Elranatamab

在生物医药的寒冬里，总有一些公司凭借硬核技术和坚定执行力走出独立行情。 2026年4月9日，临床阶段生物制药公司C4 Therapeutics（纳斯达克代码：CCCC）宣布与罗氏达成一项新的合作协议，双方将共同探索和开发**降解剂-抗体偶联物（DAC）**这一新兴药物模式。根据协议，C4T将获得2000万美元首付款，并有资格获得超过10亿美元的里程碑付款以及未来销售的分级特许权使用费。 消息公布后，C4T股价应声大涨。截至2026年5月11日收盘，公司股价报3.17美元，总市值3.49亿美元，较2026年2月的低点1.89美元上涨了67.72%。 谁能想到，这家如今备受巨头青睐的蛋白降解公司，曾在2023年经历过股价暴跌95%的至暗时刻。从濒临破产到重回资本视野，C4 Therapeutics的故事，正是靶向蛋白降解（TPD）领域十年发展的一个缩影。一、公司概况：TPD领域的"黄埔军校" C4 Therapeutics成立于2015年，总部位于美国马萨诸塞州沃特敦，由来自哈佛大学和丹娜法伯癌症研究所的三位顶尖科学家共同创立：Jay Bradner博士：现任诺华生物医学研究所（NIBR）总裁，被誉为"分子胶之父"Ken Anderson博士：多发性骨髓瘤领域的权威专家Nathanael Gray博士：著名化学生物学家，现任斯坦福大学教授 公司的联合创始人兼首任执行主席Marc Cohen于2022年6月去世，他是一位极具远见的生物技术投资者，一生创立了多家成功的生物科技公司。 2020年10月，C4 Therapeutics在纳斯达克上市，发行价19美元，募资1.824亿美元，上市首日市值达到11亿美元。二、核心技术：TORPEDO平台的"双引擎"驱动 C4 Therapeutics的核心竞争力在于其专有的**TORPEDO®（Targeted Protein Degradation Platform）**平台，该平台能够高效设计和优化小分子蛋白降解剂。 与传统的小分子抑制剂不同，蛋白降解剂不是简单地阻断靶蛋白的功能，而是利用人体自身的泛素-蛋白酶体系统，将致病蛋白彻底降解。这种"催化性"作用机制使得降解剂能够以更低的剂量发挥更强的疗效，同时有望克服传统药物的耐药性问题。 C4T的技术平台具有两大独特优势：1. 双技术路线并行MonoDAC®（分子胶降解剂）：单功能小分子，通过同时结合E3泛素连接酶和靶蛋白，诱导靶蛋白的泛素化和降解BiDAC™（双功能降解剂）：即传统的PROTAC分子，一端结合靶蛋白，另一端结合E3连接酶，中间通过连接子相连 这种"两条腿走路"的策略使C4T能够根据不同靶点的特点选择最合适的降解剂类型，大大提高了药物发现的成功率。2. 对Cereblon（CRBN）连接酶的深刻理解 CRBN是目前唯一经过临床验证的E3泛素连接酶，也是绝大多数蛋白降解剂的"工作伙伴"。C4T在CRBN的结构生物学和作用机制方面积累了深厚的专业知识，能够设计出具有更高催化效率和更好成药性的降解剂。三、研发管线：两大核心产品引领临床进展 C4 Therapeutics的研发管线专注于肿瘤领域，目前有两个产品进入临床阶段，多个项目处于临床前研究阶段。1. Cemsidomide（CFT7455）：潜在Best-in-Class的IKZF1/3降解剂 Cemsidomide是C4T的核心产品，也是目前进展最快的项目。它是一种口服的MonoDAC分子胶降解剂，能够选择性降解IKZF1和IKZF3蛋白，这两种蛋白在多发性骨髓瘤和非霍奇金淋巴瘤的发生发展中起着关键作用。 最新临床数据（2025年公布）：在复发/难治性多发性骨髓瘤（RRMM）患者中进行的1期临床试验显示，最高两个剂量组（75μg和100μg）的客观缓解率（ORR）分别达到40%和53%在经多线治疗（中位治疗线数为6线）的患者群体中展现出显著的抗骨髓瘤活性安全性良好，最常见的不良反应为中性粒细胞减少和血小板减少，且多为1-2级 最新进展：2026年2月，C4T宣布cemsidomide联合地塞米松用于四线及以上RRMM的2期MOMENTUM试验已完成首例患者给药预计2027年第一季度完成该试验的患者入组计划在2026年第二季度启动cemsidomide与elranatamab（BCMA/CD3双特异性抗体）的联合用药1b期试验2. CFT8919：针对EGFR L858R突变的选择性降解剂 CFT8919是一种口服的BiDAC双功能降解剂，专门针对非小细胞肺癌（NSCLC）中最常见的EGFR L858R突变。与现有的EGFR抑制剂相比，CFT8919具有以下优势：能够降解EGFR L858R突变蛋白，而不仅仅是抑制其激酶活性对野生型EGFR具有高度选择性，有望减少皮疹、腹泻等常见不良反应有望克服第三代EGFR抑制剂（如奥希替尼）的耐药性 最新进展：目前正在进行1期剂量递增临床试验预计2025年下半年公布黑色素瘤和结直肠癌队列的数据计划在2026年第一季度利用1期数据指导中国以外地区的临床开发工作四、战略合作：巨头纷纷押注，DAC成新风口 C4 Therapeutics的技术实力得到了全球顶级制药公司的认可，目前已与罗氏、默沙东、德国默克、贝达药业和渤健等多家公司建立了战略合作关系。1. 与罗氏：十年三度携手，共拓DAC新领域2016年：首次合作，罗氏支付7.5亿美元里程碑款项2019年：扩大合作，总金额增至9亿美元2026年4月：最新合作，共同开发降解剂-抗体偶联物（DAC），C4T获得2000万美元首付款，总里程碑超过10亿美元 DAC是一种将蛋白降解剂与抗体偶联的新型药物模式，结合了蛋白降解剂的催化效率和抗体的精准递送能力，有望解决传统蛋白降解剂在实体瘤中疗效不佳的问题。2. 与默沙东：布局DAC领域2023年12月：与默沙东签署独家许可和合作协议，开发抗体偶联蛋白降解药物（DACs）C4T获得1000万美元首付款，单个靶点的里程碑款项可达6亿美元若默沙东将合作扩展到三个额外靶点，总里程碑将超过25亿美元3. 与贝达药业：深耕中国市场2024年1月：贝达药业以4.5美元/股的价格投资2500万美元，成为C4T的第二大股东（持股8%）双方达成合作，贝达药业获得CFT8919在大中华区的独家开发和商业化权利协议总金额为4.32亿美元，包括首付款和里程碑付款4. 与渤健：进军神经系统疾病2019年：与渤健达成4.15亿美元的合作协议，开发针对神经系统疾病的蛋白降解剂2026年1月：C4T从渤健获得200万美元里程碑付款，用于BTK降解剂BIIB145的临床开发这是渤健从C4T引进的第二个进入临床阶段的项目五、财务状况：现金充足，未来可期 根据C4 Therapeutics 2026年2月公布的2025年全年财报：现金及现金等价物：2.673亿美元（截至2025年12月31日）2025年营业收入：3594.7万美元2025年净亏损：1.05亿美元现金 runway：预计可支持公司运营至2027年 2025年10月，C4T通过公开发行股票筹集了1.25亿美元的资金，同时发行了认股权证，若全部行权，还将获得额外2.25亿美元的资金。这为公司后续的临床开发提供了充足的资金保障。六、总结与展望：在挑战中前行 C4 Therapeutics的发展历程充满了波折，但也展现了一家真正专注于技术创新的生物科技公司的韧性。 公司优势：拥有经验丰富的科学创始团队和深厚的技术积累TORPEDO平台成熟高效，能够同时开发分子胶和双功能降解剂核心产品cemsidomide展现出潜在Best-in-Class的临床数据与多家顶级制药公司建立了战略合作关系，获得了稳定的现金流现金充足，能够支持未来两年的运营 面临的挑战：蛋白降解领域竞争日益激烈，Arvinas、Kymera等公司也在快速推进临床项目cemsidomide面临来自其他IKZF1/3降解剂的竞争DAC作为一种新兴药物模式，其临床疗效和安全性仍需验证公司目前仍处于亏损状态，未来需要更多的资金支持后期临床开发 未来关键里程碑：2026年第二季度：启动cemsidomide与elranatamab的联合用药1b期试验2026年年中：公布cemsidomide 1期临床试验的进一步分析数据2025年下半年：公布CFT8919在黑色素瘤和结直肠癌队列的数据2027年年中：公布cemsidomide联合elranatamab的1b期临床数据2028年初：启动cemsidomide联合BCMA双特异性抗体的3期临床试验 随着靶向蛋白降解技术的不断成熟，C4 Therapeutics有望在未来几年迎来收获期。特别是在DAC这一新兴领域，C4T凭借其先发优势和与罗氏、默沙东等巨头的合作，有望成为行业的领导者。 对于投资者和行业观察者来说，C4 Therapeutics的故事还远未结束。这家曾经跌入谷底的公司，正在用扎实的临床数据和创新的技术平台，书写着属于自己的逆袭传奇。 免责声明：本文内容仅供行业交流和信息参考，不构成任何投资建议或医疗指导。文中观点仅代表作者个人，不代表任何机构立场。投资有风险，决策需谨慎。 消息来源C4官网。

