Cypherpunk Technologies (CYPH) Q4 2025 earnings summary

Executive summary

• Completed a $58.88 million private placement led by Winklevoss Capital and rebranded as a privacy technology company with a digital asset treasury strategy focused on Zcash.

• Acquired 294,743.10 ZEC for the treasury and made a $5 million strategic investment in ZODL, the leading Zcash wallet developer.

• Advanced clinical development of sirexatamab for colorectal cancer through Leap Therapeutics, presenting positive Phase 2 results.

• Appointed key digital asset executives and industry leaders to the board and as strategic advisors.

Financial highlights

• Net income was $4.8 million for 2025, compared to a net loss of $67.8 million in 2024, driven by $50.4 million in unrealized gains on ZEC holdings and reduced R&D and G&A expenses.

• Research and development expenses decreased to $25.7 million from $57.2 million year-over-year due to lower clinical trial and manufacturing costs.

• General and administrative expenses fell to $10.9 million from $12.8 million year-over-year, mainly due to lower incentive compensation and headcount.

• Cash and cash equivalents totaled $14.0 million at year-end, with ZEC treasury holdings valued at $147.4 million.

Outlook and guidance

• Plans to continue acquiring and holding ZEC as the primary digital asset and to expand efforts in privacy-preserving technologies.

• Leap Therapeutics expects to provide updates on the registrational pathway for sirexatamab and further development steps in the coming weeks.