[Form 4] LEAP THERAPEUTICS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Cypherpunk Technologies Inc. director and reporting person filed a Form 4 after a significant share sale tied to a liquidating trust. On November 17, 2025, HCV VIII Liquidating Trust sold 261,840 shares of Cypherpunk common stock as part of the wind up and liquidation of that entity. The weighted average sale price was $3.14 per share, with individual trades reportedly occurring between $2.40 and $3.40 per share. Following the transaction, the reporting person shows 0 shares beneficially owned, held indirectly. The reporting person is a beneficiary of the HCV Liquidating Trust and may have been deemed to beneficially own the shares sold, but expressly disclaims beneficial ownership except for any proportionate pecuniary interest.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CAVANAUGH JAMES H

(Last) (First) (Middle)

C/O CYPHERPUNK TECHNOLOGIES INC.

47 THORNDIKE STREET SUITE B1-1

(Street)

CAMBRIDGE MA 02141

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CYPHERPUNK TECHNOLOGIES INC. [ CYPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/17/2025		S		261,840(1)	D	$3.14(1)	0(1)	I	See footnotes(1)(2)
Common Stock								213	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On November 17, 2025, HCV VIII Liquidating Trust ("HCV Liquidating Trust") sold 261,840 shares of the Issuer's common stock at a price of $3.14 per share as a part of a liquidating distribution in connection with the wind up and liquidation of the entity. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.40 to $3.40. The reporting person undertakes to provide to the Issuer, any security holders of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in this Form 4.

2. The reporting person is a beneficiary of the HCV Liquidating Trust and may be deemed to have had beneficial ownership of the 261,840 shares of common stock sold by the HCV Liquidating Trust. The reporting person disclaims beneficial ownership of such shares of common sold by HCV Liquidating Trust, except to the extent of the reporting person's proportionate pecuniary interest therein.

	/s/ Douglas E. Onsi as Attorney-in-Fact for the reporting person	11/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction was reported for Cypherpunk Technologies Inc. (LPTX/CYPH)?

The Form 4 reports that on November 17, 2025 HCV VIII Liquidating Trust sold 261,840 shares of Cypherpunk Technologies Inc. common stock as part of the trust’s wind up and liquidation.

What price did the Cypherpunk shares sell for in this Form 4 filing?

The filing states a weighted average sale price of $3.14 per share, with multiple transactions executed at prices ranging from $2.40 to $3.40 per share.

How many Cypherpunk shares does the reporting person own after this transaction?

After the reported sale by HCV VIII Liquidating Trust, the Form 4 shows the reporting person with 0 shares of Cypherpunk Technologies Inc. common stock beneficially owned, held indirectly.

What is the relationship between the reporting person and HCV VIII Liquidating Trust?

The filing explains that the reporting person is a beneficiary of HCV VIII Liquidating Trust and may have been deemed to beneficially own the 261,840 shares sold by the trust.

Does the reporting person claim full beneficial ownership of the Cypherpunk shares sold?

No. The reporting person disclaims beneficial ownership of the shares sold by HCV VIII Liquidating Trust, except to the extent of the reporting person’s proportionate pecuniary interest in the trust.

What role does the reporting person have at Cypherpunk Technologies Inc.?

The Form 4 identifies the reporting person’s relationship to Cypherpunk Technologies Inc. as a Director of the issuer.