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Sep 30, 2025
Leap Therapeutics Q3 2025 Earnings Report
Cypherpunk Technologies reported a reduced net loss and significantly lower operating expenses in Q3 2025 compared to the same period last year.
Key Takeaways
Cypherpunk Technologies posted a Q3 2025 net loss of $3.3 million, substantially narrower than the $18.2 million loss in Q3 2024, reflecting a major reduction in research and development expenses following a corporate restructuring and trial completions.
Net loss narrowed to $3.3 million from $18.2 million in Q3 2024.
R&D expenses dropped to $1.2 million, down from $14.9 million.
G&A expenses declined to $1.9 million from $2.9 million.
Cash balance stood at $9.7 million at quarter end, before a $58.88M private placement in October.
Forward Guidance
Cypherpunk will focus on advancing ZEC acquisition and the development of its oncology pipeline, including next steps for sirexatamab regulatory submissions in 2026.
Positive Outlook
- Raised $58.88M in private placement led by Winklevoss Capital
- Acquired over 203,775 ZEC for approximately $50M
- Final positive Phase 2 data for sirexatamab in CRC presented at ESMO
- Initiated regulatory engagement for sirexatamab approval path
- Progressing DKK1 biomarker diagnostic development
Challenges Ahead
- No reported revenue in the quarter
- Still operating at a net loss despite cost reductions
- High exposure to cryptocurrency price volatility via ZEC
- Regulatory pathways for oncology assets still uncertain
Historical Earnings Impact
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Avg. Return Before/After Earnings
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