Cypherpunk Reports Full Year 2025 Financial Results

Rhea-AI Summary

Cypherpunk (Nasdaq: CYPH) reported full‑year 2025 results and strategic shifts. Key highlights include a $58.88 million private placement, acquisition of 294,743.10 ZEC (~1.78% of circulating supply) at an average $335.89, a $5 million investment in ZODL, and a return to $4.8 million net income driven by a $50.4 million unrealized gain on ZEC. Leap Therapeutics presented positive Phase 2 sirexatamab data in DKK1‑high colorectal cancer. Cash totaled $14.0 million and ZEC holdings were valued at $147.4 million at year‑end.

Positive

• $58.88M private placement led by Winklevoss Capital
• Treasury 294,743.10 ZEC (~1.78% of circulating supply)
• $5M strategic investment in ZODL (Zodl wallet developer)
• Phase 2 sirexatamab: ORR 44% vs 15.8% in DKK1‑high cohort

Negative

• Cash and cash equivalents of only $14.0M at December 31, 2025
• Net income driven by $50.4M unrealized ZEC gain rather than operating profit
• Research and development expenses declined to $25.7M from $57.2M (potential R&D taper)
• Potential dilution from issuance of 15.2M shares plus large warrants and pre‑funded warrants

News Market Reaction – CYPH

+12.60%

32 alerts

+12.60% News Effect

+34.5% Peak in 28 hr 22 min

+$5M Valuation Impact

$47M Market Cap

1.4x Rel. Volume

On the day this news was published, CYPH gained 12.60%, reflecting a significant positive market reaction. Argus tracked a peak move of +34.5% during that session. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $5M to the company's valuation, bringing the market cap to $47M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Net income 2025: $4.8 million Unrealized ZEC gain: $50.4 million R&D expenses 2025: $25.7 million +5 more

8 metrics

Net income 2025 $4.8 million Year ended December 31, 2025

Unrealized ZEC gain $50.4 million Change in fair value of ZEC treasury holdings in 2025

R&D expenses 2025 $25.7 million Full year 2025 vs $57.2 million in 2024

Cash balance $14.0 million Cash and cash equivalents at December 31, 2025

ZEC treasury value $147.4 million ZEC holdings categorized as digital asset receivable at December 31, 2025

ORR improvement 44.0% vs 15.8% ORR in DKK1-high patients, Sirexatamab Arm vs Control Arm

mPFS improvement 9.36 vs 5.88 months Median PFS in DKK1-high patients, Sirexatamab vs Control

ORR p-value p = 0.0149 Statistical significance for ORR benefit in DKK1-high patients

Market Reality Check

Price: $0.7937 Vol: Volume 3,466,125 vs 20-da...

high vol

$0.7937 Last Close

Volume Volume 3,466,125 vs 20-day average 1,904,737, indicating elevated trading interest around the release. high

Technical Shares at $0.7049, trading below the 200-day MA of $1.10 and well under the $3.6999 52-week high.

Historical Context

5 past events · Latest: Mar 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 09	Tech investment	Positive	+5.7%	$5M investment into Zcash Open Development Lab to expand Zcash adoption.
Jan 22	Advisor appointment	Positive	-0.7%	Added strategic advisor Arjun Khemani to support Zcash ecosystem and privacy strategy.
Dec 30	Treasury expansion	Positive	+11.0%	Expanded Zcash treasury to 290,062.67 ZEC via additional 56,418.09 ZEC purchase.
Dec 19	Advisor appointment	Positive	+39.0%	Appointed ECC CEO Josh Swihart as strategic advisor for Zcash protocol strategy.
Dec 09	Advisor appointment	Positive	+39.7%	Named Zcash founder Zooko Wilcox strategic advisor on privacy and Zcash treasury.

Pattern Detected

Recent Zcash-focused and strategic news has often coincided with positive price reactions, with four of the last five events showing gains.

Recent Company History

Over the past several months, Cypherpunk has executed a Zcash-centric pivot, including a large private placement and rapid expansion of its ZEC treasury. Multiple strategic advisor additions tied to the Zcash ecosystem have been followed by strong single-day gains of up to 39.66%. The latest earnings release adds profitability and detailed clinical progress at Leap Therapeutics to this narrative, building on prior treasury and ecosystem developments highlighted in news from December 2025 through March 2026.

