How did CCCC's Q4 earnings surprise investors?

C4 Therapeutics Inc (CCCC) experienced a significant decline of 36.84% in its stock price in Q4 2024, which may have surprised investors due to the following factors: 1. **Revenue Decline**: The company's revenue fell below expectations, with reported revenue at $3.0 million for Q1 2024, down from $3.8 million in Q1 2023 and below the estimated $8.10 million. This decline in revenue could have been a surprise, especially considering the company's strategic collaborations and clinical trial progress. 2. **Net Loss**: C4 Therapeutics recorded a net loss of $28.4 million in Q1 2024, an improvement from the previous quarter's net loss of $34.8 million but still higher than the estimated net loss of $26.39 million. The company's financial performance may have raised concerns among investors regarding profitability and the company's ability to manage costs. 3. **Earnings Per Share (EPS)**: The company posted a net loss per share of $0.41 for Q1 2024, an improvement from $0.71 year-over-year but above the estimated EPS of -$0.35. This mixed trend in EPS could have puzzled investors, especially those who were expecting a better outcome based on the company's previous performance and market conditions. Overall, C4 Therapeutics' Q4 earnings report likely surprised investors with a combination of lower-than-expected revenue, ongoing net losses, and a negative EPS, despite some positive developments in clinical trials and strategic collaborations.