WATERTOWN, Mass. – C4 Therapeutics Inc. (NASDAQ:CCCC) announced Monday that it has dosed the first patient in its Phase 2 MOMENTUM trial evaluating cemsidomide combined with dexamethasone for relapsed/refractory multiple myeloma, according to a company press release. The biotech company’s shares, currently trading at $2.16 with a market cap of $209 million, jumped 14% over the past week following the announcement.
The open-label, single-arm study will enroll approximately 100 patients who have received at least three prior anti-myeloma regimens. Participants must have previously been treated with an IKZF1/3 degrader, a proteasome inhibitor, an anti-CD38 antibody, and either a T-cell engager or CAR-T therapy. The company expects to complete enrollment in the first quarter of 2027.
Cemsidomide, an oral IKZF1/3 degrader, will be administered at a 100 µg dose level on a schedule of 14 days on and 14 days off, with dexamethasone dosed once weekly. The primary endpoint is overall response rate per International Myeloma Working Group criteria as assessed by an independent review committee.
“Initiating the Phase 2 MOMENTUM trial, which builds upon the compelling anti-myeloma activity and differentiated safety profile established in the Phase 1 trial, is a critical step for cemsidomide to become a foundational therapy for multiple myeloma patients,” said Len Reyno, chief medical officer of C4 Therapeutics.According to InvestingPro analysis, which suggests the stock may be undervalued at current levels, the company holds more cash than debt on its balance sheet. Analysts have set price targets ranging from $5 to $20, with 8 additional ProTips available for subscribers.
The company also plans to initiate a Phase 1b trial combining cemsidomide with elranatamab, an FDA-approved B-cell maturation antigen CD3 targeted bispecific antibody, in the second quarter of this year. That study will evaluate cemsidomide dose levels beginning at 75 µg in patients who have received one to four prior lines of therapy.
C4 Therapeutics expects to release further analysis of its completed Phase 1 trial of cemsidomide in combination with dexamethasone in mid-2026.
Multiple myeloma affects approximately 36,000 people in the United States annually.
In other recent news, C4 Therapeutics announced plans to initiate two significant clinical trials for its lead drug, cemsidomide, as part of its strategic roadmap through 2028. The company will begin the Phase 2 MOMENTUM trial of cemsidomide and dexamethasone for relapsed/refractory multiple myeloma in the first quarter of 2026, with a recommended dose of 100 µg. Additionally, a Phase 1b trial evaluating cemsidomide in combination with elranatamab is scheduled to start in the second quarter. In related developments, TD Cowen initiated coverage on C4 Therapeutics with a Buy rating. The research firm highlighted C4’s clinical validation in molecular glues and heterobifunctional degraders, emphasizing the company’s “impressively rapid degradation” capabilities. These recent developments mark important steps for C4 Therapeutics in advancing its clinical programs and gaining analyst support.
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