C4 Therapeutics (CCCC) just posted its FY 2025 Q4 numbers, with revenue of US$11.0 million and a quarterly loss translating to basic EPS of US$0.18, set against a trailing twelve month loss of US$105.0 million and EPS of US$1.27 on revenue of US$35.9 million. Over recent quarters, the company has seen revenue move between US$5.2 million and US$15.4 million, while quarterly EPS has ranged from US$0.35 to US$0.49 and quarterly losses from US$24.7 million to US$34.6 million. The key question for investors now is how quickly this revenue base can improve margins and narrow those losses. With that backdrop, the latest print puts the spotlight firmly on whether C4 can convert its topline into a more efficient cost structure and a clearer path toward healthier margins.
See our full analysis for C4 Therapeutics.With the numbers on the table, the next step is to see how this latest performance lines up against the bullish and bearish stories investors have been telling about C4 Therapeutics over the past year.
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US$105.0 million trailing loss sets the profitability backdrop
- On a trailing twelve month view to FY 2025 Q4, C4 recorded a net loss of US$105.0 million on US$35.9 million of revenue, with basic EPS of US$1.27 in loss terms. The business is still firmly in loss making territory despite having a recurring revenue base.
- Bears often focus on the fact that the company is forecast to remain unprofitable for at least three years and has seen losses widen by about 7.2% per year over the past five years. That picture lines up with the recent twelve month loss of roughly US$105 million,
- Critics highlight that earnings are expected to decline by an average of 9.6% per year, which fits with quarterly net losses sitting in the US$20 million to US$34.6 million range over the past six quarters.
- What stands out for cautious investors is that there is no recent data point showing a move into profitability, with every quarter in the table reporting a loss and the trailing twelve month net loss consistently above US$100 million.
Revenue holding around US$36 million while losses stay above US$100 million
- Across the last six trailing twelve month snapshots, revenue has stayed in a fairly tight band between US$30.1 million and US$39.8 million, while trailing net losses have sat between US$103.3 million and US$119.1 million. The gap between the top line and bottom line is still wide.
- Supporters of the revenue growth story point out that revenue is forecast to grow about 31.1% per year and faster than the US market at 10.3%. Yet the recent data shows that even with trailing revenue near US$35.9 million, the trailing loss of US$104.994 million has not narrowed in a clear way,
- What is interesting for bullish thinkers is that quarterly revenue has already been bouncing between US$5.2 million and US$15.4 million, which they see as a base for that higher forecast growth rate.
- At the same time, the fact that trailing twelve month revenue was US$39.8 million in FY 2025 Q1 but US$35.9 million by Q4 shows that revenue can move around from period to period. This matters if you are relying on strong revenue growth to eventually improve earnings.
P/S of 7.3x versus peers at 20.2x and industry at 12.6x
- The shares trade on a P/S of 7.3x, which is lower than the US Biotech industry at 12.6x and well below the cited peer average of 20.2x. On a simple sales multiple the stock sits at a discount to many comparables.
- Bullish investors argue that this lower P/S, combined with the roughly 31.1% revenue growth forecast, could make the current US$2.70 share price look appealing if the company can eventually translate that sales base into better earnings. Yet the same dataset reminds you that forecast earnings are still expected to decline by around 9.6% per year and that recent shareholder dilution and share price volatility are part of the story,
- What strongly supports the bullish side is that the discount on P/S is measured against both peers and the broader industry, not just one benchmark, which some investors see as a margin of safety on the revenue side.
- On the other hand, the history of widening losses over five years and the expectation that the company stays unprofitable for at least three years give bears concrete reasons to question how long that valuation gap could persist.
Next Steps
Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on C4 Therapeutics's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.
Seeing both risks and rewards in this story, it makes sense to move quickly, consider the full picture yourself, and review the 2 key rewards and 4 important warning signs before deciding what it all means for you.
See What Else Is Out There
C4 Therapeutics is still carrying a trailing twelve month loss of US$105.0 million on US$35.9 million of revenue, with no recent move into profitability.
If those ongoing losses and the wide gap between revenue and earnings make you uneasy, it could be time to scan our 76 resilient stocks with low risk scores to quickly focus on companies with more resilient financial profiles.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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