C4 Therapeutics to axe 30% of workforce

Jan. 10, 2024

Massachusetts-based C4 Therapeutics announced a workforce reduction of approximately 30% this week, as it sharpens its focus on its most promising targeted protein degradation programs.

Going forward, key priorities will include advancing clinical programs for CFT7455 for multiple myeloma and non-Hodgkin’s lymphoma and CFT1946 for V600 mutant cancers. The company will also support CFT8919 phase 1 development in China for non-small cell lung cancer.

Just last month, C4T inked a potential $610 million license and research collaboration with Merck to discover and develop degrader-antibody conjugates in oncology.

As of January 5, 2024, C4T reported $330 million unaudited cash, cash equivalents, and marketable securities. These financial adjustments are anticipated to provide C4T with the necessary stability to execute its strategic plan well into 2027.

C4 Therapeutics is scheduled to present at the 42nd Annual J.P. Morgan Healthcare Conference on January 11, 2024, providing stakeholders with a comprehensive overview of its initiatives, including insights into the clinical advancements resulting from the refined focus.