Progressed Plans to Establish Cemsidomide as a Potentially Foundational Treatment for Multiple Myeloma; Enrollment Ongoing in Phase 2 MOMENTUM Trial and Phase 1b Trial in Combination with Elranatamab Additional Phase 1b Trial Evaluating Cemsidomide in Combination with Approved Multiple Myeloma Therapies Expected to Initiate in the First Half of 2027 Expanded Long-Term Partnership with Roche Through New Collaboration Agreement Focused on Discovering and Developing Degrader Antibody Conjugates Cash, Cash Equivalents and Marketable Securities of $268.3 Million as of March 31, 2026 with Cash Runway to the End of 2028 WATERTOWN, Mass., May 12, 2026 (GLOBE NEWSWIRE) -- C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation (TPD) science, today reported financial results for the first quarter ended March 31, 2026, as well as recent business highlights. “During the first quarter, we made strong progress advancing cemsidomide as a potential best-in-class IKZF1/3 degrader for the treatment of multiple myeloma, highlighted by the initiation of two new clinical trials and plans to begin an additional combination trial next year. We believe our clinical development path further supports the advancement of IKZF1/3 degradation – the only mechanism targeting a central transcriptional dependency in multiple myeloma – and will help position cemsidomide as a potentially foundational therapy for these patients with relapsed refractory disease,” said Andrew Hirsch, president and chief executive officer of C4 Therapeutics. “In addition to these clinical advances, we also expanded our partnership with Roche through a new collaboration focused on degrader-antibody conjugates, broadening the reach of targeted protein degradation in cancer. Supported by a strong balance sheet through key value inflection points, we remain focused on advancing our portfolio to deliver the next generation of targeted protein degrader medicines to patients.” FIRST QUARTER 2026 HIGHLIGHTS AND RECENT ACHIEVEMENTS Planning is underway to initiate an additional Phase 1b trial evaluating cemsidomide in combination with approved multiple myeloma (MM) therapies. The trial will include two treatment arms: (1) cemsidomide, dexamethasone, and a proteasome inhibitor, and (2) cemsidomide, dexamethasone, and a CD38 antibody, for the relapsed refractory (RR) MM patients. Trial initiation is expected in the first half of 2027 with the goal of further establishing cemsidomide’s pro a potentially foundational therapy across multiple lines of MM treatment. Data from the Phase 1 trial evaluating cemsidomide in combination with dexamethasone in RRMM was accepted as a poster presentation at the European Hematology Annual (EHA) Congress taking place from June 11 – June 14, 2026, in Stockholm, Sweden. Enrollment was completed in September 2025, and the poster presentation will include further analysis from the ongoing trial. A trial-in-progress poster highlighting the Phase 2 MOMENTUM trial evaluating cemsidomide in combination with dexamethasone in RRMM was accepted at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting taking place from May 29 – June 2, 2026, in Chicago, Illinois. The first patient was dosed in the Phase 1b trial in March 2026 . The trial is evaluating cemsidomide and dexamethasone in combination with elranatamab (ELREXFIO ® ), B-cell maturation antigen CD3 targeted bispecific antibody, for earlier lines of MM treatment. The first patient was dosed in the Phase 2 MOMENTUM trial in