Cypherpunk Technologies Inc. (CYPH) SEC Filings & Earnings Calls
EquiReason read 17 Cypherpunk Technologies Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-09-22 — Cypherpunk Technologies appointed Amanda Fabiano to its Board of Directors. Fabiano is COO of Nakamoto Inc. and independent director of TeraWulf; brings mining expertise..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
22 Sep 20268-K · 5.02, 7.01Cypherpunk Technologies appointed Amanda Fabiano to its Board of Directors. Fabiano is COO of Nakamoto Inc. and independent director of TeraWulf; brings mining expertise.open
Figures in the filing · each found in the filing text
| Hashrate · Cypherpunk Mining | $4.20 | |
| ZEC mining rewards · Cypherpunk Mining · 2026-08-18 to 20 | $3023.13 |
2 Sep 20268-K · 8.01Cypherpunk Technologies regained compliance with Nasdaq minimum bid price rule; delisting risk resolved.open
Risks flagged
Delisting risk resolved.
“Nasdaq compliance regained.”
19 Aug 2026SC 13D/AWinklevoss entities acquired mining assets from the issuer in exchange for pre-funded warrants, increasing their stake and expanding the issuer's mining operations.open
Figures in the filing · each found in the filing text
| Beneficial ownership percentage · 2026-08-19 | 19.9% |
Risks flagged
Share dilution risk
“WTI directly holds (i) 24,854,613 shares of Common Stock; (ii) Pre-Funded Warrants exercisable for up to 58,877,766 shares of Common Stock; (iii) APA Pre-Funded Warrants exercisable for up to 43,290,042 shares of Common Stock; and (iv) Common Warrants exercisable for up to 57,182,378 shares of Common Stock.”
18 Aug 20268-K · 1.01, 3.02, 8.01Cypherpunk Technologies launched world's largest Zcash mining fleet; also entered asset purchase agreement and issued pre-funded warrants.open
Risks flagged
Dilution from warrant issuance.
“Pre-funded warrants issued as part of asset purchase.”
12 Aug 20268-K · 2.02, 8.01Phase 2 DeFianCe study of sirexatamab published; primary endpoint not met in ITT but DKK1-high subgroup shows benefit; FDA alignment on Phase 3 design with dual-endpoint for accelerated/full approval.open
Figures in the filing · each found in the filing text
| ZEC treasury holdings · Q2-2026 | 323,394.38 | |
| Average purchase price of ZEC · Q2-2026 | $341.83 |
Risks flagged
Phase 2 primary endpoint not met in ITT population; reliance on biomarker subgroup for Phase 3.
“prespecified primary endpoint was not met in the intent-to-treat population” · word for word
12 Aug 202610-QCYPH reported a net income of $39.4M for Q2 2026, driven by a $46.0M unrealized gain on ZEC derivative, while operating loss narrowed to $4.7M.earningsopen
Figures in the filing · each found in the filing text
| Cash and cash equivalents · Q2-2026 | $8M | -46% y/y |
| Digital assets receivable (ZEC) · Q2-2026 | $129M | -12% y/y |
| ZEC tokens held · Q2-2026 | 323,394.38 | |
| Research and development expenses · Q2-2026 | $197000.00 | -98% y/y |
| General and administrative expenses · Q2-2026 | $4M | +147% y/y |
| Net income (loss) · Q2-2026 | $39M | -337% y/y |
| Unrealized gain (loss) on embedded derivative · Q2-2026 | $46M | |
| Accumulated deficit · Q2-2026 | $500M | +8% y/y |
| Weighted average common shares outstanding (basic) · Q2-2026 | 184,328,441 | +345% y/y |
Guidance
No formal revenue or earnings guidance provided.
No forward guidance; company states cash runway sufficient for 12 months via ATM facility.
Risks flagged
ZEC price volatility
“the highly volatile nature of the price of ZEC; (b) the risk that material changes in the price of ZEC, such as decreases in price, will result in significant changes to the Company's financial statements, such as unrealized losses on fair value of ZEC holdings and net loss” · word for word
Stock price correlation to ZEC
“the risk that the price of the Company's common stock may be highly correlated to the price of ZEC” · word for word
Custody concentration risk
“risks related to the custody of our ZEC and our reliance on Gemini Space Station and its affiliates for trading and custody services” · word for word
Biotech strategic process failure
“There can be no assurance that the strategic process will result in any transaction or financing, or that any transaction or financing that is completed will be on terms favorable to us or our stockholders.” · word for word
Going concern / cash runway
“The Company expects to continue to generate operating losses for the foreseeable future.” · word for word
21 Jul 20268-K · 3.01Nasdaq notification of non-compliance due to closing bid price below $1.00 for 30 consecutive business days; 180-day cure period; company considering options including reverse stock split.open
Risks flagged
Potential delisting from Nasdaq if bid price not cured within 180 days.
