C4 cuts workforce after dropping clinical protein degrader

10 Jan 2024
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Phase 1PROTACsFinancial Statement
C4 Therapeutics said it will lay off 30% of employees as part of a pipeline reprioritisation initially announced in the fall. The biotech is at least the fourth this week to enact significant staff cuts.
According to an associated US securities filing, the layoffs will affect about 45 positions and extend C4’s runway into 2027.
The workforce reduction comes after C4 revealed in November it ended development of BRD9-targeted protein degrader CFT8634 and would instead prioritise two other clinical candidates and its partnered programmes. The discontinuation was triggered after CFT8634 failed to show “sufficient efficacy” in a Phase I trial of patients with synovial sarcoma and SMARCB1-null solid tumoursSMARCB1-null solid tumours.
C4 reaffirmed Wednesday its commitment to CFT7455, an IKZF1/3-targeted degrader in a Phase I/II trial to treat haematological malignancies, and CFT1946, an anti-BRAF V600 degrader in a Phase I/II study for V600-mutant cancers. The company will also advance its discovery collaborations with Roche, Biogen and Merck & Co. As part of the latter partnership, announced in December, C4 received $10 million upfront and is eligible for $2.5 billion in total biobucks.
Other biotechs slashing their workforce this week include Affimed, which announced plans to cut 50% of its staff and saw its CEO step down. Exelixis plans to cut 175 positions this quarter, or about 13% of its total headcount, while Senti Bio said it would lay off about 37% of its employees.
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