{"success":true,"data":{"pressRelease":{"id":"34726","rtpr_id":"nPreTc9lNa","ticker":"CYPH","exchange":"NASDAQ","all_tickers":["CYPH"],"title":"Cypherpunk Technologies Reports First Quarter 2026 Financial Results","author":"PR Newswire","published_at":"2026-05-14T11:05:00.150Z","article_body":"Cypherpunk Technologies Reports First Quarter 2026 Financial Results\nPR Newswire\n\nCAMBRIDGE, Mass., May 14, 2026\n\nCAMBRIDGE, Mass., May 14, 2026 /PRNewswire/ -- Cypherpunk Technologies Inc.,\n(Nasdaq: CYPH) (\"Cypherpunk\"), today reported financial results for the first\nquarter ended March 31, 2026.\n\n\"Since the start of 2026, Cypherpunk has advanced the mission to become a\nleading privacy technology company with a digital asset treasury strategy\nfocused on Zcash by making our first privacy technology investment and\nincreasing our treasury holdings to 314,185.70 ZEC,\" said Douglas E. Onsi,\nPresident and CEO of Cypherpunk Technologies. \"At AACR 2026, our Leap\nTherapeutics subsidiary presented a new DKK1 biomarker assay developed to\nsupport the selection of patients likely to benefit from sirexatamab therapy,\nalong with the positive outcomes from our DeFianCe colorectal cancer study\ngenerated in patients with high DKK1 levels. In addition, sirexatamab received\nFast Track designation from the FDA in May 2026.\"\n\n\"Privacy-protecting assets and related technologies will be critical in the\nincreasingly digital and AI driven world. Our $5 million investment in Zcash\nOpen Development Labs (ZODL), the core developers of the Zcash Network and\nZodl, the leading Zcash wallet, reflects our commitment to supporting the\nZcash ecosystem and to building innovative companies that make the promise of\nprivate digital money a reality,\" said Will McEvoy, Chief Investment Officer\nof Cypherpunk.\n\nCypherpunk Highlights:\n* Increased Zcash treasury holdings to 314,185.70 ZEC* From the last update on\nApril 15, 2026 through May 13, 2026, Cypherpunk purchased an additional\n10,279.30 ZEC for $5 million at an average purchase price of $486.41 per ZEC.\n* As of May 13, 2026, Cypherpunk held a total of 314,185.70 ZEC at an average\npurchase price of $337.86, representing approximately 1.88% of the total\ncirculating supply of the Zcash network.\n* ZEC is a digital currency that can be transmitted over a peer-to-peer\npayment system. Zcash uses a cryptographic method called \"zero-knowledge\nproofs\" to allow users to engage in financial transactions while maintaining\ngreater privacy.\n\n* Invested $5 million into Zcash Open Development Labs (ZODL)* In March 2026,\nCypherpunk expanded its holdings with a $5 million investment in ZODL,\nalongside key investors including a16z, Winklevoss Capital, Coinbase,\nParadigm, Chapter One, David Friedberg, Balaji Srinivasan, and others. This\nmarked Cypherpunk's first technology investment outside of ZEC. ZODL, which\nhouses the top Zcash wallet, Zodl, aims to make Zcash easier to use with\ncontinued development of the wallet and support of the Zcash protocol.\n\n* Launched new website and investor dashboard at cypherpunk.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4688368-1&h=817586374&u=https%3A%2F%2Fcypherpunk.com%2F&a=cypherpunk.com)*\nThe Company launched its new website and investor dashboard at cypherpunk.com.\nThe dashboard provides shareholders with direct visibility into the Company's\nkey metrics, ZEC holdings, other privacy investments, and Zcash network\nmetrics.\nLeap Therapeutics Subsidiary Highlights:\n* Sirexatamab received Fast Track designation from FDA* In May 2026, the U.S.\nFood and Drug Administration (FDA) granted Fast Track designation to\nsirexatmab in combination with fluoropyrimidine plus oxaliplatin- or\nirinotecan-based chemotherapy and bevacizumab, for the treatment of patients\nwith DKK1-high metastatic colorectal cancer whose disease has progressed\nfollowing one prior systemic therapy.\n* The Fast Track program is intended to facilitate the development and\nexpedite the review of drug candidates and vaccines that treat serious\nconditions and fill an unmet medical need. Programs with Fast Track\ndesignation may benefit from frequent communication with the FDA, in addition\nto a rolling submission of the marketing application.\n\n* Presented new plasma DKK1 biomarker assay and results based on Part B of the\nDeFianCe study of sirexatamab plus bevacizumab and chemotherapy in colorectal\ncancer (\"CRC\") patients at the American Association for Cancer Research (AACR)\n2026:* At AACR 2026 in April, the Company presented a new plasma DKK1\nbiomarker assay that could be used as a companion diagnostic to select\npatients who would benefit from treatment with sirexatamab, the Company's\nanti-DKK1 monoclonal antibody.