CYPHERPUNK TECHNOLOGIES INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | — | — | — | — | $1.5M |
| Research and development | $25.7M | $57.2M | $73.2M | $45.0M | $32.2M |
| Operating expenses | $41.1M | $70.1M | $87.0M | $56.8M | $42.9M |
| Operating income | -$41.1M | -$70.1M | -$87.0M | -$56.8M | -$41.4M |
| Interest expense | $24,000 | — | — | $54,000 | $41,000 |
| Pretax income | $10.1M | -$67.0M | -$81.4M | -$54.4M | -$40.6M |
| Income tax expense | $5.3M | $585,000 | — | $147,000 | -$24,000 |
| Net income | $4.8M | -$67.6M | -$81.4M | -$54.6M | -$40.6M |
| Balance Sheet | |||||
| Cash and equivalents | $14.0M | $47.2M | $70.6M | $65.5M | $114.9M |
| Current assets | $162.1M | $48.0M | $71.6M | $68.0M | $116.9M |
| Total assets | $163.2M | $49.1M | $72.8M | $70.4M | $117.9M |
| Current liabilities | $4.6M | $14.1M | $12.7M | $11.2M | $10.0M |
| Total liabilities | $9.7M | $14.1M | $12.7M | $11.5M | $10.0M |
| Stockholders' equity | $153.5M | $35.0M | $60.1M | $58.9M | $107.9M |
| Cash Flow Statement | |||||
| Cash from operations | -$43.9M | -$60.3M | -$43.8M | -$49.0M | -$35.2M |
| Depreciation and amortization | $0 | $5,000 | $15,000 | $16,000 | $29,000 |
| Stock-based compensation | $4.9M | $5.5M | $5.1M | $5.2M | $3.7M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 106.5M · Free float 66.1%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.