“Company has 180 days, or until January 19, 2027, to regain compliance” · word for word
14 May 202610-QCYPH reported a net loss of $77.2M for Q1 2026, driven by a $77.6M unrealized loss on ZEC derivative, while operating loss narrowed to $4.8M.earningsopen
Figures in the filing · each found in the filing text
| Cash and cash equivalents · Q1-2026 | $7M | -52% y/y |
| Digital assets receivable (ZEC) · Q1-2026 | $74M | -50% y/y |
| ZEC tokens held · Q1-2026 | 303,466.92 | |
| Research and development expenses · Q1-2026 | $161000.00 | -99% y/y |
| General and administrative expenses · Q1-2026 | $5M | +55% y/y |
| Net loss · Q1-2026 | $-77M | +400% y/y |
| Unrealized loss on embedded derivative · Q1-2026 | $-78M | |
| Accumulated deficit · Q1-2026 | $540M | +17% y/y |
| Weighted average common shares outstanding (basic) · Q1-2026 | 168,103,535 | +307% y/y |
Guidance
No formal revenue or earnings guidance provided.
No forward guidance; company states cash runway sufficient for 12 months via ATM facility.
Risks flagged
ZEC price volatility
“the highly volatile nature of the price of ZEC; (b) the risk that material changes in the price of ZEC, such as decreases in price, will result in significant changes to the Company's financial statements, such as unrealized losses on fair value of ZEC holdings and net loss” · word for word
Stock price correlation to ZEC
“the risk that the price of the Company's Common Stock may be highly correlated to the price of ZEC” · word for word
Custody concentration risk
“risks related to the custody of our ZEC and our reliance on Gemini Space Station and its affiliates for trading and custody services” · word for word
Biotech strategic process failure
“There can be no assurance that the strategic process will result in any transaction or financing, or that any transaction or financing that is completed will be on terms favorable to us or our stockholders.”
Going concern / cash runway
“The Company expects to continue to generate operating losses for the foreseeable future.” · word for word
14 May 20268-K · 2.02Net loss widened to $77.2M from $15.4M YoY, driven by $77.6M unrealized loss on ZEC treasury holdings as ZEC price fell from $508 to $240. Cash $6.7M; ZEC holdings $73.8M. R&D spend dropped to $0.2M from $12.9M. FDA Fast Track for sirexatamearningsopen
Figures in the filing · each found in the filing text
| Net loss · Q1-2026 | $-77M | +401% y/y |
| Research and development expenses · Q1-2026 | $200000.00 | -98% y/y |
| General and administrative expenses · Q1-2026 | $5M | +57% y/y |
| Unrealized loss on ZEC holdings · Q1-2026 | $78M | |
| Cash and cash equivalents · Q1-2026 | $7M | |
| ZEC treasury holdings (value) · Q1-2026 | $74M | |
| ZEC holdings (units) · Q1-2026 | 314,185.7 | |
| ZEC average purchase price · Q1-2026 | $337.86 |
Risks flagged
Crypto treasury volatility: ZEC price decline from $508 to $240 caused $77.6M unrealized loss, significantly impacting net income.
“During the first quarter of 2026, the price of ZEC declined from $508.09 to $240.47.” · word for word
Cash burn: Cash and equivalents only $6.7M with ongoing operating expenses; reliance on crypto liquidity.
“Cash and cash equivalents totaled $6.7 million on March 31, 2026.” · word for word
Dependence on biotech subsidiary for pipeline value; clinical and regulatory risks for sirexatamab.
“Sirexatamab received Fast Track designation...positive outcomes from DeFianCe colorectal cancer study.”
