Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
C4 Therapeutics, Inc. (CCCC)
A forensic read on C4 Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.9
Distress distance
Clean
Earnings quality
4
Forensic signals
-3.4
P / E (ttm)
-40.9%
ROE
$379M
Market cap
0.00%
Dividend yield
1.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
C4 Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+29.2%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +67% over the last 2 years to FY2025 (+29.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~29.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~40%.
FCF ($99M)
FY2025
Shareholder returns.Returned $193,000 to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($99M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
+12.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.6% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 35% against +1% in revenue. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 12.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
53% of rev
FY2025
Key fundamentals
Latest Revenue$35.9M
Revenue Growth YoY+1.0%
Revenue CAGR (2yr)+31.6%
Net Margin-292.1%
Free Cash Flow-$99.3M
Return on Equity-40.9%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from C4 Therapeutics, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
C4 Therapeutics, Inc. (CCCC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Stock-based comp load.Stock-based compensation ran 53% of revenue in FY2025 — about $0.23 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 29.6% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.