Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data C4 Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
45.8
31.1
20.8
35.6
35.9
Research and development
48.1
78.4
94.7
118
118
111
104
General and administrative
8.77
15.2
33.3
42.8
42.1
42.1
36.2
Operating expenses
56.8
93.6
128
161
160
155
151
Operating income
-35.5
-60.4
-82.1
-130
-139
-120
-115
Other non-operating income
2.16
-6.51
-1.76
1.36
7.82
14.4
10.3
Pre-tax income
-33.3
-67
-83.9
-128
-131
-105
-105
Income tax
0.8
-0.63
0
0
1.28
0.13
0.12
Net income
-34.1
-66.3
-83.9
-128
-132
-105
-105
EBITDA
-33.9
-58.8
-80.6
-128
-137
-118
-113
EPS, basic
-31.03
-5.83
-1.82
-2.62
-2.67
-1.52
-1.27
EPS, diluted
-31.03
-5.83
-1.82
-2.62
-2.67
-1.52
-1.27
Shares, basic (weighted)
1.37
11.4
46
48.9
49.6
69.4
82.9
Shares, diluted (weighted)
1.37
11.4
46
48.9
49.6
69.4
82.9
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
90.5
182
76.1
29.8
127
55.5
74.6
Short-term investments
190
233
Receivables
4.62
4.48
5.72
1.47
11.8
3.1
2.4
Other current assets
1.6
4.84
10.7
9.93
5.71
9.76
7.17
Total current assets
96.8
381
326
288
271
258
258
Property, plant and equipment
4.46
3.32
3.11
7.4
7.13
5.84
4.74
Lease right-of-use assets
14.5
13.2
31.9
70.1
64
57.5
40.5
Long-term investments
142
Other non-current assets
0.54
1.53
2.72
2.66
3.68
Total assets
118
400
507
431
376
350
359
Accounts payable
5.39
5.68
4.51
1.17
1.45
1.33
0.86
Deferred revenue
20.7
27.6
31.8
16.6
15.5
18.7
12.5
Short-term debt
0
2.29
0
Total current liabilities
33.6
43.9
51.2
44.5
42.8
45.2
33
Long-term debt
10.1
10.8
9.2
0
Lease liabilities
12.9
11.8
30.8
71
65.8
60
53.6
Total liabilities
119
119
117
142
130
134
102
Total debt
10.1
10.8
11.5
0
Paid-in capital
5.53
465
658
689
775
850
995
Retained earnings
-117
-184
-268
-396
-528
-634
-739
Other comprehensive income
0.01
-0.78
-4.14
-0.13
0.05
0.05
Shareholders' equity
-112
281
390
289
246
216
257
Total equity
-112
281
390
289
246
216
257
Total liabilities and equity
118
400
507
431
376
350
359
Shares outstanding
1.43
43.1
48.7
49
60.5
70.6
96.9
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-34.1
-66.3
-83.9
-128
-132
-105
-105
Depreciation and amortization
1.6
1.62
1.49
1.68
1.88
1.82
1.96
Stock-based compensation
1.64
3.43
21.5
30
27.2
29.7
19.1
Change in receivables
81.8
0.14
-1.23
4.24
-10.3
8.7
0.7
Change in payables
4.23
0.47
-1.18
-3.33
0.27
-0.12
-0.47
Cash from operations
55.6
-67.2
-87
-106
-107
-65.2
-98.7
Capital expenditures
-1.35
-0.65
-1.28
-5.5
-1.71
-0.18
-0.61
Purchases of investments
-79
-294
-538
-220
-130
-284
-227
Sales and maturities of investments
78.7
104
350
283
290
233
219
Cash from investing
-1.62
-191
-189
58.4
158
-51.3
-8.6
Stock issued
0.27
0.89
2.33
0
57.7
0.78
0.11
Share buybacks
-0.03
-0.19
0
-0.11
-0.19
-0.19
Cash from financing
0.24
349
171
1.15
45.5
45.3
126
Net change in cash
54.2
91.2
-105
-46.4
97
-71.1
19.1
Free cash flow
54.3
-67.9
-88.2
-111
-109
-65.3
-99.3
Interest paid
0.82
1.31
1.62
0.99
0
Income taxes paid
1.09
0.14
0
1
0.08
0.13
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.98 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-319.0%
Operating income / revenue.
EBITDA margin
-314.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-289.4%
Net income / revenue.
FCF margin
-243.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-242.2%
Cash from operations / revenue.
Return on equity (ROE)
-41.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-28.2%
Net income / average total assets.
Return on invested capital (ROIC)
-52.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
285.5%
Research and development expense / revenue.
Stock-based pay / revenue
40.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.5%
Capital expenditures / revenue.
D&A / revenue
4.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
1.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
5.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
18.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-3.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-1.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
2.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-5.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-2.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
19.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
19.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
48.8%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.45x
Current assets / current liabilities.
Quick ratio
1.66x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.63x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.27
Revenue / diluted weighted shares.
FCF per share
-$0.65
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.65
Cash from operations / diluted weighted shares.
Book value per share
$2.01
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
10.5x
Market cap / revenue.
P/B
1.48x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.48x
Market cap / tangible book value, when positive.
EV/Sales
8.22x
Enterprise value / revenue.
FCF yield
-23.3%
Free cash flow / market cap.
Earnings yield
-27.7%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.1%
(Dividends paid + share buybacks) / market cap.
What was C4 Therapeutics, Inc.'s revenue in fiscal 2025?
C4 Therapeutics, Inc. reported revenue of $35.9M for fiscal 2025, 1% higher than the year before.
Was C4 Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $105.0M.
How much free cash flow did C4 Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $98.7M minus capital expenditures of $607.0K left free cash flow of -$99.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.