\n* The new plasma DKK1 biomarker assay was used to test the patient samples\nfrom Part B of the DeFianCe study, a Phase 2 study of sirexatamab in\ncombination with bevacizumab and chemotherapy compared to bevacizumab and\nchemotherapy in patients with microsatellite stable CRC who have received one\nprior systemic therapy for advanced disease.\n* Sirexatamab demonstrated a statistically significant benefit on overall\nresponse rate (\"ORR\") and overall survival (\"OS\") in patients with high levels\nof DKK1 using the new plasma DKK1 biomarker assay.\n* 50% of patients had DKK1-high levels > 380 pg/ml, and in this subgroup of\npatients (n=87):* ORR was 42% (including one complete response) in the\nSirexatamab Arm vs. 16% ORR in the Control Arm, p-value = 0.003.\n* mOS was not reached in the Sirexatamab Arm vs. 14.39 months in the Control\nArm, HR 0.47, p-value = 0.0244.\n\n* DKK1 plasma levels from patients in the DeFianCe study were similar to\ncommercially acquired CRC patient samples.\nSelected First Quarter 2026 Financial Results\n\nNet loss was $77.2 million for the first quarter 2026, compared to $15.4\nmillion for the first quarter of 2025. The increase was primarily due to\nunrealized losses on the fair value of the Company's ZEC treasury holdings\nwhich are marked to market at the end of each period. During the first quarter\nof 2026, the price of ZEC declined from $508.09 to $240.47.\n\nResearch and development expenses were $0.2 million for the three months ended\nMarch 31, 2026, compared to $12.9 million for the same period in 2025. The\ndecrease for the three months ended March 31, 2026 was primarily due to a\ndecrease in clinical trial costs and manufacturing costs due to the completion\nof our clinical trials.\n\nGeneral and administrative expenses were $4.7 million for the three months\nended March 31, 2026, compared to $3.0 million for the same period in 2025.\nThe increase for the three months ended March 31, 2026 was primarily due to an\nincrease in stock-based compensation expense due to RSUs granted to employees\nand directors.\n\nDuring the three months ended March 31, 2026, the Company recorded a $77.6\nmillion unrealized loss on the change in fair value of the Company's ZEC\ntreasury holdings as the price of ZEC declined during the first quarter of\n2026 from $508.09 to $240.47.\n\nCash and cash equivalents totaled $6.7 million on March 31, 2026, and ZEC\ntreasury holdings, categorized as digital asset receivable, totaled $73.8\nmillion based on the ZEC price of $240.47 on March 31, 2026.\n\nAbout Cypherpunk\n\nCypherpunk Technologies is a privacy technology company. The Company's mission\nis to advance technologies that guarantee privacy for humans on the internet.\nCypherpunk pursues this mission through two primary strategies: accumulating\nZcash (ZEC); and investing in, acquiring, and building technologies that push\nthe frontier of privacy forward. Additionally, through its subsidiary Leap\nTherapeutics, the Company is developing novel therapies for patients with\ncancer, continuing the development of sirexatamab and FL-501. For more\ninformation about the Company, visit our websites at http://www.cypherpunk.com\nand http://www.leaptx.com or view our public filings with the SEC that are\navailable via EDGAR at http://www.sec.gov.\n\nAbout Winklevoss Capital\n\nWinklevoss Capital is an investment firm founded in 2012 by Cameron and Tyler\nWinklevoss that invests in frontier technologies.\n\nFORWARD-LOOKING STATEMENTS\n\nThis press release includes forward-looking statements within the meaning of\nSection 27A of the Securities Act of 1933, as amended, Section 21E of the\nSecurities Exchange Act of 1934, as amended. These forward-looking statements\ngenerally can be identified by the use of words such as \"anticipate,\"\n\"expect,\" \"plan,\" \"could,\" \"may,\" \"will,\" \"believe,\" \"estimate,\" \"forecast,\"\n\"goal,\" \"project,\" and other words of similar meaning. Forward-looking\nstatements address various matters including statements relating to the value\nof the Company's ZEC holdings, the investment in ZODL, or digital assets held\nor to be held by the Company, the expected future market, price, and liquidity\nof ZEC or other digital assets the Company acquires, the macro and political\nconditions surrounding Zcash or digital assets, the Company's plan for value\ncreation and strategic advantages, market size and growth opportunities,\nregulatory conditions, competitive position and the