SCHEDULE: Sirenia Capital Management Discloses C4 Therapeutics Stake

Sirenia Capital Management LP and Alex Silverstein have jointly filed a Schedule 13G, reporting beneficial ownership of 9.9% of C4 Therapeutics, Inc. common stock, primarily through warrants.

Summary

• Sirenia Capital Management LP and Alex Silverstein have jointly filed a Schedule 13G, indicating beneficial ownership of 9.9% of C4 Therapeutics, Inc. common stock.
• The reported ownership includes shares issuable upon the exercise of warrants, totaling 23,505,000 shares.
• A '9.99% Blocker' provision in the warrants limits the exercise of these warrants if it would result in beneficial ownership exceeding 9.99% of the outstanding shares.
• As of February 23, 2026, there were 97,578,175 shares of common stock outstanding.
• Sirenia Capital Management LP is a Delaware limited partnership, and Alex Silverstein is a U.S. citizen.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily a disclosure of existing holdings and potential future ownership, without immediate positive or negative financial news.

Positives

• Significant stake reported, indicating investor confidence or strategic interest in C4 Therapeutics.
• The reporting is conducted jointly, suggesting a coordinated approach by the investors.

Negatives

• The '9.99% Blocker' on warrant exercise indicates a potential limitation on fully realizing the intended ownership stake.
• The filing does not provide details on the cost basis or specific investment strategy behind acquiring these warrants.

Risks

• The '9.99% Blocker' poses a risk of not being able to exercise all warrants if the ownership percentage approaches the limit.
• Potential for future regulatory scrutiny if the beneficial ownership changes or if the purpose of the holding is questioned.
• Market volatility of C4 Therapeutics' stock could impact the value of the warrants and the overall investment.

Future Outlook

The filing does not contain forward-looking statements or guidance. It is a disclosure of current beneficial ownership.

Management Comments

• The filing should not be construed as an admission that any of the reporting persons is the beneficial owner of the securities reported herein.
• The reporting persons cannot exercise any of the Reported Warrants to the extent they would beneficially own, after any such exercise, more than 9.99% of the outstanding shares of Common Stock.

Industry Context

StockSavvy.ai notes that this filing indicates a significant passive investment in C4 Therapeutics, a company operating in the biotechnology sector, likely focused on drug development. The use of warrants suggests a potential for future equity conversion, subject to ownership limits.

Stakeholder Impact

• Shareholders: The disclosure of a significant stake by Sirenia Capital Management may be viewed positively, indicating institutional interest, but the limitations on warrant exercise could temper expectations of immediate control changes.
• Management of C4 Therapeutics: Will be aware of the significant passive stake held by Sirenia Capital Management.
• Potential Investors: This filing provides transparency on a major shareholder's position.

Next Steps

• The reporting persons will continue to monitor their beneficial ownership levels in C4 Therapeutics.
• Future amendments to the Schedule 13G will be filed if there are changes in beneficial ownership or other reportable events.

Key Dates

Keywords

Schedule 13G, C4 Therapeutics, Sirenia Capital Management, Alex Silverstein, Beneficial Ownership, Warrants, SEC Filing, Investment Management, Biotechnology