Cypherpunk Aligns With FDA on Sirexatamab Phase 3
The privacy-technology company posted $39.4 million of second-quarter net income as its Zcash treasury reached 323,394.38 ZEC.
Cypherpunk Technologies Inc. (CYPH) said its Leap Therapeutics subsidiary reached alignment with the FDA on a registrational Phase 3 trial of sirexatamab in DKK1-high, second-line metastatic colorectal cancer, and opened a strategic process to fund that program as a spin-out or with a partner.
The Cambridge, Massachusetts privacy-technology company also reported net income of $39.4 million, or $0.18 a share, for the second quarter ended June 30, 2026, versus a net loss of $16.6 million a year earlier. The swing was primarily a $46.0 million unrealized gain on the fair value of its ZEC treasury as the coin’s price rose from $243.35 to $400.09 in the quarter.
Leap presented a proposed randomized, controlled design at a Type C meeting, and the FDA supported key elements, including a DKK1 biomarker-selected population and a dual-endpoint structure. About 270 patients whose disease has progressed after one prior line of therapy, prospectively identified as DKK1-high by a baseline plasma assay, are expected to be enrolled 1:1. Objective response rate in an initial group of about 160 patients could support potential accelerated approval in the United States; overall survival in the full population is intended to support a full-approval filing and registration outside the United States. A blood-based companion diagnostic would be developed in parallel.
The company initiated a strategic process to identify the best path forward for sirexatamab and to secure resources for Phase 3, which may include financing the program as an independent entity or a partnership, license, collaboration, sale, or other business combination. There can be no assurance the process will produce a transaction or financing, and the company has not set a timetable.
The trial design follows publication of the randomized Phase 2 DeFianCe study in Clinical Cancer Research. The prespecified primary endpoint of progression-free survival in the intent-to-treat population was not met. Peer-reviewed analyses said the benefit of sirexatamab increases as baseline plasma DKK1 rises. In DKK1-high patients above the median, objective response rate was 38.0% with sirexatamab versus 23.7% on control, and median overall survival was not reached versus 14.4 months. In the upper quartile, response was 44.0% versus 15.8%. In May 2026 the FDA granted Fast Track designation to sirexatamab in combination with fluoropyrimidine-based chemotherapy and bevacizumab for DKK1-high metastatic colorectal cancer after one prior systemic therapy.
On the treasury side, holdings increased to 323,394.38 ZEC as of August 11, 2026, from 314,185.70 ZEC as of May 13, 2026, at an average purchase price of $341.83. That represented about 1.92% of Zcash’s circulating supply. Chief Investment Officer Will McEvoy said the company is growing its ZEC treasury, expanding its advisory team, and continuing to back core infrastructure developers such as ZODL.
Cypherpunk appointed Dev Ojha, founder of Valar Group, as an advisor. Valar Group has worked on Zakura full-node software and the Ironwood shielded pool. The advisory team also includes Arjun Khemani, Josh Swihart of ZODL, Jeff Tiller of Gemini, and Zooko Wilcox, founder of Zcash.
Research and development expenses were $0.2 million for the three months ended June 30, 2026, compared with $10.5 million a year earlier, attributed to completion of clinical trials and a 2025 reduction in force. General and administrative expenses were $4.5 million, including higher stock-based compensation, payroll, and professional fees.
Cash and cash equivalents totaled $7.6 million on June 30, 2026. ZEC treasury holdings, categorized as a digital asset receivable, totaled $129.4 million at the June 30 ZEC price of $400.09.
The company will continue to determine the best path to advance sirexatamab and does not intend to disclose developments in that process unless it determines further disclosure is appropriate or required.