C4 Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on targeted protein degradation, reported a net loss of $70.7 million for the nine months ended September 30, 2024, a significant improvement from a net loss of $97.7 million during the same period in 2023. The company has yet to generate revenue from product sales, relying instead on collaboration agreements for income. Revenue from these agreements increased to $30.4 million for the nine months ended September 30, 2024, compared to $17.5 million in the prior year, driven by milestone payments from collaborations with Biogen, MKDG, and Merck.
For the third quarter of 2024, C4 Therapeutics reported revenue of $15.4 million, up from $11.1 million in Q3 2023. The increase was attributed to an $8 million milestone payment from Biogen and $6.9 million from other collaborations, although this was partially offset by a $7.8 million decrease in revenue from the Roche Agreement due to the completion of research activities.
Total operating expenses for the nine months ended September 30, 2024, were $112.3 million, a decrease from $119.1 million in the previous year. Research and development expenses saw a slight increase in Q3 2024, primarily due to higher preclinical and clinical costs, while general and administrative expenses remained stable. The company also recognized a restructuring expense of $2.4 million due to a workforce reduction of 30% aimed at aligning operations with business needs.
As of September 30, 2024, C4 Therapeutics reported total current assets of $273.2 million, with cash and cash equivalents decreasing to $59.6 million from $126.6 million at the end of 2023. However, marketable securities increased significantly to $196 million, reflecting a strategic shift in asset management. The accumulated deficit rose to $599.1 million, indicating ongoing financial challenges.
The company has entered into several key collaborations, including agreements with MKDG, Merck, and Betta Pharma, which are expected to provide substantial milestone payments and royalties. C4 Therapeutics anticipates continued significant expenses and operating losses as it advances its clinical programs, including ongoing Phase 1/2 trials for its lead product candidates.
Overall, C4 Therapeutics is navigating a complex landscape of clinical development and financial management, with a focus on leveraging collaborations to support its long-term growth strategy.
About C4 Therapeutics, Inc.
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