interest of other\ncorporations in similar business strategies, technological and market trends,\nand future financial condition and performance. Risks and uncertainties of the\ndigital asset treasury strategy include, among others: (a) risks relating to\nthe Company's operations and business, including the highly volatile nature of\nthe price of ZEC; (b) the risk that material changes in the price of ZEC, such\nas decreases in price, will result in significant changes to the Company's\nfinancial statements, such as unrealized losses on fair value of ZEC holdings\nand net loss; (c) the risk that the price of the Company's Common Stock may be\nhighly correlated to the price of ZEC; (d) the risk that the Company will fail\nto realize the anticipated benefits of the ZEC digital asset treasury strategy\nor the investment in ZODL; (e) risks related to the custody of our ZEC and our\nreliance on Gemini Space Station and its affiliates for trading and custody\nservices; (f) changes in business, market, financial, political and regulatory\nconditions; (g) risks related to increased competition in the industries in\nwhich the Company does and will operate; (h) risks relating to significant\nlegal, commercial, regulatory and technical uncertainty regarding digital\nassets generally; (i) risks relating to the treatment of crypto assets for\nU.S. and foreign tax purposes; and (j) the ability to comply with the\ncontinued listing requirements of the Nasdaq Capital Market. With respect to\nour biotechnology operations, important factors that could cause actual\nresults to differ materially from our plans, estimates or expectations could\ninclude, but are not limited to: (i) our ability and plan to develop and\ncommercialize sirexatamab; (ii) our estimates regarding our capital\nrequirements and our ability to raise additional financing to support\ncontinued development; (iii) the success of other competing therapies that may\nbecome available; (iv) the manufacturing capacity for sirexatmab; and (v) our\nability to maintain and protect our intellectual property rights.\n\nNew risks and uncertainties may emerge from time to time, and it is not\npossible to predict all risks and uncertainties. No representations or\nwarranties (expressed or implied) are made about the accuracy of any such\nforward-looking statements. The Company may not actually achieve the forecasts\ndisclosed in such forward-looking statements, and you should not place undue\nreliance on such forward-looking statements. Such forward-looking statements\nare subject to a number of material risks and uncertainties including but not\nlimited to those set forth under the caption \"Risk Factors\" in the Company's\nmost recent Annual Report on Form 10-K filed with the SEC, or as may be\nincluded in other reports or information we file with the SEC, as well as\ndiscussions of potential risks, uncertainties, and other important factors in\nits subsequent filings with the SEC. Any forward-looking statement speaks only\nas of the date on which it was made. Neither the Company, nor any of its\naffiliates, advisors or representatives, undertake any obligation to publicly\nupdate or revise any forward-looking statement, whether as a result of new\ninformation, future events or otherwise, except as required by law. These\nforward-looking statements should not be relied upon as representing the\nCompany's views as of any date subsequent to the date hereof.\n\n Cypherpunk Technologies Inc. \n Consolidated Balance Sheets \n (in thousands, except share and per share amounts) \n \n March 31, December 31, \n 2026 2025 \n (Unaudited) \n \n Assets \n Current assets: \n Cash and cash equivalents $ 6,689 $ 14,035 \n Digital assets receivable 73,849 147,404 \n Research and development incentive receivable 616 602 \n Prepaid expenses and other current assets 768 40 \n Total current assets 81,922 162,081 \n \n Right of use assets, net 38 38 \n Deferred costs 385 401 \n Deposits 33 662 \n Other investment 5,000 - \n Total assets $ 87,378 $ 163,182 \n Liabilities and Stockholders' Equity \n Current liabilities: \n Accounts payable $ 516 $ 1,981 \n Accrued expenses 1,966 2,067 \n Income tax payable 483 472 \n Lease liability 38 38 \n Total current liabilities 3,003 4,558 \n \n Non-current liabilities: \n Deferred tax liability - 5,118 \n Total liabilities 3,003 9,676 \n \n Stockholders' equity: \n Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued - - \n and outstanding as of March 31, 2026 and December 31, 2025, respectively \n Common stock, $0.001 par value; 490,000,000 shares authorized; 93,927,528 and 83,851,051 94 84 \n shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively \n Stock subscription receivable - (150) \n Additional paid-in capital 624,082 616,216 \n Accumulated other comprehensive loss (86) (95) \n Accumulated deficit (539,715) (462,549) \n Total stockholders' equity 84,375 153,506 \n Total liabilities and stockholders' equity $ 87,378 $ 163,182 \n\n Cypherpunk Technologies Inc. \n Consolidated Statements of Operations \n (in thousands, except share and per share amounts) \n \n (Unaudited) \n Three Months Ended March 31 \n 2026 2025 \n \n Operating expenses: \n Research and development $ 161 $ 12,911 \n General and administrative 4,656 3,006 \n Total operating expenses 4,817 15,917 \n Loss from operations (4,817) (15,917) \n Interest income 95 437 \n Interest expense (7) (6) \n Australian research and development incentives - 55 \n Change in fair value of embedded derivative (77,555) - \n Foreign currency loss - (4) \n Loss before income taxes (82,284) (15,435) \n Benefit from income taxes 5,118 - \n Net loss attributable to common stockholders $ (77,166) $ (15,435) \n \n Net loss per share \n Basic and Diluted $ (0.46) $ (0.37) \n \n Weighted average common shares outstanding \n Basic and diluted 168,103,535 41,268,894 \n\n Cypherpunk Technologies Inc. \n Condensed Consolidated Statements of Cash Flows \n (in thousands) \n \n (Unaudited) \n Three Months Ended March 31, \n 2026 2025 \n \n Cash used in operating activities $ (3,430) $ (14,480) \n Cash used in investing activities (9,000) - \n Cash provided by (used in) financing activities 5,075 (61) \n Effect of exchange rate changes on cash and cash equivalents 9 5 \n Net decrease in cash and cash equivalents (7,346) (14,536) \n Cash and cash equivalents at beginning of period 14,035 47,249 \n Cash and cash equivalents at end of period $ 6,689 $ 32,713 \n\nCONTACT:\nDouglas E. Onsi\nPresident & Chief Executive Officer\nCypherpunk Technologies Inc.\n617-714-0360\n\nFor Investors:\n\nMatthew DeYoung\nInvestor Relations\nArgot Partners\n212-600-1902\nleap@argotpartners.com\n\nFor Media:\n\nJacqueline Ortiz Ramsey\nIt Factor Strategies\n954-294-3249\njacqueline@itfactorstrategies.com\n\nLogo - https://mma.prnewswire.com/media/2820582/Cypherpunk_Logo.jpg \n\nView original\ncontent:https://www.prnewswire.co.uk/news-releases/cypherpunk-technologies-reports-first-quarter-2026-financial-results-302771657.html\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/2820582/Cypherpunk_Logo.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPreTc9lNa","title":"Cypherpunk Technologies Reports First Quarter 2026 Financial Results","author":"PR Newswire","ticker":"CYPH","created":"2026-05-14T11:05:00.150Z","tickers":["CYPH"],"exchange":"NASDAQ","article_body":"Cypherpunk Technologies Reports First Quarter 2026 Financial Results\nPR Newswire\n\nCAMBRIDGE, Mass., May 14, 2026\n\nCAMBRIDGE, Mass., May 14, 2026 /PRNewswire/ -- Cypherpunk Technologies Inc.,\n(Nasdaq: CYPH) (\"Cypherpunk\"), today reported financial results for the first\nquarter ended March 31, 2026.\n\n\"Since the start of 2026, Cypherpunk has advanced the mission to become a\nleading privacy technology company with a digital asset treasury strategy\nfocused on Zcash by making our first privacy technology investment and\nincreasing our treasury holdings to 314,185.70 ZEC,\" said Douglas E. Onsi,\nPresident and CEO of Cypherpunk Technologies. \"At AACR 2026, our Leap\nTherapeutics subsidiary presented a new DKK1 biomarker assay developed to\nsupport the selection of patients likely to benefit from sirexatamab therapy,\nalong with the positive outcomes from our DeFianCe colorectal cancer study\ngenerated in patients with high DKK1 levels. In addition, sirexatamab received\nFast Track designation from the FDA in May 2026.\"\n\n\"Privacy-protecting assets and related technologies will be critical in the\nincreasingly digital and AI driven world. Our $5 million investment in Zcash\nOpen Development Labs (ZODL), the core developers of the Zcash Network and\nZodl, the leading Zcash wallet, reflects our commitment to supporting the\nZcash ecosystem and to building innovative companies that make the promise of\nprivate digital money a reality,\" said Will McEvoy, Chief Investment Officer\nof Cypherpunk.\n\nCypherpunk Highlights:\n* Increased Zcash treasury holdings to 314,185.70 ZEC* From the last update on\nApril 15, 2026 through May 13, 2026, Cypherpunk purchased an additional\n10,279.30 ZEC for $5 million at an average purchase price of $486.41 per ZEC.\n* As of May 13, 2026, Cypherpunk held a total of 314,185.70 ZEC at an average\npurchase price of $337.86, representing approximately 1.88% of the total\ncirculating supply of the Zcash network.