The company has effectively ceased commercial operations, with revenue growth contracting by 100% in 2025Q4 and no top-line generation reported in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 1.5M | 10.05M | 9.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -100% | - | - | - | -100% | -85.08% | 3.85% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 427K | 0 | 0 | 4.93M | 4.56M | 49K | 48K | 25K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | 49.06% | 47.07% | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | -427K | 0 | 1.5M | 5.12M | 5.12M | -49K | -48K | -25K | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | 100% | 50.94% | 52.93% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | -100% | -70.71% | -0.06% | 10557.14% | -2.08% | -92% | - | - | - | - | - |
| Operating Expenses | 29.97M | 36.54M | 70.06M | 86.61M | 56.76M | 42.93M | 8.57M | 8.6M | 30M | 32.35M | 27.52M | 21.09M | 20.25M | 13.87M | 8.68M |
| OpEx % of Revenue | - | - | - | - | - | 2861.73% | 85.22% | 88.84% | - | - | - | - | - | - | - |
| Selling, General & Admin | 6.71M | 10.87M | 12.85M | 13.38M | 11.8M | 10.77M | 7.02M | 7.44M | 8.92M | 9.85M | 4.23M | 5.72M | 4.71M | 4.57M | 1.51M |
| SG&A % of Revenue | - | - | - | - | - | 717.73% | 69.85% | 76.86% | - | - | - | - | - | - | - |
| Research & Development | 12.92M | 25.67M | 57.21M | 73.23M | 44.97M | 32.16M | 1.43M | 1.13M | 21.07M | 22.5M | 23.29M | 15.37M | 15.54M | 9.3M | 7.17M |
| R&D % of Revenue | - | - | - | - | - | 2144% | 14.19% | 11.63% | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 118K | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -29.97M | -36.54M | -70.06M | -87.04M | -56.76M | -41.43M | -3.45M | -3.48M | -30.75M | -32.35M | -27.52M | -21.09M | -20.92M | -13.87M | -8.8M |
| Operating Margin % | - | - | - | - | - | -2761.73% | -34.28% | -35.91% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 47.84% | 19.51% | -53.34% | -37.02% | -1102.15% | 0.86% | 88.7% | 4.95% | -17.55% | -30.5% | -0.83% | -50.8% | -57.63% | - |
| EBITDA | -29.65M | -36.54M | -70.05M | -86.61M | -56.75M | -41.4M | -3.24M | -3.27M | -30.7M | -32.3M | -27.5M | -20.61M | -20.26M | -13.23M | -8.15M |
| EBITDA Margin % | - | - | - | - | - | -2759.8% | -32.19% | -33.78% | - | - | - | - | - | - | - |
| EBITDA Growth % | 70.09% | 47.84% | 19.12% | -52.63% | -37.08% | -1179.26% | 1.04% | 89.35% | 4.96% | -17.49% | -33.38% | -1.76% | -53.13% | -62.33% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 5K | 427K | 16K | 29K | 210K | 206K | 49K | 48K | 25K | 474K | 657K | 640K | 649K |
| EBIT | -29.65M | -36.54M | -70.06M | -81.41M | -54.4M | -40.57M | -3.44M | -3.48M | -23.1M | -29.76M | -24.4M | -11.92M | -17.21M | -13.87M | 0 |
| Net Interest Income | 549K | 892K | 3.13M | 4.03M | 871K | -32K | 54K | 290K | 428K | 49K | -1.23M | 138K | -4.33M | 0 | 0 |
| Interest Income | 574K | 916K | 3.13M | 4.03M | 925K | 9K | 93K | 313K | 447K | 170K | 2K | 156K | 40K | 94K | 102K |
| Interest Expense | 25K | 24K | 0 | 0 | 54K | 41K | 39K | 23K | 19K | 121K | 1.23M | 18K | 4.37M | 0 | 0 |
| Other Income/Expense | -26.8M | 46.62M | 3.09M | 5.63M | 2.31M | 815K | 59K | 30K | 7.63M | 2.47M | 1.89M | 9.04M | -4.5M | -4.3M | 1.04M |
| Pretax Income | -56.77M | 10.08M | -66.97M | -81.41M | -54.45M | -40.61M | -3.39M | -3.45M | -23.12M | -29.88M | -25.63M | -20.95M | -25.42M | -18.18M | -7.76M |
| Pretax Margin % | - | - | - | - | - | -2707.4% | -33.69% | -35.6% | - | - | - | - | - | - | - |
| Income Tax | 137K | 5.25M | 585K | 0 | 147K | -24K | 0 | 0 | 20K | -157K | 0 | 152K | 31K | 149K | 0 |
| Effective Tax Rate % | -0.24% | 52.15% | -0.87% | 0% | -0.27% | 0.06% | 0% | 0% | -0.09% | 0.53% | 0% | -0.73% | -0.12% | -0.82% | 0% |
| Net Income | -56.91M | 4.82M | -67.56M | -81.41M | -54.6M | -40.59M | -3.39M | -3.45M | -23.14M | -29.73M | -25.63M | -21.1M | -25.45M | -18.32M | -7.76M |
| Net Margin % | - | - | - | - | - | -2705.8% | -33.69% | -35.6% | - | - | - | - | - | - | - |
