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    CYPH

    CYPHERPUNK TECHNOLOGIES INC.

    Company overview

    Market capitalization
    $356.70M
    Employees
    6
    Latest publication
    2026-09-29
    About CYPHERPUNK TECHNOLOGIES INC.

    Cypherpunk Technologies Inc., a privacy technology company, implements a digital asset strategy anchored by Zcash in the United States. The company is involved in identifying, developing, investing in, acquiring, and building privacy-enhancing technologies; and accumulating digital assets, such as ZCash. It also develops biomarker-targeted antibody therapies for patients with cancer and other diseases comprising DKN-01, a monoclonal antibody that inhibits Dickkopf-related protein 1, which has completed Phase 2 study for the treatment of colorectal cancer; and FL-501, a monoclonal antibody inhibiting the GDF-15 protein, which is in preclinical development to treat cancer cachexia, hyperemesis gravidarum and pregnancy-related nausea and vomiting, and other diseases associated with aging and frailty. The company was formerly known as Leap Therapeutics, Inc. and changed its name to Cypherpunk Technologies Inc. in November 2025. Cypherpunk Technologies Inc. was incorporated in 2011 and is based in Cambridge, Massachusetts.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Research Development197,000USD161,000USD975,000USD1,247,000USD10,537,000USD12,911,000USD12,883,000USD14,915,000USD
    Total Operating Expenses4,689,000USD4,817,000USD5,103,000USD3,166,000USD16,881,000USD15,917,000USD34,544,000USD17,855,000USD
    Net Income39,389,000USD-77,166,000USD40,203,000USD-3,303,000USD-16,643,000USD-15,435,000USD-40,169,000USD-18,176,000USD
    Total Revenue—0USD0USD209,000USD0USD0USD234,000USD0USD
    Selling General Administrative—4,656,000USD1,684,000USD1,919,000USD1,817,000USD3,006,000USD7,446,000USD2,940,000USD
    Operating Income—-4,817,000USD-5,103,000USD-3,166,000USD-16,881,000USD-15,917,000USD-44,984,000USD-17,855,000USD
    Interest Income—95,000USD110,000USD123,000USD246,000USD437,000USD595,000USD894,000USD
    Interest Expense—7,000USD1,000USD10,000USD7,000USD6,000USD—0USD
    Net Interest Income—88,000USD109,000USD113,000USD239,000USD431,000USD595,000USD894,000USD
    Income Before Tax—-82,284,000USD45,256,000USD-3,101,000USD-16,643,000USD-15,435,000USD-42,207,000USD-17,468,000USD
    Income Tax Expense—-5,118,000USD5,053,000USD202,000USD——-2,097,000USD708,000USD
    Tax Provision—-5,118,000USD5,053,000USD202,000USD—0USD-123,000USD708,000USD
    Net Income From Continuing Ops—-77,166,000USD40,203,000USD-3,303,000USD-16,643,000USD-15,435,000USD-15,431,000USD-18,176,000USD
    Ebitda—-4,817,000USD-5,103,000USD-3,091,000USD-16,636,000USD-15,429,000USD-20,193,000USD-18,354,000USD
    Total Other Income Expense Net—-77,467,000USD50,359,000USD65,000USD238,000USD482,000USD2,777,000USD387,000USD
    Unclassified Operating Expenses——2,444,000USD—4,527,000USD—13,415,000USD—
    Reconciled Depreciation——0USD0USD0USD0USD0USD0USD
    Cost Of Revenue———20,339,000USD——10,674,000USD—
    Gross Profit———-20,130,000USD——-10,440,000USD—
    Ebit———-25,959,000USD——-20,895,000USD—
    Depreciation And Amortization———775,000USD——702,000USD—
    Selling And Marketing Expenses——————800,000USD—
    SourceDisclosurePreliminaryLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USDFY 20182018-12-31 · USD
