C4 Therapeutics, Inc. · NASDAQ:CCCC
C4 Therapeutics — Investor Presentation (October 2025)
33 slides from C4 Therapeutics's investor presentation, Oct 16, 2025
Slide 1: Protein degraded. Disease targeted. Lives transformed.
Protein degraded. Disease targeted. Lives transformed. October 2025
Slide 2: Legal Disclaimer Statements and Intellectual Property
Legal Disclaimer Statements and Intellectual Property LEGAL DISCLAIMER STATEMENTS The following presentation contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,
Slide 3: C4T Is Positioned to Unlock Value Across the Portfolio
C4T Is Positioned to Unlock Value Across the Portfolio © 2025 C4 Therapeutics, Inc. Source: 1 Health Advances (2022), ClearView (2023), and C4T analysis, opportunity across two market segments – 2L+ with BCMA BiTE and 4L+ with dexamethasone 2 Collaboration with Merck will conclude in late November 2
Slide 4: Pipeline programs
PROGRAM TARGET INDICATIONS RESEARCH & PRECLINICAL EARLY DEVELOPMENT LATE DEVELOPMENT RIGHTS Cemsidomide1 IKZF1/3 Multiple Myeloma & Non-Hodgkin’s Lymphoma CFT89192 EGFR L858R Non-Small Cell Lung Cancer CFT19463 BRAF V600 Mutant V600 Mutant Cancers Discovery Programs4 Oncology & Non-oncology Indicati
Slide 5: Strong Execution Across Pipeline Positions Us for Continued Advancement
Strong Execution Across Pipeline Positions Us for Continued Advancement © 2025 C4 Therapeutics, Inc. Cemsidomide IKZF1/3 Completed Phase 1 dose escalation in MM Present data from full Phase 1 dose escalation in MM at IMS Annual Meeting Present data from Phase 1 dose escalation data in NHL Initiate P
Slide 6: Cemsidomide IKZF1/3 Degrader Multiple Myeloma & Non-Hodgkin's Lymphoma
Cemsidomide IKZF1/3 Degrader Multiple Myeloma & Non-Hodgkin’s Lymphoma
Slide 7: Degrading IKZF1/3 Leads to Myeloma Cell Death and T-Cell Activation
Degrading IKZF1/3 Leads to Myeloma Cell Death and T-Cell Activation, Supporting This Target’s Important Role in Treating MM © 2025 C4 Therapeutics, Inc. Multiple myeloma (MM) Common Myeloid Progenitor Cell Common Lymphoid Progenitor Cell Neutrophil Platelets B-Cell Plasma Cell Oncogenic Mutations/Ab
Slide 8: Phase 1 Dose Escalation Enabled Advancement to Next Phase of Development
Phase 1 Dose Escalation Trial Enabled Advancement to Next Phase of Development with Two Opportunities for Accelerated Approvals in RRMM © 2025 C4 Therapeutics, Inc. NOW: ENTERING NEXT PHASE OF DEVELOPMENT TO SUPPORT REGISTRATION Monday, Wednesday, Friday dosing (MWF); Once daily (QD); Dexamethasone
Slide 9: Cemsidomide + Dexamethasone Phase 1 MM Dose Escalation Is Complete
Cemsidomide + Dexamethasone Phase 1 MM Dose Escalation Is Complete; 100 µg Is the Maximum Administered Dose © 2025 C4 Therapeutics, Inc. *Cemsidomide administered as 14 days on/14 days off in a 28-day cycle; Dex was dosed on days 1, 8, 15, and 22 at doses of 40 mg orally for patients ≤75 years old a
Slide 10: IMS Data 7/23/2025 Data Cutoff
IMS Data 7/23/2025 Data Cutoff
Slide 11: Cemsidomide Demonstrated a Differentiated Tolerability Profile
Cemsidomide Demonstrated a Differentiated Tolerability Profile With Minimal Dose Reductions and Discontinuations © 2025 C4 Therapeutics, Inc. Minimal Dose Reductions • TEAEs leading to dose reductions: 4/72 (6%)1 No Discontinuations Related to Cemsidomide • 1 TEAE led to discontinuation, unrelated t
Slide 12: Majority of Neutropenic Events Occurred in Earlier Cycles
Majority of Neutropenic Events Occurred in Earlier Cycles and Resulted in Low Rates of G-CSF Usage and Limited Clinical Consequences © 2025 C4 Therapeutics, Inc. 42% 23% 14% 5% 16% 9% 8% 9% 13% 7% 3% 5% 3% 3% 8% 0% 19% 23% 9% 7% 14% 13% 8% 9% 0% 25% 50% 75% 100% Cycle 1 Cycle 2 Cycle 3 Cycle 4 Cycle
