C4 Therapeutics prices $125 million stock offering

C4 Therapeutics Inc. (NASDAQ: CCCC) priced an underwritten offering of 21.9 million shares of common stock and 28.7 million pre-funded warrants at $2.47 per share, raising $125 million in gross proceeds before fees and expenses.

The clinical-stage biopharmaceutical company said each share and pre-funded warrant includes Class A and Class B warrants to purchase additional shares at $2.22 per share. The Class A warrants can be exercised within 30 days after achieving clinical results from a planned Phase 1b trial of cemsidomide with elranatamab, or within five years. Class B warrants are exercisable for five years, with potential mandatory exercise under certain stock appreciation conditions.

If all warrants are exercised, total gross proceeds could reach $349.7 million. The offering was led by RA Capital Management with participation from existing shareholders including OrbiMed, Soleus Capital, Lynx1 Capital Management, and Bain Capital Life Sciences.

The company plans to use proceeds primarily to fund ongoing and planned clinical trials of cemsidomide, including a registrational Phase 2 trial in combination with dexamethasone and a Phase 1b trial combining the drug with elranatamab for multiple myeloma treatment. Additional funds will support other research and development activities and general corporate purposes.

The offering is expected to close October 17, subject to customary conditions. Jefferies, TD Cowen and Evercore ISI serve as book-running managers.

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