February 2026 . The trial is evaluating cemsidomide in combination with dexamethasone in MM for the fourth line or later. The trial is expected to enroll approximately 100 patients and is on track to complete enrollment by the end of Q1 2027. Based on the evolving treatment landscape for EGFR mutated non-small cell lung cancer (NSCLC), capital priorities, and available clinical data to date, C4T has made the decision to not advance CFT8919, an EGFR L858R degrader, into the next phase of clinical development outside of Greater China at this time. C4T entered into a new collaboration agreement with Roche in April 2026 , to advance research in the emerging degrader-antibody conjugate (DAC) modality. C4T and Roche will combine antibody-drug conjugation and targeted protein degradation to develop a new way to treat cancers. In May 2026, C4T received an upfront payment of $20 million. UPCOMING MILESTONES EHA Congress, June 11 – 14, 2026: Dr. Sagar Lonial, MD, FACP, FASCO, Chief Medical Officer at the Winship Cancer Institute at Emory University, will present a poster titled “Updated Results of a Phase 1 First-In-Human Study of Cemsidomide, a Novel MonoDAC ® Degrader, with Dexamethasone in Patients with RRMM” at the EHA Congress on Friday, June 12, 2026 at 6:45 pm CEST / 12:45 pm ET. 2H 2026: Provide an update on the dose escalation progress from the Phase 1b trial evaluating the combination of cemsidomide, dexamethasone, and elranatamab. By year-end 2026: Deliver at least one development candidate to a collaboration partner and advance collaborations toward key milestones. UPCOMING INVESTOR EVENTS May 26 th at 2:30 pm ET: Management will participate in a virtual fireside chat at TD Cowen’s 7 th Annual Oncology Innovation Summit: Insights for ASCO & EHA, taking place virtually from May 26 – May 27, 2026. June 3 rd at 8:45 am ET: Management will participate in a fireside chat at the 2026 Jefferies Global Healthcare Conference taking place in New York, NY from June 2 – June 4, 2026. June 10 th : Management will participate in 1x1 meetings at the Goldman Sachs 47 th Annual Global Healthcare Conference taking place in Miami, FL from June 8 – 10, 2026. FIRST QUARTER 2026 FINANCIAL RESULTS Revenue: Total revenue for the first quarter of 2026 was $6.2 million, compared to $7.2 million for the first quarter of 2025. The decrease in revenue resulted from the conclusion of the research collaboration with Merck and the prioritization of one KRAS project under the collaboration with Merck KGaA, Darmstadt, Germany (MKDG). This was partially offset by a $2.0 million milestone that was earned from Biogen during the period ended March 31, 2026. Research and Development (R&D) Expense: R&D expense for the first quarter of 2026 was $24.6 million, compared to $27.1 million for the first quarter of 2025. The decrease in R&D expense was primarily related to the conclusion of the Merck collaboration and the prioritization of one KRAS project under the collaboration with MKDG. General and Administrative (G&A) Expense: G&A expense for the first quarter of 2026 was $9.3 million, which was unchanged compared to the first quarter of 2025. Net Loss and Net Loss per Share: Net loss for the first quarter of 2026 was $25.1 million, compared to $26.3 million for the first quarter of 2025. Net loss per share for the first quarter of 2026 was $0.20, compared to $0.37 for the first quarter of 2025. Cash Position and Financial Guidance: Cash, cash equivalents and marketable securities as of March 31, 2026 were $268.3 million, compared to $297.1 million as of December 31, 2025. The decrease in cash, cash equivalents and marketable securities during