CCCC
C4 Therapeutics, Inc.Healthcare·Biotechnology
$4.37
$362M market cap
Revenue
$17.2M
Free Cash Flow
$-52.2M
Rev Growth
+0.0%
FCF Margin
-303.8%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
C4 Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops novel therapeutic candidates to degrade disease-causing proteins for the treatment of cancer, neurodegenerative conditions, and other diseases. Its lead product candidate is CFT7455, 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. The company is also develo
2-Year Price History
$3.56-23.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 6.2 | -26.0 | -27.8 | -25.1 | -29.9 | -30.0 | -0.1 | 235.7 | 58.5 | 126.1 | -94.0% | -- | -- |
| Act | 2025-Q4 | 11.0 | -22.7 | -23.1 | -20.5 | -22.1 | -22.2 | -0.0 | 248.5 | 60.0 | 116.8 | -64.6% | -- | -- |
Valuation & Metrics
Market Stats
Price$4.37
Market Cap$362M
Enterprise Value$185M
P/S Ratio21.1x
P/FCF--
EV/FCF--
FCF Margin (TTM)-303.8%
FCF Yield-14.4%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$17.2M
Net Income$-45.6M
Free Cash Flow$-52.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin-283.7%
Net Margin-265.7%
FCF Margin-303.8%
CapEx % of Revenue0.4%
SBC % of Revenue23.3%
ROIC-79.3%
WC Change % Rev-3.3%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares21.1M
Days to Cover10.9
Change (vs Prior)+0.1%
Need at least 2 settlement dates for chart
Employees
Headcount110
Revenue / Employee$156,073
Gross Profit / Employee$139,700
Cash Runway
54.2months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
66.4%(+38.2% YoY)
108 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
7.7%(+0.8% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
2.6%(+2.2% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| MORGAN STANLEY | $23.9M | $3.09 | +$239K | +$13.2M | -0.3% | $1.65T |
| RA CAPITAL MANAGEMENT, L.P. | $21.0M | $3.89 | +$0 | +$21.0M | -4.4% | $9.44B |
| Bain Capital Life Sciences Investors, LLC | $18.9M | $1.91 | +$0 | +$15.9M | -0.2% | $1.11B |
| Lynx1 Capital Management LP | $18.4M | $4.68 | −$261K | −$261K | +3.3% | $633M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $10.2M | $2.63 | +$10.2M | +$10.2M | — | $4.04T |
| Soleus Capital Management, L.P. | $10.0M | $5.94 | +$0 | −$8.4M | -0.6% | $2.47B |
| TWO SIGMA INVESTMENTS, LP | $8.0M | $3.84 | +$4.0M | +$6.6M | -0.9% | $117.03B |
| WASATCH ADVISORS INC | $7.8M | $5.39 | −$3.6M | −$9.9M | -2.9% | $14.87B |
| JPMORGAN CHASE & CO | $7.6M | $2.72 | +$8.5M | +$7.5M | -0.2% | $1.47T |
| CITADEL ADVISORS LLC | $6.6M | $3.50 | +$5.4M | +$6.6M | -0.4% | $138.22B |
| RENAISSANCE TECHNOLOGIES LLC | $6.5M | $2.35 | +$2.3M | +$5.9M | +1.2% | $63.91B |
| GOLDMAN SACHS GROUP INC | $6.3M | $4.61 | +$3.4M | +$4.6M | -0.2% | $760.93B |
| BANK OF AMERICA CORP /DE/ | $6.2M | $4.95 | −$75K | +$969K | -0.1% | $1.36T |
| Squadron Capital Management LLC | $5.9M | $2.63 | +$5.9M | +$5.9M | +17.4% | $250M |
| BlackRock, Inc.Passive | $5.4M | $5.19 | +$207K | −$8.5M | -0.2% | $5.69T |
| SILVERARC CAPITAL MANAGEMENT, LLC | $5.0M | $5.50 | −$217K | +$2.7M | -0.1% | $843M |
| ACADIAN ASSET MANAGEMENT LLC | $5.0M | $2.68 | +$3.2M | +$4.9M | -0.5% | $70.48B |
| MILLENNIUM MANAGEMENT LLC | $3.7M | $2.40 | +$538K | +$3.5M | -0.5% | $127.40B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $3.4M | $3.18 | −$1.3M | +$3.2M | -0.6% | $77.14B |
| JANE STREET GROUP, LLCMM | $3.3M | $2.37 | +$979K | +$3.2M | -0.1% | $92.10B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.03%
avg per quarter
Holders (ex-self)
+0.02%
excl. this stock
Buyers (this Q)
+1.77%
66 buyers · $0.08B in
Sellers (this Q)
-0.46%
35 sellers · $0.01B out
alpha coverage: 95% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-3.0%
how holders react when this stock falls
On quiet Qs
+33.0%
−10% to +10% baseline
On rallies (+10%+)
+1.5%
how they react when this stock rises
Holders' portfolio flow this Q
+6.3%
inflows — adds are organic
Sellers' portfolio flow this Q
-26.6%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.7%
Holder mid (any stock)
-4.9%
Holder rally (any stock)
-4.7%
Biggest decreases this quarter
WASATCH ADVISORS INC−$3.6Mα-2.9ORBIMED ADVISORS LLC−$1.4Mα-8.1SUSQUEHANNA INTERNATIONAL GROUP, LLP−$1.3Mα-0.6ArrowMark Colorado Holdings LLCexited−$391KLynx1 Capital Management LP−$261Kα+3.3SILVERARC CAPITAL MANAGEMENT, LLC−$217Kα-0.1SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLCexited−$129KGEODE CAPITAL MANAGEMENT, LLC−$100Kα+2.3BANK OF AMERICA CORP /DE/−$75Kα-0.1GROUP ONE TRADING LLCexited−$74K
New buyers this quarter
Top-5 holders · 41.7%
MORGAN STANLEY--
RA CAPITAL MANAGEMENT, L.P.--
Bain Capital Life Sciences Investors, LLC--
Lynx1 Capital Management LP--
VANGUARD CAPITAL MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
PRICE T ROWE ASSOCIATES INC /MD/72KRTW INVESTMENTS, LP—PERCEPTIVE ADVISORS LLC—Bain Capital Life Sciences Investors, LLC7.2MArrowMark Colorado Holdings LLC—RA CAPITAL MANAGEMENT, L.P.8.0MWASATCH ADVISORS INC3.0MPICTET ASSET MANAGEMENT SA—JANUS HENDERSON GROUP PLC—Lynx1 Capital Management LP7.0M
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$7.006020.0%
Last Year (6 analysts)$7.677550.0%
Current Price$4.37
Analyst Ratings
10
3
Buy: 10Hold: 3Sell: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$22K
1 txn · 1 insider · 10,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-01-16 | SELL | REYNO LEONARD | officer: Chief Medical Officer | 10,000 | $2.22 | $22K | $347K |
Order Flow (FINRA, ~3w lag)
43.5%retail-2.0pp
15.3%dark-3.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
C4 Therapeutics: Strategic Partner Exits and Predatory Warrant Overhang
Overall Risk
7/10
Fraud
3/10
Dilution
9/10
Insolvency
6/10
Earnings Overstated
4/10
Hidden Liabilities
3/10
Legal
2/10
Audit Warnings
4/10
Hidden Upside
3/10
Contextually Acceptable
4/10