Slide 13: Pharmacokinetics Were Dose Proportional and Demonstrated Optimal Degradation
Pharmacokinetics Were Dose Proportional and Demonstrated Optimal Degradation of IKZF1/3 at 100 µg Dose Level 13 *1 patient censored due to abnormal mass spectrometry values Note: PD data were not available for all patients at all time points Ikaros zinc finger protein 1/3 (IKZF1/3); Monday Wednesday
Slide 14: T-cell Activation Is Observed Across All Dose Levels
T-cell Activation Is Observed Across All Dose Levels With Cemsidomide + Dex © 2025 C4 Therapeutics, Inc. C 1D 1 C 1D 7 C 1D 14 C 1D 21 C 2D 1 C 1D 1 C 1D 7 C 1D 14 C 1D 21 C 2D 1 C 1D 1 C 1D 7 C 1D 14 C 1D 21 C 2D 1 C 1D 1 C 1D 7 C 1D 14 C 1D 21 C 2D 1 0 20 40 60 80 100 CD8+ T-cells % H L A D R c e
Slide 15: Cemsidomide 100 µg Dose Level Drives Sufficient Exposure
Exposure (AUC) Quartiles <Q1 (N=14) Q1-Q2 (N=14) Q2-Q3 (N=14) >Q3 (N=14) Mean AUC0-28d (ng*h/mL) 16.8 34.9 51.9 103.3 Mean Change in dFLC from Baseline +10% -11% -31% -52% Cemsidomide 100 µg Dose Level Drives Sufficient Exposure, Resulting in Meaningful Reductions in Light Chains 15 Cemsidomide + de
Slide 16: 50% of Patients With Elevated Light Chains Achieved at Least 50% dFLC Decrease
Across All Doses, 50% of Multiple Myeloma Patients With Elevated Light Chains Achieved at Least a 50% Decrease in dFLC © 2025 C4 Therapeutics, Inc. Dexamethasone (dex); Difference in involved and uninvolved free light chain (dFLC); Monday Wednesday Friday (MWF); Once daily (QD) *Only includes treate
Slide 17: Class-leading Anti-myeloma Activity With 40% and 50% ORR at Two Highest Doses
Class-leading Anti-myeloma Activity With a 40% and 50% ORR at the Two Highest Dose Levels 17 *Investigator assessed response a1 patient in the 37.5 µg cohort achieved a PR based on light chains, no follow up M protein available; §1patient at 62.5 µg did not have a post-baseline assessment and 4 pati
Slide 18: Swimmer plot and response durability
b Adverse event (AE); Duration of response (DOR); End of treatment (EOT); Extramedullary disease (EMD); Minimal response (MR); Progression-free survival (PFS); Progressive disease (PD); Partial response (PR); Once daily (QD); Relapsed/refractory multiple myeloma (RRMM); Stringent complete response (
Slide 19: Project Optimus Data 9/10/2025 Data Cutoff
Project Optimus Data 9/10/2025 Data Cutoff
Slide 20: Safety and Anti-myeloma Activity Remain Consistent With IMS Data
With 19 Patients Evaluable at the Highest Dose Level, Safety Profile and Anti-myeloma Activity Remain Consistent With IMS Data and Differentiated From Other IKZF1/3 Degraders 20© 2025 C4 Therapeutics, Inc. Cemsidomide + dex continued to be well-tolerated Across all doses, TEAEs were manageable • Dos
Slide 21: Neutropenia Rates Remained Consistent With IMS Data
Neutropenia Rates Remained Consistent With IMS Data, Including Low Rates of Febrile Neutropenia *One patient who had chronic infections prior to starting study had a recurrent infection Adverse events (AEs]; Once daily (QD); Monday, Wednesday, Friday (MWF); Treatment emergent adverse events (TEAEs);
Slide 22: 53% ORR at the Highest Dose With All 19 Patients Evaluable
Class-leading Anti-myeloma Activity With 53% ORR at the Highest Dose Achieved With All 19 Patients Now Evaluable Best Response: Multiple Myeloma – Cemsidomide 14/14 + Dex* 33% (2) 8% (1) 7% (1) 20% (4) 16% (3) 15% (11) 50% (3) 50% (6) 47% (7) 25% (5) 21% (4) 35% (25) 17% (2) 20% (3) 15% (3) 11% (2)
