CYPHERPUNK TECHNOLOGIES INC.

Listed Company

CYPHCIK 0001509745NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$4.82M

Total Assets

$163.18M

Equity

$153.51M

Shares Out

89.98M

Op. Cash Flow

$-43.90M

Business

CYPHERPUNK TECHNOLOGIES INC. is a biopharmaceutical company developing biomarker-targeted antibody therapies to treat cancer by inhibiting tumor-promoting pathways and harnessing immune responses. Its main products in development include sirexatamab (DKN-01), a monoclonal antibody targeting DKK1 in clinical trials, and FL-501, a preclinical monoclonal antibody targeting GDF15. The company operates through research and development and clinical development activities and pursues collaborations and licensing arrangements for discovery, manufacturing and intellectual property. It conducts clinical trials and relies on third‑party manufacturers and potential distribution partners across the United States and international markets.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	26	57	73	45	32
General and administrative	11	13	14	12	11
Restructuring charges	5	—	—	—	—
Total operating expenses	41	70	87	57	43
Loss from operations	−41	−70	−87	−57	−41
Interest income	916,000	3	—	—	—
Interest expense	−24,000	—	—	—	—
Australian research and development incentives	−157,000	—	1	2	1
Change in fair value of embedded derivative	50	—	—	—	—
Foreign currency gain (loss)	5,000	−42,000	−13,000	−608,000	−379,000
Income (loss) before income taxes	10	−67	−81	54	−41
Provision for income taxes	−5	−585,000	—	−147,000	24,000
Net income (loss)	5	−68	−81	—	−41
Dividend attributable to down round feature of warrants	—	−234,000	—	—	—
Net income (loss) attributable to common stockholders	5	−68	−81	—	—
Basic (in dollars per share)	0.07	−1.81	−3.98	−4.82	−0.47
Diluted (in dollars per share)	0.07	−1.81	−3.98	−4.82	−0.47
Basic (in shares)	66	38	20	11	86
Diluted (in shares)	71	38	20	11	86

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	14	47	71	66	115
Digital assets receivable	147	—	—	—	—
Research and development incentive receivable	602,000	704,000	771,000	2	1
Prepaid expenses and other current assets	40,000	86,000	183,000	351,000	769,000
Total current assets	162	48	72	68	117
Right of use assets, net	38,000	262,000	257,000	669,000	459,000
Deferred costs	401,000	—	—	—	—
Deposits	662,000	823,000	966,000	1	293,000
Total assets	163	49	73	70	118
Accounts payable	2	5	6	6	4
Accrued expenses	2	9	6	5	5
Income tax payable	472,000	531,000	—	—	—
Lease liability	38,000	266,000	262,000	416,000	432,000
Total current liabilities	5	14	13	11	10
Deferred tax liability	5	—	—	—	—
Total liabilities	10	14	13	11	10
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively	—	—	—	—	—
Common stock, $0.001 par value; 490,000,000 and 240,000,000 shares authorized; 83,851,051 and 38,329,894 shares issued and outstanding as of December 31, 2025 and 2024, respectively	84,000	38,000	26,000	10,000	88,000
Stock subscription receivable	−150,000	—	—	—	—
Additional paid-in capital	616	503	460	377	372
Accumulated other comprehensive loss	−95,000	−120,000	106,000	128,000	−267,000
Accumulated deficit	−463	−467	−400	−318	−264
Total stockholders' equity	154	35	60	59	108
Total liabilities and stockholders' equity	163	49	73	70	118

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	5	−68	−81	−55	−41
Depreciation expense	0	5,000	15,000	16,000	29,000
Non-cash operating lease expense	224,000	415,000	412,000	399,000	392,000
Deferred income taxes	5	—	—	—	—
Stock-based compensation expense	5	6	5	5	4
Prepaid expenses and other assets	1	100,000	164,000	416,000	−639,000
Research and development incentive receivable	149,000	—	1	−1	−1
Accounts payable and accrued expenses	−10	902,000	712,000	945,000	4
Income tax payable	−95,000	562,000	—	—	—
Lease liability	−228,000	−417,000	−415,000	−400,000	−406,000
Other assets	1	143,000	748,000	−755,000	597,000
Net cash used in operating activities	−44	−60	−44	−49	−35
Purchases of digital assets	−97	—	—	—	—
Net cash used in investing activities	−97	—	49	—	—
Proceeds from April 2024 Private Placement	—	40	—	—	—
Payment of deferred offering costs	−622,000	−3	—	−210,000	−184,000
Priciple payments of insurance financing	−440,000	—	—	—	—
Proceeds from the exercise of warrants	—	41,000	—	—	993,000
Proceeds from the exercise of stock options	16,000	92,000	—	—	4,000
Net cash provided by financing activities	108	37	−30,000	−210,000	98
Effect of exchange rate changes on cash and cash equivalents	39,000	−279,000	−43,000	−162,000	−33,000
Net decrease in cash and cash equivalents	−33	−23	5	−49	63
Remeasurement of right-of-use asset and lease liability	—	420,000	—	609,000	323,000
Prepayment of insurance through third-party financing	440,000	—	—	—	—
Deferred offering costs included in accounts payable	638,000	—	—	—	—
Issuance of common stock in exchange for stock subscription receivable	150,000	—	—	—	—

Filings

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