Cypherpunk Technologies (CYPH) Q1 2026 earnings summary

Executive summary

• Increased Zcash holdings to 314,185.70 ZEC, representing 1.88% of the circulating supply as of May 13, 2026.

• Invested $5 million in Zcash Open Development Labs (ZODL), marking the first technology investment outside ZEC.

• Launched a new website and investor dashboard for real-time ZEC and investment tracking.

• Leap Therapeutics subsidiary received FDA Fast Track designation for sirexatamab in metastatic colorectal cancer, with positive Phase 2 and DeFiance study results presented.

Financial highlights

• Net loss for Q1 2026 was $77.2 million, compared to $15.4 million in Q1 2025, mainly due to a $77.6 million unrealized loss on ZEC holdings.

• ZEC price declined from $508.09 to $240.47 during Q1 2026, resulting in a $77.6 million unrealized loss.

• Cash and cash equivalents at March 31, 2026: $6.7 million; ZEC holdings valued at $73.8 million.

• Research and development expenses dropped to $0.2 million from $12.9 million year-over-year due to trial completion and workforce reduction.

• General and administrative expenses increased to $4.7 million from $3.0 million, mainly due to higher stock-based compensation and professional fees.

Outlook and guidance

• Cash and ZEC holdings, plus access to a $200 million at-the-market (ATM) equity program, expected to fund operations for at least 12 months.

• Future profitability depends on ZEC price volatility, successful capital raises, and biotech program progress.

• Focus remains on expanding privacy technology investments and supporting the Zcash ecosystem.

• Continued development and commercialization of sirexatamab and FL-501 through Leap Therapeutics.