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WATERTOWN, MA - C4 Therapeutics, Inc. (NASDAQ:CCCC), a biotechnology company specializing in biological products with a market capitalization of $88 million, has announced the upcoming retirement of board member Bruce Downey. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet. Downey informed the Board of Directors of his decision to retire and not stand for reelection at the 2025 Annual Meeting of Stockholders.
The company disclosed this information in a Form 8-K filing with the Securities and Exchange Commission, filed today, Monday.
Downey’s departure from the board is set to take place following the 2025 Annual Meeting of Stockholders. His decision to retire is not the result of any disagreements with the company regarding its strategy, operations, policies, or practices, as stated in the filing. Downey currently serves as chair and a member of the Organization, Leadership and Compensation Committee, a member of the Audit Committee, and a member of the Nominating and Corporate Governance Committee.
C4 Therapeutics, based in Watertown, Massachusetts, operates within the biological products industry, excluding diagnostic substances. The company is incorporated in Delaware and has been publicly traded on the Nasdaq Global Select Market. The stock has faced significant challenges, declining over 83% in the past year, though InvestingPro analysis suggests the stock is currently trading below its Fair Value. InvestingPro subscribers have access to 12 additional key insights about CCCC’s financial health and market position.
The announcement of Downey’s retirement comes as a significant change in the company’s governance structure. The company has not provided details on a potential successor or the process for filling the upcoming vacancy on the board. With a current ratio of 5.71, the company maintains strong short-term liquidity to navigate this transition period, though InvestingPro data indicates the company is quickly burning through its cash reserves.
C4 Therapeutics has not indicated how this change will affect the company’s strategic direction or operations moving forward. The company’s next steps regarding the composition of its Board of Directors remain to be seen as it approaches the annual meeting.
The information contained in this article is based on the company’s recent SEC filing.
In other recent news, C4 Therapeutics, Inc. has outlined its anticipated milestones for 2025, focusing on advancing its protein degradation therapies. The company is preparing to complete critical phases in its clinical development programs for several drug candidates, including cemsidomide and CFT1946. Cemsidomide has completed its Phase 1 dose escalation, with data expected in the latter half of 2025, while CFT1946 is advancing through its Phase 1 trial with dose escalation set to finish in the first half of the year. Expansion cohort(s) for peripheral T-cell lymphoma are expected to open in the second half of 2025. Additionally, C4 Therapeutics’ partner, Betta Pharmaceuticals, is progressing with a Phase 1 dose escalation study of CFT8919 in Greater China. The company expects its current financial resources to fund operations into 2027. C4 Therapeutics continues to utilize its TORPEDO® platform to develop orally bioavailable degraders for oncology and non-oncology targets. The firm plans to present and publish preclinical work and advance internal and collaboration programs to key milestones.
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