Cambridge biotech tracker · Watertown
C4 Therapeutics
Listed on Nasdaq as CCCC, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $275M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $19.9M
- avg. operating cash flow, 4 qtrs
- Runway
- 3.4 yrs
- 3+ years
- Net loss
- $21.8M
- Q3 '26
- R&D expense
- $24.8M
- 75% of opex
- Raised, last 4 qtrs
- +$153M
- net financing cash flow
- Next readout
- Dec 2028
- Phase 1 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
3.4 years
Cash at Q3 '26 divided by the average burn of the last four quarters, $6.6M a month.
Management’s own date
Through 2028
Dec 2028
That implies $10.1M to $10.5M a month, 1.5–1.6× the recent pace.
Planning to spend faster“We believe that these funds will be sufficient to fund our planned operating expenses to the end of 2028.”
Cash against the calendar
What the runway has to reach.
Dec 2028estimated
A Study to Learn About the Effects of Cemsidomide in Combination With Elranatamab in Relapsed/Refractory Multiple Myeloma Subjects
Multiple Myeloma (MM)
NCT07280013 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 3.4 years
- Time to the date
- 25 months
It is about 25 months out. At the current burn there is roughly 17 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Pipeline
3 active trials, through phase 2.
Phase 1 · 2Phase 2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Study to Evaluate the Efficacy of Cemsidomide + Dexamethasone in Participants With Relapsed/Refractory Multiple MyelomaNCT07284758 · Multiple Myeloma, Relapsed/Refractory Multiple MyelomaPhase 2Mar 2030est. | Phase 2 | Recruiting | ||
| Study to Assess the Safety and Tolerability of CFT7455 in Relapsed/Refractory Non-Hodgkin's Lymphoma or Multiple MyelomaNCT04756726 · Multiple Myeloma, Lymphoma, Non-Hodgkin'sPhase 1Sep 2026est. | Phase 1 | Active, not recruiting | ||
| A Study to Learn About the Effects of Cemsidomide in Combination With Elranatamab in Relapsed/Refractory Multiple Myeloma SubjectsNCT07280013 · Multiple Myeloma (MM)Phase 1Dec 2028est. | Phase 1 | Recruiting | ||
| A Study to Characterize the Safety, Tolerability, and Preliminary Efficacy of CFT1946 as Monotherapy and Combination Therapy in Subjects With BRAF V600 Mutant Solid TumorsNCT05668585 · Solid Tumors, MelanomaPhase 1Nov 2025 | Phase 1 | Completed |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 1 readout in Dec 2028, about 25 months out. That leaves roughly 17 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 3.4 years of runway
Cash and investments of $275M at Q3 '26 against an average operating cash burn of $19.9M per quarter over the last four reported quarters runs out around March 2030. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $7.4M since Q4 '24
Net financing inflows of $153M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Cash burn runs $4.1M above net loss
Operating cash outflow exceeded the reported net loss in Q3 '26, which usually means working capital absorbed cash: prepayments to CROs and CDMOs, accrued liabilities paid down, or deferred revenue being earned without new cash coming in.
R&D is 75% of operating expenses
$24.8M of R&D against $33.1M of total operating expenses in Q3 '26, with G&A at $8.3M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $8.5M in Q3 '26
The balance sheet carries $33.3M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Accumulated deficit of $809M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $267M | −$17.9M | −$34.6M | $32.5M | $10.4M | $5.2M | $8.2M | $112K |
| Q1 '25 · Mar 31, 25 | $235M | −$33.3M | −$26.3M | $27.1M | $9.3M | $7.2M | $5.5M | −$46K |
| Q2 '25 · Jun 30, 25 | $223M | −$12.1M | −$26.0M | $26.2M | $8.8M | $6.5M | $5.0M | $0 |
| Q3 '25 · Sep 30, 25 | $200M | −$31.2M | −$32.2M | $26.0M | $8.9M | $11.2M | $4.6M | $7.8M |
| Q4 '25 · Dec 31, 25 | $297M | −$22.1M | −$20.5M | $25.0M | $9.2M | $11.0M | $4.0M | $119M |
| Q1 '26 · Mar 31, 26 | $268M | −$29.9M | −$25.1M | $24.6M | $9.3M | $6.2M | $2.7M | $462K |
| Q2 '26 · Jun 30, 26 | $300M | −$1.6M | −$23.6M | $24.5M | $8.6M | $6.6M | $3.0M | $33.7M |
| Q3 '26 · Sep 30, 26 | $275M | −$26.0M | −$21.8M | $24.8M | $8.3M | $8.5M | $3.0M | $359K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.