C4 Therapeutics, Inc. — Form 10-Q
Filed August 11, 2026 · analyzed by the Periodic Agent
10-Q
▲ Likely positive
significance 72/100
What the filing says
C4 Therapeutics and Roche entered a new Research Collaboration and License Agreement effective April 8, 2026, replacing their prior 2018 agreement. C4T receives $20M upfront payment plus potential milestone payments (up to ~$385M across three targets based on development and sales), royalties on net sales (tiered 10-15%), and fees for research progression (LIGo/LOGo). Roche gains exclusive worldwide license to C4T's protein degradation technology for degrader-antibody conjugate (DAC) development across three initial targets plus one optional target, with C4T providing research services through preclinical stages before handoff to Roche.
Why this rating
Major deal worth ~$20M upfront plus potential $385M+ milestones represents 20%+ of C4T's current $100M market cap in committed upfront alone; transforms revenue visibility and validates core technology, but execution risk remains on Roche's development timeline.
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