Leap Therapeutics Q2 net loss $16.6M, cuts workforce 75%, explores strategic alternatives

CYPHERPUNK TECHNOLOGIES INC.

2025-Q2 EPS reported -$0.78 vs consensus -$0.30 ▼ miss (-163.7%)

Net loss of $16.6M for Q2 2025 vs $20.4M in Q2 2024; cash and equivalents $18.1M at June 30, 2025.
R&D expenses $10.5M (down from $17.9M); G&A $1.8M (down from $3.4M); restructuring charge $4.5M.
Board initiated review of strategic alternatives; engaged Raymond James as financial advisor.
Workforce reduced ~75% to preserve capital; majority of severance costs in Q3/Q4 2025.
Updated Phase 2 DeFianCe data showed statistically significant benefit on ORR and PFS in certain CRC subgroups.

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