C4 Therapeutics Inc
CCCCHealthcare|Biotechnology|USA
$4.06
-0.23 (-5.36%)
Tangible Book
$2.25
Financials
Financial Snapshot
Market Cap
$448.9M
Enterprise Value
$177.2M
Revenue (TTM)
$34.9M
Net Income (TTM)
$-103.8M
Cash & Equivalents
—
Net Cash/Share
$1.36
Free Cash Flow (TTM)
$-95.4M
Operating CF (TTM)
$-95.4M
Debt/Equity
0.25
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$23.8M
Monthly Burn
$7.9M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $36.3M | $90.5M | $371.7M | $309.3M | $276.2M | $253.7M | $244.9M | $248.5M | $235.7M | |
| Operating Cash Flow | $-17.0M | $55.6M | $-67.2M | $-87.0M | $-105.9M | $-106.8M | $-65.2M | $-98.7M | $-95.4M | |
| Free Cash Flow | $-19.7M | $54.3M | $-67.9M | $-88.2M | $-111.4M | $-108.5M | $-65.3M | $-99.3M | $-95.8M | |
| Capital Expenditure | $-2.7M | $-1.3M | $-650.0K | $-1.3M | $-5.5M | $-1.7M | $-180.0K | $-607.0K | $-486.0K | |
| Financing Cash Flow | $2.0M | $244.0K | $348.9M | $171.4M | $1.1M | $45.5M | $45.3M | $126.4M | $126.9M |
R&D Spending
R&D (TTM)
$101.8M
R&D Intensity
291.9%
R&D Growth YoY
-2.4%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.4M | $21.4M | $33.2M | $45.8M | $31.1M | $20.8M | $35.6M | $35.9M | $34.9M | |
| R&D Expense | $28.6M | $48.1M | $78.4M | $94.7M | $117.8M | $117.7M | $110.6M | $104.2M | $101.8M | |
| R&D % of Revenue | 147.7% | 224.8% | 236.3% | 206.8% | 379.0% | 567.1% | 310.9% | 290.0% | 291.9% | |
| SG&A | $7.2M | $8.8M | $15.2M | $33.3M | $42.8M | $42.1M | $42.1M | $36.2M | $36.2M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.4M | $21.4M | $33.2M | $45.8M | $31.1M | $20.8M | $35.6M | $35.9M | $34.9M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $19.4M | $21.4M | $33.2M | $45.8M | $31.1M | $20.8M | $35.6M | $35.9M | $34.9M | |
| R&D | $28.6M | $48.1M | $78.4M | $94.7M | $117.8M | $117.7M | $110.6M | $104.2M | $101.8M | |
| SG&A | $7.2M | $8.8M | $15.2M | $33.3M | $42.8M | $42.1M | $42.1M | $36.2M | $36.2M | |
| Operating Income | $-16.4M | $-35.5M | $-60.4M | $-82.1M | $-129.5M | $-139.0M | $-117.2M | $-104.5M | $-103.1M | |
| Interest Expense | $0.00 | $0.00 | $-1.2M | $-2.1M | $-2.2M | $-1.4M | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-15.7M | $-33.3M | $-67.0M | $-83.9M | $-128.2M | $-131.2M | $-105.2M | $-104.9M | $-103.7M | |
| Net Income | $-15.7M | $-34.1M | $-66.3M | $-83.9M | $-128.2M | $-132.5M | $-105.3M | $-105.0M | $-103.8M | |
| EPS (Diluted) | -1.63 | -2.47 | -5.83 | -1.82 | -2.62 | -2.67 | -1.52 | -1.27 | -1.19 | |
| EBITDA | $-15.1M | $-31.7M | $-64.1M | $-80.3M | $-124.3M | $-128.0M | $-115.4M | $-102.5M | $-101.2M | |
| Shares Out. (M) | 14.79 | 17.23 | 11.37 | 46.04 | 48.86 | 49.64 | 69.37 | 82.89 | 126.08 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $36.3M | $90.5M | $181.7M | $76.1M | $29.8M | $126.6M | $55.5M | $74.6M | $61.3M | |
| Marketable Securities | $0.00 | $0.00 | $190.0M | $233.2M | $246.4M | $127.1M | $189.4M | $173.9M | $174.4M | |
| Total Current Assets | $123.5M | $96.8M | $381.0M | $325.7M | $287.6M | $271.2M | $257.8M | $258.1M | $245.4M | |
| Total Assets | $146.5M | $118.3M | $400.1M | $506.8M | $430.8M | $376.5M | $349.6M | $359.1M | $328.9M | |
| Total Current Liabilities | $23.9M | $33.6M | $43.9M | $51.2M | $44.5M | $42.8M | $45.2M | $33.0M | $27.2M | |
| Long-Term Debt | $0.00 | $0.00 | $10.1M | $10.8M | $9.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $226.2M | $230.2M | $119.3M | $117.2M | $141.6M | $130.3M | $133.6M | $102.5M | $94.6M | |
| Stockholders' Equity | $-79.8M | $-112.0M | $280.8M | $389.6M | $289.2M | $246.1M | $216.0M | $256.6M | $234.2M | |
| Retained Earnings | $-83.4M | $-117.5M | $-183.8M | $-267.7M | $-395.9M | $-528.4M | $-633.7M | $-738.7M | $-763.8M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-17.0M | $55.6M | $-67.2M | $-87.0M | $-105.9M | $-106.8M | $-65.2M | $-98.7M | $-95.4M | |
