---
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"
generated_at: "2026-05-18T23:35:01.199989+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Leap reports sirexatamab PFS benefit in CRC subgroups; workforce cut 75%, strategic review

## Summary
- 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).

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.05, 5.02, 5.07, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-061385
- JSON: https://secwatch.observer/filing/0001104659-25-061385.json
- Plain text: https://secwatch.observer/filing/0001104659-25-061385.txt

## Key facts
- Executive change
  Cyndi Sirard, MD departed as Chief Medical Officer at CYPHERPUNK TECHNOLOGIES INC..
  - Action: terminated without cause
  - Role: Chief Medical Officer
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1509745/000110465925061385/0001104659-25-061385-index.htm
- Executive change
  Augustine Lawlor departed as Chief Operating Officer at CYPHERPUNK TECHNOLOGIES INC..
  - Action: terminated without cause
  - Role: Chief Operating Officer
  source text: Augustine Lawlor will be terminated without cause from his position as the Company’s Chief Operating Officer, effective June 30, 2025
  evidence_url: https://www.sec.gov/Archives/edgar/data/1509745/000110465925061385/0001104659-25-061385-index.htm
- Restructurings & Charges
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1509745/000110465925061385/0001104659-25-061385-index.htm

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