What C4 Therapeutics does

C4 Therapeutics, Inc. (NASDAQ: CCCC) is a clinical-stage biopharmaceutical company founded in December 2015 and headquartered in Watertown, Massachusetts, that develops orally bioavailable small-molecule drugs based on targeted protein degradation (TPD). Its central technology is the proprietary TORPEDO (Target Oriented Protein Degrader Optimizer) platform, which combines computational and experimental methods to design two complementary degrader classes: MonoDAC molecular glue degraders (binding E3 ligases such as Cereblon to create new target surfaces) and BiDAC heterobifunctional degraders (one end binding the disease target, the other binding the E3 ligase), supported by a Cereblon Toolkit of E3-ligase-binding ligands. The company's lead clinical assets are cemsidomide (CFT7455), an IKZF1/3 MonoDAC degrader for relapsed/refractory multiple myeloma that showed a 53% overall response rate at the recommended Phase 2 dose in 73 heavily pretreated patients, and CFT8919, an allosteric BiDAC degrader selective for EGFR L858R-mutant NSCLC that retains activity against resistance mutations such as L858R-C797S. Additional earlier-stage programs target BRAF V600X solid tumors (CFT1946) and BRD9 in synovial sarcoma/SMARCB1-null tumors (CFT8634), and the company has begun expanding into degrader-antibody conjugates (DACs) as a new modality.

Because C4T has no approved or commercialized products, its revenue model is built on strategic partnerships that provide upfront payments, development and regulatory milestone receipts, and tiered royalties on net sales. Active partners include Roche (initial collaboration since January 2016, expanded in April 2026 with $20M upfront and over $1B in potential milestones for DACs), Biogen (since December 2018, advancing TORPEDO-derived candidates), Betta Pharmaceuticals (May 2023 exclusive license for CFT8919 in Greater China, up to $357M in milestones plus royalties), and Merck KGaA (February 2024 collaboration on KRAS degraders), with Pfizer added in October 2025 for a cemsidomide-elranatamab combination trial. The company goes to market through enterprise-style pharma licensing and co-development rather than a traditional salesforce, and supports this with scientific publications, presentations at oncology conferences (EHA, ASH, ASCO, AACR, ESMO), and investor-focused communications. The company is publicly traded on NASDAQ with a market capitalization of approximately $261-265M as of February 2026, a cash burn of approximately $96M annually, and an October 2025 $125M underwritten offering (with up to $349.7M including warrant exercise) that extends its cash runway through 2028.

Name

C4 Therapeutics

Legal name

C4 Therapeutics, Inc.

Website

https://c4therapeutics.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

C4 Therapeutics is a clinical-stage biopharmaceutical company that designs orally bioavailable targeted protein degrader medicines via its TORPEDO platform, advancing lead candidates cemsidomide for multiple myeloma and CFT8919 for EGFR-mutant NSCLC while licensing programs to large-pharma partners.

Ownership category

akta.pro rank

Product category

Targeted Protein Degradation Therapeutics

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Pharmaceutical Preparation Manufacturing (325412), Scientific Research and Development Services (5417)

SIC

Pharmaceutical Preparations (2834), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Target Identification & Validation Platforms (omics-driven, chemoproteomics, genetic validation) (HLAAAIAI)

Keywords

• Targeted protein degradation
• Oncology drug development
• Protein degrader therapeutics
• Molecular glue degraders
• Heterobifunctional degraders

Headquarters

HQ city

Cambridge

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Partnership and Licensing Revenue: C4 Therapeutics generates revenue through strategic partnerships with pharmaceutical companies. The company receives upfront payments, milestone payments tied to development and regulatory achievements, and royalties on net sales of approved products. Key partnerships include Roche (DACs), Biogen (TORPEDO platform), Betta Pharmaceuticals (CFT8919 in Greater China), and Merck KGaA (KRAS programs).
2. Equity Financing: The company has raised capital through underwritten equity offerings, including a $125 million offering in October 2025 with potential up to $349.7 million if all warrants are exercised. This extends the company's cash runway to 2028.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

C4 Therapeutics discovers and develops orally bioavailable small-molecule drugs that use targeted protein degradation to eliminate disease-causing proteins, with two clinical-stage oncology candidates (Cemsidomide for multiple myeloma and CFT8919 for EGFR-mutant NSCLC). The company advances these candidates internally through clinical trials and through co-development/licensing partnerships with larger pharmaceutical companies that handle later-stage development and commercialization.

Product overview

C4 Therapeutics is a clinical-stage biopharmaceutical company developing a new generation of medicines through targeted protein degradation (TPD). The company's core offerings include the TORPEDO drug discovery platform, which enables development of MonoDAC molecular glue degraders and BiDAC heterobifunctional degraders. Clinical-stage candidates include Cemsidomide (IKZF1/3 degrader for multiple myeloma) and CFT8919 (EGFR L858R degrader for non-small cell lung cancer). The company also develops degrader-antibody conjugates (DACs) as an emerging modality, combining degraders with antibodies for enhanced tumor targeting. All investigational medicines are orally bioavailable small molecules.

Differentiator

Problem solved

Functional benefit

Products and services

• Cemsidomide (CFT7455)
• CFT8919
• TORPEDO Platform
• Degrader-Antibody Conjugates (DACs)

Quantifiable outcome

• 53% overall response rate at 100µg recommended Phase 2 dose in 73 heavily pretreated relapsed/refractory multiple myeloma patients
• +1 more outcomes

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered flagship, minor and core.

• RocheflagshipStrategic or Co-development Partner · 9 April 2026Roche and C4 Therapeutics have partnered since January 2016 to advance research in targeted protein degradation. The partnership was expanded in April 2026 to develop degrader-antibody conjugates (DACs) for two undisclosed oncology targets with an option for a third. C4T receives $20 million upfront payment and is eligible for over $1 billion in discovery, development, and commercial milestones, plus tiered royalties on future sales. C4T uses TORPEDO platform for degrader payload design while Roche handles antibody selection, conjugation, and advances candidates through preclinical, clinical development, and commercialization.
• PfizerminorStrategic or Co-development Partner · 1 October 2025Clinical trial collaboration signed in October 2025 for evaluation of cemsidomide in combination with elranatamab (ELREXFIO). Pfizer provides elranatamab at no cost while C4T sponsors and conducts the Phase 1b trial in relapsed/refractory multiple myeloma patients.
• Merck KGaA, Darmstadt, GermanycoreStrategic or Co-development Partner · 1 February 2024C4 Therapeutics and Merck KGaA announced a strategic discovery research collaboration in February 2024 against critical oncogenic proteins within the KRAS family. C4T utilizes its TORPEDO platform to discover degraders for treatment of KRAS-mutant cancers while Merck KGaA is responsible for clinical development and commercialization.
• Betta PharmaceuticalscoreStrategic or Co-development Partner · 30 May 2023C4T and Betta Pharmaceuticals entered into an exclusive licensing agreement in May 2023 for development and commercialization of CFT8919 in Greater China (China, Hong Kong SAR, Macau SAR, Taiwan). C4T is eligible for up to $357 million in potential milestones plus royalties on net sales. Betta is responsible for development, manufacturing, and commercialization in licensed territories.
• BiogencoreStrategic or Co-development Partner · 1 December 2018C4 Therapeutics and Biogen entered into a strategic collaboration in December 2018 to use C4T's TORPEDO platform to discover and develop potential new treatments. C4T provides expertise and research services in targeted protein degradation while Biogen provides scientific and drug development capabilities. Biogen advances candidates through clinical development and potential commercialization.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Peers

• Pfizer:

Direct peers

• Arvinas: Clinical-stage biopharmaceutical company pioneering targeted protein degradation via its PROTAC platform (heterobifunctional degraders). Most direct competitor to C4T in oncology and neuroscience, with overlapping degrader modality, similar platform-driven strategy, and comparable partnership-heavy business model.
• Kymera Therapeutics: Clinical-stage biotech developing small molecule targeted protein degraders using its Pegasus platform across immunology and oncology indications. Directly comparable to C4T in modality (heterobifunctional and molecular glue degraders), pipeline stage, and partnership-driven model.
• Monte Rosa Therapeutics: Clinical-stage biotech focused on molecular glue degraders for oncology and other diseases, with a discovery platform similar in approach to C4T's TORPEDO. Competes for the same degrader discovery talent, target space, and pharma partnership dollars.
• Foghorn Therapeutics: Clinical-stage company developing medicines targeting chromatin biology, including protein degradation-based approaches to historically undruggable cancer targets. Comparable as a clinical-stage platform-driven oncology biotech with degrader-related modality.

Emerging players

• Dialectic Therapeutics: Early-stage company developing targeted protein degraders for oncology and other diseases, including STING-related and other targets. Less capitalized and earlier-stage than C4T but operates in the same TPD modality and oncology focus.
• BioTheryX: Clinical-stage company developing targeted protein degraders (molecular glues and heterobifunctionals) for hematologic malignancies and solid tumors. Similar degrader modality and oncology pipeline to C4T but at smaller scale and earlier stage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/c4-therapeutics-inc.
• Xx.com/c4therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds7 records

Investors27 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about C4 Therapeutics