{"url_path":"/sec/cyph/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1509745/0001104659-26-060662-index.html","accession_number":"0001104659-26-060662","cik":"0001509745","ticker":"CYPH","issuer_name":"CYPHERPUNK TECHNOLOGIES INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1509745/0001104659-26-060662-index.html","primary_entity_key":"0001509745","primary_entity_name":"CYPHERPUNK TECHNOLOGIES INC."},"word_count":1867,"has_tables":true,"body_markdown":"CYPHERPUNK TECHNOLOGIES INC._ March 31, 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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington D.C. 20549**\n\n​\n\n**FORM ****10-Q**\n\n​\n\n**(Mark One)**\n\n​\n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the quarterly period ended****March 31, 2026**\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from****                          ****to****                          **\n\n​\n\n**Commission file number: ****001-37990**\n\n​\n\n​\n\n**CYPHERPUNK TECHNOLOGIES INC.**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n**Delaware**\nState or other jurisdiction of\nincorporation or organization\n\n  ​ ​ ​\n\n**27-4412575**\n(I.R.S. Employer\nIdentification No.)\n\n​\n\n​\n\n​\n\n**47 Thorndike St, Suite B1-1****,****Cambridge****,****MA******Address of Principal Executive Offices\n\n​\n\n**02141******Zip Code\n\n​\n\n​\n\n​\n\n​\n\n**(****617****)****714-0360**\n\nRegistrant’s Telephone Number, Including Area Code\n\n​\n\n**N/A**\n\nFormer Name, Former Address and Former Fiscal Year, if Changed\n\n​\n\nSince Last Report Securities registered pursuant to Section 12(b) of the Act:\n\n​\n\n**Title of each class:**\n\n  ​ ​ ​\n\n**Trading Symbol(s)**\n\n  ​ ​ ​\n\n**Name of each exchange on which registered:**\n\nCommon Stock, par value $0.001 per share\n\n​\n\nCYPH\n\n​\n\nNasdaq Capital Market\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.\n\nSee the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nLarge accelerated filer ☐\n\n  ​ ​ ​\n\nAccelerated filer ☐\n\n​\n\n​\n\n​\n\nNon-accelerated filer ☒\n\n \n\nSmaller reporting company ☒\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEmerging growth company ☐\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No\n\nAs of May 12, 2026, there were 106,464,482 shares of the registrant’s common stock, par value $0.001 per share, outstanding.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n​\n\nTABLE OF CONTENTS\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Page**\n\n[**PART I — FINANCIAL INFORMATION**](#PartIFINANCIALINFORMATION_277840)\n\n​\n\n​\n\n​\n\n​\n\n[**Item 1**](#Item1FinancialStatements_362092)\n\n[**Financial Statements**](#Item1FinancialStatements_362092)\n\n6\n\n​\n\n​\n\n​\n\n[**Item 2**](#Item2ManagementsDiscussionandAnalysisofF)\n\n[**Management’s Discussion and Analysis of Financial Condition and Results of Operations**](#Item2ManagementsDiscussionandAnalysisofF)\n\n26\n\n​\n\n​\n\n​\n\n[**Item 3**](#Item3QuantitativeandQualitativeDisclosur)\n\n[**Quantitative and Qualitative Disclosures About Market Risk**](#Item3QuantitativeandQualitativeDisclosur)\n\n32\n\n​\n\n​\n\n​\n\n[**Item 4**](#Item4ControlsandProcedures_428127)\n\n[**Controls and Procedures**](#Item4ControlsandProcedures_428127)\n\n32\n\n​\n\n​\n\n​\n\n[**PART II — OTHER INFORMATION**](#PartIIOTHERINFORMATION_484243)\n\n​\n\n​\n\n​\n\n​\n\n[**Item 1**](#Item1LegalProceedings_794245)\n\n[**Legal Proceedings**](#Item1LegalProceedings_794245)\n\n33\n\n​\n\n​\n\n​\n\n[**Item 1A**](#Item1ARiskFactors_267040)\n\n[**Risk Factors**](#Item1ARiskFactors_267040)\n\n33\n\n​\n\n​\n\n​\n\n[**Item 2**](#Item2UnregisteredSalesofEquitySecurities)\n\n[**Unregistered Sales of Equity Securities and Use of Proceeds**](#_Item_2._Unregistered)\n\n33\n\n​\n\n​\n\n​\n\n[**Item 3**](#Item3DefaultsUponSeniorSecurities_11879)\n\n[**Defaults Upon Senior Securities**](#Item3DefaultsUponSeniorSecurities_11879)\n\n33\n\n​\n\n​\n\n​\n\n[**Item 4**](#Item4MineSafetyDisclosures_77304)\n\n[**Mine Safety Disclosures**](#Item4MineSafetyDisclosures_77304)\n\n33\n\n​\n\n​\n\n​\n\n[**Item 5**](#Item5OtherInformation_269425)\n\n[**Other Information**](#Item5OtherInformation_269425)\n\n33\n\n​\n\n​\n\n​\n\n[**Item 6**](#Item6Exhibits_835809)\n\n[**Exhibits**](#Item6Exhibits_835809)\n\n34\n\n​\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n​\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA\n\nThis Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements which reflect our current views with respect to, among other things, our operations and financial performance. Such statements are based upon our current plans, estimates and expectations that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as “anticipate,” “expect,” “project,” “intend,” “believe,” “may,” “will,” “should,” “plan,” “could,” “continue,” “target,” “contemplate,” “estimate,” “forecast,” “guidance,” “predict,” “possible,” “potential,” “pursue,” “likely,” and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements.\n\nForward-looking statements address various matters including statements relating to the value of the Company’s ZEC holdings, the investment in ZODL, or digital assets held or to be held by the Company, the expected future market, price, and liquidity of ZEC or other digital assets the Company acquires, the macro and political conditions surrounding Zcash or digital assets, the Company’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive position and the interest of other corporations in similar business strategies, technological and market trends, and future financial condition and performance. Risks and uncertainties of the digital asset treasury strategy include, among others: (a) risks relating to the Company’s operations and business, including the highly volatile nature of the price of ZEC; (b) the risk that material changes in the price of ZEC, such as decreases in price, will result in significant changes to the Company’s financial statements, such as unrealized losses on fair value of ZEC holdings and net loss; (c) the risk that the price of the Company’s Common Stock may be highly correlated to the price of ZEC; (d) the risk that the Company will fail to realize the anticipated benefits of the ZEC digital asset treasury strategy or the investment in ZODL; (e) risks related to the custody of our ZEC and our reliance on Gemini Space Station and its affiliates for trading and custody services; (f) changes in business, market, financial, political and regulatory conditions; (g) risks related to increased competition in the industries in which the Company does and will operate; (h) risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; (i) risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; and (j) the ability to comply with the continued listing requirements of the Nasdaq Capital Market.\n\nWith respect to our biotechnology operations, important factors that could cause actual results to differ materially from our plans, estimates or expectations could include, but are not limited to: (i) our ability and plan to develop and commercialize sirexatamab; (ii) our estimates regarding our capital requirements and our ability to raise additional financing to support continued development; (iii) the success of other competing therapies that may become available; (iv) the manufacturing capacity for sirexatmab; and (v) our ability to maintain and protect our intellectual property rights.\n\nBy their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this Quarterly Report. In addition, even if our results of operations, financial condition and liquidity, and events in the industry in which we operate are consistent with the forward-looking statements contained in this Quarterly Report, they may not be predictive of results or developments in future periods. You should carefully and completely read this Quarterly Report and the documents that we have filed as exhibits to this Quarterly Report.\n\n3\n\n[Table of Contents](#TOC)\n\n​\n\nYou should refer to Part II, Item 1A, Risk Factors in this Quarterly Report and Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on March 16, 2026, for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Quarterly Report will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard any such statement as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. Any forward-looking statement that we make in this Quarterly Report speaks only as of the date of such statement, and, except to the extent required by applicable law, we undertake no obligation to update such statements to reflect events or circumstances after the date of this Quarterly Report or to reflect the occurrence of unanticipated events. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.\n\nSirexatamab (DKN-01) is an investigational drug undergoing clinical development and has not been approved by the U.S. Food and Drug Administration (the “FDA”), nor has it been submitted to the FDA for approval. Sirexatamab has not been, and may never be, approved by any regulatory agency or marketed anywhere in the world. Statements contained in this Quarterly Report should not be deemed to be promotional.\n\n​\n\n​\n\n4\n\n[Table of Contents](#TOC)\n\n​\n\nINTRODUCTORY COMMENT\n\n**References to Cypherpunk and Leap**\n\nOn November 12, 2025, we filed a Charter Amendment with the Secretary of State of the State of Delaware changing the Company’s name from “Leap Therapeutics, Inc.” to “Cypherpunk Technologies Inc.”. In connection with the name change, the Company formed a new wholly-owned subsidiary, named “Leap Therapeutics, Inc.”, which conducts the biotechnology operations of the Company.\n\nThroughout this Quarterly Report on Form 10-Q, the “Company,” “Cypherpunk”, “Cypherpunk Technologies”, “we,” “us,” and “our,” except where the context requires otherwise, refer to Cypherpunk Technologies Inc. and its consolidated subsidiaries, and, except where the context requires otherwise, “Board of Directors” refers to the board of directors of Cypherpunk Technologies Inc. References to “Leap” and “Leap Therapeutics” refer to Leap Therapeutics, Inc., and may include drug development activities that took place prior to Leap’s incorporation on November 12, 2025. For purposes of clarity and differentiation between the two business strategies, we may refer to “Cypherpunk” when discussing the privacy technology and digital asset treasury business and to “Leap” when discussing the cancer drug development business.\n\n​\n\n5\n\n[Table of Contents](#TOC)\n\n​\n\nPart I – FINANCIAL INFORMATION"}