C4 Therapeutics, Inc.
CCCC Healthcare Biotechnology
C4 Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $35.9 million, up 1.02% from fiscal 2024. In the quarter to June 2026, revenue grew 2.75%, EPS grew 51.4% and free cash flow grew 86.8%, each against the same quarter a year earlier.
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C4 Therapeutics, Inc. (CCCC) Altman Z-score
C4 Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is −2.16, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −2.16 | (0.45) |
| FY2024 | −1.71 | (0.60) |
| FY2023 | −1.11 | (0.80) |
| FY2022 | −0.31 | (7.37) |
| FY2021 | 7.06 | 5.21 |
| FY2020 | 1.85 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.63 | — | 0.75 | |
| Retained earnings / total assets | (2.06) | — | −2.88 | |
| EBIT / total assets | (0.32) | — | −1.06 | |
| Market value of equity / total liabilities | 1.54 | — | 0.93 | |
| Sales / total assets | 0.10 | — | 0.10 | |
| Altman Z-score | Distress zone | −2.16 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.12 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CYPH Cypherpunk Technologies Inc. compare | 13.5× |
| AVIR Atea Pharmaceuticals, Inc. compare | 9.3× |
| FENC Adherex Technologies Inc. compare | 0.5× |
| ENTA Enanta Pharmaceuticals, Inc. compare | −1.4× |
| CCCC C4 Therapeutics, Inc. | −2.2× |
| OBIO Orchestra BioMed Holdings, Inc. compare | −2.7× |
| IRD Opus Genetics, Inc. compare | −4.3× |
| TTRX Turn Therapeutics Inc. compare | — |
| RLMD Relmada Therapeutics, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets