Cypherpunk Technologies Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Cypherpunk Technologies (Nasdaq: CYPH) reported second quarter 2026 net income of $39.4 million, or $0.18 diluted EPS, versus a net loss of $16.6 million a year earlier. The swing was primarily driven by a $46.0 million unrealized gain from marking its Zcash (ZEC) treasury to market as ZEC rose from $243.35 to $400.09.
As of August 11, 2026, Cypherpunk held 323,394.38 ZEC at an average purchase price of $341.83, representing about 1.92% of Zcash’s circulating supply; the ZEC treasury was valued at $129.4 million on June 30, 2026, versus cash of $7.6 million. Research and development expense fell to $0.2 million from $10.5 million due to completed trials and a prior workforce reduction, while general and administrative expense rose to $4.5 million from $1.8 million on higher stock-based compensation and payroll.
Subsidiary Leap Therapeutics published Phase 2 DeFianCe data for sirexatamab in metastatic colorectal cancer, reached FDA alignment on a registrational Phase 3 trial in DKK1-high second-line patients, and received Fast Track designation. Leap also began a strategic process to secure financing or a potential transaction to advance sirexatamab into Phase 3.
Positive
- Net income $39.4M vs. $16.6M loss in Q2 2025
- $46.0M unrealized gain from ZEC treasury revaluation in Q2 2026
- 323,394.38 ZEC held, about 1.92% of circulating supply
- ZEC treasury $129.4M vs. cash $7.6M at June 30, 2026
- R&D expense $0.2M, down from $10.5M year over year
- FDA-aligned Phase 3 design and Fast Track for sirexatamab in DKK1-high mCRC
Negative
- Loss from operations $4.7M despite positive net income
- G&A expenses $4.5M, up $2.7M year over year
- Net loss $37.8M for first six months of 2026
- Cash $7.6M at June 30, 2026, well below digital asset value
- Accumulated deficit $500.3M as of June 30, 2026
Market reaction after 2Q26 earnings report: CYPH +6.25%
Following this news, CYPH has gained 6.25%, reflecting a notable positive market reaction. Our momentum scanner has triggered 3 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $0.72. Trading volume is exceptionally heavy at 16.7x the average, suggesting very strong buying interest.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 14 | Q1 earnings report | Positive | +15.4% | Q1 loss reflected a ZEC unrealized loss alongside treasury and Fast Track updates. |
| Mar 16 | FY2025 earnings report | Positive | +12.6% | Full-year net income reflected a ZEC gain alongside treasury and oncology updates. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings events were followed by positive 24-hour reactions of 15.38% and 12.6%.
Key Terms
zero-knowledge proofs technical
dkk1-high medical
objective response rate medical
overall survival medical
companion diagnostic medical
fast track designation regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
"In the second quarter, Cypherpunk built upon the momentum established earlier this year through the disciplined execution of our Zcash digital asset treasury strategy, increasing our treasury holdings to 323,394.38 ZEC, and welcoming Dev Ojha, founder of Valar Group, as an Advisor," said Douglas E. Onsi, President and CEO of Cypherpunk Technologies. "Our Leap Therapeutics subsidiary reached alignment with the FDA on a proposed Phase 3 trial in a
"In an increasingly AI-driven economy, the demand for true privacy is moving from a technical preference to a civilizational necessity. Our execution in the second quarter reinforces Cypherpunk's conviction in Zcash as a foundational monetary asset. By growing our ZEC treasury, expanding our world-class advisory team, and continuing to back core infrastructure developers like ZODL, we are systematically positioning Cypherpunk to capture the long-term value of digital privacy adoption," said Will McEvoy, Chief Investment Officer of Cypherpunk.
Cypherpunk Highlights:
- Zcash treasury holdings increased to 323,394.38 ZEC
- As of August 11, 2026, Cypherpunk held a total of 323,394.38 ZEC at an average purchase price of
$341.83 1.92% 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.
- As of August 11, 2026, Cypherpunk held a total of 323,394.38 ZEC at an average purchase price of
- Dev Ojha Appointed as an Advisor
- Cypherpunk appointed Dev Ojha, the founder of Valar Group, a leading development and research team focused on the Zcash Network, as an Advisor. Valar Group has taken a significant role in developing Zakura, a high-performance full node software designed for massive scalability of Zcash, and on the Ironwood shielded pool. Dev also serves as an official ZIP Editor for Zcash protocol standards. Cypherpunk's Advisory Team also includes: Arjun Khemani, Zcash key opinion leader; Josh Swihart, CEO of ZODL; Jeff Tiller, Chief of Staff of Gemini; and Zooko Wilcox, Founder of Zcash and Chief Product Officer at Shielded Labs.
