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MKT CAP:$237M

C4 Therapeutics, Inc.

Market Cap

$237M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$3.02+$1.09 (+56.74%)

Apr 21, 2026

Company Details

C4 Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops novel therapeutic candidates to degrade disease-causing proteins for the treatment of cancer, neurodegenerative conditions, and other diseases. Its lead product can...

CEO

Andrew J. Hirsch

IPO Date

Oct 2, 2020

Website

www.c4therapeutics.com

Key Metrics TTM

Revenue

$36M

+1.0% YoY

Net Income

-$105M

EPS (Diluted)

-$1.36

Free Cash Flow

-$99M

Revenue / Share

$0.43

Gross Margin

95.0%

Operating Margin

-320.5%

Net Margin

-292.1%

FCF Margin

-276.2%

P/S

6.6x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$36M+1.0%EPS -$1.27

Q4 2025

Feb 26, 2026

$11M+112.8%EPS -$0.18

Q3 2025

Nov 6, 2025

$11M-26.9%EPS -$0.44

Q2 2025

Aug 7, 2025

$6M-46.2%EPS -$0.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$8M	-$19M	-$31M
Q2 22	$14M	-$17M	-$27M
Q3 22	$7M	-$23M	-$32M
Q4 22	$3M	-$28M	-$38M
Q1 23	$4M	-$25M	-$36M
Q2 23	$3M	$3M	-$38M
Q3 23	$11M	$9M	-$28M
Q4 23	$3M	$2M	-$37M
Q1 24	$3M	$3M	-$32M
Q2 24	$12M	$10M	-$21M
Q3 24	$15M	$13M	-$28M
Q4 24	$5M	$3M	-$38M
Q1 25	$7M	$7M	-$29M
Q2 25	$6M	$6M	-$29M
Q3 25	$11M	$11M	-$34M
Q4 25	$11M	$9M	-$23M

Valuation

Quarter	P/S	P/E
Q1 22	25.9x	—
Q2 22	7.1x	—
Q3 22	8.8x	—
Q4 22	11.3x	—
Q1 23	5.8x	—
Q2 23	8.7x	—
Q3 23	4.3x	—
Q4 23	22.5x	—
Q1 24	27.8x	—
Q2 24	11.5x	—
Q3 24	11.7x	—
Q4 24	7.1x	—
Q1 25	2.8x	—
Q2 25	3.0x	—
Q3 25	5.3x	—
Q4 25	4.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$27M	-$27M
Q2 22	-$22M	-$23M
Q3 22	-$28M	-$31M
Q4 22	-$29M	-$31M
Q1 23	-$33M	-$34M
Q2 23	-$19M	-$19M
Q3 23	-$31M	-$31M
Q4 23	-$24M	-$24M
Q1 24	-$18M	-$18M
Q2 24	-$5M	-$5M
Q3 24	-$24M	-$24M
Q4 24	-$18M	-$18M
Q1 25	-$33M	-$33M
Q2 25	-$12M	-$12M
Q3 25	-$31M	-$32M
Q4 25	-$22M	-$22M

Capital Expenditures

Quarter	CapEx
Q1 22	$172.0K
Q2 22	$529.0K
Q3 22	$3M
Q4 22	$1M
Q1 23	$589.0K
Q2 23	$362.0K
Q3 23	$600.0K
Q4 23	$157.0K
Q1 24	$0
Q2 24	$197.0K
Q3 24	$13.0K
Q4 24	$4.0K
Q1 25	$0
Q2 25	$185.0K
Q3 25	$411.0K
Q4 25	$11.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+3.1%	-19.5%
Q2 22	+41.4%	+29.2%
Q3 22	-20.5%	+19.8%
Q4 22	-85.8%	+16.5%
Q1 23	-50.9%	+2.5%
Q2 23	-80.7%	-2.4%
Q3 23	+63.9%	-0.9%
Q4 23	+14.3%	-1.1%
Q1 24	-19.2%	-11.8%
Q2 24	+350.7%	-16.9%
Q3 24	+38.7%	+12.2%
Q4 24	+58.8%	+5.4%
Q1 25	+138.2%	+3.2%
Q2 25	-46.2%	+4.5%
Q3 25	-26.9%	+4.7%
Q4 25	+112.8%	-20.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$9M	116.8%
Q2 22	$8M	58.9%
Q3 22	$0	0.0%
Q4 22	$7M	242.4%
Q1 23	$6M	166.3%
Q2 23	$6M	241.2%
Q3 23	$8M	74.1%
Q4 23	$6M	195.0%
Q1 24	$6M	204.5%
Q2 24	$6M	53.1%
Q3 24	$9M	57.5%
Q4 24	$8M	159.1%
Q1 25	$6M	76.1%
Q2 25	$0	0.0%
Q3 25	$5M	40.9%
Q4 25	$4M	36.4%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$26M	$13M
Q2 22	$31M	$10M
Q3 22	$30M	$10M
Q4 22	$31M	$10M
Q1 23	$29M	$11M
Q2 23	$30M	$10M
Q3 23	$28M	$11M
Q4 23	$30M	$10M
Q1 24	$23M	$10M
Q2 24	$24M	$10M
Q3 24	$32M	$12M
Q4 24	$33M	$10M
Q1 25	$27M	$9M
Q2 25	$26M	$9M
Q3 25	$26M	$9M
Q4 25	$25M	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$46M	$245M	$291M
Q2 22	$57M	$250M	$308M
Q3 22	$50M	$264M	$314M
Q4 22	$30M	$246M	$276M
Q1 23	$49M	$221M	$270M
Q2 23	$45M	$222M	$267M
Q3 23	$61M	$156M	$217M
Q4 23	$127M	$127M	$254M
Q1 24	$90M	$169M	$258M
Q2 24	$73M	$191M	$264M
Q3 24	$60M	$196M	$256M
Q4 24	$55M	$189M	$245M
Q1 25	$51M	$164M	$215M
Q2 25	$78M	$136M	$215M
Q3 25	$59M	$133M	$192M
Q4 25	$75M	$174M	$249M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	49M	+0.5%	+13.1%
Q2 22	49M	+0.2%	+11.3%
Q3 22	49M	+0.2%	+0.9%
Q4 22	49M	+0.1%	+1.0%
Q1 23	49M	+0.1%	+0.6%
Q2 23	49M	+0.1%	+0.5%
Q3 23	49M	+0.3%	+0.6%
Q4 23	51M	+4.1%	+4.6%
Q1 24	68M	+33.6%	+39.6%
Q2 24	69M	+0.6%	+40.2%
Q3 24	70M	+1.2%	+41.5%
Q4 24	71M	+1.4%	+37.9%
Q1 25	71M	+0.3%	+3.5%
Q2 25	71M	+0.2%	+3.2%
Q3 25	73M	+2.2%	+4.2%
Q4 25	83M	+14.2%	+17.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$63.3K	121
Q2 22	$114.3K	121
Q3 22	$55.8K	121
Q4 22	$19.5K	146
Q1 23	$25.7K	146
Q2 23	$18.2K	146
Q3 23	$75.8K	146
Q4 23	$22.5K	145
Q1 24	$21.0K	145
Q2 24	$82.8K	145
Q3 24	$105.9K	145
Q4 24	$47.1K	110
Q1 25	$65.8K	110
Q2 25	$58.8K	110
Q3 25	$102.1K	110
Q4 25	$55	200K

Revenue / Employee