the first quarter of 2026 was primarily the result of the cash used to fund operations and advance our programs. The company expects that its current cash, cash equivalents and marketable securities will fund its operations to the end of 2028. About Cemsidomide Cemsidomide is an investigational, orally bioavailable molecular glue degrader (MonoDAC ® degrader) of IKZF1/3, transcription factors foundational to multiple myeloma biology. Data from the Phase 1 trial, which has completed enrollment, show cemsidomide’s differentiated safety and tolerability pro potentially class-leading anti-myeloma activity that support the potential for durable outcomes. About the MOMENTUM Trial MOMENTUM (Multi-center trial Of cemsidoMidE iN relapsed/refracTory mUltiple Myeloma) is a Phase 2, open-label, single-arm study to evaluate the efficacy, safety, pharmacokinetics and pharmacodynamics of cemsidomide in combination with dexamethasone in patients with relapsed/refractory multiple myeloma. Data from the Phase 1 trial identified 100 µg as the recommended Phase 2 dose. The primary endpoint is overall response rate per International Myeloma Working Group response criteria, as assessed by an independent review committee. Approximately 100 patients who have received at least three prior anti-myeloma regimens that must have included an IKZF1/3 degrader, a proteasome inhibitor, an anti-CD38 antibody, and a T-cell engager or CAR-T therapy will be enrolled in the trial. More information is available at clinicaltrials.gov (NCT07284758). About Cemsidomide in Combination With Elranatamab (ELREXFIO ® ) The Phase 1b trial is designed to evaluate the safety, tolerability and preliminary efficacy of cemsidomide and dexamethasone in combination with elranatamab, an FDA-approved B-cell maturation antigen CD3 targeted bispecific antibody. Data generated from the cemsidomide Phase 1 trial in relapsed/refractory multiple myeloma demonstrate robust T-cell activation and cytokine expression across multiple doses. By activating immune T-cells, cemsidomide, when combined with a BCMAxCD3 bispecific such as elranatamab, may amplify the anti-myeloma immune response and lead to deeper and more durable responses. The study will evaluate different cemsidomide dose levels (beginning with 75 µg, with the opportunity to simultaneously explore 50 µg and 100 µg) in patients who have received one to four prior lines of therapy, which must have consisted of at least one IKZF1/3 degrader. Exclusion criteria for patients include those who have received prior treatment with a BCMA-directed T-cell engager or BCMA-directed CAR-T therapy. More information is available at clinicaltrials.gov (NCT07280013). About Multiple Myeloma Multiple myeloma (MM) is a rare blood cancer affecting plasma cells. Approximately 36,000 people in the United States are diagnosed with MM each year. Approved IKZF1/3 degraders remain foundational therapies across lines of MM treatment. Despite advances, including immune-directed approaches, most patients ultimately relapse, underscoring a growing need for new therapeutics options that continue to leverage IKZF1/3 degradation to drive myeloma cell death and T-cell activation. About C4 Therapeutics C4 Therapeutics (C4T) (Nasdaq: CCCC) is a clinical-stage biopharmaceutical company dedicated to delivering on the promise of targeted protein degradation science to create a new generation of medicines that transforms patients’ lives. C4T is progressing targeted oncology programs through clinical studies and leveraging its TORPEDO ® platform to efficiently design and optimize small-molecule medicines to address difficult-to-treat diseases. C4T’s