# C4 Therapeutics, Inc. (CCCC)

> Source: Nexqual · https://nexqual.com/CCCC · data as of 2026-10-23 13:31 UTC · cite as "Nexqual, C4 Therapeutics, Inc. (CCCC), nexqual.com/CCCC" · informational, not investment advice.

**Price:** USD 3.12 (-1.89% today) · US market open, as of October 23, 2026 at 13:31 UTC; quotes may be delayed. Prev close 3.18 · day 3.12–3.15 · 52w 1.69–5.17 · market cap $384M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $35.0M, net income -$101M (-289.4% margin), free cash flow -$85.4M (SEC filings).
- Analysts: Buy (mean 1.75 on a 1–5 scale) (8 analysts), mean target USD 12.86 (range 7–30).
- Total return with dividends: 1Y +31.1% vs S&P 500 +14.9%; 5Y -93.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.21, revenue estimate $8.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $45.8M | $31.1M | $20.8M | $35.6M | $35.9M | $35.0M |
| Operating income | -$82.1M | -$130M | -$139M | -$120M | -$115M | -$112M |
| Net income | -$83.9M | -$128M | -$132M | -$105M | -$105M | -$101M |
| EPS (diluted) | -$1.82 | -$2.62 | -$2.67 | -$1.52 | -$1.27 | — |
| Free cash flow | -$88.2M | -$111M | -$109M | -$65.3M | -$99.3M | -$85.4M |
| Operating margin | -179.4% | -416.6% | -669.8% | -336.1% | -320.5% | -319.0% |
| Net margin | -183.2% | -412.2% | -638.3% | -296.0% | -292.1% | -289.4% |
| Revenue growth | — | -32.1% | -33.3% | +71.4% | +1.0% | — |
| Cash + short-term investments | $452M | $337M | $282M | $267M | $297M | — |
| Total debt | $10.8M | $11.5M | $0K | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 10.9x · P/B 1.6x · FCF yield -22.25% · Earnings yield -26.42% · Buyback yield (TTM) 0.06%

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 8 analysts; mean target USD 12.86 (low 7, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | JP Morgan | Initiated | Overweight | $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +31.1% | -93.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +31.1% | -41.2% |
| Volatility (annualized) | 79.6% | 107.2% |
| Max drawdown | -44.1% (Jun 2026→Oct 2026) | -97.3% (Nov 2021→Apr 2025) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.51 -0.10% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.44 -0.51% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.08 -0.42% · PRAX (Praxis Precision Medicines, Inc) USD 256.94 -0.76% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.69 -0.50% · ABVX (Abivax SA) USD 89.18 -1.17%

## More
Full page: https://nexqual.com/CCCC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CCCC's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1662579/000162828026012000/cccc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Pfizer (PFE) | "On September 30, 2025, we entered into a Clinical Trial Collaboration and Supply Agreement with Pfizer Inc., or the Pfizer Agreement." |
| Partner | Merck (MRK) | "Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc., or Roche, Betta Pharmaceuticals Co., Ltd., or Betta Pharma, and Merck KGaA, Darmstadt, Germany, or Merck KGaA, or other new collaboration agreements;" |
| Partner | Hoffmann-La Roche Ltd and Hoffmann-La Roche | "•We have ongoing collaborations with Roche, Betta Pharma, and Merck KGaA." |
| Partner | Biogen MA | "This Form 10-K may also contain trademarks, service marks, and trade names of third parties, including, without limitation, our collaboration partners Roche, Biogen, Merck KGaA, and Pfizer Inc., which are the property of…" |
| Partner | Cowen and Company | "We simultaneously entered into a sales agreement with Cowen and Company, LLC (now TD Securities (USA) LLC), as sales agent, to provide for the issuance and sale by us of up to $200.0 million of common stock from time to …" |

## Company outlook (8-K filed 2026-08-11)

- "Financial Guidance: Cash, cash equivalents and marketable securities as of June 30, 2026, were $300.4 million, compared to $268.3 million as of March 31, 2026, and $297.1 million as of December 31, 2025."
- "The company expects that its current cash, cash equivalents and marketable securities will fund its operations to the end of 2028."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.21 | $-0.25 | -16.0% | $8.8M | 5 |
| Next quarter (ends 2026-12-31) | $-0.26 | $-0.27 | -4.3% | $4.7M | 5 |
| Current fiscal year (ends 2026-12-31) | $-0.86 | $-0.96 | -10.5% | $26.4M | 5 |
| Next fiscal year (ends 2027-12-31) | $-0.96 | $-1.04 | -7.5% | $22.3M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±20.6%; last 8 reports averaged ±10.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 95.8% | ±20.6% |
| 2026-12-18 | 56 | 110.1% | ±30.7% |
| 2027-01-15 | 84 | 86.8% | ±39.3% |
| 2027-04-16 | 175 | 96.2% | ±50.3% |
| 2027-10-15 | 357 | 101.6% | ±73.1% |