Leap Therapeutics Subsidiary Highlights:
- Publication of randomized Phase 2 DeFianCe study in Clinical Cancer Research
- Leap Therapeutics announced the publication of results from the randomized Phase 2 DeFianCe (NCT05480306) study of sirexatamab (DKN-01), an anti-DKK1 monoclonal antibody, in Clinical Cancer Research. The publication, "Sirexatamab in Combination with Bevacizumab and Chemotherapy as Second-Line Therapy for Advanced Colorectal Adenocarcinoma: the Phase II DeFianCe Trial," reported the complete efficacy, safety, and biomarker analyses from the study and details the statistical basis for the
DKK1 biomarker finding. - The peer-reviewed analyses establish that, while the prespecified primary endpoint was not met in the intent-to-treat population, the benefit of sirexatamab increases as a patient's baseline plasma
DKK1 level rises — a relationship confirmed by independent statistical approaches and reinforced by the observation that highDKK1 predicts poorer outcomes on standard of care alone. Together, these findings defineDKK1 -high metastatic colorectal cancer (mCRC) as a biologically distinct population with high unmet need.
- Leap Therapeutics announced the publication of results from the randomized Phase 2 DeFianCe (NCT05480306) study of sirexatamab (DKN-01), an anti-DKK1 monoclonal antibody, in Clinical Cancer Research. The publication, "Sirexatamab in Combination with Bevacizumab and Chemotherapy as Second-Line Therapy for Advanced Colorectal Adenocarcinoma: the Phase II DeFianCe Trial," reported the complete efficacy, safety, and biomarker analyses from the study and details the statistical basis for the
- Reached FDA alignment on registrational Phase 3 trial in
DKK1 -high colorectal cancer- Leap Therapeutics held a Type C meeting with the FDA to discuss the DeFianCe results and proposed registrational path for sirexatamab in
DKK1 -high, second-line mCRC. Leap presented its proposed Phase 3 trial design, and the FDA provided feedback supporting key elements of that design, including the use of aDKK1 biomarker-selected patient population and a dual-endpoint structure intended to support both accelerated and full approval. - Leap Therapeutics reached alignment with the FDA on a randomized, controlled Phase 3 trial evaluating sirexatamab in combination with investigator's-choice fluoropyrimidine-based chemotherapy (FOLFIRI or mFOLFOX6) plus bevacizumab, compared with chemotherapy and bevacizumab alone. Approximately 270 patients with mCRC whose disease has progressed following one prior line of systemic therapy prospectively identified as
DKK1 -high using a baseline plasmaDKK1 assay cut point are expected to be enrolled and randomized 1:1. Potential accelerated approval inthe United States could be determined by objective response rate (ORR) in an initial group of approximately 160 patients, and overall survival (OS) will be evaluated in the full study population intended to support a filing for full approval inthe United States and to support registration in markets outsidethe United States . - A blood-based companion diagnostic would be developed in parallel to identify
DKK1 -high patients in routine clinical practice.
- Leap Therapeutics held a Type C meeting with the FDA to discuss the DeFianCe results and proposed registrational path for sirexatamab in
- Sirexatamab received Fast Track designation from FDA
- In May 2026, the FDA granted Fast Track designation to sirexatamab in combination with fluoropyrimidine plus oxaliplatin- or irinotecan-based chemotherapy and bevacizumab, for the treatment of patients with
DKK1 -high mCRC 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 FDA granted Fast Track designation to sirexatamab in combination with fluoropyrimidine plus oxaliplatin- or irinotecan-based chemotherapy and bevacizumab, for the treatment of patients with
- Business update
- Leap Therapeutics has initiated a strategic process to identify the best path forward for sirexatamab and to secure the resources required to advance the program into Phase 3 development. The process is expected to consider a range of alternatives, which may include financing the program as an independent entity, or a strategic transaction with a pharmaceutical or biotechnology company, including a partnership, license, collaboration, sale, or other business combination.
- 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 the Company or its stockholders. The Company has not set a timetable for the conclusion of the process and does not intend to disclose developments unless and until it determines that further disclosure is appropriate or required.
Selected Second Quarter 2026 Financial Results
Net income was
Research and development expenses were
General and administrative expenses were
During the three months ended June 30, 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.
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 Zcash Open Development Labs ("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 Company's 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) the DeFianCe study did not meet its prespecified primary endpoint of progression-free survival in the intent-to-treat population; (ii) the DKK1 biomarker subgroup and interaction analyses were exploratory, were based on a limited number of patients, were not adjusted for multiplicity, and may not be replicated in a prospective clinical trial; (iii) the impact of imbalances between treatment arms in the DKK1 subgroups; (iv) the risk that alignment with the FDA on trial design does not constitute agreement that any trial will succeed or that any marketing application will be accepted or approved, and the FDA may change its position at any time; (v) accelerated approval, if pursued, requires that the surrogate endpoint be reasonably likely to predict clinical benefit and is subject to confirmatory trial requirements and possible withdrawal if such requirements are not satisfied; (vi) the Company's ability to initiate or complete the Phase 3 trial on the anticipated timeline or at all; (vii) the Company's ability to obtain additional capital to advance sirexatamab on acceptable terms or at all; (viii) that risk that the strategic process may not result in any transaction or financing, may be terminated at any time, and any resulting transaction may not be on terms favorable to the Company or its stockholders; (ix) the Company's ability to develop and validate a companion diagnostic; (x) the success of competing therapies; (xi) the Company's ability to secure manufacturing capacity for sirexatamab; and (xii) the Company's ability to maintain and protect its 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.