    Total Revenue0USD0USD0USD0USD1,500,000USD10,053,000USD9,680,000USD—
    Research Development25,670,000USD57,211,000USD73,234,000USD44,965,000USD32,160,000USD1,427,000USD1,126,000USD21,074,000USD
    Selling General Administrative10,870,000USD12,846,000USD13,807,000USD11,798,000USD10,766,000USD4,582,000USD4,464,000USD8,921,000USD
    Total Operating Expenses36,540,000USD70,057,000USD86,614,000USD56,763,000USD42,926,000USD8,567,000USD8,600,000USD29,995,000USD
    Operating Income-36,540,000USD-70,057,000USD-87,041,000USD-56,763,000USD-41,426,000USD-3,446,000USD-3,476,000USD-30,751,000USD
    Interest Income916,000USD3,129,000USD4,027,000USD925,000USD9,000USD———
    Interest Expense24,000USD0USD0USD54,000USD41,000USD39,000USD23,000USD19,000USD
    Net Interest Income892,000USD3,129,000USD4,027,000USD871,000USD-32,000USD———
    Income Before Tax10,077,000USD-66,970,000USD-81,414,000USD-54,449,000USD-40,611,000USD-3,387,000USD-3,446,000USD-23,118,000USD
    Income Tax Expense5,255,000USD585,000USD—147,000USD-24,000USD——20,000USD
    Tax Provision5,255,000USD585,000USD0USD147,000USD-24,000USD———
    Net Income4,822,000USD-67,555,000USD-81,414,000USD-54,596,000USD-40,587,000USD-3,387,000USD-3,446,000USD-23,138,000USD
    Net Income From Continuing Ops4,822,000USD-67,555,000USD-81,414,000USD-54,596,000USD-40,587,000USD———
    Ebitda-36,540,000USD-70,052,000USD-80,987,000USD-54,379,000USD-40,541,000USD-3,227,000USD-3,270,000USD-23,050,000USD
    Reconciled Depreciation0USD5,000USD15,000USD16,000USD29,000USD———
    Total Other Income Expense Net46,617,000USD3,087,000USD5,627,000USD2,314,000USD815,000USD59,000USD30,000USD7,633,000USD
    Ebit—-70,057,000USD-81,414,000USD-54,395,000USD-40,570,000USD-3,437,000USD-3,476,000USD-23,099,000USD
    Depreciation And Amortization—5,000USD427,000USD16,000USD29,000USD210,000USD206,000USD49,000USD
    Cost Of Revenue——427,000USD——4,932,000USD4,556,000USD49,000USD
    Gross Profit——-427,000USD—1,500,000USD5,121,000USD5,124,000USD-49,000USD
    Selling And Marketing Expenses——427,000USD——2,440,000USD2,976,000USD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Assets142,969,000USD87,378,000USD163,182,000USD294,825,000USD20,042,000USD34,879,000USD49,124,000USD65,047,000USD
    Cash And Equivalents7,624,000USD———————
    Long Term Investments5,000,000USD5,000,000USD——————
    Total Current Assets137,550,000USD81,922,000USD162,081,000USD178,500,000USD19,161,000USD33,870,000USD48,039,000USD63,812,000USD
    Other Current Assets539,000USD75,233,000USD40,000USD4,184,000USD292,000USD446,000USD86,000USD209,000USD
    Total Liabilities3,650,000USD———————
    Total Current Liabilities1,737,000USD3,003,000USD4,558,000USD20,618,000USD14,325,000USD14,039,000USD14,076,000USD16,093,000USD
    Other Current Liabilities1,014,000USD———————
    Total Stockholder Equity139,319,000USD84,375,000USD153,506,000USD242,216,000USD5,717,000USD20,840,000USD35,048,000USD48,954,000USD
    Total Equity Including Noncontrolling Interest139,319,000USD———————
    Property Plant Equipment Net38,000USD38,000USD38,000USD65,887,000USD38,000USD152,000USD262,000USD370,000USD
    Accounts Payable588,000USD516,000USD1,981,000USD12,948,000USD7,339,000USD6,357,000USD4,743,000USD5,946,000USD
    Short Term Debt38,000USD38,000USD38,000USD759,000USD39,000USD154,000USD266,000USD376,000USD