29 Apr 2026DEF 14ADEF 14A proxy statement for 2026 annual meeting; CEO voluntarily declined cash bonus; company executed digital asset treasury strategy.open
Figures in the filing · each found in the filing text
| ZEC tokens purchased · FY2025 | 290,062.67 | |
| Weighted average cost per ZEC token · FY2025 | $334.41 | |
| Aggregate purchase price of ZEC tokens · FY2025 | $97000.00 | |
| Outstanding shares of common stock · 2026-04-20 | 97,678,728 | |
| Total shareholder return (TSR) on $100 investment · FY2025 | $26.00 | -59% y/y |
Risks flagged
Digital asset price volatility
“the risk that the price of the Company's Common Stock may be highly correlated to the price of the digital assets that it holds” · word for word
Regulatory uncertainty for digital assets
“risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally” · word for word
16 Mar 202610-KCypherpunk Technologies Inc. filed its annual report (10-K) for FY2025, detailing a strategic shift from a biotechnology company to a privacy technology company with a digital asset treasury strategy anchored by Zcash, including a $58.88 miopen
Figures in the filing · each found in the filing text
| Net Income (Loss) Attributable to Common Stockholders · FY2025 | $5M | -107% y/y |
| Research and Development Expenses · FY2025 | $26M | -55% y/y |
| General and Administrative Expenses · FY2025 | $11M | -15% y/y |
| Cash and Cash Equivalents · FY2025 | $14M | |
| Accumulated Deficit · FY2025 | $463M | |
| ZEC Holdings · FY2025 | 294,743.1 | |
| Average ZEC Purchase Price · FY2025 | $335.89 | |
| ZEC Holdings as % of Circulating Supply · FY2025 | 1.8% | |
| Number of Full-Time Employees · FY2025 | 6 | |
| Restructuring Charges · FY2025 | $5M |
Risks flagged
Digital Asset Price Volatility
“The price of ZEC has been subject to dramatic price fluctuations and is highly volatile. In the twelve months ended December 31, 2025, ZEC has traded between approximately $26.14 and $736.51.” · word for word
Concentration Risk in ZEC
“The concentration of our ZEC holdings could enhance the risks inherent in our digital asset treasury strategy.” · word for word
Custody and Counterparty Risk
“We are reliant on an affiliate of Winklevoss Capital, Gemini Space Sciences LLC ("Gemini"), for the trading execution by which we acquire ZEC and to serve as the custodian for our ZEC on its regulated exchange and wallet storage system.” · word for word
Regulatory Risk (EU Ban)
“beginning on July 1, 2027, regulations in the European Union will prohibit transactions involving anonymous wallets and privacy-focused digital assets such as ZEC.” · word for word
Classification as a Security
“Neither the SEC nor any other U.S. federal or state regulator has publicly stated whether they believe that ZEC is a "security."” · word for word
16 Mar 20268-K · 2.02Cypherpunk Technologies reported FY2025 net income of $4.8M vs net loss of $67.8M in FY2024, driven by $50.4M unrealized gains on ZEC treasury holdings. R&D expenses fell to $25.7M from $57.2M. Clinical data for sirexatamab showed statisticearningsopen
Figures in the filing · each found in the filing text
| Net income (loss) · Consolidated · FY2025 | $5M | -107% y/y |
| Research and development expenses · Leap Therapeutics · FY2025 | $26M | -55% y/y |
| General and administrative expenses · Consolidated · FY2025 | $11M | -15% y/y |
| ZEC treasury holdings · Cypherpunk · FY2025 | 294,743.1 | |
| Average ZEC purchase price · Cypherpunk · FY2025 | $335.89 | |
| Unrealized gain on ZEC holdings · Cypherpunk · FY2025 | $50M | |
| Private placement proceeds · Cypherpunk · FY2025 | $59M |
Risks flagged
Net income highly dependent on volatile ZEC mark-to-market gains; $50.4M unrealized gain may not recur.
“unrealized gains on the fair value of the Company’s ZEC treasury holdings which are marked to market at the end of each period” · word for word
Clinical trial success for sirexatamab is promising but registrational pathway and regulatory approval uncertain.
“Leap is engaging with regulatory agencies to discuss the registrational pathway for sirexatamab in DKK1-high CRC patients.” · word for word
Concentration risk in ZEC; treasury strategy tied to single digital asset.
“The Company intends to acquire and hold ZEC, the native coin of Zcash, as its primary digital asset” · word for word
12 Nov 20258-K · 1.01, 2.02, 5.02, 5.03, 7.01, 8.01Cypherpunk Technologies (formerly Leap Therapeutics) announces name change, digital asset treasury strategy with $50M ZEC purchase, private placement closing, and executive appointments; also reports Q3 2025 financial results.open
Figures in the filing · each found in the filing text
| ZEC acquired · digital_asset_treasury · Q3-2025 | 203,775.27 | |
| ZEC average cost · digital_asset_treasury · Q3-2025 | $245.37 | |
| Private placement proceeds · corporate · Q3-2025 | $59M |
Risks flagged
Digital asset treasury strategy introduces significant volatility and regulatory risk; ZEC price fluctuations could impact balance sheet.
