Cypherpunk Technologies (CYPH) AI Stock Analysis

• Market Cap: $65.72M
• Dividend Yield: N/A
• Average Volume (3M): 5.76M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: N/A
• EPS Growth: 36.27%
• Country: US
• Employees: 52
• Sector: Financial
• Sector Strength: 70
• Industry: Biotechnology
• EPS (TTM): -0.08
• Shares Outstanding: 56,651,840
• 10 Day Avg. Volume: 3,887,138
• 30 Day Avg. Volume: 5,764,291
• PEG Ratio: 0.03
• Price to Book (P/B): 3.09
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.79
• Enterprise Value/Market Cap: 0.14
• Enterprise Value/Revenue: 20.70
• Enterprise Value/Gross Profit: -0.30
• Enterprise Value/Ebitda: -0.12
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.53
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $1.00

The score is held down primarily by persistent large losses and significant cash burn despite improving revenue, which elevates funding and dilution risk. Technicals are neutral-to-weak near term, offering limited momentum support, while valuation is constrained by negative earnings. Low leverage and regained Nasdaq compliance provide some offset, but corporate actions and crypto-treasury expansion add risk.

Cypherpunk Technologies Business Overview & Revenue Model

Company Description

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 protein 1, which is in various ongoing clinical trials for treating esophagogastric and gynecologic cancers, and colorectal cancer. The company also develops FL-501, a monoclonal antibody that inhibits GDF-15 protein that is in preclinical trial. It has an option and license agreement with Adimab, LLC and BeiGene, Ltd. to develop and commercialize DKN-01 in Asia (excluding Japan), Australia, and New Zealand. The company was formerly known as Leap Therapeutics, Inc. and changed its name to Cypherpunk Technologies Inc. in November 2025. The company was incorporated in 2011 and is based in Cambridge, Massachusetts.

How the Company Makes Money

Leap Therapeutics makes money primarily through the development and commercialization of its proprietary cancer treatment therapies. The company generates revenue through strategic partnerships, licensing agreements, and collaborations with larger pharmaceutical companies, which may involve upfront payments, milestone payments, and royalties on sales of successfully developed products. Leap Therapeutics may also secure funding through public and private investments to support its research and development activities.

Cypherpunk Technologies Financial Statement Overview

Summary

Leap Therapeutics is facing financial challenges with ongoing losses, negative cash flows, and zero revenue growth. While the low debt levels and stable equity ratio are positives, the lack of revenue and continuous cash burn are major concerns. Strategic changes are necessary for sustainable growth.

Income Statement

Leap Therapeutics has consistently reported zero revenue from 2021 to 2024 following a marginal revenue in 2020. The net income has been negative throughout, indicating persistent losses. EBIT and EBITDA margins are also negative, showcasing an ongoing struggle in generating profits.

Balance Sheet

The company's debt levels are low relative to equity, resulting in a low debt-to-equity ratio, which is a positive indicator. However, the continuous erosion of shareholder equity due to losses is concerning. The equity ratio remains stable, suggesting adequate asset coverage by equity.

Cash Flow

Operating cash flow is consistently negative, reflecting cash burn from operations. Free cash flow has also been negative, though there was a significant financing inflow in 2021. The company has not shown growth in free cash flow, indicating financial strain.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	443.00K	0.00	0.00	0.00	1.50M	10.05M
Gross Profit	-30.57M	0.00	-427.00K	0.00	1.50M	5.12M
EBITDA	-77.44M	-70.05M	-80.99M	-54.38M	-40.54M	-3.23M
Net Income	-98.22M	-67.56M	-81.41M	-54.60M	-40.59M	-3.39M
Balance Sheet
Total Assets	294.82M	49.12M	72.83M	58.09M	117.91M	70.42M
Cash, Cash Equivalents and Short-Term Investments	174.14M	47.25M	70.64M	43.76M	114.92M	63.83M
Total Debt	3.31M	266.00K	262.00K	524.00K	469.00K	776.00K
Total Liabilities	52.61M	14.08M	12.68M	3.45M	10.02M	3.01M
Stockholders Equity	242.22M	35.05M	60.14M	54.64M	107.89M	67.41M
Cash Flow
Free Cash Flow	-62.76M	-60.30M	-43.75M	-49.04M	-35.16M	-25.96M
Operating Cash Flow	-60.77M	-60.30M	-43.75M	-49.04M	-35.16M	-25.96M
Investing Cash Flow	13.99M	0.00	48.97M	0.00	0.00	25.00K
Financing Cash Flow	137.00K	37.18M	-30.00K	-210.00K	98.03M	74.00M

Cypherpunk Technologies Technical Analysis

• Last Price: ―

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CYPH, the sentiment is undefined. The current price of undefined is equal to the 20-day moving average (MA) of ―, equal to the 50-day MA of ―, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of ― indicates undefined momentum. The RSI at ― is undefined, neither overbought nor oversold. The STOCH value of ― is undefined, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a undefined sentiment for CYPH.

