Cypherpunk Technologies Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Cypherpunk Technologies (Nasdaq: CYPH) reported a Q1 2026 net loss of $77.2 million, largely driven by a $77.6 million unrealized loss as Zcash (ZEC) fell from $508.09 to $240.47.
The company increased its Zcash treasury to 314,185.70 ZEC (about 1.88% of circulating supply) and invested $5 million in Zcash Open Development Labs. Subsidiary Leap Therapeutics reported positive Phase 2 DeFianCe colorectal cancer data and received FDA Fast Track designation for sirexatamab.
AI-generated analysis. Not financial advice.
Positive
- Zcash treasury expanded to 314,185.70 ZEC, about 1.88% of circulating supply
- $5 million strategic investment in Zcash Open Development Labs in March 2026
- FDA Fast Track designation for sirexatamab in DKK1-high metastatic colorectal cancer
- DeFianCe DKK1-high subgroup ORR 42% vs 16% control, p=0.003
- DeFianCe DKK1-high subgroup OS hazard ratio 0.47, p=0.0244
- Launch of new website and investor dashboard providing visibility into ZEC and other metrics
Negative
- Q1 2026 net loss widened to $77.2 million from $15.4 million in Q1 2025
- Unrealized loss of $77.6 million on ZEC holdings as price declined in Q1 2026
- ZEC price dropped from $508.09 to $240.47 during Q1 2026
- General and administrative expenses rose to $4.7 million from $3.0 million year over year
- Cash and cash equivalents at March 31, 2026 totaled $6.7 million
News Market Reaction – CYPH
On the day this news was published, CYPH gained 15.38%, reflecting a significant positive market reaction. Argus tracked a peak move of +17.6% during that session. Our momentum scanner triggered 28 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $17M to the company's valuation, bringing the market cap to $124.05M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
No peers in the provided dataset show momentum flags or same-day headlines, pointing to company-specific drivers tied to ZEC exposure and Q1 results.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 16 | Full-year earnings | Positive | +12.6% | Full-year 2025 results with large unrealized ZEC gains and net income return. |
The prior earnings release with positive ZEC-driven gains coincided with a double-digit positive price move, suggesting earnings tied to ZEC marks have been a key catalyst.
In March 2026, Cypherpunk’s full-year 2025 results highlighted a strategic shift into ZEC and privacy assets, including a $58.88 million private placement and 294,743.10 ZEC (~1.78% of supply) at $335.89. A $5 million ZODL investment and a $50.4 million unrealized ZEC gain drove a return to $4.8 million net income, with ZEC holdings valued at $147.4 million. Today’s Q1 2026 results continue this ZEC-centric strategy but show the opposite effect when ZEC prices decline.
Historical Comparison
Past earnings (FY 2025) linked strong ZEC gains to a 12.6% positive move. Q1 2026 flips this, with a large ZEC-driven unrealized loss replacing prior gains.
Earnings have shifted from FY 2025 profitability driven by a $50.4M unrealized ZEC gain to Q1 2026 results dominated by a $77.6M unrealized ZEC loss as prices fell.
Market Pulse Summary
The stock surged +15.4% in the session following this news. A strong positive reaction aligns with how prior earnings linked ZEC performance to share moves; the last earnings event saw a 12.6% gain on ZEC-driven profits. Here, investors would be weighing a large Q1 net loss of $77.2M, driven by a $77.6M unrealized ZEC markdown, against sizable ZEC treasury value of $73.8M and encouraging sirexatamab Fast Track status and Phase 2 efficacy data.
Key Terms
zero-knowledge proofs technical
fast track designation regulatory
overall response rate medical
overall survival medical
p-value medical
hazard ratio medical
monoclonal antibody medical
companion diagnostic medical
AI-generated analysis. Not financial advice.
"Since the start of 2026, Cypherpunk has advanced the mission to become a leading privacy technology company with a digital asset treasury strategy focused on Zcash by making our first privacy technology investment and increasing our treasury holdings to 314,185.70 ZEC," said Douglas E. Onsi, President and CEO of Cypherpunk Technologies. "At AACR 2026, our Leap Therapeutics subsidiary presented a new
"Privacy-protecting assets and related technologies will be critical in the increasingly digital and AI driven world. Our
Cypherpunk Highlights:
- Increased Zcash treasury holdings to 314,185.70 ZEC
- From the last update on April 15, 2026 through May 13, 2026, Cypherpunk purchased an additional 10,279.30 ZEC for
$5 million $486.41 - As of May 13, 2026, Cypherpunk held a total of 314,185.70 ZEC at an average purchase price of
$337.86 1.88% of the total circulating supply of the Zcash network. - 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.
- From the last update on April 15, 2026 through May 13, 2026, Cypherpunk purchased an additional 10,279.30 ZEC for
- Invested
$5 million - In March 2026, Cypherpunk expanded its holdings with a
$5 million
- In March 2026, Cypherpunk expanded its holdings with a
- Launched new website and investor dashboard at cypherpunk.com
- The Company launched its new website and investor dashboard at cypherpunk.com. The dashboard provides shareholders with direct visibility into the Company's key metrics, ZEC holdings, other privacy investments, and Zcash network metrics.
Leap Therapeutics Subsidiary Highlights:
- Sirexatamab received Fast Track designation from FDA
- In May 2026, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to sirexatmab in combination with fluoropyrimidine plus oxaliplatin- or irinotecan-based chemotherapy and bevacizumab, for the treatment of patients with
DKK1 -high metastatic colorectal cancer whose disease has progressed following one prior systemic therapy. - The Fast Track program is intended to facilitate the development and expedite the review of drug candidates and vaccines that treat serious conditions and fill an unmet medical need. Programs with Fast Track designation may benefit from frequent communication with the FDA, in addition to a rolling submission of the marketing application.
