Revenue remains highly unpredictable due to milestone-dependency, contributing to an operating margin of -290.68% as R&D costs consistently outpace top-line generation.
| Sales/Revenue | 34.86M | 35.95M | 35.58M | 20.76M | 31.1M | 45.78M | 33.2M | 21.38M | 19.36M |
| Revenue Growth % | -12.37% | 1.02% | 71.44% | -33.25% | -32.08% | 37.93% | 55.25% | 10.42% | - |
| Cost of Goods Sold | 1.8M | 7.97M | 0 | 7.74M | 0 | 0 | 78.44M | 0 | 28.59M |
| COGS % of Revenue | - | 22.19% | - | 37.28% | - | - | 236.3% | - | 147.66% |
| Gross Profit | 33.06M | 27.97M | 35.58M | 13.02M | 31.1M | 45.78M | -45.24M | 21.38M | -9.23M |
| Gross Margin % | 94.83% | 77.81% | 100% | 62.72% | 100% | 100% | -136.3% | 100% | -47.66% |
| Gross Profit Growth % | - | -21.39% | 173.32% | -58.13% | -32.08% | 201.19% | -311.61% | 331.7% | - |
| Operating Expenses | 146.9M | 132.46M | 155.2M | 152.05M | 160.63M | 127.92M | 15.2M | 56.83M | 35.75M |
| OpEx % of Revenue | - | 368.49% | 436.15% | 732.56% | 516.56% | 279.39% | 45.8% | 265.81% | 184.64% |
| Selling, General & Admin | 34.4M | 36.2M | 42.12M | 42.08M | 42.79M | 33.25M | 15.2M | 8.77M | 7.16M |
| SG&A % of Revenue | - | 100.69% | 118.38% | 202.74% | 137.6% | 72.63% | 45.8% | 41.04% | 36.98% |
| Research & Development | 101.77M | 104.24M | 110.64M | 117.71M | 117.84M | 94.67M | 78.44M | 48.06M | 28.59M |
| R&D % of Revenue | - | 289.98% | 310.92% | 567.09% | 378.96% | 206.76% | 236.3% | 224.77% | 147.66% |
| Other Operating Expenses | 1000K | -7.97M | 2.44M | -7.74M | 0 | 0 | -78.44M | 0 | -7K |
| Operating Income | -113.84M | -104.49M | -119.61M | -139.03M | -129.53M | -82.13M | -60.45M | -35.45M | -16.39M |
| Operating Margin % | -326.56% | -290.68% | -336.15% | -669.84% | -416.56% | -179.39% | -182.1% | -165.81% | -84.64% |
| Operating Income Growth % | - | 12.64% | 13.97% | -7.33% | -57.71% | -35.87% | -70.51% | -116.32% | - |
| EBITDA | -110.54M | -102.53M | -117.8M | -131.29M | -127.86M | -80.64M | -58.83M | -33.86M | -12.82M |
| EBITDA Margin % | -317.09% | -285.23% | -331.04% | -632.56% | -411.17% | -176.13% | -177.23% | -158.35% | -66.18% |
| EBITDA Growth % | -0.27% | 12.96% | 10.28% | -2.69% | -58.55% | -37.07% | -73.77% | -164.18% | - |
| D&A (Non-Cash Add-back) | 3.3M | 1.96M | 1.82M | 7.74M | 1.68M | 1.49M | 1.62M | 1.59M | 3.57M |
| EBIT | -111.6M | -104.87M | -105.19M | -129.84M | -125.96M | -81.75M | -60.45M | -33.3M | -16.39M |
| Net Interest Income | 7.51M | 0 | 14.43M | 8.44M | 1.36M | -1.76M | -836K | 1.83M | 685K |
| Interest Income | 7.51M | 0 | 14.43M | 9.81M | 3.58M | 387K | 393K | 1.83M | 685K |
| Interest Expense | 0 | 0 | 0 | 1.37M | 2.22M | 2.15M | 1.23M | 0 | 0 |
| Other Income/Expense | 10.16M | -384K | 14.43M | 7.82M | 1.36M | -1.76M | -5.26M | 2.16M | 678K |
| Pretax Income | -103.68M | -104.87M | -105.19M | -131.21M | -128.18M | -83.89M | -65.71M | -33.3M | -15.71M |
| Pretax Margin % | -297.41% | -291.74% | -295.6% | -632.17% | -412.19% | -183.23% | -197.95% | -155.72% | -81.14% |
| Income Tax | 121K | 121K | 131K | 1.28M | 0 | 0 | 626K | 804K | 0 |
| Effective Tax Rate % | -0.12% | -0.12% | -0.12% | -0.98% | 0% | 0% | -0.95% | -2.41% | 0% |
| Net Income | -103.8M | -104.99M | -105.32M | -132.49M | -128.18M | -83.89M | -66.33M | -34.1M | -15.71M |
| Net Margin % | -297.76% | -292.08% | -295.96% | -638.34% | -412.19% | -183.23% | -199.83% | -159.48% | -81.14% |
| Net Income Growth % | -0.51% | 0.31% | 20.51% | -3.37% | -52.79% | -26.47% | -94.54% | -117.04% | - |
| Net Income (Continuing) | -103.8M | -104.99M | -105.32M | -132.49M | -128.18M | -83.89M | -66.33M | -34.1M | -15.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.82 | -1.27 | -1.52 | -2.67 | -2.62 | -1.82 | -1.54 | -0.79 | -1.06 |
