Cemsidomide's 53% Phase 1 ORR sets up MOMENTUM Phase 2 as the binary that determines whether a cereblon degrader can reach approval in late-line RRMM

C4 Therapeutics is a clinical-stage company developing cemsidomide, a targeted drug for heavily treated multiple myeloma patients, which is not yet approved.

Cemsidomide, a cereblon E3 ligase modulator, targets fourth-line or later RRMM patients who have exhausted standard options including anti-CD38 agents and immunomodulatory drugs. The thesis resolves on whether the MOMENTUM Phase 2 trial delivers an ORR sufficient to support FDA accelerated approval via NDA submission targeted for Q4 2028. The primary competitive risk is displacement of the late-line RRMM patient population by approved BCMA-directed CAR-T therapies — ide-cel and cilta-cel — and BCMA-targeted bispecifics such as teclistamab and elranatamab, which are moving earlier and shrinking the addressable fourth-line pool.