\n* ZEC is a digital currency that can be transmitted over a peer-to-peer\npayment system. Zcash uses a cryptographic method called \"zero-knowledge\nproofs\" to allow users to engage in financial transactions while maintaining\ngreater privacy.\n\n* Invested $5 million into Zcash Open Development Labs (ZODL)* In March 2026,\nCypherpunk expanded its holdings with a $5 million investment in ZODL,\nalongside key investors including a16z, Winklevoss Capital, Coinbase,\nParadigm, Chapter One, David Friedberg, Balaji Srinivasan, and others. This\nmarked Cypherpunk's first technology investment outside of ZEC. ZODL, which\nhouses the top Zcash wallet, Zodl, aims to make Zcash easier to use with\ncontinued development of the wallet and support of the Zcash protocol.\n\n* Launched new website and investor dashboard at cypherpunk.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4688368-1&h=817586374&u=https%3A%2F%2Fcypherpunk.com%2F&a=cypherpunk.com)*\nThe Company launched its new website and investor dashboard at cypherpunk.com.\nThe dashboard provides shareholders with direct visibility into the Company's\nkey metrics, ZEC holdings, other privacy investments, and Zcash network\nmetrics.\nLeap Therapeutics Subsidiary Highlights:\n* Sirexatamab received Fast Track designation from FDA* In May 2026, the U.S.\nFood and Drug Administration (FDA) granted Fast Track designation to\nsirexatmab in combination with fluoropyrimidine plus oxaliplatin- or\nirinotecan-based chemotherapy and bevacizumab, for the treatment of patients\nwith DKK1-high metastatic colorectal cancer whose disease has progressed\nfollowing one prior systemic therapy.\n* The Fast Track program is intended to facilitate the development and\nexpedite the review of drug candidates and vaccines that treat serious\nconditions and fill an unmet medical need. Programs with Fast Track\ndesignation may benefit from frequent communication with the FDA, in addition\nto a rolling submission of the marketing application.\n\n* Presented new plasma DKK1 biomarker assay and results based on Part B of the\nDeFianCe study of sirexatamab plus bevacizumab and chemotherapy in colorectal\ncancer (\"CRC\") patients at the American Association for Cancer Research (AACR)\n2026:* At AACR 2026 in April, the Company presented a new plasma DKK1\nbiomarker assay that could be used as a companion diagnostic to select\npatients who would benefit from treatment with sirexatamab, the Company's\nanti-DKK1 monoclonal antibody.\n* The new plasma DKK1 biomarker assay was used to test the patient samples\nfrom Part B of the DeFianCe study, a Phase 2 study of sirexatamab in\ncombination with bevacizumab and chemotherapy compared to bevacizumab and\nchemotherapy in patients with microsatellite stable CRC who have received one\nprior systemic therapy for advanced disease.\n* Sirexatamab demonstrated a statistically significant benefit on overall\nresponse rate (\"ORR\") and overall survival (\"OS\") in patients with high levels\nof DKK1 using the new plasma DKK1 biomarker assay.\n* 50% of patients had DKK1-high levels > 380 pg/ml, and in this subgroup of\npatients (n=87):* ORR was 42% (including one complete response) in the\nSirexatamab Arm vs. 16% ORR in the Control Arm, p-value = 0.003.\n* mOS was not reached in the Sirexatamab Arm vs. 14.39 months in the Control\nArm, HR 0.47, p-value = 0.0244.\n\n* DKK1 plasma levels from patients in the DeFianCe study were similar to\ncommercially acquired CRC patient samples.\nSelected First Quarter 2026 Financial Results\n\nNet loss was $77.2 million for the first quarter 2026, compared to $15.4\nmillion for the first quarter of 2025. The increase was primarily due to\nunrealized losses on the fair value of the Company's ZEC treasury holdings\nwhich are marked to market at the end of each period. During the first quarter\nof 2026, the price of ZEC declined from $508.09 to $240.47.\n\nResearch and development expenses were $0.2 million for the three months ended\nMarch 31, 2026, compared to $12.9 million for the same period in 2025. The\ndecrease for the three months ended March 31, 2026 was primarily due to a\ndecrease in clinical trial costs and manufacturing costs due to the completion\nof our clinical trials.\n\nGeneral and administrative expenses were $4.7 million for the three months\nended March 31, 2026, compared to $3.0 million for the same period in 2025.\nThe increase for the three months ended March 31, 2026 was primarily due to an\nincrease in stock-based compensation expense due to RSUs granted to employees\nand directors.