Slide 23: Clinical Development Plan
Clinical Development Plan
Slide 24: Cemsidomide Development Plan Provides Efficient Path to Registration
Cemsidomide Development Plan Provides Efficient Path to Registration and Addresses a Growing Patient Population © 2025 C4 Therapeutics, Inc. A single, randomized controlled Phase 3 study would be used to support accelerated approval in 2L+ and full approval in 2L+ and 4L+ based on a time-to-event en
Slide 25: Multiple Myeloma Is a Growing Patient Population With Persistent Unmet Need
Multiple Myeloma Is a Growing Patient Population With Persistent Unmet Need as Patients Continue to Progress In the US, UK, and EU4, the addressable patient population in 2024 for: Majority of Patients Continue to Progress Despite Novel Treatment Options: MM Represents a Large and Growing Population
Slide 26: Opportunity: Cemsidomide Could Increase BCMA BiTE Efficacy
Opportunity: By activating T-cells with a potential best-in-class profile, cemsidomide could increase BCMA BiTE efficacy to be in line with CAR-Ts while offering a more attractive overall profile, thereby potentially taking market share from CAR-Ts 0.0 5.0 10.0 15.0 20.0 Revenue ($B) 2024 1.9 18.0 2
Slide 27: Phase 2 Initial ORR Data of Cemsidomide + Dex in 4L+ Expected in 2H 2027
Phase 2 Initial ORR Data of Cemsidomide + Dex in 4L+ Expected in 2H 2027 © 2025 C4 Therapeutics, Inc. PHASE 2 TRIAL DESIGN: • Endpoints: ORR per IMWG response criteria assessed by independent review committee • 20% increase over a background rate of 20% • Objective: ORR in RRMM • RP2D: Expect to for
Slide 28: Phase 1b Trial Will Evaluate Optimal Dose in Combination With Elranatamab
Phase 1b Trial Will Evaluate Optimal Dose for Safety and T-Cell Activation in Combination With Elranatamab, With Data Expected by Mid-2027 © 2025 C4 Therapeutics, Inc. PHASE 1b TRIAL DESIGN: Primary Objectives: • Characterize the safety and tolerability of cemsidomide in combination with elranatamab
Slide 29: Discovery Portfolio
Discovery Portfolio $88 C4 Therapeutics
Slide 30: New C4T Discovery Strategy Based on Learnings From ~10 Years of TPD Experience
New C4T Discovery Strategy Based on Learnings From ~10 Years of TPD Experience 1 Examples include immunology, neuroinflammation / neurodegeneration • Choose therapeutic areas1 where normalization of protein levels or function is required • The kinetics of degraders can be fine-tuned for precise and
Slide 31: New Pipeline of Potentially First-in-Class Opportunities
New Pipeline of Potentially First-in-Class Opportunities Uniquely Suited for Degradation Results From Refined Target Selection Criteria • Exclude targets that have approved or Phase 3-stage therapies • Utilize Phase 1/2 experience with an inhibitor to inform translational and safety considerations •
Slide 32: Pursuing Targets in Validated Pathways With Broad Set of Indications
Pursuing Targets in Validated Pathways With Application to a Broad Set of Indications With Large Unmet Medical Needs © 2025 C4 Therapeutics, Inc. Alzheimer’s Disease Psoriasis Multiple Sclerosis Down Syndrome Parkinson’s Disease Rheumatoid Arthritis Multiple Myeloma Lupus Nephritis Systemic Lupus Er
Slide 33: Meaningful Near-term Expected Milestones Across The Portfolio
Meaningful Near-term Expected Milestones Across The Portfolio 2026 2027 2028 and beyond Cemsidomide (IKZF1/3) Ph2 (cemsi + dex) Ph1b (cemsi + elranatamab)1 Ph3 (cemsi + BCMAxCD3 Bispecific) CFT8919 (EGFR L858R) Ph1 dose escalation Discovery: Collaborations2 Discovery: Internal Pipeline 5 novel targe
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