Cypherpunk Technologies (CYPH) Q2 2026 earnings summary

Executive summary

• Increased Zcash (ZEC) treasury holdings to 323,394.38 ZEC, representing 1.92% of the circulating supply, at an average purchase price of $341.83 per token.

• Shifted strategic focus to privacy technology and digital asset treasury anchored by Zcash, while continuing cancer drug development through subsidiary Leap Therapeutics.

• Leap Therapeutics aligned with FDA on a Phase 3 trial for sirexatamab in DKK1-high metastatic colorectal cancer, with potential for accelerated and full approval.

• Published Phase 2 DeFiance study results for sirexatamab in Clinical Cancer Research; FDA alignment reached for Phase 3 trial in DKK1-high colorectal cancer.

• Appointed Dev Ojha, founder of Valar Group, as Advisor, strengthening the advisory team focused on Zcash network development.

Financial highlights

• Net income for Q2 2026 was $39.4 million, reversing a net loss of $16.6 million in Q2 2025, driven by a $46.0 million unrealized gain on ZEC holdings as ZEC price rose from $243.35 to $400.09.

• Operating expenses for Q2 2026 were $4.7 million, down from $16.9 million in Q2 2025, mainly due to reduced R&D costs.

• Research and development expenses dropped to $0.2 million from $10.5 million year-over-year, reflecting trial completions and workforce reductions.

• General and administrative expenses rose to $4.5 million from $1.8 million, mainly due to increased stock-based compensation and payroll.

• Cash and cash equivalents at June 30, 2026 were $7.6 million; digital asset receivable (ZEC) valued at $129.4 million.

Outlook and guidance

• Cash, equivalents, and access to $200 million ATM facility expected to fund operations for at least 12 months.

• Ongoing strategic process to fund biotechnology operations through equity, partnerships, or licensing; no set timetable for the process.

• Continued focus on Zcash accumulation and participation in Zcash ecosystem development.