C4 Therapeutics is a clinical-stage biopharmaceutical company whose entire investment case now sits on a single asset, cemsidomide, a next-generation IKZF1/3 degrader moving through a Phase 2 MOMENTUM trial in late-line multiple myeloma. The Q2 2026 print was not a financial inflection, it was a clinical-execution checkpoint: the Phase 1 readout at EHA 2026 showed 40 percent and 53 percent ORR at the two highest dose levels with no drug-related discontinuations, the kind of profile that sets up a best-in-class multiple myeloma backbone. The cash position grew to $300.4 million as the company pulled $33.5 million from the ATM and collected a $20 million Roche upfront, and management is now guiding runway through the end of 2028. The $26.4 million quarterly loss is the cost of waiting for the 2027 readouts, and the question is whether the Phase 2 MOMENTUM data sustains the early signal or the competitive IKZF1/3 field (with Bristol-Myers Squibb's iberdomide and Celgene's mezigdomide) compresses the differentiation.