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Jun 30, 2021
C4 Therapeutics Q2 2021 Earnings Report
C4 Therapeutics reported its Q2 2021 financial results and business highlights.
Key Takeaways
C4 Therapeutics reported a revenue of $9.8 million for the second quarter of 2021, slightly up from $9.7 million in the same period last year. The company's net loss was $22.6 million, or $0.51 per share. As of June 30, 2021, C4 Therapeutics had cash, cash equivalents, and marketable securities totaling $498.7 million.
Dosed first patient in Phase 1/2 clinical trial of CFT7455 in hematologic malignancies, with data expected in 2022.
Received Orphan Drug Designation for CFT7455 for the treatment of multiple myeloma.
Initiated Investigational New Drug (IND)-Enabling Activities for CFT8919, A Selective Degrader of EGFR L858R.
Strengthened balance sheet with public offering yielding gross proceeds of $180.8 million; Cash, cash equivalents and marketable securities of $499M as of June 30, 2021
Revenue by Segment
Forward Guidance
C4T continues to advance its portfolio and is on-track to achieve four clinical programs by year-end 2022.
Positive Outlook
- Advance the CFT7455 Phase 1/2 program and share safety and efficacy data at a medical meeting in 2022.
- Submit an IND application for CFT8634 in 2H-2021. CFT8634 is an orally bioavailable BiDAC degrader targeting BRD9 for the treatment of synovial sarcoma and SMARCB1-deleted solid tumors.
- Advance IND-enabling activities for CFT8919 and submit an IND application by mid-2022.
- Advance the BRAF program into IND-enabling studies by YE 2021. The objective of the BRAF program, which is partnered with Roche, is to develop an orally bioavailable BiDAC degrader targeting BRAF V600E mutations for the treatment of genetically defined solid tumors, including locally advanced or metastatic melanoma and NSCLC.
- Continue lead optimization activities for the RET program through 2021. The objective of the RET program is to develop an orally bioavailable BiDAC degrader targeting genetically altered RET for the treatment of solid tumors, including NSCLC and medullary thyroid cancers that are resistant to RET inhibitors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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