CYPHERPUNK TECHNOLOGIES INC. (CYPH): restructuring charge — Leap reports sirexatamab PFS benefit in CRC subgroups; workforce cut 75%, strategic review

CYPHERPUNK TECHNOLOGIES INC.

DeFianCe study: in high-DKK1 pts (upper quartile), median PFS 9.36 vs 5.88 mo (HR 0.47, p=0.024); ORR 44% vs 15.8% (p=0.015).
VEGF-naïve pts: median PFS 11.2 vs 8.34 mo (HR 0.61, p=0.038); ORR 55.1% vs 32.6% (p=0.012).
Full population ORR by BICR 33% vs 20.2% (p=0.0203); median PFS 9.2 vs 8.31 mo (HR 0.84, p=0.1749) not significant.
Board initiates strategic alternatives review; Raymond James engaged as advisor; workforce reduction of ~75% with $3.2M severance costs.
COO (Lawlor) terminated June 30, CMO (Sirard) terminated July 31; cash $32.7M (Mar 31).

item 2.05 item 5.02 item 5.07 item 8.01 item 9.01

Executive movements

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Departed

Cyndi Sirard, MD

Chief Medical Officer

CYPH · CYPHERPUNK TECHNOLOGIES INC.

Effective: 2025-07-31
Filed: June 23, 2025, 7:59 PM ET

Cyndi Sirard, MD will be terminated without cause from her position as the Company’s Chief Medical Officer, effective on or about July 31, 2025

Departed

Augustine Lawlor

Chief Operating Officer

CYPH · CYPHERPUNK TECHNOLOGIES INC.

Effective: 2025-06-30
Filed: June 23, 2025, 7:59 PM ET

Augustine Lawlor will be terminated without cause from his position as the Company’s Chief Operating Officer, effective June 30, 2025

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Cyndi Sirard, MD departed as Chief Medical Officer at CYPHERPUNK TECHNOLOGIES INC..

Action: terminated without cause
Role: Chief Medical Officer

Exact text from the filing

Cyndi Sirard, MD will be terminated without cause from her position as the Company’s Chief Medical Officer, effective on or about July 31, 2025

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Augustine Lawlor departed as Chief Operating Officer at CYPHERPUNK TECHNOLOGIES INC..

Action: terminated without cause
Role: Chief Operating Officer

Exact text from the filing

Augustine Lawlor will be terminated without cause from his position as the Company’s Chief Operating Officer, effective June 30, 2025

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CYPHERPUNK TECHNOLOGIES INC. announced a restructuring with charges of approximately $3.2 million affecting the Company's research and development activities, including the Company's sirexatamab and FL-501 development programs (approximately 75% of the Company's current workforce).

Type: restructuring
Charge: approximately $3.2 million
Affected area: the Company's research and development activities, including the Company's sirexatamab and FL-501 development programs
Headcount: approximately 75% of the Company's current workforce

Exact text from the filing

Due to current market conditions and the financial position of Leap Therapeutics, Inc. (the “Company”), the Company’s Board of Directors has approved a series of measures to conserve cash and reduce operating costs, including (i) the completion of the DeFianCe clinical trial and the wind-down of the Company’s research and development activities, including the Company’s sirexatamab and FL-501 development programs, and (ii) a reduction in force that will impact approximately 75% of the Company’s current workforce (the “Reduction In Force”) to be implemented in two phases (a) first, on or about June 30, 2025 that will impact the Company’s Chief Operating Officer, and (b) second, on or about July 31, 2025 that will impact the Chief Medical Officer of the Company. The Company estimates that it will incur approximately $3.2 million in costs primarily related to severance payments and related expenses in connection with the Reduction In Force.

View on SEC.gov

6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

CYPHERPUNK TECHNOLOGIES INC. filing history →

Source: SEC EDGAR

accession 0001104659-25-061385

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