Leap Therapeutics acquires Flame Biosciences, gaining FL-301 and ~$50M net cash, combined cash ~$115M

CYPHERPUNK TECHNOLOGIES INC.

Acquired Flame for ~19.8M shares common + ~136.8k Series X preferred (convertible to 1,000 common each).
Combined cash ~$115M (incl. ~$50M net from Flame) expected to fund operations to mid-2025.
Pipeline adds clinical anti-Claudin18.2 antibody FL-301 and preclinical FL-302/FL-501 programs.
Flame shareholders to own 58% of pro forma shares (as-converted), pending stockholder approval of conversion.
Board expanded to include Patricia Martin and Christian Richard; existing management remains.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.