Cypherpunk Q2 net income $39.4M on ZEC gain; FDA aligns on Phase 3 for sirexatamab

CYPHERPUNK TECHNOLOGIES INC.

Net income $39.4M ($0.18/diluted) vs net loss $16.6M in Q2 2025, driven by $46.0M unrealized gain on ZEC treasury.
ZEC treasury 323,394.38 ZEC (avg cost $341.83, ~1.92% of supply); ZEC price rose from $243.35 to $400.09 in Q2.
FDA aligned on randomized Phase 3 trial (~270 DKK1-high 2L mCRC patients) with dual endpoints ORR/OS; Fast Track granted May 2026.
DeFianCe Phase 2 published: in DKK1-high above median, sirexatamab improved ORR 38% vs 23.7%, PFS HR 0.61, OS HR 0.42; primary endpoint missed in ITT.
Cash $7.6M; G&A up to $4.5M from $1.8M; R&D down to $0.2M from $10.5M.

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