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# C4 Therapeutics Revenue Falls To $8.5 Million As Merck Research Activities End
- URL: https://www.bullished.co/c4-therapeutics-revenue-falls-to-8-5-million-as-merck-research-activities-end-00e45145/
- Published: 2026-11-06T16:26:41.000Z
- Updated: 2026-11-06T16:26:41.000Z
- Description: Cemsidomide trial results are expected in 2027, while the company projects enough cash and investments to operate through 2028.
- Author: Matteo Parrino
- Tags: SEC Filings, CCCC, Industry: Healthcare

C4 Therapeutics, which develops experimental medicines that remove disease-causing proteins, reported third-quarter revenue of $8.5 million Thursday, down from $11.2 million a year earlier. Certain research activities under its Merck collaborations ended in 2025, reducing revenue, according to results accompanying its [SEC filing](https://www.sec.gov/Archives/edgar/data/0001662579/000162828026070560/cccc-20261105.htm?ref=bullished.co), while spending on cemsidomide cancer trials increased.

## Lower Revenue, Lower Expenses

Revenue from the Roche collaboration increased, partly cushioning the decline associated with the Merck and Merck KGaA research work. C4's unaudited quarterly [net loss narrowed](https://www.sec.gov/Archives/edgar/data/0001662579/000162828026070560/exhibit991q32026earnings.htm?ref=bullished.co) to $21.8 million from $32.2 million, with the loss per share declining to $0.16 from $0.44.

The comparison includes an important expense difference: the year-earlier quarter carried a $10.733 million impairment charge on long-lived assets, compared with none in the latest quarter. Research and development spending fell to $24.8 million from $26.0 million as reduced stock-based pay outweighed higher clinical costs. Administrative spending declined to $8.3 million from $8.9 million, also primarily because of lower stock-based pay.

C4 had [cash and investments](https://www.globenewswire.com/news-release/2026/11/05/3396251/0/en/c4-therapeutics-reports-third-quarter-2026-financial-results-and-recent-business-highlights.html?ref=bullished.co) of $274.7 million on September 30, compared with $300.4 million on June 30 and $297.1 million on December 31, 2025\. The company attributed the quarterly decline to funding operations and drug development, and expects those resources to cover its operating plan through the end of 2028.

## Cemsidomide Moves Into More Testing

Cemsidomide's early-stage trial with elranatamab has moved to testing a 100-microgram dose and enrolling more patients at 75 micrograms. The safety review committee cleared the 75-microgram dose to proceed; results from all evaluated groups are [expected in mid-2027](https://www.sec.gov/Archives/edgar/data/0001662579/000162828026070560/exhibit991q32026earnings.htm?ref=bullished.co).

The combination study evaluates safety, tolerability and preliminary efficacy in patients who have received one to four previous treatment regimens. C4 presented biomarker findings at September's International Myeloma Society Annual Meeting, including early observations from the first two patients in the elranatamab combination study. The company said the findings supported cemsidomide's potential to activate and expand immune T-cells and prevent their exhaustion.

The separate mid-stage study pairing cemsidomide with dexamethasone remains on track to finish enrollment in the first quarter of 2027\. Initial investigator-assessed tumor-response results are expected in the second half of 2027\. That study aims to enroll approximately [100 patients](https://www.globenewswire.com/news-release/2026/11/05/3396251/0/en/c4-therapeutics-reports-third-quarter-2026-financial-results-and-recent-business-highlights.html?ref=bullished.co) who have received at least three previous anti-myeloma regimens.

Andrew Hirsch, president and chief executive officer of C4 Therapeutics, said, “With data expected from these trials in 2027, we believe next year will be pivotal in establishing cemsidomide’s therapeutic profile and its potential to address the significant unmet need of patients with multiple myeloma across an evolving standard of care.”

## More Combinations And Partner Milestones

C4's drug-development business also includes CFT8919 for non-small-cell lung cancer, discovery research in inflammatory and nervous-system diseases, and pharmaceutical research and licensing agreements. Those agreements generate upfront payments, research funding and milestone payments, with royalties linked to future sales. Betta Pharma develops CFT8919 in Greater China; C4 keeps rights elsewhere.

C4 plans another early-stage cemsidomide study in the first half of 2027, testing combinations with dexamethasone and either daratumumab or carfilzomib. Both groups will enroll patients with at least one previous treatment regimen, starting cemsidomide at 75 micrograms.

The company also targets delivering at least one drug-development candidate to a collaboration partner by year-end 2026\. At October's Targeted Protein Degradation Summit, C4 introduced a DNA-encoded screening library for its TORPEDO platform, which the company said would help identify potential protein-degrading medicines.

C4 is scheduled to present the design of its cemsidomide-elranatamab study at the American Society of Hematology Annual Meeting in New Orleans on December 12, 2026.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — C4 Therapeutics, Inc. (CCCC)](https://www.sec.gov/Archives/edgar/data/0001662579/000162828026070560/cccc-20261105.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit exhibit991q32026earnings.htm — C4 Therapeutics, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001662579/000162828026070560/exhibit991q32026earnings.htm?ref=bullished.co) — SEC EDGAR
- [C4 Therapeutics Reports Third Quarter 2026 Financial](https://www.globenewswire.com/news-release/2026/11/05/3396251/0/en/c4-therapeutics-reports-third-quarter-2026-financial-results-and-recent-business-highlights.html?ref=bullished.co) — globenewswire.com