\n\nDuring the three months ended March 31, 2026, the Company recorded a $77.6\nmillion unrealized loss on the change in fair value of the Company's ZEC\ntreasury holdings as the price of ZEC declined during the first quarter of\n2026 from $508.09 to $240.47.\n\nCash and cash equivalents totaled $6.7 million on March 31, 2026, and ZEC\ntreasury holdings, categorized as digital asset receivable, totaled $73.8\nmillion based on the ZEC price of $240.47 on March 31, 2026.\n\nAbout Cypherpunk\n\nCypherpunk Technologies is a privacy technology company. The Company's mission\nis to advance technologies that guarantee privacy for humans on the internet.\nCypherpunk pursues this mission through two primary strategies: accumulating\nZcash (ZEC); and investing in, acquiring, and building technologies that push\nthe frontier of privacy forward. Additionally, through its subsidiary Leap\nTherapeutics, the Company is developing novel therapies for patients with\ncancer, continuing the development of sirexatamab and FL-501. For more\ninformation about the Company, visit our websites at http://www.cypherpunk.com\nand http://www.leaptx.com or view our public filings with the SEC that are\navailable via EDGAR at http://www.sec.gov.\n\nAbout Winklevoss Capital\n\nWinklevoss Capital is an investment firm founded in 2012 by Cameron and Tyler\nWinklevoss that invests in frontier technologies.\n\nFORWARD-LOOKING STATEMENTS\n\nThis press release includes forward-looking statements within the meaning of\nSection 27A of the Securities Act of 1933, as amended, Section 21E of the\nSecurities Exchange Act of 1934, as amended. These forward-looking statements\ngenerally can be identified by the use of words such as \"anticipate,\"\n\"expect,\" \"plan,\" \"could,\" \"may,\" \"will,\" \"believe,\" \"estimate,\" \"forecast,\"\n\"goal,\" \"project,\" and other words of similar meaning. Forward-looking\nstatements address various matters including statements relating to the value\nof the Company's ZEC holdings, the investment in ZODL, or digital assets held\nor to be held by the Company, the expected future market, price, and liquidity\nof ZEC or other digital assets the Company acquires, the macro and political\nconditions surrounding Zcash or digital assets, the Company's plan for value\ncreation and strategic advantages, market size and growth opportunities,\nregulatory conditions, competitive position and the interest of other\ncorporations in similar business strategies, technological and market trends,\nand future financial condition and performance. Risks and uncertainties of the\ndigital asset treasury strategy include, among others: (a) risks relating to\nthe Company's operations and business, including the highly volatile nature of\nthe price of ZEC; (b) the risk that material changes in the price of ZEC, such\nas decreases in price, will result in significant changes to the Company's\nfinancial statements, such as unrealized losses on fair value of ZEC holdings\nand net loss; (c) the risk that the price of the Company's Common Stock may be\nhighly correlated to the price of ZEC; (d) the risk that the Company will fail\nto realize the anticipated benefits of the ZEC digital asset treasury strategy\nor the investment in ZODL; (e) risks related to the custody of our ZEC and our\nreliance on Gemini Space Station and its affiliates for trading and custody\nservices; (f) changes in business, market, financial, political and regulatory\nconditions; (g) risks related to increased competition in the industries in\nwhich the Company does and will operate; (h) risks relating to significant\nlegal, commercial, regulatory and technical uncertainty regarding digital\nassets generally; (i) risks relating to the treatment of crypto assets for\nU.S. and foreign tax purposes; and (j) the ability to comply with the\ncontinued listing requirements of the Nasdaq Capital Market. With respect to\nour biotechnology operations, important factors that could cause actual\nresults to differ materially from our plans, estimates or expectations could\ninclude, but are not limited to: (i) our ability and plan to develop and\ncommercialize sirexatamab; (ii) our estimates regarding our capital\nrequirements and our ability to raise additional financing to support\ncontinued development; (iii) the success of other competing therapies that may\nbecome available; (iv) the manufacturing capacity for sirexatmab; and (v) our\nability to maintain and protect our intellectual property rights.