Cypherpunk Technologies Inc. (CYPH) AI Stock Analysis

Cypherpunk Technologies Inc., formerly known as Leap Therapeutics, Inc. until November 2025, is based in Cambridge, Massachusetts. The company implements a digital asset strategy anchored by Zcash in the United States, focusing on identifying, developing, investing in, acquiring, and building privacy-enhancing technologies alongside accumulating digital assets. Additionally, the company develops biomarker-targeted antibody therapies for patients with cancer and other diseases. Its clinical programs include DKN-01, a monoclonal antibody inhibiting Dickkopf-related protein 1 that has completed a Phase 2 study for colorectal cancer, and FL-501, a preclinical monoclonal antibody targeting the GDF-15 protein for cancer cachexia, pregnancy-related nausea, and aging-related frailty.

Annual revenue dropped from $9.7M in FY2019 to $10.1M in FY2020, before dropping 85.1% to $1.5M in FY2021, representing a two-year revenue CAGR of -60.6%. Operating margin worsened significantly from -35.9% in FY2019 to -2761.7% in FY2021 as R&D expenses expanded to $32.2M, resulting in a net income of -$40.6M. For the trailing twelve months ended June 30, 2026, revenue stood at $0 with an operating margin of 0.0% and a net margin of 0.0%. However, trailing twelve-month EPS reached $0.63, while return on equity was -1.2% and return on assets was -13.8%.

As of June 30, 2026, Cypherpunk Technologies held $7.6M in cash and short-term investments against total debt of $38,000, yielding net cash of $7.6M. Total assets stood at $143.0M and shareholders' equity was $139.3M, yielding a current ratio of 79.19 and a debt-to-equity ratio of 0.00. In FY2025, capital expenditures were $97.0M. The company's 5-year share count change was 1458.3%.

CYPH has a market cap of $277.0M and an enterprise value of $381.4M. It trades at a trailing P/E of 4.1x, below the 12.1x median of its US-listed Financial Services peers. However, its price-to-sales multiple of 160.1x and EV/EBITDA of 303.5x sit significantly higher than peer medians of 3.2x and 11.7x, respectively. The stock closed at $2.57 on October 16, 2026, trading 116.5% above its 200-day average. Over the past year, CYPH gained 348.5%, outperforming the S&P 500 (SPY) return of 16.8%, though its 5-year return of -91.8% trails the index's 83.0% gain.

One analyst covers the stock with a Strong Buy rating. The mean price target is $4.90, representing 90.7% upside compared to the last close of $2.57. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $41.5M and an EPS of -$0.04. For the next fiscal year, estimates project revenue of $211.2M and EPS of $0.77. Over the last four quarters, the company delivered one EPS beat. The next earnings date is November 11, 2026.

This page is an AI-written research summary of Cypherpunk Technologies Inc. (CYPH). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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