Market Pulse Summary

The stock surged +12.6% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +12.6% in the session following this news. A strong positive reaction aligns with the swing to $4.8 million net income and the $50.4 million unrealized gain on ZEC holdings, while also reflecting statistically significant Phase 2 data for sirexatamab. Past Zcash- and strategy-focused announcements have often seen sizable gains, suggesting traders previously rewarded similar milestones. However, shares still traded below the $1.10 200-day MA, highlighting prior weakness that could temper follow-through.

Key Terms

pre-funded warrants, warrants, zero-knowledge proofs, phase 2, +4 more

8 terms

pre-funded warrants financial

"pre-funded warrants to purchase up to an aggregate of 80,768,504 shares of common stock"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

warrants financial

"and (iii) warrants to purchase an additional 71,985,605 shares of common stock"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

zero-knowledge proofs technical

"Zcash uses a cryptographic method called "zero-knowledge proofs" to allow users"

A zero-knowledge proof is a mathematical technique that lets one party prove to another that a statement is true without revealing the underlying data or secrets. Think of it like showing you have the keys to a safe without opening it: investors care because this can protect sensitive information, enable private but verifiable transactions, and improve scalability and regulatory compliance in digital finance, all of which affect risk, value, and adoption of technologies.

phase 2 medical

"Part B of the DeFianCe study, a Phase 2 study of sirexatamab, an anti-DKK1"

Phase 2 is the mid-stage clinical trial where a new drug or treatment is tested in a larger group of patients to see if it works and to keep checking safety after initial human testing. Think of it as a field test that proves whether a product actually delivers its promised benefit. Investors watch Phase 2 closely because its results strongly influence a medicine’s chances of reaching the market, the size of its potential sales, and the company’s valuation.

overall response rate medical

"statistically significant benefit on overall response rate ("ORR"), progression-free survival"

Overall response rate is the percentage of patients in a clinical study whose measurable disease shrinks or disappears after receiving a treatment. Investors watch it like a product’s “hit rate” because higher response rates can signal a drug’s effectiveness, boost chances of regulatory approval and market demand, and affect a company’s future revenue prospects, similar to how a higher batting average suggests a more reliable player.

progression-free survival medical

"benefit on overall response rate ("ORR"), progression-free survival ("PFS"), and Overall Survival"

Progression-free survival is the length of time during and after a treatment that a patient's disease does not get worse, measured from the start of treatment until the disease shows measurable signs of progression or the patient dies. Investors care because longer progression-free survival in clinical trials often signals that a drug is effective, improving chances of regulatory approval, market adoption, and revenue potential—think of it as a stopwatch showing how long a therapy can keep the illness at bay.

overall survival medical

"progression-free survival ("PFS"), and Overall Survival ("OS") in patients with high levels"

Overall survival is the average or median length of time patients remain alive after starting a treatment or entering a clinical study, measured regardless of cause of death. Investors care because it is a clear, hard measure of a therapy’s real-world benefit — like timing how long a new battery actually runs — and strong improvements in overall survival can drive regulatory approval, market adoption and revenue potential.

hazard ratio medical

"mPFS was 9.36 months in the Sirexatamab Arm vs. 5.88 months in the Control Arm, HR 0.46"

A hazard ratio is a way scientists compare the chance of something happening over time between two groups, like patients taking different medicines. If the ratio is high, it means one group is more likely to experience the event sooner or more often, which helps determine how effective a treatment is or how risky a situation might be.

AI-generated analysis. Not financial advice.

CAMBRIDGE, Mass., March 16, 2026 /PRNewswire/ -- Cypherpunk Technologies Inc., (Nasdaq: CYPH) ("Cypherpunk"), today reported financial results for the year ended December 31, 2025.

"2025 was a transformational year. Following a $58.88 million private placement led by Winklevoss Capital, we rebranded as Cypherpunk to become a privacy technology company with a digital asset treasury strategy focused on Zcash, while advancing sirexatamab for the treatment of patients with colorectal cancer through our Leap Therapeutics subsidiary," said Douglas E. Onsi, President and CEO of Cypherpunk.

"Since we began operating as Cypherpunk in October, we have purchased 294,743.10 ZEC for our treasury and made a $5 million strategic investment in Zcash Open Development Lab ("ZODL"), the development team behind Zodl, the leading Zcash wallet. In the year ahead, we will remain focused on advancing the adoption of Zcash and expanding our efforts across a broad set of technologies that defend privacy," said Will McEvoy, Chief Investment Officer of Cypherpunk.

