Cypherpunk Technologies Inc.

What they do

Cypherpunk deploys capital not required for working capital into accumulating ZEC, the coin of the Zcash network, which uses zero-knowledge proofs for shielded transactions. Through wholly-owned subsidiary Leap Therapeutics, it continues clinical-stage development of sirexatamab (DKN-01), an anti-DKK1 monoclonal antibody for colorectal cancer, and a preclinical cachexia program FL-501. The company has no products approved for sale and has not generated revenue from product sales, funding operations mainly through sales of common and preferred stock and notes payable. It was renamed from Leap Therapeutics, Inc. to Cypherpunk Technologies Inc. on November 12, 2025, and its ticker changed from LPTX to CYPH.

Revenue drivers

• Zcash digital asset treasury — Primary strategic asset: 323,394.38 ZEC held as of August 11, 2026, at an average purchase price of $341.83, representing approximately 1.92% of total circulating Zcash supply.
• Leap Therapeutics biotech operations — Clinical-stage antibody program sirexatamab (DKN-01) for DKK1-high colorectal cancer and preclinical FL-501 for cachexia; no approved products and no product revenue to date.
• Reported revenue base — Annual revenue was $1.5M in both 2020 and 2021, with quarterly revenue of $375,000 through 2021; no later revenue figures are provided in the source material.

Recent performance

For the second quarter ended June 30, 2026, Cypherpunk reported increased Zcash treasury holdings of 323,394.38 ZEC at an average purchase price of $341.83 as of August 11, 2026. Latest balance sheet data show total assets of $143.0M, total liabilities of $3.6M, shareholder equity of $139.3M and cash and equivalents of $7.6M as of June 30, 2026. Annual net income was $5.0M in 2025 with diluted EPS of $0.07, compared with net losses of $68.0M in 2024 and $81.0M in 2023. Operating cash flow remained negative at $-43.9M in 2025, versus $-60.3M in 2024. No second-quarter 2026 revenue figure is disclosed in the provided excerpts.

Strategy

The company's stated mission is to advance technologies that guarantee privacy, with an initial focus on the Zcash ecosystem as what it calls the most mature implementation of private digital money. In October 2025 it announced a $58.88 million private placement led by Winklevoss Capital and initiated a digital asset treasury strategy to accumulate ZEC. It intends to assemble a portfolio of complementary privacy technologies over time and to act as a disciplined capital allocator in the sector. For the biotech subsidiary, management is conducting a strategic process to determine whether to advance sirexatamab through an independently financed spin-out or with a partner.

Risks

• New strategy execution — The company has recently shifted a significant portion of its business strategy toward the digital asset treasury strategy and may be unable to successfully execute it.
• ZEC price volatility — ZEC is a highly volatile digital asset and fluctuations in its price may adversely affect financial results and the market price of the company's listed securities.
• Limited digital asset experience and custody — The company has limited experience investing in and managing digital assets and relies on a third-party custodian for trading execution and custody of its ZEC.
• Clinical and regulatory risk — The DeFianCe Phase 2 study did not meet its prespecified primary endpoint in the intent-to-treat population, and sirexatamab still requires FDA alignment and Phase 3 execution before any approval.

Outlook

Management points to a proposed randomized, controlled Phase 3 trial of sirexatamab in DKK1-high, second-line metastatic colorectal cancer, with objective response rate supporting accelerated approval and overall survival supporting full approval. The company is running a strategic process to decide whether to advance sirexatamab as an independently financed spin-out or with a partner. On the digital asset side, it says it will continue building its ZEC treasury, expanding its advisory team, and backing core infrastructure developers such as ZODL.