C4 Therapeutics Q3 loss per share smaller than expected as R&D costs drop

Overview

• US biopharma firm's Q3 revenue saw a slight miss versus analyst expectations

• Q3 net loss per share beat analyst estimates

• Revenue declined yr/yr due to conclusion of certain research collaborations

Outlook

• Company expects cash runway to fund operations through end of 2028

• C4 Therapeutics on track to complete Phase 2 MOMENTUM trial enrollment in 1Q 2027

• Company expects data from all cohorts in Phase 1b cemsidomide/elranatamab trial in mid-2027

Result Drivers

• COLLABORATION REVENUE SHIFT - Revenue decline attributed to end of some Merck collaborations, partly offset by higher Roche collaboration revenue

• R&D SPENDING MIX - Lower R&D expense driven by reduced personnel costs, partly offset by higher clinical trial costs for cemsidomide

• G&A COST REDUCTION - General and administrative expense declined due to lower personnel costs from reduced stock-based compensation

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for C4 Therapeutics, Inc. is $10.50, about 236.5% above its November 4 closing price of $3.12

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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)