    Common Stock108,000USD94,000USD84,000USD74,000USD41,000USD41,000USD38,000USD38,000USD
    Retained Earnings-500,326,000USD-539,715,000USD-462,549,000USD-297,350,000USD-499,449,000USD-482,806,000USD-467,371,000USD-451,940,000USD
    Accumulated Other Comprehensive Income-81,000USD-86,000USD-95,000USD113,999USD-82,000USD-113,000USD-120,000USD6,000USD
    Total Liab—3,003,000USD9,676,000USD52,609,000USD14,325,000USD14,039,000USD14,076,000USD16,093,000USD
    Other Current Liab—1,966,000USD2,067,000USD6,911,000USD6,623,000USD6,992,000USD8,536,000USD9,049,000USD
    Capital Stock—94,000USD84,000USD41,000USD41,000USD41,000USD38,000USD38,000USD
    Cash—6,689,000USD14,035,000USD26,762,000USD18,130,000USD32,713,000USD47,249,000USD62,823,000USD
    Cash And Short Term Investments—6,689,000USD14,035,000USD174,137,000USD18,130,000USD32,713,000USD47,249,000USD62,823,000USD
    Net Debt—-6,651,000USD-13,997,000USD-23,449,000USD-18,091,000USD-32,559,000USD-46,983,000USD-62,447,000USD
    Short Long Term Debt Total—38,000USD38,000USD3,313,000USD39,000USD154,000USD266,000USD376,000USD
    Property Plant Equipment Gross—38,000USD264,000USD38,000USD38,000USD152,000USD488,000USD370,000USD
    Common Stock Shares Outstanding—168,103,535shares70,672,358shares41,444,979shares41,444,979shares41,268,894shares41,252,022shares41,209,639shares
    Non Current Assets Total—5,456,000USD1,101,000USD116,325,000USD881,000USD1,009,000USD1,085,000USD1,235,000USD
    Non Current Liabilities Total—0USD5,118,000USD31,991,000USD0USD0USD0USD0USD
    Non Currrent Assets Other—5,418,000USD913,000USD438,000USD784,000USD802,000USD823,000USD865,000USD
    Net Working Capital—78,919,000USD157,523,000USD1,794,000USD4,836,000USD19,831,000USD33,963,000USD47,719,000USD
    Unclassified Non Current Assets—-5,000,000USD——————
    Unclassified Equity—623,988,000USD615,982,000USD539,337,001USD505,166,000USD503,677,000USD502,463,000USD500,812,000USD
    Net Receivables——148,006,000USD179,000USD739,000USD711,000USD704,000USD780,000USD
    Unclassified Non Current Liabilities——5,118,000USD31,991,000USD————
    Intangible Assets———50,000,000USD————
    Short Term Investments———147,375,000USD————
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USDFY 20182018-12-31 · USD
    Total Assets163,182,000USD49,124,000USD72,825,000USD58,091,000USD117,911,000USD70,416,000USD8,699,000USD19,074,000USD
    Other Current Assets40,000USD86,000USD183,000USD6,699,000USD769,000USD481,000USD426,000USD202,000USD
    Total Liab9,676,000USD14,076,000USD12,684,000USD3,449,000USD10,024,000USD3,010,000USD2,976,000USD9,899,000USD
    Total Stockholder Equity153,506,000USD35,048,000USD60,141,000USD54,642,000USD107,887,000USD67,406,000USD5,723,000USD9,175,000USD
    Other Current Liab2,067,000USD8,536,000USD5,957,000USD1,309,000USD5,366,000USD819,000USD685,000USD2,872,000USD
    Common Stock84,000USD38,000USD26,000USD142,000USD88,000USD142,000USD69,000USD15,000USD
    Capital Stock84,000USD38,000USD26,000USD10,000USD88,000USD———
    Retained Earnings-462,549,000USD-467,371,000USD-399,582,000USD-105,932,000USD-263,572,000USD-91,325,000USD-87,938,000USD-153,535,000USD
    Cash14,035,000USD47,249,000USD70,643,000USD20,993,000USD114,916,000USD63,828,000USD2,392,000USD16,284,000USD
    Cash And Short Term Investments14,035,000USD47,249,000USD70,643,000USD43,757,000USD114,916,000USD63,828,000USD2,392,000USD16,284,000USD
