45 | 8.26 |
33.20
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (29.94) | (1.57) | — | — |
—
|
| ’25 | (33.28) | (12.06) | (31.21) | (22.14) |
(98.69)
|
| ’24 | (18.12) | (4.97) | (24.13) | (17.93) |
(65.16)
|
| ’23 | (33.12) | (19.00) | (30.71) | (24.01) |
(106.84)
|
| ’22 | (26.60) | (22.19) | (28.02) | (29.13) |
(105.94)
|
| ’21 | (24.93) | (18.00) | (18.36) | (25.67) |
(86.96)
|
| ’20 | (16.67) | (14.59) | (14.40) | (21.59) |
(67.25)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (30.01) | (1.61) | — | — |
—
|
| ’25 | (33.28) | (12.24) | (31.62) | (22.16) |
(99.30)
|
| ’24 | (18.12) | (5.17) | (24.12) | (17.93) |
(65.34)
|
| ’23 | (33.71) | (19.36) | (31.31) | (24.17) |
(108.55)
|
| ’22 | (26.77) | (22.72) | (31.32) | (30.62) |
(111.43)
|
| ’21 | (25.35) | (18.75) | (18.36) | (25.78) |
(88.24)
|
| ’20 | (16.85) | (14.48) | (14.68) | (21.88) |
(67.90)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.20) | (0.18) | — | — |
—
|
| ’25 | (0.37) | (0.37) | (0.44) | (0.18) |
(1.27)
|
| ’24 | (0.41) | (0.26) | (0.35) | (0.49) |
(1.52)
|
| ’23 | (0.71) | (0.73) | (0.55) | (0.68) |
(2.67)
|
| ’22 | (0.65) | (0.56) | (0.65) | (0.76) |
(2.62)
|
| ’21 | (0.49) | (0.51) | (0.51) | (0.31) |
(1.82)
|
| ’20 | (0.33) | (0.32) | (17.55) | (0.27) |
(5.83)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | ‡‡‡‡ | ‡‡‡‡‡ | 4.84 | 1.06 | 3.43 | 1.09 | — | — | — |
Low Price
|
| — | — | — | — | ‡‡‡‡ | ‡‡‡‡‡ | 33.76 | 9.41 | 11.88 | 4.26 | — | — | — |
High Price
|
| — | — | — | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 146 | 145 | 110 | 104 | — | — | — |
Employees
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.21 | 0.14 | 0.32 | 0.35 | — | — | — |
Revenue/Emp
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 31.10 | 20.76 | 35.58 | 35.95 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 100.00% | 100.00% | 100.00% | 100.00% | — | — | — |
Gross Margin
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (128.17) | (131.21) | (105.18) | (104.87) | ‡‡‡‡‡ | — | — |
EBT
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (412.19%) | (632.17%) | (295.60%) | (291.74%) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (128.17) | (132.49) | (105.32) | (104.99) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.10 | (1.50) | (3.58) | (0.78) | — | — | — |
Depreciation
|
| — | — | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.64 | 0.42 | 0.51 | 0.43 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.62) | (2.67) | (1.52) | (1.27) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.17) | (2.15) | (0.94) | (1.19) | ‡‡‡‡‡ | — | — |
Cash Flow/Sh
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.11) | (0.03) | 0.00 | (0.01) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.28) | (2.19) | (0.94) | (1.20) | — | — | — |
Free CF/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.92 | 4.96 | 3.11 | 3.10 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 48.86 | 49.64 | 69.37 | 82.89 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
PE Ratio
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.03 | 15.59 | 7.02 | 4.40 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.08 | 1.32 | 1.16 | 0.62 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.51 | 6.85 | 2.16 | (0.50) | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.42) | (1.31) | (1.18) | 0.18 | — | — | — |
EV/FCF
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (105.94) | (106.84) | (65.16) | (98.69) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.50) | (1.71) | (0.18) | (0.61) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (111.43) | (108.55) | (65.34) | (99.30) | ‡‡‡‡‡ | — | — |
FCF
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 243.01 | 228.42 | 212.59 | 225.08 | — | — | — |
Working Cap'
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.48 | — | — | — | — | — | — |
Total Debt
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (264.67) | (253.68) | (244.90) | (248.54) | — | — | — |
Net Debt
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 289.23 | 246.11 | 215.99 | 256.59 | — | — | — |
Sh' Equity
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (27.34%) | (32.82%) | (29.01%) | (29.63%) | ‡‡‡‡‡ | — | — |
ROA
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (329.60%) | 0.00% | 0.00% | (894.58%) | — | — | — |
ROIC
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (37.76%) | (49.50%) | (45.58%) | (44.44%) | ‡‡‡‡‡ | — | — |
ROE
|
C4 Therapeutics (CCCC) is at a compelling inflection point in the burgeoning field of targeted protein degradation, a disruptive biotech arena with transformative potential for cancer and beyond. As a pioneer leveraging proprietary platforms to selectively eliminate disease-causing proteins, the company boasts a robust cash position of ~$245 million in net cash—providing 2-3 years of runway—and a landmark 2021 Roche partnership worth up to $3.1 billion in milestones, which validated its technology and fueled revenue growth to $35.6 million in 2024 (71% YoY). Despite post-IPO volatility, with shares plunging 90% from 2021 highs amid market rotations and dilution, CCCC now trades at a deeply undervalued ~1x book value, screaming opportunity amid improving per-share metrics and cost efficiencies.
Financials reflect classic pre-commercial biotech dynamics: deepening R&D-driven losses narrowing to -$105 million in 2024 (21% improvement), free cash flow burn slowing 40% YoY, and productivity soaring 126% per employee post-strategic headcount cuts. Projections show revenue dips ahead due to milestone timing, but EV/Sales at 2.2x and gross margins at 100% underscore scalable collaboration upside. Insiders show no distress selling, aligning with Wall Street’s bullish stance—analyst targets imply 165-960% gains (mean 270%) tied to pivotal 2025-2027 catalysts like Phase 3 data for CFT745 and KRAS degraders.
While risks like trial failures, revenue lumpiness, and further dilution persist—echoing biotech’s high-stakes history—CCCC’s cash moat, Roche validation, and depressed multiples position it for multi-bagger returns over 3-5 years, mirroring past sector buyouts like Seagen. This degrader leader merits close watch for growth portfolios.
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