“Company has acquired 203,775 ZEC at $245.37 per token; digital asset prices are highly volatile.”
Dilution from private placement: issuance of 15.2M shares, 80.8M pre-funded warrants, and 72.0M warrants.
“issued: (i) 15,212,311 shares of common stock, (ii) pre-funded warrants to purchase up to an aggregate of 80,768,504 shares of common stock at an exercise price of $0.001 per share, and (ii) warrants to purchase an additional 71,985,605 shares of common stock at an exercise price of $0.5335 per share.” · word for word
Business model pivot from biotech to digital asset treasury may create execution risk and investor uncertainty.
“Company has changed its name to 'Cypherpunk Technologies Inc.' from 'Leap Therapeutics, Inc.' to reflect the strategic focus on acquiring the digital asset, ZEC.” · word for word
12 Nov 202510-QCompany completed a $58.88M private placement led by Winklevoss Capital, pivoted from biotech to a digital asset treasury strategy focused on Zcash (ZEC), and renamed to Cypherpunk Technologies Inc.open
Figures in the filing · each found in the filing text
| Cash and cash equivalents · Q3-2025 | $10M | |
| Net loss · Q3-2025 | $3M | |
| Research and development expenses · Q3-2025 | $1M | |
| Accumulated deficit · Q3-2025 | $503M | |
| ZEC tokens purchased · Q4-2025 | 203,775 | |
| Gross proceeds from October 2025 Private Placement · Q4-2025 | $59M |
Risks flagged
Going Concern Risk
“As of September 30, 2025, the Company had an accumulated deficit of $502,752 at September 30, 2025, and during the nine months ended September 30, 2025, the Company incurred a net loss of $35,381.” · word for word
Digital Asset Volatility Risk
“ZEC is a highly volatile digital asset, and fluctuations in the price of ZEC may adversely influence our financial results and the market price of our listed securities.” · word for word
Custody and Security Risk
“We are reliant on an affiliate of Winklevoss Capital, Gemini Space Sciences LLC ('Gemini'), for the trading execution by which we acquire ZEC and to serve as the custodian for our ZEC on its regulated exchange and wallet storage system.” · word for word
Regulatory Risk for Privacy Coins
“Beginning on July 1, 2027, regulations in the European Union will prohibit transactions involving anonymous wallets and privacy-focused digital assets such as ZEC.” · word for word
3 Nov 2025DEF 14AProxy filing for special meeting to approve share increase, reverse stock split, new equity incentive plan, and private placement issuance. Discloses executive compensation, pay vs performance, and significant potential dilution from warranopen
Figures in the filing · each found in the filing text
| Net Loss · Consolidated · FY2024 | $-68M | -16% y/y |
| Total Shareholder Return (TSR) · Consolidated · FY2024 | $9.00 | -31% y/y |
| CEO Total Compensation · Consolidated · FY2024 | $1M | -3% y/y |
| Average Non-PEO NEO Total Compensation · Consolidated · FY2024 | $1M | +4% y/y |
Risks flagged
Significant shareholder dilution risk
“Assuming the full exercise of the Private Placement Warrants, an aggregate of 152,754,109 additional shares of Common Stock would be outstanding (which would increase to 156,754,109 if the 4,000,000 Placement Agent Warrants were fully exercised), and aggregate of the ownership interest of our existing stockholders would be correspondingly reduced.” · word for word
Going concern risk due to continued losses
“The Company reported net losses of $67.8 million, $81.4 million, and $54.6 million in 2024, 2023, and 2022, respectively.” · word for word
Key personnel risk due to reduction in force
“Augustine Lawlor, our former Chief Operating Officer and Cynthia Sirard, our former Chief Medical Officer are no longer employed by the Company and were terminated without cause effective as of June 30, 2025 and July 31, 2025, respectively, due to the Company’s significant reduction in force.” · word for word
Cypherpunk Technologies Inc. — questions
- What did Cypherpunk Technologies Inc. file recently?
- 17 SEC filings in the last 12 months. Latest: 8-K on 2026-09-22 — Cypherpunk Technologies appointed Amanda Fabiano to its Board of Directors. Fabiano is COO of Nakamoto Inc. and independent director of TeraWulf; brings mining expertise.
Every figure on this page comes from Cypherpunk Technologies Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.