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C4 Therapeutics (CCCC) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · C4 Therapeutics (CCCC) Q3 2026 earnings results →

Q3 2026 Revenue down 25% year over year to $8.5M · 258¢ of every $1 of revenue lost · operating margin -290.5%

C4 Therapeutics made $8.5M in Q3 2026 (-25% Y/Y). Operating margin -290.5%, net loss $21.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$8.5M
Year over year-25%
Operating margin-290.5%
Net earnings−$21.8M
Operating cash flow−$26.0M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $8.5M in Q3 2026, down 25% year over year and up 28% from the previous quarter.

Operating costs exceeded revenue by $24.6M, an operating margin of -290.5%. Total costs fell 28% while revenue fell 25%. The quarter ended with a net loss of $21.8M, narrower than the previous quarter's $23.6M loss.

Operating cash flow was −$26.0M. Non-cash charges added back $320K of depreciation and $3.0M of share-based compensation. Working capital and other items used $7.4M.

Quarterly history

C4 Therapeutics revenue by quarterC4 Therapeutics revenue by quarter$7.2MQ1 2025$6.5MQ2 2025$11.2MQ3 2025$11.0MQ4 2025$6.2MQ1 2026$6.6MQ2 2026$8.5MQ3 2026
C4 Therapeutics net earnings by quarterC4 Therapeutics net earnings by quarter−$26.3MQ1 2025−$26.0MQ2 2025−$32.2MQ3 2025−$20.5MQ4 2025−$25.1MQ1 2026−$23.6MQ2 2026−$21.8MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$8.5M-25%-290.5%−$21.8M−$26.0M
Q2 202610-QAug 11, 2026$6.6M+3%-397.9%−$23.6M−$1.6M
Q1 202610-QMay 12, 2026$6.2M-15%-451.6%−$25.1M−$29.9M
Q4 202510-KFeb 26, 2026$11.0M+113%-210.1%−$20.5M−$22.1M
Q3 202510-QNov 6, 2025$11.2M-27%-306.4%−$32.2M−$31.2M
Q2 202510-QAug 7, 2025$6.5M-46%-441.0%−$26.0M−$12.1M
Q1 202510-QMay 7, 2025$7.2M+138%-402.9%−$26.3M−$33.3M

Charts

C4 Therapeutics: revenue growth, year over year and quarter over quarterC4 Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q+138%Q1 2025-46%-11%Q2 2025-27%+74%Q3 2025+113%-2%Q4 2025-15%-44%Q1 2026+3%+8%Q2 2026-25%+28%Q3 2026
Latest (Q3 2026): Y/Y -25%, Q/Q +28%.
C4 Therapeutics: where the cash came from (+) and went (−), TTM to Q3 2026C4 Therapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$152MOther investing−$99.9MOperating cash flow−$79.6MCash drawn (+) / kept (−)$26.4MShares issued$1.0MBuybacks−$253KCapital spending−$112K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
C4 Therapeutics: profit against cash, quarter by quarterC4 Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$34.6M−$17.9MQ4 2024−$26.3M−$33.3MQ1 2025−$26.0M−$12.1MQ2 2025−$32.2M−$31.2MQ3 2025−$20.5M−$22.1MQ4 2025−$25.1M−$29.9MQ1 2026−$23.6M−$1.6MQ2 2026−$21.8M−$26.0MQ3 2026
Latest (Q3 2026): Net income −$21.8M, Operating cash flow −$26.0M.
C4 Therapeutics: diluted shares by fiscal year (split-adjusted)C4 Therapeutics: diluted shares by fiscal year (split-adjusted)45MFY202046MFY202149MFY202250MFY202369MFY202483MFY2025
+82.3% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 4-for-1 split before FY2021.
C4 Therapeutics in its industry: growth against margin (76 companies, SIC 2836)C4 Therapeutics in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORELUTFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSCCCC (-25%, -100%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About C4 Therapeutics

We are a clinical-stage biopharmaceutical company dedicated to delivering on the promise of targeted protein degradation, or TPD, science to create a new generation of small-molecule medicines that transform patients’ lives. Leveraging our proprietary TORPEDO platform, we efficiently design and optimize small molecule protein degraders that are highly active against their desired targets by harnessing the body’s natural process for destroying unwanted proteins. Our strategy is to develop degraders that modulate clinically validated disease pathways with best-in-class or first-in-class potential to address significant unmet patient needs. To date, our degraders have demonstrated oral bioavailability and catalytic activity, and we have also leveraged our capability to design compounds that are brain penetrant.

In its own words, from its 10-K, filed Feb 26, 2026.

C4 Therapeutics against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -25% against the peers' median +11%. Operating margin: -290.5% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
CCCC C4 TherapeuticsQ3 2026$8.5M-25%-290.5%
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: C4 Therapeutics 10-Q on SEC EDGAR · CIK 1662579 · Biological Products, (No Diagnostic Substances)

Guidance and outlook

C4 Therapeutics: what its forward-looking statements are about (10-Q filed 2026-11-05)C4 Therapeutics: what its forward-looking statements are about (10-Q filed 2026-11-05)Costs8Other7Demand4Products1The economy1
21 statements; tone +0.10 (−1 all cautious, +1 all confident); 6 hedged.
C4 Therapeutics: outlook statements against the filing beforeC4 Therapeutics: outlook statements against the filing beforeConfident4Cautious2

13F: who owns CCCC and who is buying

Largest holders of CCCC (13F)Largest holders of CCCC (13F)Morgan Stanley$41.4MRA Capital Management, L.P.$37.4MBlackRock$36.9MLynx1 Capital Management LP$34.2MSquadron Capital Management LLC$33.6MBain Capital Life Sciences Invest…$33.5MVanguard Capital Management LLC$20.6MCitadel Advisors LLC$19.6MGoldman Sachs Group$16.5MTwo Sigma Investments, LP$16.2M
Funds' net buying of CCCC by quarter (13F)Funds' net buying of CCCC by quarter (13F)$34.8M2024-09$7.0M2024-12−$324K2025-03−$13.0M2025-06−$5.3M2025-09$31.2M2025-12$2.4M2026-03$145M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CCCC

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：C4 Therapeutics（CCCC）财报

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