Cypherpunk Technologies Inc. | ||||||||||
Consolidated Balance Sheets | ||||||||||
(in thousands, except share and per share amounts) | ||||||||||
June 30, | December 31, | |||||||||
2026 | 2025 | |||||||||
(Unaudited) | ||||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 7,624 | $ 14,035 | ||||||||
Digital assets receivable | 1,29,387 | 1,47,404 | ||||||||
Research and development incentive receivable | - | 602 | ||||||||
Prepaid expenses and other current assets | 539 | 40 | ||||||||
Total current assets | 1,37,550 | 1,62,081 | ||||||||
Right of use assets, net | 38 | 38 | ||||||||
Deferred costs | 348 | 401 | ||||||||
Deposits | 33 | 662 | ||||||||
Other investment | 5,000 | - | ||||||||
Total assets | $ 1,42,969 | $ 1,63,182 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ 588 | $ 1,981 | ||||||||
Accrued expenses | 1,014 | 2,067 | ||||||||
Income tax payable | 97 | 472 | ||||||||
Lease liability | 38 | 38 | ||||||||
Total current liabilities | 1,737 | 4,558 | ||||||||
Non-current liabilities: | ||||||||||
Deferred tax liability | 1,913 | 5,118 | ||||||||
Total liabilities | 3,650 | 9,676 | ||||||||
Stockholders' equity: | ||||||||||
Preferred stock, | - | - | ||||||||
Common stock, | 108 | 84 | ||||||||
Stock subscription receivable | - | (150) | ||||||||
Additional paid-in capital | 6,39,618 | 6,16,216 | ||||||||
Accumulated other comprehensive loss | (81) | (95) | ||||||||
Accumulated deficit | (5,00,326) | (4,62,549) | ||||||||
Total stockholders' equity | 1,39,319 | 1,53,506 | ||||||||
Total liabilities and stockholders' equity | $ 1,42,969 | $ 1,63,182 | ||||||||
Cypherpunk Technologies Inc.
| ||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||
Operating expenses: | ||||||||||||||
Research and development | $ 197 | $ 10,537 | $ 358 | $ 23,448 | ||||||||||
General and administrative | 4,492 | 1,817 | 9,148 | 4,823 | ||||||||||
Restructuring charges | - | 4,527 | - | 4,527 | ||||||||||
Total operating expenses | 4,689 | 16,881 | 9,506 | 32,798 | ||||||||||
Loss from operations | (4,689) | (16,881) | (9,506) | (32,798) | ||||||||||
Interest income | 63 | 246 | 158 | 683 | ||||||||||
Interest expense | (6) | (7) | (13) | (13) | ||||||||||
Australian research and development incentives | - | 1 | - | 56 | ||||||||||
Change in fair value of embedded derivative | 45,993 | - | (31,562) | - | ||||||||||
Foreign currency gain (loss) | 1 | (2) | 1 | (6) | ||||||||||
Income (loss) before income taxes | 41,362 | (16,643) | (40,922) | (32,078) | ||||||||||
Benefit from (provision for) income taxes | (1,973) | - | 3,145 | - | ||||||||||
Net income (loss) attributable to common stockholders | $ 39,389 | $ (16,643) | $ (37,777) | $ (32,078) | ||||||||||
Net income (loss) per share | ||||||||||||||
Basic | $ 0.21 | $ (0.40) | $ (0.21) | $ (0.78) | ||||||||||
Diluted | $ 0.18 | $ (0.40) | $ (0.21) | $ (0.78) | ||||||||||
Weighted average common shares outstanding | ||||||||||||||
Basic | 18,43,28,441 | 4,14,44,979 | 17,62,60,808 | 4,13,57,423 | ||||||||||
Diluted | 21,73,43,013 | 4,14,44,979 | 17,62,60,808 | 4,13,57,423 | ||||||||||
Leap Therapeutics, Inc.
| ||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||
Cash used in operating activities | $ (2,692) | $ (14,486) | $ (6,122) | $ (28,966) | ||||||||||
Cash used in investing activities | (9,544) | - | (18,544) | - | ||||||||||
Cash provided by (used in) financing activities | 13,167 | (119) | 18,242 | (180) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | 4 | 22 | 13 | 27 | ||||||||||
Net increase (decrease) in cash and cash equivalents | 935 | (14,583) | (6,411) | (29,119) | ||||||||||
Cash and cash equivalents at beginning of period | 6,689 | 32,713 | 14,035 | 47,249 | ||||||||||
Cash and cash equivalents at end of period | $ 7,624 | $ 18,130 | $ 7,624 | $ 18,130 | ||||||||||
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 Ramsay
It Factor Strategies
954-294-3249
jacqueline@itfactorstrategies.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/cypherpunk-technologies-reports-second-quarter-2026-financial-results-302849045.html
SOURCE Cypherpunk Technologies Inc.