Cypherpunk Highlights:

• Closed a $58.88 million private placement in cash led by Winklevoss Capital
  • In October 2025, the Company raised $58,888,888 in cash led by Winklevoss Capital to become the leading public company focused on advancing privacy preserving technologies. In the transaction, the Company 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 (iii) warrants to purchase an additional 71,985,605 shares of common stock at an exercise price of $0.5335 per share.    
• Appointed digital asset executives and industry leaders as board members and strategic advisors
  • In November 2025, the Company appointed Khing Oei as Chairman of the Board of Directors, and Will McEvoy as Chief Investment Officer and a Board member.
  • In December 2025, the Company announced that industry pioneer Zooko Wilcox, the founder of Zcash, former CEO of the Electric Coin Company, and current Chief Product Officer of Shielded Labs, joined the company as a Strategic Advisor.
  • In December 2025, the Company announced that Josh Swihart, Chief Executive Officer of ZODL, joined the company as a Strategic Advisor.
  • In January 2026, the Company announced that Arjun Khemani, a prominent voice in the Zcash ecosystem and the "philosophy of progress" movement, joined the company as a Strategic Advisor.

• Increased treasury holdings to 294,743.10 ZEC
  • As of March 12, 2026, Cypherpunk holds a total of 294,743.10 ZEC, at an average purchase price of $335.89, representing approximately 1.78% of the total circulating supply of the Zcash network.
  • The Company believes that privacy-protecting assets and related technologies will be critical in the increasingly digital and AI driven world. The Company intends to acquire and hold ZEC, the native coin of Zcash, as its primary digital asset and to be an active participant in the Zcash community.
  • ZEC is a digital currency that can be transmitted over a peer-to-peer payment system. Zcash uses a cryptographic method called "zero-knowledge proofs" to allow users to engage in financial transactions while maintaining greater privacy.

• Invested $5 million into ZODL
  • In March 2026, the Company expanded its holdings with a $5 million investment in Zcash company, ZODL, alongside key investors including a16z, Winklevoss Capital, Coinbase, Paradigm, Chapter One, David Friedberg, Balaji Srinivasan, and others. This marks Cypherpunk's first technology investment outside of ZEC. ZODL, which now houses the top Zcash wallet, Zodl, aims to make Zcash easier to use with continued development of the wallet and support of the Zcash protocol.

Leap Therapeutics Subsidiary Highlights:

• Presented final clinical data from Part B of the DeFianCe study of sirexatamab plus bevacizumab and chemotherapy in colorectal cancer ("CRC") patients
  • In a Mini Oral session at the ESMO Congress in October 2025, the Company presented the final results from Part B of the DeFianCe study, a Phase 2 study of sirexatamab, an anti-DKK1 monoclonal antibody, in combination with bevacizumab and chemotherapy compared to bevacizumab and chemotherapy in patients with microsatellite stable CRC who have received one prior systemic therapy for advanced disease. Sirexatamab demonstrated a statistically significant benefit on overall response rate ("ORR"), progression-free survival ("PFS"), and Overall Survival ("OS") in patients with high levels of DKK1, along with a positive trend on ORR and PFS in the full intent-to-treat population.
  • Across the DKK1-high (upper quartile) patients (n=44):
    • ORR was 44.0% in the Sirexatamab Arm vs. 15.8% ORR in the Control Arm,
      p-value = 0.0149.
    • mPFS was 9.36 months in the Sirexatamab Arm vs. 5.88 months in the Control Arm, HR 0.46, p-value = 0.0168.
    • mOS was not reached in the Sirexatamab Arm vs. 9.66 months in the Control Arm, HR 0.17, p-value < 0.001.

• Advancing DKK1 biomarker diagnostic test and engaging with regulatory authorities
  • Leap is engaging with regulatory agencies to discuss the registrational pathway for sirexatamab in DKK1-high CRC patients. Leap is also working with a leading diagnostics research laboratory to optimize the DKK1 biomarker diagnostic test that could be used to identify DKK1-high CRC patients with poor prognosis and to select patients for treatment with sirexatamab. Leap expects to provide an update on the next steps in sirexatamab development and on the registrational pathway in the coming weeks.

Selected Year-End 2025 Financial Results

Net Income was $4.8 million for the year ended December 31, 2025, compared to a Net Loss of $67.8 million for the year ended December 31, 2024. The increase was primarily due to $50.4 million of unrealized gains on the fair value of the Company's ZEC treasury holdings which are marked to market at the end of each period, as well reductions in research and development expenses and general and administrative expenses due to the completion of the sirexatamab Phase 2 clinical development program and a reduction in force of full-time employees.

