Cypherpunk reports FY2025 net income of $4.8M; ZEC treasury at $147.4M

CYPHERPUNK TECHNOLOGIES INC.

Net income of $4.8M vs net loss of $67.8M in 2024; driven by $50.4M unrealized gain on ZEC holdings.
Cash $14.0M; ZEC treasury 294,743.10 ZEC (1.78% of supply) at avg cost $335.89, valued $147.4M at year-end.
Closed $58.88M private placement led by Winklevoss Capital in October 2025.
Invested $5M in ZODL, developer of Zodl Zcash wallet, alongside a16z, Coinbase, Paradigm.
Sirexatamab in DKK1-high CRC showed ORR 44% vs 15.8% control; mOS not reached vs 9.66 months.

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