Estados financieros detallados de C4 Therapeutics, Inc. (CCCC): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
C4 Therapeutics, Inc. registró ingresos de $35.9M en el último ejercicio fiscal, con un CAGR de 5 años del 1.6%.
Márgenes de los últimos 12 meses: margen bruto 94.9%, margen operativo -319.0%, margen neto -289.4%.
Al precio actual de $3.45, CCCC presenta beneficios negativos (P/E no significativo) y un ROE del -45.45%. La capitalización bursátil es de $381M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $19.4M | $21.4M | $33.2M | $45.8M | $31.1M | $20.8M | $35.6M | $35.9M |
| Coste de Ventas | $28.6M | 0 | $78.4M | 0 | 0 | $7.7M | 0 | $8.0M |
| Beneficio Bruto | -$9.2M | $21.4M | -$45.2M | $45.8M | $31.1M | $13.0M | $35.6M | $28.0M |
| I+D | $28.6M | $48.1M | $78.4M | $94.7M | $117.8M | $117.7M | $110.6M | $104.2M |
| Generales y Administrativos | $7.2M | $8.8M | $15.2M | $33.3M | $42.8M | $42.1M | $42.1M | $36.2M |
| Gastos Operativos | $35.8M | $56.8M | $15.2M | $127.9M | $160.6M | $152.1M | $155.2M | $132.5M |
| Beneficio Operativo | -$16.4M | -$35.5M | -$60.4M | -$82.1M | -$129.5M | -$139.0M | -$119.6M | -$104.5M |
| EBITDA | -$15.1M | -$31.7M | -$58.8M | -$80.3M | -$124.3M | -$122.1M | -$103.4M | -$102.9M |
| Gastos por Intereses | 0 | 0 | $1.2M | $2.1M | $2.2M | $1.4M | 0 | 0 |
| Beneficio Antes de Impuestos | -$15.7M | -$33.3M | -$65.7M | -$83.9M | -$128.2M | -$131.2M | -$105.2M | -$104.9M |
| Impuestos | 0 | $804000 | $626000 | 0 | 0 | $1.3M | $131000 | $121000 |
| Beneficio Neto | -$15.7M | -$34.1M | -$66.3M | -$83.9M | -$128.2M | -$132.5M | -$105.3M | -$105.0M |
| BPA | $-1.06 | $-0.79 | $-1.54 | $-1.82 | $-2.62 | $-2.67 | $-1.52 | $-1.27 |
| BPA Diluido | $-1.06 | $-0.79 | $-1.54 | $-1.82 | $-2.62 | $-2.67 | $-1.52 | $-1.27 |
| Acciones en Circulación (Diluidas) | $42.1M | $43.0M | $43.1M | $46.0M | $48.9M | $49.6M | $69.4M | $82.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $11.2M | $11.0M | $6.2M | $6.6M |
| Beneficio Bruto | $11.2M | $11.0M | $4.4M | $6.6M |
| Beneficio Operativo | -$34.4M | -$23.1M | -$27.8M | -$26.4M |
| EBITDA | -$31.7M | -$19.9M | -$23.3M | -$23.3M |
| Beneficio Neto | -$32.2M | -$20.5M | -$25.1M | -$23.6M |
| BPA | $-0.44 | $-0.18 | $-0.20 | $-0.18 |
| BPA Diluido | $-0.44 | $-0.18 | $-0.20 | $-0.18 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $36.3M | $90.5M | $181.7M | $76.1M | $29.8M | $126.6M | $55.5M | $74.6M |
| Inversiones a Corto | 0 | 0 | $190.0M | $233.2M | $246.4M | $127.1M | $189.4M | $173.9M |
| Cuentas por Cobrar | $86.4M | $4.6M | $4.5M | $5.7M | $1.5M | $11.8M | $3.1M | $2.4M |
| Inventario | 0 | 0 | 0 | 0 | -$61.0M | 0 | 0 | 0 |
| Activos Corrientes | $123.5M | $96.8M | $381.0M | $325.7M | $287.6M | $271.2M | $257.8M | $258.1M |
| Inmovilizado Material | $20.4M | $18.9M | $16.6M | $35.1M | $77.5M | $71.1M | $63.4M | $45.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $146.5M | $118.3M | $400.1M | $506.8M | $430.8M | $376.5M | $349.6M | $359.1M |
| Cuentas por Pagar | $1.2M | $5.4M | $5.7M | $4.5M | $1.2M | $1.4M | $1.3M | $858000 |
| Deuda a Corto | 0 | 0 | 0 | 0 | $2.3M | 0 | 0 | 0 |
| Pasivos Corrientes | $23.9M | $33.6M | $43.9M | $51.2M | $44.5M | $42.8M | $45.2M | $33.0M |
| Deuda a Largo | 0 | 0 | $10.1M | $10.8M | $9.2M | 0 | 0 | 0 |
| Pasivos Totales | $226.2M | $230.2M | $119.3M | $117.2M | $141.6M | $130.3M | $133.6M | $102.5M |
| Reservas | -$83.4M | -$117.5M | -$183.8M | -$267.7M | -$395.9M | -$528.4M | -$633.7M | -$738.7M |
| Patrimonio Neto | -$79.8M | -$112.0M | $280.8M | $389.6M | $289.2M | $246.1M | $216.0M | $256.6M |
| Deuda Total | $14.5M | $13.7M | $22.9M | $42.9M | $87.2M | $71.0M | $65.8M | $60.0M |
| Deuda Neta | -$21.8M | -$76.8M | -$348.8M | -$266.4M | -$189.0M | -$182.7M | -$179.1M | -$188.6M |