Research and development expenses were $25.7 million for the full year 2025, compared to $57.2 million for the same period in 2024. The decrease for the full year 2025 was primarily due to a decrease in clinical trial costs and manufacturing costs during the year ended December 31, 2025. There was also a decrease in payroll and other related expenses due to a decrease in headcount, a decrease in stock based compensation expense, and a decrease in consulting fees.

General and administrative expenses were $10.9 million for the full year 2025, compared to $12.8 million for the same period in 2024. The decrease for the full year 2025 was primarily due to a decrease in payroll and other related expenses due to a decrease in incentive based compensation expense and a decrease in headcount. This decrease was partially offset by an increase in stock based compensation expense due to RSUs granted, and an increase in professional fees during the year ended December 31, 2025. 

During the year ended December 31, 2025, the Company recorded a $50.4 million unrealized gain on the change in fair value of the Company's ZEC treasury holdings.

Cash and cash equivalents totaled $14.0 million on December 31, 2025, and ZEC treasury holdings, categorized as a digital asset receivable, totaled $147.4 million on December 31, 2025.

About Cypherpunk

Cypherpunk Technologies is a privacy technology company. The Company's mission is to advance technologies that guarantee privacy for humans on the internet. Cypherpunk pursues this mission through two primary strategies: accumulating Zcash (ZEC); and investing in, acquiring, and building technologies that push the frontier of privacy forward. Additionally, through its subsidiary Leap Therapeutics, Inc., the Company is developing novel therapies for patients with cancer, continuing the development of sirexatamab and FL-501. For more information about the Company, visit our websites at http://www.cypherpunk.com and http://www.leaptx.com or view our public filings with the SEC that are available via EDGAR at http://www.sec.gov or via https://investors.leaptx.com/. 

About Winklevoss Capital

Winklevoss Capital is an investment firm founded in 2012 by Cameron and Tyler Winklevoss that invests in frontier technologies.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. Forward-looking statements address various matters including statements relating to the value of the Company's ZEC holdings, the investment in ZODL, or digital assets held or to be held by the Company, the expected future market, price, and liquidity of ZEC or other digital assets the Company acquires, the macro and political conditions surrounding Zcash or digital assets, the Company's plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive position and the interest of other corporations in similar business strategies, technological and market trends, and future financial condition and performance. Risks and uncertainties of the digital asset treasury strategy include, among others: (a) risks relating to the Company's operations and business, including 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; (c) the risk that the price of the Company's Common Stock may be highly correlated to the price of ZEC; (d) the risk that the Company will fail to realize the anticipated benefits of the ZEC digital asset treasury strategy or the investment in ZODL; (e) risks related to the custody of our ZEC and our reliance on Gemini Space Station and its affiliates for trading and custody services; (f) changes in business, market, financial, political and regulatory conditions; (g) risks related to increased competition in the industries in which the Company does and will operate; (h) risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; (i) risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; and (j) the ability to comply with the continued listing requirements of the Nasdaq Capital Market. With respect to our biotechnology operations, important factors that could cause actual results to differ materially from our plans, estimates or expectations could include, but are not limited to: (i) our ability and plan to develop and commercialize sirexatamab; (ii) our estimates regarding our capital requirements and our ability to raise additional financing to support continued development; (iii) the success of other competing therapies that may become available; (iv) the manufacturing capacity for sirexatmab; and (v) our ability to maintain and protect our intellectual property rights.

New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. The Company may not actually achieve the forecasts disclosed in such forward-looking statements, and you should not place undue reliance on such forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption "Risk Factors" in the Company's most recent Annual Report on Form 10-K filed with the SEC, or as may be included in other reports or information we file with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in its subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Neither the Company, nor any of its affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.

CONTACT:

Douglas E. Onsi
President & Chief Executive Officer
Cypherpunk Technologies Inc.
617-714-0360

For Investors:
Matthew DeYoung
Investor Relations
Argot Partners
212-600-1902
leap@argotpartners.com

For Media:
Jacqueline Ortiz Ramsey
It Factor Strategies
954-294-3249
jacqueline@itfactorstrategies.com

 

Cypherpunk Technologies, Inc Consolidated Statement of Operations (in thousands, except share and per share amounts)
								Year Ended December 31
								2025		2024
Operating expenses:
	Research and development							$              25,670		$            57,211
	General and administrative							10,870		12,846
	Restructuring charges							4,527		-
			Total operating expenses					41,067		70,057
Loss from operations								(41,067)		(70,057)
Interest income								916		3,129
Interest expense								(24)		-
Australian research and development incentives								(157)		-
Change in fair value of digital assets								50,404		-
Foreign currency gain (loss)								5		(42)
Income (loss) before income taxes								10,077		(66,970)
Provision for income taxes								(5,255)		(585)
Net income (loss)								4,822		(67,555)
Dividend attributable to down round feature of warrants								-		(234)
Net income (loss) attributable to common stockholders								$                4,822		$          (67,789)
Net income (loss) per share
			Basic					$                  0.07		$              (1.81)
			Diluted					$                  0.07		$              (1.81)
Weighted average common shares outstanding
			Basic					66,140,346		37,550,677
			Diluted					70,672,358		37,550,677

