Cypherpunk Technologies Inc. is a privacy-focused technology company that combines a digital asset treasury strategy centered on Zcash (ZEC) with the development ...
Cypherpunk Technologies Inc. (NASDAQ: CYPH), formerly known as Leap Therapeutics, Inc., rebranded in November 2025 to reflect its strategic pivot toward privacy technology and digital assets. The company operates with a dual focus: (1) building a substantial treasury of Zcash (ZEC), a privacy-preserving cryptocurrency, and (2) continuing the development of ...Cypherpunk Technologies Inc. (NASDAQ: CYPH), formerly known as Leap Therapeutics, Inc., rebranded in November 2025 to reflect its strategic pivot toward privacy technology and digital assets. The company operates with a dual focus: (1) building a substantial treasury of Zcash (ZEC), a privacy-preserving cryptocurrency, and (2) continuing the development of cancer therapies through a subsidiary. As of late 2025, Cypherpunk holds 233,644.56 ZEC at an average price of $291.04, representing approximately 1.43% of all ZEC in circulation. The company's leadership includes CEO Douglas E. Onsi, who guides the strategic direction. Financial metrics show a market capitalization around $72.4 million, with no revenue, indicating a transition phase. The company has no debt, a strong current ratio of 27.28, and a cash per share of $0.04. Despite negative earnings and operating cash flows, Cypherpunk has significant tangible assets ($84.4 million) and working capital ($78.9 million), primarily from digital asset holdings. The company's website emphasizes its mission to advance privacy technologies, aligning with the original cypherpunk movement's ideals of self-sovereignty and freedom. Looking forward, Cypherpunk aims to accelerate Zcash adoption and strengthen its ecosystem, while also evaluating strategic opportunities in biotechnology. With only 6 full-time employees, the company operates leanly, leveraging digital assets and strategic partnerships. Investors should note the high volatility (beta 0.061) and the speculative nature of the company's twin bets on privacy tech and crypto assets.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$0
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Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$4.8M
+107.1%
+151.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
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Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
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Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
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Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-43.9M
+27.2%
+138.1%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
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Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
0.0%
-96.7%
-39.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
35.56x
+941.9%
+190.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