| Capital Circulante | $99.6M | $63.1M | $337.2M | $274.4M | $243.0M | $228.4M | $212.6M | $225.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $58.8M | $74.6M | $61.3M | $78.6M |
| Activos Totales | $265.5M | $359.1M | $328.9M | $359.4M |
| Pasivos Totales | $111.1M | $102.5M | $94.6M | $112.1M |
| Patrimonio Neto | $154.4M | $256.6M | $234.2M | $247.3M |
| Deuda Total | $61.5M | $60.0M | $58.4M | $56.9M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$15.7M | -$34.1M | -$66.3M | -$83.9M | -$128.2M | -$132.5M | -$105.3M | -$105.0M |
| Amortizaciones | $1.3M | $1.6M | $1.6M | $1.5M | $1.7M | $1.9M | $1.8M | $2.0M |
| Compensación en Acciones | $582000 | $1.6M | $3.4M | $21.5M | $30.0M | $27.2M | $29.7M | $19.1M |
| Cambio en Capital Circulante | -$5.6M | $85.0M | -$13.2M | -$30.1M | -$16.8M | -$6.9M | $7.6M | -$29.3M |
| Flujo de Caja Operativo | -$17.0M | $55.6M | -$67.2M | -$87.0M | -$105.9M | -$106.8M | -$65.2M | -$98.7M |
| Inversiones (CapEx) | -$2.7M | -$1.3M | -$650000 | -$1.3M | -$5.5M | -$1.7M | -$180000 | -$607000 |
| Adquisiciones | 0 | $63000 | $189.9M | $188.1M | -$63.9M | 0 | 0 | 0 |
| Recompra de Acciones | -$63000 | -$30000 | -$194000 | 0 | 0 | -$110000 | -$194000 | -$193000 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$19.7M | $54.3M | -$67.9M | -$88.2M | -$111.4M | -$108.5M | -$65.3M | -$99.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$31.2M | -$22.1M | -$29.9M | -$1.6M |
| Inversiones (CapEx) | -$411000 | -$11000 | -$64000 | -$37000 |
| Flujo de Caja Libre | -$31.6M | -$22.2M | -$30.0M | -$1.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $4.6M | $4.0M | $2.7M | $3.0M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +10.4% | +55.3% | +37.9% | -32.1% | -33.3% | +71.4% | +1.0% |
| Crecimiento Beneficio Neto (anual) | | -117.0% | -94.5% | -26.5% | -52.8% | -3.4% | +20.5% | +0.3% |
| Crecimiento BPA (anual) | | +25.5% | -94.9% | -18.2% | -44.0% | -1.9% | +43.1% | +16.4% |
| Cambio en Acciones (anual) | | +2.1% | +0.2% | +6.9% | +6.1% | +1.6% | +39.8% | +19.5% |
| Crecimiento FCF (anual) | | +375.9% | -225.1% | -30.0% | -26.3% | +2.6% | +39.8% | -52.0% |
| Margen Bruto | -47.7% | 100.0% | -136.3% | 100.0% | 100.0% | 62.7% | 100.0% | 77.8% |
| Margen Operativo | -84.6% | -165.8% | -182.1% | -179.4% | -416.6% | -669.8% | -336.1% | -290.7% |
| Margen EBITDA | -78.1% | -148.3% | -177.2% | -175.3% | -399.7% | -588.3% | -290.5% | -286.3% |
| Margen Neto | -81.1% | -159.5% | -199.8% | -183.2% | -412.2% | -638.3% | -296.0% | -292.1% |
| Margen FCF | -101.6% | 253.8% | -204.5% | -192.7% | -358.4% | -523.0% | -183.6% | -276.2% |
| Tasa Impositiva Efectiva | -0.0% | -2.4% | -1.0% | -0.0% | -0.0% | -1.0% | -0.1% | -0.1% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.47 | $1.26 | $-1.58 | $-1.92 | $-2.28 | $-2.19 | $-0.94 | $-1.20 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $14.8M | $43.0M | $43.1M | $46.0M | $48.9M | $49.6M | $69.4M | $82.9M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -45.45% |
| Rentabilidad sobre capital invertido | -35.16% |
| Rentabilidad sobre activos | -28.22% |
| Margen bruto | 94.86% |
| Margen operativo | -318.97% |
| Margen neto | -289.44% |
Salud financiera
| Deuda / Patrimonio | 0.23 |
| Ratio corriente | 5.45 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -24.05 | -32.27 | -21.51 | -17.69 | -2.25 | -2.12 | -2.37 | -1.50 |
| P/VC | -4.73 | -9.79 | 5.08 | 3.81 | 1.00 | 1.14 | 1.16 | 0.62 |
| P/V | 19.47 | 51.25 | 42.98 | 32.38 | 9.27 | 13.51 | 7.02 | 4.40 |
| Margen Bruto | -47.7% | 100.0% | -136.3% | 100.0% | 100.0% | 62.7% | 100.0% | 77.8% |
| Margen Operativo | -84.6% | -165.8% | -182.1% | -179.4% | -416.6% | -669.8% | -336.1% | -290.7% |
| Margen Neto | -81.1% | -159.5% | -199.8% | -183.2% | -412.2% | -638.3% | -296.0% | -292.1% |