Cypherpunk Technologies Inc. (CYPH) is a company formerly known as Leap Therapeutics, Inc. that, as of December 31, 2025, had adopted a digital asset treasury strategy as a material component of its balance sheet. The company holds digital assets through a third-party custodian, which is a related party, with assets held in commingled or omnibus wallets. The 10-K filed March 16, 2026 identifies control over digital assets as a critical audit matter given the complexity of the custodial arrangement. The company also carried residual clinical-stage drug development activity, with research and development expenses of $25.7 million in FY2025 and $57.2 million in FY2024, concentrated in the DKN-01 program ($24.9 million in FY2025). As of December 31, 2025, the company held federal net operating loss carryforwards of $85.1 million and state NOL carryforwards of $86.9 million. Douglas E. Onsi serves as President, Chief Executive Officer, and Chief Financial Officer as of March 16, 2026.

Revenue model

The filing excerpts do not disclose a commercial revenue stream. The company generated R&D-related other income through an Australian subsidiary eligible for a refundable tax offset at 18.5% above the company's tax rate for entities with income below A$20 million per annum, or a non-refundable tiered offset for larger entities. No product sales or licensing revenue is described in the excerpts.

Products and services

Clinical-stage drug development programs including DKN-01 ($24.9 million direct R&D spend in FY2025), FL-501 ($0.7 million in FY2025), and legacy programs TRX518, FL-301, and FL-302 (de minimis or zero spend in FY2025). Digital asset holdings acquired under a treasury strategy implemented as of December 31, 2025, held via a related-party third-party custodian.

Value-chain role

Pre-commercial biopharmaceutical developer relying on contract research organizations (CROs) for clinical trial management, investigative sites for trial conduct, and contract manufacturers for clinical supply production. Digital assets held through a third-party custodian.

Geographic exposure

Operations include a U.S. entity and an Australian subsidiary. The Australian subsidiary is eligible for R&D tax offsets under Australian tax law. No further geographic breakdown is supported by the excerpts.

Source: SEC 10-K, filed 2026-03-16

Industry: Pharmaceutical Preparations Peers: Adverum Biotechnologies, Inc. Bioxytran Inc Axcella Health Inc. Checkpoint Therapeutics, Inc. Climb Bio Inc HCW Biologics Inc Q32 Bio Inc Longeveron Inc SPECTRUM PHARMACEUTICALS INC