| Capital Expenditure | $-2.7M | $-1.3M | $-650.0K | $-1.3M | $-5.5M | $-1.7M | $-180.0K | $-607.0K | $-486.0K | |
| Free Cash Flow | $-19.7M | $54.3M | $-67.9M | $-88.2M | $-111.4M | $-108.5M | $-65.3M | $-99.3M | $-95.8M | |
| Investing Cash Flow | $36.9M | $-1.6M | $-190.5M | $-189.3M | $58.4M | $158.3M | $-51.3M | $-8.6M | $-21.6M | |
| Financing Cash Flow | $2.0M | $244.0K | $348.9M | $171.4M | $1.1M | $45.5M | $45.3M | $126.4M | $126.9M | |
| Issuance of Stock | $47.0K | $0.00 | $340.6M | $169.5M | $0.00 | $57.7M | $44.4M | $126.2M | $126.2M | |
| Repurchase of Stock | $0.00 | $-30.0K | $-194.0K | $0.00 | $0.00 | $-110.0K | $-194.0K | $-193.0K | $-238.0K | |
| Issuance of Debt | $0.00 | $0.00 | $12.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-12.5M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $582.0K | $1.6M | $3.4M | $21.5M | $30.0M | $27.2M | $29.7M | $19.1M | $16.3M | |
| Net Change in Cash | $21.9M | $54.2M | $91.2M | $-104.9M | $-46.4M | $97.0M | $-71.1M | $19.1M | $10.0M |
Dilution Tracker
Shares outstanding grew 173.8% over 5 years — significant dilution
Shares Outstanding
126M
5-Year Share Growth
+173.8%
Stock Issuance (TTM)
$126.2M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 14.79 | 17.23 | 11.37 | 46.04 | 48.86 | 49.64 | 69.37 | 82.89 | 126.08 | |
| YoY Change % | — | 16.5% | -34.0% | 304.9% | 6.1% | 1.6% | 39.7% | 19.5% | 52.1% | |
| Stock Issuance | $47.0K | $0.00 | $340.6M | $169.5M | $0.00 | $57.7M | $44.4M | $126.2M | $126.2M | |
| Stock Repurchase | $0.00 | $-30.0K | $-194.0K | $0.00 | $0.00 | $-110.0K | $-194.0K | $-193.0K | $-238.0K | |
| Stock Based Comp. | $582.0K | $1.6M | $3.4M | $21.5M | $30.0M | $27.2M | $29.7M | $19.1M | $16.3M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -84.6% | -165.8% | -182.1% | -179.4% | -416.6% | -669.8% | -329.3% | -290.7% | -295.8% | |
| Net Margin % | -81.1% | -159.5% | -199.8% | -183.2% | -412.2% | -638.3% | -296.0% | -292.1% | -297.8% | |
| EBITDA Margin % | -78.1% | -148.3% | -193.1% | -175.3% | -399.7% | -616.5% | -324.2% | -285.2% | -290.3% | |
| FCF Margin % | -101.6% | 253.8% | -204.5% | -192.7% | -358.4% | -523.0% | -183.6% | -276.2% | -273.7% | |
| ROE % | 0.0% | 0.0% | -78.6% | -25.0% | -37.8% | -49.5% | -45.6% | -44.4% | -51.2% | |
| ROA % | -10.7% | -25.8% | -25.6% | -18.5% | -27.3% | -32.8% | -29.0% | -29.6% | -33.1% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S10.44
Historical2.18 / 9.89 / 62.91
Industry Med.9.49
P/B1.80
Historical0.30 / 1.29 / 6.90
Industry Med.2.93
EV/EBITDA-2.68
Historical-25.20 / -1.63 / 0.68
Industry Med.13.02
EV/Revenue7.79
Historical-5.76 / 5.09 / 54.44
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$2.25
Net Current Assets
$1.450
Net-Net Working Capital
$1.38
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | 0.00 | 11.35 | 32.39 | 9.28 | 13.52 | 7.02 | 4.40 | 10.44 | |
| PB Ratio | 0.00 | 0.00 | 5.08 | 4.02 | 1.00 | 1.39 | 1.18 | 0.72 | 1.80 | |
| EV/EBITDA | 0.00 | 0.00 | -16.81 | -16.22 | -0.80 | -1.24 | -0.65 | 0.03 | -2.68 | |
| EV/Revenue | 0.00 | 0.00 | 32.47 | 28.42 | 3.21 | 7.66 | 2.11 | -0.10 | 7.79 |
Analyst Estimates & Quality
Altman Z-Score
-0.54
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
-2.86
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $18.93M | $20.74M | $16.18M |
| Net Income | $-117.58M | $-144.72M | $-168.25M |
| EPS | -0.93 | -0.97 | -1.28 |
| Book Value per Share | 0.31 | 1.04 | 0.00 |
| Operating Cash Flow per Share | -0.72 | -0.89 | -1.60 |
| Operating CF | $-90.77M | $-112.21M | $-201.72M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Single segment | $35.9M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $35.9M |