Cypherpunk Technologies Inc., formerly known as Leap Therapeutics, Inc., reported significant financial changes in its latest quarterly filing for the period ending September 30, 2025. The company recorded a net loss of $3.3 million, or $0.08 per share, a notable decrease from a net loss of $18.2 million, or $0.44 per share, during the same period in 2024. Total operating expenses for the quarter were $3.2 million, down from $17.9 million in the prior year, primarily due to reduced research and development costs following a strategic shift in focus.
The company’s research and development expenses plummeted to $1.2 million from $14.9 million year-over-year, reflecting a significant reduction in clinical trial activities and workforce, with approximately 75% of staff laid off as part of a restructuring plan. General and administrative expenses also decreased to $1.9 million from $2.9 million, attributed to lower payroll and professional fees. The company’s cash and cash equivalents stood at $9.7 million as of September 30, 2025, a decrease from $47.2 million at the end of 2024.
In a strategic pivot, Cypherpunk Technologies announced its intention to focus on digital assets, specifically Zcash (ZEC), following a successful private placement that raised approximately $58.9 million in October 2025. This funding will support the company's new digital asset treasury strategy, which aims to acquire and hold ZEC as a primary asset. The company has already purchased 203,775 ZEC tokens at an average price of $245.37 per token. The name change to Cypherpunk Technologies Inc. reflects this new direction, emphasizing privacy and digital asset management.
Operationally, the company has initiated a digital asset treasury strategy and appointed new executives, including Khing Oei as Chairman of the Board and Will McEvoy as Chief Investment Officer. These appointments are part of a broader effort to enhance the company's capabilities in managing digital assets. The company is also advancing its clinical program for sirexatamab (DKN-01), with recent presentations at major oncology conferences highlighting its potential in treating colorectal cancer.
Looking ahead, Cypherpunk Technologies anticipates continued operating losses as it navigates its new business model and seeks additional funding to support its operations and digital asset strategy. The company plans to engage with regulatory authorities regarding its digital asset activities and aims to optimize its operations under the new strategic framework.
About LEAP THERAPEUTICS, INC.
Leap Therapeutics, Inc. is a biopharmaceutical company focused on developing targeted antibody therapies for cancer. Its lead candidate, sirexatamab (DKN-01), inhibits DKK1 to treat various cancers, including colorectal and gastric cancers. The company leverages biomarker-driven approaches, immune modulation, and proprietary technology to create therapies aimed at improving patient outcomes in oncology markets worldwide.
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