 

Cypherpunk Technologies, Inc Consolidated Balance Sheets (in thousands, except share and per share amounts)
								December 31,
								2025		2024
Assets
Current assets:
	Cash and cash equivalents							$          14,035		$          47,249
	Digital assets receivable							147,404		-
	Research and development incentive receivable							602		704
	Prepaid expenses and other current assets							40		86
					Total current assets			162,081		48,039
	Right of use assets, net							38		262
	Deferred costs							401		-
	Deposits							662		823
					Total assets			$        163,182		$          49,124
Liabilities and Stockholders' Equity
Current liabilities:
	Accounts payable							$            1,981		$            4,743
	Accrued expenses							2,067		8,536
	Income tax payable							472		531
	Lease liability							38		266
					Total current liabilities			4,558		14,076
Non-current liabilities:
	Deferred tax liability							5,118		-
					Total liabilities			9,676		14,076
Stockholders' equity:
	Preferred stock, $0.001 par value; 10,000,000 shares authorized;      0 shares issued and outstanding as of December 31, 2025 and     2024, respectively							-		-
	Common stock, $0.001 par value; 490,000,000  and 240,000,000 shares     authorized;  83,851,051 and 38,329,894 shares issued and outstanding     as of December 31, 2025 and 2024, respectively							84		38
	Stock subscription receivable							(150)		-
	Additional paid-in capital							616,216		502,501
	Accumulated other comprehensive loss							(95)		(120)
	Accumulated deficit							(462,549)		(467,371)
					Total stockholders' equity			153,506		35,048
					Total liabilities and stockholders' equity			$        163,182		$          49,124

 

Cypherpunk Technologies, Inc Condensed Consolidated Statements of Cash Flows (in thousands)
								Year Ended December 31,
								2025		2024
Cash used in operating activities								$                  (43,902)		$                 (60,299)
Cash used in investing activities								(97,000)		-
Cash provided by financing activities								107,649		37,184
Effect of exchange rate changes on cash and cash equivalents								39		(279)
Net decrease in cash and cash equivalents								$                  (33,214)		$                 (23,394)
Cash and cash equivalents at beginning of year								47,249		70,643
Cash and cash equivalents at end of year								$                   14,035		$                  47,249

 

 

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SOURCE Cypherpunk Technologies Inc.

FAQ

What did Cypherpunk (CYPH) raise in the October 2025 private placement?

Cypherpunk raised $58.88 million in an October 2025 private placement. According to the company, the financing included 15,212,311 shares, pre‑funded warrants for up to 80,768,504 shares, and warrants for 71,985,605 additional shares.

How much ZEC does Cypherpunk (CYPH) hold in its treasury and what is the stake?

Cypherpunk holds 294,743.10 ZEC, about 1.78% of Zcash's circulating supply. According to the company, the average purchase price was $335.89 and ZEC treasury holdings were valued at $147.4 million at year‑end.

What is the significance of Cypherpunk's $5 million investment in ZODL?

The $5 million investment expands Cypherpunk's technology exposure beyond ZEC. According to the company, the fund supports ZODL, the team behind the Zodl wallet, aiming to improve Zcash usability and protocol development.

What were the key Phase 2 sirexatamab results reported by Leap Therapeutics (CYPH)?

Sirexatamab showed statistically significant benefit in DKK1‑high CRC patients: ORR 44% vs 15.8%. According to the company, mPFS and OS also favored sirexatamab with mPFS 9.36 vs 5.88 months and OS hazard ratio 0.17.

Why did Cypherpunk (CYPH) report net income in 2025 after a loss in 2024?

Net income of $4.8 million in 2025 reflected a $50.4 million unrealized gain on ZEC holdings and lower R&D and G&A expenses. According to the company, these fair‑value gains were marked to market at period end.

How might the October 2025 financing affect Cypherpunk (CYPH) shareholders?

The financing created potential dilution via issued shares and large warrant pools. According to the company, the transaction issued 15.2M shares plus warrants and pre‑funded warrants convertible into tens of millions of additional shares.