- In May 2026, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to sirexatmab in combination with fluoropyrimidine plus oxaliplatin- or irinotecan-based chemotherapy and bevacizumab, for the treatment of patients with
- Presented new plasma
DKK1 biomarker assay and results based on Part B of the DeFianCe study of sirexatamab plus bevacizumab and chemotherapy in colorectal cancer ("CRC") patients at the American Association for Cancer Research (AACR) 2026:- At AACR 2026 in April, the Company presented a new plasma
DKK1 biomarker assay that could be used as a companion diagnostic to select patients who would benefit from treatment with sirexatamab, the Company's anti-DKK1 monoclonal antibody. - The new plasma
DKK1 biomarker assay was used to test the patient samples from Part B of the DeFianCe study, a Phase 2 study of sirexatamab 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") and overall survival ("OS") in patients with high levels of
DKK1 using the new plasmaDKK1 biomarker assay. 50% of patients hadDKK1 -high levels > 380 pg/ml, and in this subgroup of patients (n=87):- ORR was
42% (including one complete response) in the Sirexatamab Arm vs.16% ORR in the Control Arm, p-value = 0.003. - mOS was not reached in the Sirexatamab Arm vs. 14.39 months in the Control Arm, HR 0.47, p-value = 0.0244.
- ORR was
DKK1 plasma levels from patients in the DeFianCe study were similar to commercially acquired CRC patient samples.
- At AACR 2026 in April, the Company presented a new plasma
Selected First Quarter 2026 Financial Results
Net loss was
Research and development expenses were
General and administrative expenses were
During the three months ended March 31, 2026, the Company recorded a
Cash and cash equivalents totaled
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, 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.
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
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.
Cypherpunk Technologies Inc. | ||||||||||
Consolidated Balance Sheets | ||||||||||
(in thousands, except share and per share amounts) | ||||||||||
March 31, | December 31, | |||||||||
2026 | 2025 | |||||||||
(Unaudited) | ||||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 6,689 | $ 14,035 | ||||||||
Digital assets receivable | 73,849 | 147,404 | ||||||||
Research and development incentive receivable | 616 | 602 | ||||||||
Prepaid expenses and other current assets | 768 | 40 | ||||||||
Total current assets | 81,922 | 162,081 | ||||||||
Right of use assets, net | 38 | 38 | ||||||||
Deferred costs | 385 | 401 | ||||||||
Deposits | 33 | 662 | ||||||||
Other investment | 5,000 | - | ||||||||
Total assets | $ 87,378 | $ 163,182 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ 516 | $ 1,981 | ||||||||
Accrued expenses | 1,966 | 2,067 | ||||||||
Income tax payable | 483 | 472 | ||||||||
Lease liability | 38 | 38 | ||||||||
Total current liabilities | 3,003 | 4,558 | ||||||||
Non-current liabilities: | ||||||||||
Deferred tax liability | - | 5,118 | ||||||||
Total liabilities | 3,003 | 9,676 | ||||||||
Stockholders' equity: | ||||||||||
Preferred stock, | - | - | ||||||||
Common stock, | 94 | 84 | ||||||||
Stock subscription receivable | - | (150) | ||||||||
Additional paid-in capital | 624,082 | 616,216 | ||||||||
Accumulated other comprehensive loss | (86) | (95) | ||||||||
Accumulated deficit | (539,715) | (462,549) | ||||||||
Total stockholders' equity | 84,375 | 153,506 | ||||||||
Total liabilities and stockholders' equity | $ 87,378 | $ 163,182 | ||||||||
Cypherpunk Technologies Inc. | ||||||||||
Consolidated Statements of Operations | ||||||||||
(in thousands, except share and per share amounts) | ||||||||||
(Unaudited) | ||||||||||
Three Months Ended March 31 | ||||||||||
2026 | 2025 | |||||||||
Operating expenses: | ||||||||||
Research and development | $ 161 | $ 12,911 | ||||||||
General and administrative | 4,656 | 3,006 | ||||||||
Total operating expenses | 4,817 | 15,917 | ||||||||
Loss from operations | (4,817) | (15,917) | ||||||||
Interest income | 95 | 437 | ||||||||
Interest expense | (7) | (6) | ||||||||
Australian research and development incentives | - | 55 | ||||||||
Change in fair value of embedded derivative | (77,555) | - | ||||||||
Foreign currency loss | - | (4) | ||||||||
Loss before income taxes | (82,284) | (15,435) | ||||||||
Benefit from income taxes | 5,118 | - | ||||||||
Net loss attributable to common stockholders | $ (77,166) | $ (15,435) | ||||||||
Net loss per share | ||||||||||
Basic and Diluted | $ (0.46) | $ (0.37) | ||||||||
Weighted average common shares outstanding | ||||||||||
Basic and diluted | 168,103,535 | 41,268,894 | ||||||||
Cypherpunk Technologies Inc. | ||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||
(in thousands) | ||||||||||
(Unaudited) | ||||||||||
Three Months Ended March 31, | ||||||||||
2026 | 2025 | |||||||||
Cash used in operating activities | $ (3,430) | $ (14,480) | ||||||||
Cash used in investing activities | (9,000) | - | ||||||||
Cash provided by (used in) financing activities | 5,075 | (61) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 9 | 5 | ||||||||
Net decrease in cash and cash equivalents | (7,346) | (14,536) | ||||||||
Cash and cash equivalents at beginning of period | 14,035 | 47,249 | ||||||||
Cash and cash equivalents at end of period | $ 6,689 | $ 32,713 | ||||||||
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
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SOURCE Cypherpunk Technologies Inc.