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what it is
Cypherpunk develops cancer drugs and holds a large Zcash treasury.
how it gets paid
Last year Cypherpunk Tech made n/a in revenue. Zcash treasury strategy was the main engine at n/a, or 60% of sales.
what just happened
The latest quarter showed a -$0.85 EPS loss and no revenue engine.
At a glance
C+ balance sheet — struggling to keep the lights on
50/100 earnings predictability — expect surprises
-$1.81 fy2024 eps est
$2M fy2021 rev est
1.3 beta
xvary composite: 30/100 — weak
What they do
Cypherpunk develops cancer drugs and holds a large Zcash treasury.
You are not buying one asset. You are buying 290,062 ZEC and two drug shots on goal. The ZEC stash equals 1.76% of supply, so the stock has a real coin-linked engine. If the drugs work, you get biotech upside. If they do not, you still own a crypto pile with a medicine bill.
How they make money
n/a
annual revenue
Zcash treasury strategy
n/a
DKN-01 clinical program
n/a
FL-501 preclinical program
n/a
Corporate and overhead
n/a
The products that matter
digital asset treasury
Zcash (ZEC) Treasury
294,743 ZEC · $147.4M value
it's the asset that matters. The treasury represented about 1.78% of total ZEC supply and was worth more than four times the company's roughly $33M market cap shown on this page.
1.78% of supply
clinical-stage cancer drug
Sirexatamab (DKN-01)
pipeline asset · pre-revenue
the lead oncology asset still has no revenue attached to it on this page. Right now the market is not paying for drug sales because there are none.
$0 revenue today
capital deployment into Zcash development
Zcash Open Development Lab (ZODL)
$5M strategic investment
the March 2026 investment is small next to a $147.4M treasury and still large relative to a roughly $33M market cap. Management is leaning harder into the Zcash bet, not away from it.
march 2026
Key numbers
290,062 ZEC
coins held
That is a huge coin pile for a $33M company. The balance sheet is the story.
1.76%
supply owned
Cypherpunk controls 1.76% of circulating ZEC. That makes the treasury concentrated, not casual.
$33M
market cap
The equity is worth about $33M. The coin pile and pipeline have to justify that price tag.
$1.81
FY2024 EPS
still expects a loss. The business is not self-funding yet.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CYPH right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter showed a -$0.85 EPS loss and no revenue engine.
The company is still losing money. Trailing revenue sits at $0M, so the market is watching cash use and balance-sheet moves instead of sales growth.
$0M
revenue
$0.85
eps
n/a
n/a
the number that mattered
$0.85 per share is the number that matters. It says the business is still spending more than it brings in.
source: SEC filing and consensus data, 2026
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What could go wrong
the core risk is not abstract biotech uncertainty. It is a very specific mix of Zcash concentration, repeated dilution, and a live listing problem. The asset is volatile, the equity base is small, and the latest reported revenue here was still $0.
med
Zcash price swings run the economics
A 10% move in a $147.4M treasury changes asset value by about $14.7M. FY2025 net income was only $4.8M.
One token move can overwhelm the rest of the income statement. That is not diversification. That is concentration.
med
583% dilution can keep the discount alive
Shareholder ownership eroded 583% over five years, and the page also references a $58.9M private placement in 2025.
Even if asset value rises, your per-share claim can still disappoint. You do not own the treasury in the abstract. You own your slice of it.
med
The Nasdaq bid notice is real, not cosmetic
CYPH received a notice on March 4, 2026 after closing below the $1.00 minimum bid price.
That adds deadline pressure and raises the odds of corporate actions that fix the quote without fixing the business.
med
The operating business still has not shown up in revenue
The latest FY2025 result on this page reported revenue of $0 even though the company also carries a clinical-stage drug asset.
If the pipeline does not generate monetizable progress, the stock stays a treasury wrapper with biotech overhead attached.
A $147.4M treasury versus a roughly $33M market cap looks cheap on the surface, but 583% five-year dilution, a $1 bid notice, and $0 reported FY2025 revenue explain why the market is skeptical.
source: institutional data · regulatory filings · risk analysis
Pay attention to
valuation gap
treasury value versus equity value
The setup is simple: $147.4M of ZEC value against a roughly $33M market cap. If that gap narrows without another wave of dilution, the stock can move fast. If dilution expands, the discount stays rational.
listing
Nasdaq minimum bid compliance
After the March 4, 2026 notice, the company needs to solve the sub-$1 quote issue. Recovery is cleaner than a reverse split. The market knows that too.
results
the next filing that separates marks from operations
FY2025 showed $4.8M of net income and $0 of revenue. The next report needs to tell you whether that still holds or whether an actual operating line finally appears.
capital allocation
whether management keeps doubling down on Zcash
The $5M ZODL investment says management is still building around the Zcash thesis. More of that raises upside if ZEC works and concentration risk if it does not.
Analyst rankings
earnings predictability
50 / 100
in human-speak, the reported numbers are only moderately predictable because mark-to-market movements can turn a loss into a profit without any operating turnaround.
beta
1.3
Beta measures market sensitivity. At 1.3, the stock has tended to move more than the market, which fits a small-cap crypto-linked name with a 5 / 100 price stability score.
price stability
5 / 100
That score is the market saying this tape is loud. If you own it, you own volatility too.
source: institutional data
Institutional activity
institutional ownership data for CYPH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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