{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-061385","form_type":"8-K","ticker":"CYPH","cik":"0001509745","company_name":"CYPHERPUNK TECHNOLOGIES INC.","filed_at":"2025-06-23T23:59:59+00:00","discovered_at":"2026-05-14T18:02:48.543549+00:00","generated_at":"2026-05-18T23:35:01.199989+00:00","sec_items":["2.05","5.02","5.07","8.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Leap reports sirexatamab PFS benefit in CRC subgroups; workforce cut 75%, strategic review","bullets":["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)."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-061385","json":"https://secwatch.observer/filing/0001104659-25-061385.json","markdown":"https://secwatch.observer/filing/0001104659-25-061385.md","text":"https://secwatch.observer/filing/0001104659-25-061385.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1509745/000110465925061385/0001104659-25-061385-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1509745/000110465925061385/tm2518612d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T23:35:01.199989+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0dfe2fb01c","claim":"Cyndi Sirard, MD departed as Chief Medical Officer at CYPHERPUNK TECHNOLOGIES INC..","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1509745/000110465925061385/0001104659-25-061385-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"terminated without cause"},{"label":"Role","value":"Chief Medical Officer"}],"fact_type":"executive_change"},{"claim_id":"2b91071d53","claim":"Augustine Lawlor departed as Chief Operating Officer at CYPHERPUNK TECHNOLOGIES INC..","evidence_excerpt":"Augustine Lawlor will be terminated without cause from his position as the Company’s Chief Operating Officer, effective June 30, 2025","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1509745/000110465925061385/0001104659-25-061385-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"terminated without cause"},{"label":"Role","value":"Chief Operating Officer"}],"fact_type":"executive_change"},{"claim_id":"d58a8c4ccce43586e874ac8c68f18e625445788b","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1509745/000110465925061385/0001104659-25-061385-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"approximately $3.2 million"},{"label":"Affected area","value":"the Company's research and development activities, including the Company's sirexatamab and FL-501 development programs"},{"label":"Headcount","value":"approximately 75% of the Company's current workforce"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}