---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-047564"
form_type: "8-K"
ticker: "CYPH"
cik: "0001509745"
company_name: "CYPHERPUNK TECHNOLOGIES INC."
filed_at: "2025-05-13T23:59:59+00:00"
generated_at: "2026-05-21T15:14:59.458689+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Leap Therapeutics Q1 net loss $15.4M; workforce cut ~50%; sirexatamab shows positive Phase 2 data

## Summary
- Net loss of $15.4M in Q1 2025 vs $13.8M in Q1 2024; R&D expense rose to $12.9M.
- Cash and equivalents $32.7M at March 31, 2025.
- Positive DeFianCe study data: 32% higher ORR and 3.5-month PFS benefit in DKK1-high CRC patients.
- Strategic restructuring reduced workforce by ~50% to prioritize sirexatamab and FL-501.
- Engaged financial advisor to explore business development for sirexatamab registrational Phase 3.

## SEC filing metadata
- accession: 0001104659-25-047564
- form_type: 8-K
- ticker: CYPH
- cik: 0001509745
- company_name: CYPHERPUNK TECHNOLOGIES INC.
- filed_at: 2025-05-13T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1509745/000110465925047564/0001104659-25-047564-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1509745/000110465925047564/tm2514827d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-047564
- JSON: https://secwatch.observer/filing/0001104659-25-047564.json
- Plain text: https://secwatch.observer/filing/0001104659-25-047564.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.