\n\nNew risks and uncertainties may emerge from time to time, and it is not\npossible to predict all risks and uncertainties. No representations or\nwarranties (expressed or implied) are made about the accuracy of any such\nforward-looking statements. The Company may not actually achieve the forecasts\ndisclosed in such forward-looking statements, and you should not place undue\nreliance on such forward-looking statements. Such forward-looking statements\nare subject to a number of material risks and uncertainties including but not\nlimited to those set forth under the caption \"Risk Factors\" in the Company's\nmost recent Annual Report on Form 10-K filed with the SEC, or as may be\nincluded in other reports or information we file with the SEC, as well as\ndiscussions of potential risks, uncertainties, and other important factors in\nits subsequent filings with the SEC. Any forward-looking statement speaks only\nas of the date on which it was made. Neither the Company, nor any of its\naffiliates, advisors or representatives, undertake any obligation to publicly\nupdate or revise any forward-looking statement, whether as a result of new\ninformation, future events or otherwise, except as required by law. These\nforward-looking statements should not be relied upon as representing the\nCompany's views as of any date subsequent to the date hereof.\n\n Cypherpunk Technologies Inc. \n Consolidated Balance Sheets \n (in thousands, except share and per share amounts) \n \n March 31, December 31, \n 2026 2025 \n (Unaudited) \n \n Assets \n Current assets: \n Cash and cash equivalents $ 6,689 $ 14,035 \n Digital assets receivable 73,849 147,404 \n Research and development incentive receivable 616 602 \n Prepaid expenses and other current assets 768 40 \n Total current assets 81,922 162,081 \n \n Right of use assets, net 38 38 \n Deferred costs 385 401 \n Deposits 33 662 \n Other investment 5,000 - \n Total assets $ 87,378 $ 163,182 \n Liabilities and Stockholders' Equity \n Current liabilities: \n Accounts payable $ 516 $ 1,981 \n Accrued expenses 1,966 2,067 \n Income tax payable 483 472 \n Lease liability 38 38 \n Total current liabilities 3,003 4,558 \n \n Non-current liabilities: \n Deferred tax liability - 5,118 \n Total liabilities 3,003 9,676 \n \n Stockholders' equity: \n Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued - - \n and outstanding as of March 31, 2026 and December 31, 2025, respectively \n Common stock, $0.001 par value; 490,000,000 shares authorized; 93,927,528 and 83,851,051 94 84 \n shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively \n Stock subscription receivable - (150) \n Additional paid-in capital 624,082 616,216 \n Accumulated other comprehensive loss (86) (95) \n Accumulated deficit (539,715) (462,549) \n Total stockholders' equity 84,375 153,506 \n Total liabilities and stockholders' equity $ 87,378 $ 163,182 \n\n Cypherpunk Technologies Inc. \n Consolidated Statements of Operations \n (in thousands, except share and per share amounts) \n \n (Unaudited) \n Three Months Ended March 31 \n 2026 2025 \n \n Operating expenses: \n Research and development $ 161 $ 12,911 \n General and administrative 4,656 3,006 \n Total operating expenses 4,817 15,917 \n Loss from operations (4,817) (15,917) \n Interest income 95 437 \n Interest expense (7) (6) \n Australian research and development incentives - 55 \n Change in fair value of embedded derivative (77,555) - \n Foreign currency loss - (4) \n Loss before income taxes (82,284) (15,435) \n Benefit from income taxes 5,118 - \n Net loss attributable to common stockholders $ (77,166) $ (15,435) \n \n Net loss per share \n Basic and Diluted $ (0.46) $ (0.37) \n \n Weighted average common shares outstanding \n Basic and diluted 168,103,535 41,268,894 \n\n Cypherpunk Technologies Inc. \n Condensed Consolidated Statements of Cash Flows \n (in thousands) \n \n (Unaudited) \n Three Months Ended March 31, \n 2026 2025 \n \n Cash used in operating activities $ (3,430) $ (14,480) \n Cash used in investing activities (9,000) - \n Cash provided by (used in) financing activities 5,075 (61) \n Effect of exchange rate changes on cash and cash equivalents 9 5 \n Net decrease in cash and cash equivalents (7,346) (14,536) \n Cash and cash equivalents at beginning of period 14,035 47,249 \n Cash and cash equivalents at end of period $ 6,689 $ 32,713 \n\nCONTACT:\nDouglas E. Onsi\nPresident & Chief Executive Officer\nCypherpunk Technologies Inc.