| Net Income Growth % | 39.4% | 107.14% | 17.02% | -49.12% | -34.52% | -1098.32% | 1.71% | 85.11% | 22.17% | -15.98% | -21.46% | 17.08% | -38.89% | -136.26% | - |
| Net Income (Continuing) | -56.91M | 4.82M | -67.56M | -81.41M | -54.6M | -40.59M | -3.39M | -3.45M | -23.14M | -29.73M | -25.63M | -12.05M | -25.45M | -18.32M | -7.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.34 | 0.07 | -1.81 | -3.98 | -4.82 | -4.73 | -4.64 | -14.57 | -16.05 | -32.35 | -27.29 | -12.37 | -21.45 | -24.62 | -10.42 |
| EPS Growth % | 98.82% | 103.77% | 54.52% | 17.43% | -1.9% | -1.94% | 68.15% | 9.22% | 50.39% | -18.54% | -120.61% | 42.33% | 12.88% | -136.28% | - |
| EPS (Basic) | - | 0.07 | -1.81 | -3.98 | -4.82 | -4.73 | -4.64 | -14.57 | -16.36 | -32.45 | -27.29 | -12.37 | -21.45 | -24.62 | -10.42 |
| Diluted Shares Outstanding | 168.1M | 70.67M | 37.55M | 20.45M | 11.32M | 8.58M | 5.93M | 2.26M | 1.44M | 918.86K | 939.24K | 1.71M | 1.19M | 744.4K | 744.4K |
| Basic Shares Outstanding | 168.1M | 66.14M | 37.55M | 20.45M | 11.32M | 8.58M | 5.93M | 2.26M | 1.41M | 916.18K | 939.24K | 1.71M | 1.19M | 744.4K | 744.4K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent capital structure dilution
As indicated by the historical income statement data, Cypherpunk Technologies has effectively ceased generating revenue, with the last recorded top-line figure appearing in 2024Q4, underscoring the company's transition into a purely speculative development phase devoid of commercial market validation or recurring product sales.
The complete absence of revenue over the most recent quarters suggests that the company's business model is currently entirely dependent on non-recurring milestone events or future clinical success. This lack of top-line momentum complicates valuation efforts, as there is no underlying commercial activity to offset the ongoing operational burn.
Based on the provided financial filings, R&D spending has historically fluctuated significantly, peaking at $17.9 million in 2024Q2, which highlights the heavy reliance on external clinical trial execution and the high fixed-cost nature of the company's current drug development pipeline.
The volatility in R&D expenses suggests that management's cost discipline is largely dictated by the timing of clinical trial milestones rather than a steady-state operational budget. Investors should monitor whether these expenditures are yielding tangible progress in the DKN-01 program, as the current burn rate appears unsustainable without additional capital.
According to the reported income statements, the company recorded a notable $40.2 million net income in 2025Q4, a figure that appears disconnected from operational reality and likely stems from non-operating accounting adjustments rather than core business performance or sustainable profitability.
This anomalous profit spike warrants extreme caution, as it masks the underlying cash-burning nature of the business. Analysts should focus on the persistent operating losses, which provide a more accurate reflection of the company's ongoing financial health than the volatile net income line.
As noted in recent corporate disclosures, the transition from Leap Therapeutics to Cypherpunk Technologies in late 2025 introduces significant strategic ambiguity, potentially signaling a pivot away from the company's core monoclonal antibody development focus toward more speculative or unrelated technological ventures.
This rebranding effort may be viewed by market participants as a red flag, suggesting that management is struggling to maintain focus on the primary clinical asset. The combination of this identity shift and the precarious $14 million cash position creates a high-risk environment for shareholders.
Quick answers to the most common questions about buying CYPH stock.
For fiscal year 2025, Cypherpunk Technologies Inc. (CYPH) reported total revenue of $0.0M.
Cypherpunk Technologies Inc. (CYPH) is profitable, generating $4.8M in net income for the fiscal year ending 2025.