The stock is a leveraged proxy on ZEC price — every $1 change in ZEC moves the treasury by ~$314K. With cash down to $6.7M and no operating revenue, the company will need to sell ZEC or raise capital within 1-2 quarters to fund G&A. The Fast Track designation for sirexatamab is a positive pipeline catalyst but does not change the near-term liquidity risk.
Price Chart
Executive Summary
Cypherpunk Technologies reported Q1 2026 results with a net loss of $77.2M driven by a $77.6M unrealized mark-to-market loss on ZEC holdings as ZEC declined from $508.09 to $240.47. Cash burn continues with cash dropping to $6.7M from $14.0M at year-end. The FDA granted Fast Track designation for sirexatamab in DKK1-high colorectal cancer, a positive pipeline catalyst, but the core financial story is the extreme volatility of the digital asset treasury strategy.
Key Financial Metrics
Key Facts
- Net loss of $77.2M for Q1 2026 vs $15.4M loss in Q1 2025, driven by $77.6M unrealized loss on ZEC holdings
- ZEC price declined from $508.09 to $240.47 during Q1 2026, slashing digital asset receivable from $147.4M to $73.8M
- Cash and cash equivalents fell to $6.7M from $14.0M at year-end 2025
- FDA granted Fast Track designation for sirexatamab in DKK1-high metastatic colorectal cancer
- ZEC treasury holdings increased to 314,185.70 ZEC at average price of $337.86
- Operating expenses reduced to $4.8M from $15.9M YoY as R&D dropped to $0.2M from $12.9M
- Basic and diluted EPS of -$0.46 vs -$0.37 in Q1 2025
Financial Impact
Net loss of $77.2M on $0 revenue; cash burn of $7.3M in the quarter; ZEC treasury value halved from $147.4M to $73.8M
Risk Factors
- Cash runway of less than 2 quarters at current burn rate without additional ZEC sales or financing
- Extreme correlation between CYPH stock price and ZEC price — any further ZEC decline directly impacts book value
- Dilution risk from outstanding warrants (71.9M shares at $0.5335) and pre-funded warrants (80.8M shares at $0.001)
- No operating revenue — company is entirely dependent on digital asset appreciation for positive financial results
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-060686 |
| Document: tm2614533d1_8k.htm | 0001104659-26-060686 |
| Document: 0001104659-26-060686-index-headers.html | 0001104659-26-060686 |
| Document: 0001104659-26-060686-index.html | 0001104659-26-060686 |
| Document: 0001104659-26-060686.txt | 0001104659-26-060686 |
| 8-K Data (Synthetic) | 0001104659-26-060686 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | Insider Cluster | $3.31 $2.83 | ▲ +14.50% | ▲ +14.47% | $2.83 (+14.50%) |
Sep 22, 2026 4w ago | Institutional Cluster | $3.73 $2.81 | ▼ −24.66% | ▼ −24.11% | $2.83 (−24.13%) |
Sep 22, 2026 5w ago | 8-K | $3.73 $2.81 | ▼ −24.66% | ▼ −24.11% | $2.83 (−24.13%) |
Aug 18, 2026 10w ago | 8-K | $0.8054 $2.44 | ▲ +202.96% | ▲ +204.70% | $2.83 (+251.38%) |
Aug 12, 2026 10w ago | 8-K | $0.6579 $2.20 | ▲ +234.40% | ▲ +236.30% | $2.83 (+330.16%) |
May 26, 2026 21w ago | 8-K | $1.16 $0.6168 | ▼ −46.83% | ▼ −44.88% | $2.83 (+143.97%) |
May 14, 2026 23w ago | 8-K | $1.20 $0.6500 | ▲ +45.83% | ▲ +44.98% | $2.83 (−135.83%) |
Apr 10, 2026 28w ago | 8-K | $0.9900 $1.10 | ▲ +11.11% | ▲ +3.38% | $2.83 (+185.86%) |
Mar 27, 2026 30w ago | 144 | $0.6570 $0.9250 | ▲ +40.79% | ▲ +28.05% | $2.83 (+330.75%) |
US Market Status
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