| EPS Growth % | 19.05% | 16.45% | 43.07% | -1.91% | -43.96% | -18.18% | -94.94% | 25.47% | - |
| EPS (Basic) | - | -1.27 | -1.52 | -2.67 | -2.62 | -1.82 | -1.54 | -0.79 | -1.06 |
| Diluted Shares Outstanding | 126.07M | 82.89M | 69.37M | 49.64M | 48.86M | 46.04M | 43.06M | 42.99M | 42.09M |
| Basic Shares Outstanding | 126.07M | 82.89M | 69.37M | 49.64M | 48.86M | 46.04M | 43.06M | 42.99M | 14.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical trial execution dependency
As reported in financial statements, C4 Therapeutics' revenue remains entirely dependent on project-based collaboration milestones, with quarterly figures fluctuating significantly from $3.0M to $15.4M over the last ten quarters, reflecting the inherent unpredictability of a pre-commercial, partnership-reliant business model rather than consistent organic growth.
The volatility in top-line performance suggests that revenue recognition is tied to specific research achievements rather than sustained commercial demand. Investors should monitor the timing of these milestone payments, as they appear to be the primary mechanism for offsetting the company's substantial R&D expenditures.
Based on reported figures, the company's cost structure is dominated by R&D spending, which consistently exceeded $22M per quarter, resulting in an operating margin of -290.68% and highlighting a reliance on external capital to fund the development of its proprietary TORPEDO platform.
The high concentration of expenses in research and development indicates that management is prioritizing pipeline velocity over near-term fiscal discipline. This cost profile appears unsustainable without either a significant increase in partnership-driven revenue or a successful transition to a more efficient clinical development model.
According to recent SEC filings, C4 Therapeutics' operating income remains deeply negative, with quarterly losses frequently exceeding $25M, suggesting that the company has yet to achieve the scale necessary to leverage its fixed infrastructure against its high-cost clinical trial programs.
The lack of operating leverage is a standard characteristic of clinical-stage biotechnology firms, yet it warrants further investigation into the company's ability to manage its burn rate. Without a clear path to reducing SG&A relative to R&D, the company may remain vulnerable to continued dilution.
As indicated by the reported $74.6M in cash and equivalents against persistent quarterly operating losses, the company's financial position appears strained, suggesting that a dilutive capital raise may be required in the near term to maintain its current clinical development trajectory.
Short-sellers may focus on the potential for a liquidity crunch if clinical milestones are delayed or if partnership interest wanes. The company's reliance on external funding sources makes it particularly sensitive to broader market conditions and the availability of capital for high-risk biotech ventures.
Quick answers to the most common questions about buying CCCC stock.
For fiscal year 2025, C4 Therapeutics, Inc. (CCCC) reported total revenue of $35.9M. This represents a 85.6% increase compared to $19.4M in 2018.
C4 Therapeutics, Inc. (CCCC) reported a net loss of $105.0M for the fiscal year ending 2025.
C4 Therapeutics, Inc. (CCCC) reported an operating income of $-104.5M, resulting in an operating profit margin of -290.7%. This margin reflects the operational efficiency of the business before interest and taxes.
C4 Therapeutics, Inc. (CCCC) generated $28.0M in gross profit for the year, representing a gross profit margin of 77.8%. This demonstrates the company's core pricing power and production efficiency.