    Total Current Assets162,081,000USD48,039,000USD71,597,000USD53,215,000USD116,874,000USD67,302,000USD5,507,000USD17,322,000USD
    Total Current Liabilities4,558,000USD14,076,000USD12,684,000USD3,118,000USD9,987,000USD1,801,000USD1,575,000USD6,451,000USD
    Net Debt-13,997,000USD-46,983,000USD-70,381,000USD-20,469,000USD-114,447,000USD-63,052,000USD-1,387,000USD-16,284,000USD
    Short Term Debt38,000USD266,000USD262,000USD268,000USD432,000USD252,000USD236,000USD—
    Short Long Term Debt Total38,000USD266,000USD262,000USD524,000USD469,000USD776,000USD1,005,000USD—
    Net Receivables148,006,000USD704,000USD771,000USD1,363,000USD1,189,000USD2,013,000USD2,044,000USD836,000USD
    Accounts Payable1,981,000USD4,743,000USD6,465,000USD1,541,000USD4,189,000USD730,000USD654,000USD3,579,000USD
    Property Plant Equipment Net38,000USD262,000USD262,000USD371,000USD495,000USD2,726,000USD2,736,000USD86,000USD
    Property Plant Equipment Gross264,000USD488,000USD483,000USD895,000USD685,000USD———
    Accumulated Other Comprehensive Income-95,000USD-120,000USD106,000USD0USD-267,000USD0USD—302,000USD
    Common Stock Shares Outstanding70,672,358shares37,550,677shares20,445,109shares11,323,909shares8,582,528shares5,932,771shares2,258,268shares1,441,269shares
    Non Current Assets Total1,101,000USD1,085,000USD1,228,000USD4,876,000USD1,037,000USD3,114,000USD3,192,000USD1,752,000USD
    Non Current Liabilities Total5,118,000USD0USD0USD331,000USD37,000USD1,209,000USD1,401,000USD3,448,000USD
    Non Currrent Assets Other913,000USD823,000USD966,000USD4,330,000USD383,000USD258,000USD318,000USD1,542,000USD
    Net Working Capital157,523,000USD33,963,000USD58,913,000USD56,725,000USD106,887,000USD———
    Unclassified Non Current Liabilities5,118,000USD————1,209,000USD1,401,000USD3,448,000USD
    Unclassified Equity615,982,000USD502,463,000USD459,565,000USD160,422,000USD371,550,000USD158,589,000USD93,592,000USD162,393,000USD
    Intangible Assets———25,000USD—130,000USD138,000USD—
    Short Term Investments———22,764,000USD————
    Inventory———1,396,000USD—980,000USD645,000USD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-77,166,000USD40,203,000USD-25,969,000USD-16,643,000USD-15,435,000USD-15,431,000USD-18,176,000USD-20,128,000USD
    Stock Based Compensation2,131,000USD3,897,000USD2,156,000USD1,489,000USD1,204,000USD1,547,000USD1,339,000USD—
    Other Non Cash Items79,686,000USD-48,504,000USD4,997,000USD116,000USD114,000USD439,000USD3,567,000USD1,264,000USD
    Change In Working Capital-832,000USD-3,436,000USD1,749,000USD552,000USD-363,000USD-2,067,000USD-2,128,000USD5,193,000USD
    Total Cash From Operating Activities-3,430,000USD-6,619,000USD-16,292,000USD-14,486,000USD-14,480,000USD-15,512,000USD-15,600,000USD-13,671,000USD
    Capital Expenditures-4,000,000USD0USD-1,992,000USD0USD0USD0USD0USD0USD
    Free Cash Flow-3,430,000USD-6,619,000USD-18,284,000USD-14,486,000USD-14,480,000USD-15,512,000USD-15,600,000USD-13,671,000USD
    Total Cashflows From Investing Activities-9,000,000USD-97,000,000USD13,992,000USD—————
    Total Cash From Financing Activities5,075,000USD107,950,000USD213,000USD-119,000USD-61,000USD104,000USD-66,000USD37,117,000USD
    Issuance Of Capital Stock5,745,000USD108,695,000USD0USD0USD0USD0USD0USD—
    Change In Cash-7,346,000USD4,349,000USD-2,087,000USD-14,583,000USD-14,536,000USD-15,574,000USD-15,656,000USD23,558,000USD
