CCCC: 1Q26 Recap—Execution Continues Across the Cemsidomide Franchise

Research evidence excerpt

CCCC: 1Q26 Recap—Execution Continues Across the Cemsidomide Franchise

Equity Research

Company Update — May 12, 2026

Biotechnology

C4 Therapeutics, Inc.

1Q26 Recap—Execution Continues Across the Cemsidomide Overweight

Franchise Price Target: $10.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

We remain positive on cemsi's profile in multiple myeloma and encouraged by mgmt's EPS 2026 (1.00) (1.48) 32.4%

execution on its 4L+ trial and earlier-line combos. We view cemsi as an underappreciated

MM story and see the cemsi+elra data in mid-2027 as a key inflection point. Ticker CCCC

Upside/(Downside) to Target 224.7%

CCCC dosed their 1st pt in the Ph1b with cemsi+elra; data across all cohorts are Price (05/12/2026) $3.08

expected in mid-2027. On our follow-up, mgmt noted they are actively recruiting pts at 52 Week Range $1.21 - 3.82

US sites and emphasized that PFE's iber+elra data helps de-risk this combo. Mgmt sees Market Cap (MM) $360

oppty to deepen response beyond the ~44% CR and offer differentiation on safety (see

Enterprise Value (MM) $92

note). Mgmt will also assess MRD negative responses. We expect a push into earlier-line

(2L), positioning cemsi as a relevant MM player there. Average Daily Value (MM) $8

$ (Dec) Q1 Q2 Q3 Q4 FY

New combos planned for cemsi. An additional Ph1b studying cemsi with a proteasome

Rev. (MM)inhibitor (likely carfilzomib) or CD38 mAb in R/R MM is expected to start 1H27 with a

similar design to cemsi+elra trial (e.g. starting at 75ug dose). We view these additional 2026E 6.0 A 5.0 E 5.0 E 4.0 E 20.0 E

combo trials as a promising sign and will support cemsi's use as a backbone in MM. In Prior 5.0 E NC NC 5.0 E NC

our follow-up with mgmt, they noted consistency in dosing across combos as a potential 2027E 5.0 E 5.0 E 5.0 E 5.0 E 20.0 E