C4 Therapeutics, Inc. has released its 10-K report, providing a comprehensive overview of the company's financial and operational performance. C4 Therapeutics, a clinical-stage biopharmaceutical company, is focused on developing novel therapeutic candidates to degrade disease-causing proteins for the treatment of cancer, neurodegenerative conditions, and other diseases. The company's lead product candidate, CFT7455, is an orally bioavailable MonoDAC degrader of protein that is in Phase 1/2 trial targeting IKZF1 and IKZF3 for multiple myeloma and non-Hodgkin lymphomas, including peripheral T-cell lymphoma and mantle cell lymphoma. Additionally, C4 Therapeutics is developing other product candidates such as CFT8634, CFT1946, and CFT8919, targeting various proteins for the treatment of different types of cancers.
In the financial metrics, it's important to note that C4 Therapeutics has not generated any revenue from product sales and does not expect to generate any revenue from the sale of products for the foreseeable future. The company's revenues to date have been generated through research collaboration and license agreements. In the year ended December 31, 2023, C4 Therapeutics reported a total revenue of $20.8 million from collaboration agreements with Biogen, Roche, and Calico, reflecting a decrease of $10.3 million compared to the previous year.
The research and development expenses of C4 Therapeutics totaled $117.7 million in the year ended December 31, 2023, showing a slight decrease of $0.1 million from the previous year. The decrease was primarily driven by a reduction in preclinical and development costs related to additional programs progressing to clinical stages, partially offset by increased clinical expenses, personnel expenses, and professional fees.
General and administrative expenses for C4 Therapeutics amounted to $42.1 million in the year ended December 31, 2023, representing a decrease of $0.7 million compared to the previous year. The decrease was primarily driven by a reduction in professional fees and personnel and facilities costs, partially offset by an increase in other expenses.
Furthermore, the company reported other income (expense) of $7.8 million for the year ended December 31, 2023, showing a significant increase of $6.5 million compared to the previous year. This increase was primarily driven by higher interest earned on the company's investments during 2023.
Lastly, C4 Therapeutics incurred an income tax expense of $1.3 million for the year ended December 31, 2023, compared to no income tax expense in the previous year. This was primarily the result of a $1.0 million withholding tax paid.
Overall, C4 Therapeutics continues to advance its clinical programs and product candidates while managing its financial resources effectively through collaborations and strategic partnerships. As a result of these announcements, the company's shares have moved 21.9% on the market, and are now trading at a price of $8.84. For more information, read the company's full 10-K submission here.