    Begin Period Cash Flow14,035,000USD9,686,000USD28,849,000USD32,713,000USD47,249,000USD62,823,000USD78,479,000USD54,921,000USD
    End Period Cash Flow6,689,000USD14,035,000USD26,762,000USD18,130,000USD32,713,000USD47,249,000USD62,823,000USD78,479,000USD
    Other Cashflows From Investing Activities-9,000,000USD-97,000,000USD15,984,000USD—————
    Other Cashflows From Financing Activities150,000USD107,950,000USD226,000USD———-39,765,000USD39,999,000USD
    Unclassified Operating Cash Flow-7,249,000USD1,221,000USD——————
    Unclassified Investing Cash Flow4,000,000USD———————
    Depreciation—0USD775,000USD0USD0USD0USD-202,000USD—
    Change To Account Receivables—-59,000USD46,000USD-4,000USD-55,000USD—498,000USD-251,000USD
    Unclassified Financing Cash Flow—-108,695,000USD————39,933,000USD-2,882,000USD
    Investments—————0USD0USD—
    Sale Purchase Of Stock—————0USD——
    Dividends Paid——————-234,000USD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USDFY 20182018-12-31 · USD
    Net Income4,822,000USD-67,555,000USD-81,414,000USD-54,596,000USD-40,587,000USD-27,514,000USD-32,900,000USD-23,138,000USD
    Depreciation0USD5,000USD15,000USD16,000USD29,000USD34,000USD47,000USD49,000USD
    Stock Based Compensation4,899,000USD5,504,000USD5,128,000USD5,180,000USD3,482,000USD2,617,000USD3,891,000USD3,469,000USD
    Other Non Cash Items-50,185,000USD457,000USD30,007,000USD1,007,000USD527,000USD-104,000USD729,000USD-7,304,000USD
    Change To Account Receivables149,000USD—1,302,000USD-1,009,000USD-1,159,000USD117,000USD643,000USD780,000USD
    Change In Working Capital-8,556,000USD1,290,000USD2,511,000USD-651,000USD1,013,000USD-990,000USD1,331,000USD871,000USD
    Total Cash From Operating Activities-43,902,000USD-60,299,000USD-43,753,000USD-49,044,000USD-35,157,000USD-25,957,000USD-26,902,000USD-26,033,000USD
    Capital Expenditures-97,000,000USD0USD0USD0USD0USD0USD-100,000USD0USD
    Free Cash Flow-43,902,000USD-60,299,000USD-43,753,000USD-49,044,000USD-35,157,000USD-25,957,000USD-27,002,000USD-26,033,000USD
    Total Cashflows From Investing Activities-97,000,000USD—48,969,000USD——25,000USD-85,000USD—
    Total Cash From Financing Activities107,649,000USD37,184,000USD-30,000USD-210,000USD98,035,000USD73,997,000USD14,817,000USD15,906,000USD
    Issuance Of Capital Stock108,695,000USD39,999,000USD0USD0USD97,222,000USD———
    Change In Cash-33,214,000USD-23,394,000USD5,143,000USD-49,416,000USD62,845,000USD48,180,000USD-12,393,000USD-9,453,000USD
    Begin Period Cash Flow47,249,000USD70,643,000USD65,500,000USD114,916,000USD52,071,000USD3,891,000USD16,284,000USD25,737,000USD
    End Period Cash Flow14,035,000USD47,249,000USD70,643,000USD65,500,000USD114,916,000USD52,071,000USD3,891,000USD16,284,000USD
    Other Cashflows From Investing Activities-97,000,000USD—-1,393,000USD——25,000USD15,000USD—
    Other Cashflows From Financing Activities107,649,000USD-2,815,000USD-29,000USD-210,000USD813,000USD25,479,000USD-437,000USD872,000USD
    Unclassified Operating Cash Flow5,118,000USD———————
    Unclassified Investing Cash Flow97,000,000USD—1,393,000USD—————
    Unclassified Financing Cash Flow-108,695,000USD39,999,000USD———48,518,000USD15,254,000USD15,034,000USD
    Investments—0USD48,969,000USD0USD0USD———
    Sale Purchase Of Stock—0USD-1,000USD0USD————
    Change To Inventory————1,159,000USD———
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.