Summary by Moomoo AI
C4 Therapeutics, Inc. (C4T), a clinical-stage biopharmaceutical company, announced its financial results for the second quarter ended June 30, 2024, along with recent business highlights. The company reported a total revenue of $12.0 million for the quarter, a significant increase from $2.7 million in the same period the previous year, largely due to an $8.0 million milestone payment from Biogen. Research and Development expenses decreased to $23.8 million from $29.9 million in Q2 2023, while General and Administrative expenses also saw a slight decrease. The net loss for the quarter was $17.7 million, or $0.26 per share, improved from a net loss of $35.9 million, or $0.73 per share, in Q2 2023. The company's cash position was reported at $295.7 million, expected to fund operations into 2027. C4T also highlighted progress in its clinical trials, including the ongoing CFT1946 Phase 1 trial in BRAF V600X solid tumors and the cemsidomide Phase 1 trial in multiple myeloma and non-Hodgkin’s lymphoma. Preliminary data from the CFT1946 trial will be presented at the ESMO Congress 2024. The company's leadership expressed confidence in the momentum of their clinical and discovery programs.
