CYPH

MKT CAP:$57M

Cypherpunk Technologies Inc.

Market Cap

$57M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$0.99-$0.14 (-12.39%)

Apr 24, 2026

Company Details

Cypherpunk Technologies Inc., a biopharmaceutical company, acquires and develops antibody therapies for the treatment of cancer. Its lead clinical stage drug candidate includes DKN-01, a monoclonal antibody that inhibits Dickkopf-related pr...

CEO

Douglas E. Onsi

IPO Date

Jan 25, 2017

Website

www.leaptx.com

Key Metrics TTM

Revenue

$209.0K

— YoY

Net Income

-$76M

EPS (Diluted)

-$1.29

Free Cash Flow

-$63M

Revenue / Share

$0.01

Gross Margin

-9631.6%

Operating Margin

-25750.7%

Net Margin

-36470.3%

FCF Margin

-30071.8%

P/S

272.4x

P/E

—

Earnings Reports

Q4 2025

May 13, 2026

PENDING

FY 2025

Mar 16, 2026

$0EPS $0.07

Q3 2025

Nov 12, 2025

$209.0KEPS -$0.08

Q2 2025

Aug 14, 2025

$0EPS -$0.40

Q1 2025

May 13, 2025

$0EPS -$0.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$0	$0	-$9M
Q4 18	$0	$0	-$9M
Q1 19	$0	$0	-$9M
Q2 19	$0	$0	-$8M
Q3 19	$0	$0	-$8M
Q2 21	$375.0K	$375.0K	-$10M
Q4 21	$375.0K	$375	-$10M
Q1 23	$0	$0	-$43M
Q2 23	$0	$0	-$15M
Q3 23	$0	$0	-$15M
Q1 24	$0	$0	-$15M
Q2 24	$0	$0	-$21M
Q3 24	$0	$0	-$18M
Q1 25	$0	$0	-$16M
Q2 25	$0	$0	-$17M
Q3 25	$209.0K	-$20M	-$3M

Valuation

Quarter	P/S	P/E
Q3 18	—	—
Q4 18	—	—
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q2 21	342.2x	—
Q4 21	505.8x	—
Q1 23	63.9x	—
Q2 23	114.8x	—
Q3 23	93.6x	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	71.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	-$7M	-$7M
Q4 18	-$7M	-$7M
Q1 19	-$7M	-$7M
Q2 19	-$7M	-$7M
Q3 19	-$7M	-$7M
Q2 21	-$8M	-$8M
Q4 21	-$11M	-$11M
Q1 23	-$13M	-$13M
Q2 23	-$10M	-$10M
Q3 23	-$10M	-$10M
Q1 24	-$16M	-$16M
Q2 24	-$14M	-$14M
Q3 24	-$16M	-$16M
Q1 25	-$14M	-$14M
Q2 25	-$14M	-$14M
Q3 25	-$16M	-$18M

Capital Expenditures

Quarter	CapEx
Q3 18	$0
Q4 18	$0
Q1 19	$0
Q2 19	$0
Q3 19	$0
Q2 21	$0
Q4 21	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	—	+0.2%
Q4 18	—	+37.0%
Q1 19	—	+38.6%
Q2 19	—	+23.8%
Q3 19	—	-7.9%
Q2 21	—	+11.5%
Q4 21	—	+23.5%
Q1 23	—	+405.0%
Q2 23	—	+85.1%
Q3 23	-100.0%	+48.3%
Q1 24	-100.0%	+36.5%
Q2 24	—	-50.3%
Q3 24	—	+21.8%
Q1 25	—	+7.3%
Q2 25	—	+13.9%
Q3 25	—	-84.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$932.0K	—
Q4 18	$925.0K	—
Q1 19	$947.0K	—
Q2 19	$899.0K	—
Q3 19	$1M	—
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q1 23	$1M	—
Q2 23	$1M	—
Q3 23	$1M	—
Q1 24	$1M	—
Q2 24	$0	—
Q3 24	$1M	—
Q1 25	$1M	—
Q2 25	$1M	—
Q3 25	$2M	1031.6%

OpEx Breakdown

Quarter	R&D	G&A
Q3 18	$6M	$2M
Q4 18	$7M	$2M
Q1 19	$7M	$2M
Q2 19	$6M	$2M
Q3 19	$6M	$2M
Q2 21	$7M	$3M
Q4 21	$8M	$3M
Q1 23	$39M	$4M
Q2 23	$11M	$4M
Q3 23	$12M	$3M
Q1 24	$11M	$4M
Q2 24	$18M	$3M
Q3 24	$15M	$3M
Q1 25	$13M	$3M
Q2 25	$11M	$2M
Q3 25	$20M	$8M

Revenue Segments

Quarter	License
Q2 21	$375.0K
Q4 21	$375.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$62M	$0	$62M
Q2 22	$60M	$0	$60M
Q3 22	$59M	$0	$59M
Q4 22	$21M	$23M	$44M
Q1 23	$102M	$0	$102M
Q2 23	$91M	$0	$91M
Q3 23	$81M	$0	$81M
Q4 23	$71M	$0	$71M
Q1 24	$142M	$39M	$181M
Q2 24	$252M	$41M	$293M
Q3 24	$63M	$0	$63M
Q4 24	$47M	$0	$47M
Q1 25	$33M	$0	$33M
Q2 25	$18M	$0	$18M
Q3 25	$27M	$147M	$174M
Q4 25	$14M	$0	$14M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	2M	+3.5%	+61.9%
Q4 18	1M	-3.3%	+34.9%
Q1 19	2M	+30.8%	+54.5%
Q2 19	2M	+19.1%	+55.9%
Q3 19	2M	+4.4%	+57.3%
Q2 21	8M	+219.3%	+419.5%
Q4 21	11M	+48.1%	+488.0%
Q1 23	13M	+14.4%	+464.7%
Q2 23	15M	+13.7%	+514.9%
Q3 23	27M	+83.5%	+253.3%
Q1 24	27M	+0.1%	+138.8%
Q2 24	39M	+44.8%	+202.5%
Q3 24	41M	+5.3%	+180.1%
Q1 25	41M	+0.1%	+52.9%
Q2 25	41M	+0.4%	+53.4%
Q3 25	41M	0.0%	+5.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$0	22
Q4 18	$0	25
Q1 19	$0	25
Q2 19	$0	25
Q3 19	$0	25
Q2 21	$12.5K	30
Q4 21	$10.4K	36
Q1 23	$0	44
Q2 23	$0	44
Q3 23	$0	44
Q1 24	$0	54
Q2 24	$0	54
Q3 24	$0	54
Q1 25	$0	52
Q2 25	$0	52
Q3 25	$4.0K	52

Revenue / Employee