Persistent free cash flow deficits, often exceeding $20M per quarter, underscore a reliance on external financing as the company struggles to convert earnings into sustainable operating cash flow.
| Cash from Operations | -95.35M | -98.69M | -65.16M | -106.84M | -105.94M | -86.97M | -67.25M | 55.61M | -16.98M |
| Operating CF Margin % | - | -274.55% | -183.11% | -514.73% | -340.68% | -189.94% | -202.59% | 260.11% | -87.69% |
| Operating CF Growth % | -185.17% | -51.47% | 39.01% | -0.85% | -21.82% | -29.32% | -220.92% | 427.51% | - |
| Net Income | -103.8M | -104.99M | -105.32M | -132.49M | -128.18M | -83.89M | -66.33M | -34.1M | -15.71M |
| Depreciation & Amortization | 4.77M | 1.96M | 1.82M | 1.88M | 1.68M | 1.49M | 1.62M | 1.59M | 1.27M |
| Stock-Based Compensation | 8.6M | 19.1M | 29.66M | 27.23M | 30.02M | 21.51M | 3.43M | 1.64M | 582K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.88M | 5.58M | 350K | 66K |
| Other Non-Cash Items | 18.81M | 14.52M | 1.03M | 3.48M | 7.32M | 2.13M | 1.63M | 1.14M | 2.37M |
| Working Capital Changes | -23.74M | -29.28M | 7.65M | -6.94M | -16.78M | -30.09M | -13.18M | 84.98M | -5.56M |
| Change in Receivables | 5.14M | 701K | 8.7M | -10.33M | 4.24M | -1.23M | 139K | 81.81M | -84.94M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -2.63M | -1.58M | 2.17M | -2.22M |
| Change in Payables | 92K | -468K | -119K | 273K | -3.33M | -1.18M | 467K | 4.23M | 578K |
| Cash from Investing | -21.57M | -8.6M | -51.27M | 158.35M | 58.42M | -189.34M | -190.5M | -1.62M | 36.92M |
| Capital Expenditures | -671K | -607K | -180K | -1.71M | -5.5M | -1.28M | -650K | -1.35M | -2.69M |
| CapEx % of Revenue | 1.92% | 1.69% | 0.51% | 8.23% | 17.67% | 2.79% | 1.96% | 6.31% | 13.89% |
| Acquisitions | 0 | 0 | 0 | 0 | -63.92M | 188.06M | 189.85M | 63K | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 63.92M | -188.06M | -189.85M | 0 | 39.61M |
| Cash from Financing | 126.91M | 126.4M | 45.34M | 45.49M | 1.15M | 171.4M | 348.93M | 244K | 1.96M |
| Debt Issued (Net) | 0 | 0 | 0 | -12.5M | 0 | 0 | 11.97M | 0 | 0 |
| Equity Issued (Net) | 126.58M | 126.13M | 44.18M | 57.56M | 777K | 169.47M | 340.4M | -30K | 2.02M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -238K | -193K | -194K | -110K | 0 | 0 | -194K | -30K | -63K |
| Other Financing | 328K | 274K | 1.16M | 426K | 370K | 1.94M | -3.45M | 274K | -63K |
| Net Change in Cash | 9.98M | 19.1M | -71.09M | 97M | -46.37M | -104.9M | 91.18M | 54.24M | 21.9M |
| Free Cash Flow | -96.02M | -99.3M | -65.34M | -108.55M | -111.44M | -88.24M | -67.9M | 54.27M | -19.67M |
| FCF Margin % | -275.45% | -276.24% | -183.61% | -522.96% | -358.36% | -192.73% | -204.55% | 253.8% | -101.58% |
| FCF Growth % | -19.28% | -51.98% | 39.81% | 2.59% | -26.28% | -29.96% | -225.12% | 375.88% | - |
| FCF per Share | -0.76 | -1.20 | -0.94 | -2.19 | -2.28 | -1.92 | -1.58 | 1.26 | -0.47 |
| FCF Conversion (FCF/Net Income) | 0.93x | 0.94x | 0.62x | 0.81x | 0.83x | 1.04x | 1.01x | -1.63x | 1.08x |
| Interest Paid | 0 | 0 | 0 | 990K | 0 | 0 | 820K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 1M | 0 | 0 | 143K | 1.09M | 0 |
Clinical trial funding dependency
According to quarterly financial data, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from 0.28 to 1.26, suggesting that reported earnings are heavily influenced by non-cash adjustments and the timing of milestone-related revenue recognition under ASC 606.
The significant divergence between net income and operating cash flow indicates that accounting accruals are the primary driver of reported results rather than underlying cash generation. Investors should monitor these fluctuations as they suggest that the company's cash position is more sensitive to the timing of partnership payments than to operational efficiency.
As reported in financial statements, C4 Therapeutics consistently records negative free cash flow, with quarterly outflows frequently exceeding $20M, which underscores the company's reliance on external financing to sustain its R&D-heavy business model while it lacks a self-sustaining commercial product pipeline.
The persistent FCF burn reflects the high cost of clinical trial progression and laboratory infrastructure maintenance. This trajectory suggests that the company remains in a capital-intensive phase where cash outflows are decoupled from revenue, necessitating ongoing access to capital markets to avoid liquidity constraints.
Based on reported figures, working capital changes have been erratic, ranging from a $16M outflow in 2025Q3 to a $7.2M inflow in 2025Q2, indicating that the company's cash flow is highly susceptible to the timing of milestone payments and the management of deferred revenue liabilities.
The lack of a stable working capital cycle suggests that the company's liquidity is tied to the specific performance obligations of its collaboration agreements. This volatility warrants further investigation into whether these swings represent genuine operational shifts or merely the accounting recognition of long-term research milestones.
As indicated by the quarterly cash flow statements, stock-based compensation (SBC) has been a recurring non-cash expense, reaching as high as $8.8M in 2024Q3, which effectively masks the true economic cost of talent acquisition and retention required to maintain the TORPEDO platform's competitive edge.
While SBC does not impact immediate cash outflows, it represents a significant dilution risk that is often overlooked when focusing solely on operating cash flow. Analysts should adjust for these non-cash charges to better understand the true burn rate and the long-term impact on shareholder equity.
Quick answers to the most common questions about buying CCCC stock.
C4 Therapeutics, Inc. (CCCC) generated $-98.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
C4 Therapeutics, Inc. (CCCC) reported negative free cash flow of $99.3M in 2025, indicating capital requirements exceeded cash from operations.
C4 Therapeutics, Inc. (CCCC) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, C4 Therapeutics, Inc. (CCCC) spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.