Overview

• US biopharma firm's Q1 revenue declined yr/yr but beat analyst expectations

• Adjusted EPS for Q1 beat analyst expectations

• Company expanded partnership with Roche for degrader-antibody conjugate research

Outlook

• Company expects cash, cash equivalents and marketable securities to fund operations to end of 2028

• C4 Therapeutics plans to initiate an additional Phase 1b trial in first half of 2027

• Company expects to provide update on dose escalation progress from Phase 1b trial in 2H 2026

Result Drivers

• MERCK COLLABORATION END - Revenue declined mainly due to the conclusion of the Merck research collaboration and prioritization of one KRAS project under the Merck KGaA collaboration

• BIOGEN MILESTONE PAYMENT - Revenue was partially offset by a $2 mln milestone earned from Biogen during Q1

Company press release: ID:nGNXbJl4kW

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$6.20 mln	$3.33 mln (6 Analysts)
Q1 EPS	Beat	-$0.20	-$0.37 (7 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "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 $7.00, about 120.8% above its May 11 closing price of $3.17

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