C4 Therapeutics is a clinical-stage biopharmaceutical company focused on targeted protein degradation (TPD), a drug modality that uses small molecules to destroy disease-causing proteins rather than just inhibit them. C4's lead drug candidate is cemsidomide, an oral small-molecule degrader targeting IKZF1/3 proteins in relapsed or refractory multiple myeloma, currently in Phase 2 development. C4's second clinical asset is CFT8919, an oral degrader targeting the EGFR L858R mutation in non-small cell lung cancer, designed to remain active against common resistance mutations and to penetrate the blood-brain barrier. Betta Pharma is running the Phase 1 trial in Greater China, with C4 retaining ex-China rights. Beyond oncology, C4 is building a discovery pipeline in inflammation, neuroinflammation, and neurodegeneration, emphasizing CNS-penetrant degraders. C4 has no approved products or commercial revenue today. The company funds itself through research collaborations with Roche, Merck KGaA, Betta Pharma, and Biogen, who pay upfront fees, development milestones, and royalties on future sales in exchange for access to C4's TORPEDO discovery platform. Near-term cash flows are lumpy and milestone-driven, dependent on partners' development decisions. Longer-term, C4's upside depends on royalty streams from partnered products and, if cemsidomide reaches approval, building out a U.S. commercial organization.