\n617-714-0360\n\nFor Investors:\n\nMatthew DeYoung\nInvestor Relations\nArgot Partners\n212-600-1902\nleap@argotpartners.com\n\nFor Media:\n\nJacqueline Ortiz Ramsey\nIt Factor Strategies\n954-294-3249\njacqueline@itfactorstrategies.com\n\nLogo - https://mma.prnewswire.com/media/2820582/Cypherpunk_Logo.jpg \n\nView original\ncontent:https://www.prnewswire.co.uk/news-releases/cypherpunk-technologies-reports-first-quarter-2026-financial-results-302771657.html\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/2820582/Cypherpunk_Logo.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-05-14T11:05:00.221137615Z","server_sent_at_ms":1778756700221},"received_at":"2026-05-14T11:05:00.437Z","source_url":null},"analysis":{"id":"24687","press_release_id":"34726","analysis_json":{"industry":{"label":"Pharmaceuticals, Biotechnology & Life Sciences","sector":"Health Care"},"redFlags":["significant net loss of $77.2 million","large unrealized loss of $77.6 million on ZEC holdings","ZEC price declined from $508.09 to $240.47 during Q1 2026"],"eventType":"earnings","narrative":"Cypherpunk Technologies reported a net loss of $77.2 million for Q1 2026, compared to $15.4 million in Q1 2025. The increase in loss was primarily due to unrealized losses on the fair value of the company's ZEC holdings.\n\nThe company increased its ZEC treasury holdings to 314,185.70 ZEC, representing approximately 1.88% of the total circulating supply. During the quarter, Cypherpunk purchased an additional 10,279.30 ZEC for $5 million at an average price of $486.41 per ZEC.\n\nCypherpunk's subsidiary, Leap Therapeutics, received Fast Track designation from the FDA for sirexatamab, a treatment for DKK1-high metastatic colorectal cancer. The Fast Track program is intended to expedite the development and review of drug candidates for serious conditions.\n\nThe company also presented a new plasma DKK1 biomarker assay at the AACR 2026, which demonstrated a statistically significant benefit in overall response rate and overall survival in patients with high DKK1 levels.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Cypherpunk reports a significant Q1 loss, but receives Fast Track designation for cancer drug and presents promising biomarker data."},"keyFigures":{"epsBeat":0,"revenue":0,"guidance":"","revenueYoy":0,"customDimensions":{"net_loss":77166000,"unrealized_loss":77600000,"zec_current_price":240.47,"cash_and_cash_equivalents":6689000,"zec_average_purchase_price":337.86,"general_and_administrative_expenses":4700000}},"quotedText":"Since the start of 2026, Cypherpunk has advanced the mission to become a leading privacy technology company with a digital asset treasury strategy focused on Zcash by making our first privacy technology investment and increasing our treasury holdings to 314,185.70 ZEC","namedEntities":{"people":[{"name":"Douglas E. 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However, the Fast Track designation for sirexatamab and the new plasma DKK1 biomarker assay provide some positive news."},"tickerRelevance":{"others":[],"primary":"CYPH"},"globalImportance":35,"audienceRelevance":50,"eventTypeSecondary":["product_launch","regulatory"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"earnings with significant loss and regulatory update","sectorWeight":"Health Care","householdBrandBoost":"moderate","marketCapAdjustment":"negative"}},"event_type":"earnings","event_type_secondary":["product_launch","regulatory"],"sentiment":"bearish","material_impact_score":4,"narrative":"Cypherpunk Technologies reported a net loss of $77.2 million for Q1 2026, compared to $15.4 million in Q1 2025. The increase in loss was primarily due to unrealized losses on the fair value of the company's ZEC holdings.\n\nThe company increased its ZEC treasury holdings to 314,185.70 ZEC, representing approximately 1.88% of the total circulating supply. During the quarter, Cypherpunk purchased an additional 10,279.30 ZEC for $5 million at an average price of $486.41 per ZEC.\n\nCypherpunk's subsidiary, Leap Therapeutics, received Fast Track designation from the FDA for sirexatamab, a treatment for DKK1-high metastatic colorectal cancer. The Fast Track program is intended to expedite the development and review of drug candidates for serious conditions.\n\nThe company also presented a new plasma DKK1 biomarker assay at the AACR 2026, which demonstrated a statistically significant benefit in overall response rate and overall survival in patients with high DKK1 levels.","key_figures":{"epsBeat":0,"revenue":0,"guidance":"","revenueYoy":0,"customDimensions":{"net_loss":77166000,"unrealized_loss":77600000,"zec_current_price":240.47,"cash_and_cash_equivalents":6689000,"zec_average_purchase_price":337.86,"general_and_administrative_expenses":4700000}},"named_entities":{"people":[{"name":"Douglas E. 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