degrader medicines are designed to harness the body’s natural protein recycling system to rapidly degrade disease-causing proteins, offering the potential to overcome drug resistance, drug undruggable targets and improve patient outcomes. For more information, please visit Forward Looking Statements This press release contains “forward-looking statements” of C4 Therapeutics, Inc., within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but may not be limited to, express or implied statements regarding our ability to develop potential therapies for patients; the design and potential efficacy of our therapeutic approaches; the predictive capability of our TORPEDO® platform in the development of novel, selective, orally bioavailable BiDAC™ and MonoDAC® degraders; the potential timing, design and advancement of our preclinical studies and clinical trials, including the potential timing for and receipt of regulatory authorization related to clinical trials and other clinical development activities including clinical trial commencement and patient enrollment; our ability and the potential to successfully manufacture and supply our product candidates for clinical trials; our ability to replicate results achieved in our preclinical studies or clinical trials in any future studies or trials; our ability to replicate interim or early-stage results from our clinical trials in the results obtained when those clinical trials are completed or when those therapies complete later-stage clinical trials; the potential timing and/or receipt of regulatory approval for our product candidates; regulatory developments in the United States and foreign countries; the anticipated timing and content of presentations of data from our clinical trials; and our ability to fund our future operations. Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties related to the initiation, timing, advancement and conduct of preclinical and clinical studies and other development requirements for our product candidates; the risk that any one or more of our product candidates will cost more to develop or may not be successfully developed and commercialized; and the risk that sufficient capital to fund our future operations will be available to us on acceptable terms or at the times required. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in C4 Therapeutics’ most recent Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and C4 Therapeutics undertakes no duty to update this information unless required by law. Contacts: Investors: Courtney Solberg Associate Director, Investor Relations CSolberg@c4therapeutics.com Leah Gibson Vice President, Investor Relations & Communications LGibson@c4therapeutics.com Media: Loraine Spreen Senior Director, Corporate Communications & Patient Advocacy LSpreen@c4therapeutics.com Condensed Consolidated Balance Sheet Data (in thousands) March 31, 2026 December 31, 2025 Cash, cash equivalents and marketable securities $ 268,271 $ 297,100 Total assets 328,861 359,075 Deferred revenue 25,564 28,334 Total stockholders' equity 234,247 256,587 Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended March 31, 2026 2025 Revenue from collaboration agreements $ 6,152 $ 7,238 Operating expenses: Research and development 24,606 27,072 General and administrative 9,331 9,330 Total operating expenses 33,937 36,402 Loss from operations (27,785 ) (29,164 ) Other income, net: Interest and other income, net 2,656 2,842 Total other income, net 2,656 2,842 Net loss $ (25,129 ) $ (26,322 ) Net loss per share − basic and diluted $ (0.20 ) $ (0.37 ) Weighted-average shares outstanding − basic and diluted 126,074,555 70,833,044