Cypherpunk Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Cypherpunk Technologies Corporate Events

Cypherpunk Technologies restructures CoinXit equity compensation agreement

On December 23, 2025, Cypherpunk Technologies’ compensation committee approved a new grant of 5,448,157 restricted stock units (RSUs) to consultant CoinXit Ltd. under the company’s 2025 Equity Incentive Plan, replacing and cancelling a prior November 2025 RSU grant and simultaneously fulfilling the company’s remaining RSU obligations to CoinXit under a November 11, 2025 consulting agreement. The December 2025 RSU award mirrors the combined value and key vesting and settlement terms of the cancelled November grant and the previously committed additional RSUs, with vesting scheduled to occur in tranches from October 8, 2026 and acceleration in the event of certain terminations, thereby consolidating CoinXit’s equity-based compensation package and aligning incentives with the company’s longer-term governance structure, in which CoinXit’s sole owner, Khing Oei, has served as board chair and investor designee since November 11, 2025.

The most recent analyst rating on (CYPH) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Cypherpunk Technologies stock, see the CYPH Stock Forecast page.

Cypherpunk Technologies Expands Zcash Holdings in Major Purchase

On December 30, 2025, Cypherpunk Technologies announced it had purchased an additional 56,418.09 Zcash tokens for about $29 million at an average price of $514.02 per ZEC, significantly expanding its crypto treasury. This latest transaction lifted the company’s total ZEC holdings to 290,062.67 tokens, acquired at an average cost of $334.41 per ZEC and representing an estimated 1.76% of Zcash’s circulating supply, underscoring Cypherpunk’s aggressive strategy to accumulate a substantial share of the privacy-focused cryptocurrency as part of its broader positioning in privacy technologies and its bid to enhance long-term shareholder value.

The most recent analyst rating on (CYPH) stock is a Hold with a $1.25 price target. To see the full list of analyst forecasts on Cypherpunk Technologies stock, see the CYPH Stock Forecast page.

Cypherpunk Technologies Approves Key Proposals at Meeting

Cypherpunk Technologies Inc. held a special meeting of stockholders on December 15, 2025, where several key proposals were approved. These included an increase in authorized shares, a reverse stock split, the adoption of the 2025 Equity Incentive Plan, and a private placement issuance proposal. Additionally, the company regained compliance with Nasdaq’s minimum bid price requirement as of December 11, 2025, after previously falling below the threshold.

The most recent analyst rating on (CYPH) stock is a Hold with a $1.25 price target. To see the full list of analyst forecasts on Cypherpunk Technologies stock, see the CYPH Stock Forecast page.

Cypherpunk Technologies Modifies Warrant Agreement with Winklevoss

On November 19, 2025, Cypherpunk Technologies Inc., formerly known as Leap Therapeutics, Inc., entered into a Waiver and Modification Agreement with Winklevoss Treasury Investments, LLC. This agreement modifies certain provisions of a Common Warrant related to a private placement of securities. Winklevoss Capital has waived the Share Reservation Covenant for 57,182,378 Warrant Shares, allowing these shares to be available for the company’s ‘at-the-market’ equity offering program. This move could potentially impact the company’s ability to raise up to $200 million in capital through the sale of common stock.

The most recent analyst rating on (CYPH) stock is a Hold with a $1.25 price target. To see the full list of analyst forecasts on Cypherpunk Technologies stock, see the CYPH Stock Forecast page.

Cypherpunk Technologies Expands Zcash Holdings by $18 Million

On November 18, 2025, Cypherpunk Technologies announced the purchase of an additional $18 million worth of Zcash, increasing its total holdings to 233,644.56 ZEC and raising its network ownership to 1.43%. This move aligns with the company’s strategy to enhance its digital asset treasury and strengthen its position in the privacy-focused digital asset market. The company also recently appointed Khing Oei and Will McEvoy to its Board of Directors, indicating a strategic focus on experienced leadership in investment and digital assets.

The most recent analyst rating on (CYPH) stock is a Hold with a $1.25 price target. To see the full list of analyst forecasts on Cypherpunk Technologies stock, see the CYPH Stock Forecast page.