Cypherpunk Technologies Records $77.2M Q1 Net Loss on ZEC Decline.

Key Takeaways

Cypherpunk Technologies increased its Zcash treasury to 314,185.70 ZEC by May 13, 2026, representing approximately 1.88% of the total circulating supply.
The company acquired an additional 10,279.30 ZEC for $5 million between April 15 and May 13, 2026, at an average purchase price of $486.41 per ZEC.
Cypherpunk invested $5 million in Zcash Open Development Labs (ZODL), the core developers of the Zcash Network and Zodl wallet, in March 2026.
A net loss of $77.2 million was reported for the first quarter of 2026, primarily due to a $77.6 million unrealized loss on ZEC treasury holdings.
As of March 31, 2026, ZEC treasury holdings were valued at $73.8 million, based on a ZEC price of $240.47.
Cypherpunk's Leap Therapeutics subsidiary received FDA Fast Track designation for sirexatamab and presented positive DKK1 biomarker assay and DeFianCe study results for metastatic colorectal cancer at AACR 2026.

Cypherpunk Technologies Inc. (Nasdaq: CYPH) reported its first quarter 2026 financial results, highlighting a significant increase in its Zcash treasury holdings and a strategic $5 million investment in Zcash Open Development Labs (ZODL). The company’s Zcash holdings reached 314,185.70 ZEC by May 13, 2026. Despite these advances, Cypherpunk recorded a net loss of $77.2 million for the quarter ending March 31, 2026, primarily driven by unrealized losses on its ZEC holdings due to a price decline from $508.09 to $240.47. Between April 15 and May 13, 2026, Cypherpunk purchased an additional 10,279.30 ZEC for $5 million. The average purchase price for these new acquisitions was $486.41 per ZEC. As of May 13, 2026, the total ZEC treasury stood at 314,185.70 ZEC, held at an average purchase price of $337.86. This amount represents approximately 1.88% of the Zcash network’s total circulating supply. In March 2026, Cypherpunk expanded its privacy technology investments beyond direct ZEC acquisitions with a $5 million investment in ZODL. ZODL is recognized for developing the Zcash Network and Zodl, a leading Zcash wallet. This investment was made alongside other key investors including a16z, Winklevoss Capital, Coinbase, Paradigm, Chapter One, David Friedberg, and Balaji Srinivasan. The investment aims to support the Zcash ecosystem and enhance user accessibility through continued wallet development and protocol support. The company also launched a new website and investor dashboard at cypherpunk.com. This dashboard provides shareholders with direct visibility into key metrics, ZEC holdings, other privacy investments, and Zcash network metrics.

Leap Therapeutics Subsidiary Developments

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Cypherpunk's biotechnology subsidiary, Leap Therapeutics, made significant progress in its oncology pipeline. In May 2026, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to sirexatamab. This designation applies to sirexatamab in combination with specific chemotherapy regimens and bevacizumab, for treating DKK1-high metastatic colorectal cancer patients whose disease has progressed after one prior systemic therapy. The Fast Track program facilitates development and expedites review for drugs addressing serious conditions with unmet medical needs. At the American Association for Cancer Research (AACR) 2026 in April, Leap Therapeutics presented a new plasma DKK1 biomarker assay. This assay is designed as a companion diagnostic to identify patients likely to benefit from sirexatamab, an anti-DKK1 monoclonal antibody. Results from Part B of the DeFianCe study, a Phase 2 trial of sirexatamab in combination with bevacizumab and chemotherapy for microsatellite stable colorectal cancer patients, were also presented. In the DeFianCe study, sirexatamab demonstrated statistically significant benefits in overall response rate (ORR) and overall survival (OS) for patients with high DKK1 levels (>380 pg/ml). Among this subgroup (n=87), ORR was 42% in the sirexatamab arm (including one complete response) versus 16% in the control arm (p=0.003). Median OS (mOS) was not reached in the sirexatamab arm compared to 14.39 months in the control arm (HR 0.47, p=0.0244).

First Quarter 2026 Financial Overview

Cypherpunk reported a net loss of $77.2 million for the first quarter of 2026, a significant increase from the $15.4 million net loss in the first quarter of 2025. This rise in net loss was primarily attributed to unrealized losses on the fair value of the company's ZEC treasury holdings, which are marked to market. The price of ZEC declined from $508.09 to $240.47 during Q1 2026, resulting in a $77.6 million unrealized loss on these holdings. Research and development expenses decreased to $0.2 million for the first quarter of 2026, down from $12.9 million in the same period of 2025. This reduction was due to the completion of clinical trials and associated manufacturing costs. General and administrative expenses increased to $4.7 million in Q1 2026, compared to $3.0 million in Q1 2025, largely due to an increase in stock-based compensation from Restricted Stock Units (RSUs) granted to employees and directors. As of March 31, 2026, cash and cash equivalents totaled $6.7 million. ZEC treasury holdings, classified as a digital asset receivable, were valued at $73.8 million based on the March 31, 2026 ZEC price of $240.47.