Logo

LPTX

Leap Therapeutics, Inc.

LPTX

Leap Therapeutics, Inc. • NASDAQ
$1.53 ▼ -9.17% (-0.15)
Market Cap $63.54 M
52w High $3.58
52w Low $0.22
Dividend Yield 0%
P/E -0.97
Volume 612.90K
Outstanding Shares 41.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $209K ▲ $7.731M ▼ $-25.969M ▼ -12.425K% ▼ $-0.08 ▲ $-25.184M ▼
Q2-2025 $0 $16.881M ▲ $-16.643M ▼ 0% $-0.4 ▼ $-16.636M ▼
Q1-2025 $0 ▼ $15.917M ▼ $-15.435M ▲ 0% ▲ $-0.37 $-15.429M ▲
Q4-2024 $234K ▲ $34.544M ▲ $-40.169M ▼ -17.166K% ▼ $-0.37 ▲ $-20.193M ▼
Q3-2024 $0 $17.855M $-18.176M 0% $-0.44 $-18.354M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $174.137M ▲ $294.825M ▲ $52.609M ▲ $242.216M ▲
Q2-2025 $18.13M ▼ $20.042M ▼ $14.325M ▲ $5.717M ▼
Q1-2025 $32.713M ▼ $34.879M ▼ $14.039M ▼ $20.84M ▼
Q4-2024 $47.249M ▼ $49.124M ▼ $14.076M ▼ $35.048M ▼
Q3-2024 $62.823M $65.047M $16.093M $48.954M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-25.969M ▼ $-16.292M ▼ $13.992M ▲ $213K ▲ $-2.087M ▲ $-18.284M ▼
Q2-2025 $-16.643M ▼ $-14.486M ▼ $0 $-119K ▼ $-14.583M ▼ $-14.486M ▼
Q1-2025 $-15.435M ▼ $-14.48M ▲ $0 $-61K ▼ $-14.536M ▲ $-14.48M ▲
Q4-2024 $-15.431M ▲ $-15.512M ▲ $0 $104K ▲ $-15.574M ▲ $-15.512M ▲
Q3-2024 $-18.176M $-15.6M $0 $-66K $-15.656M $-15.6M

Revenue by Products

Product Q1-2021Q2-2021Q3-2021Q4-2021
License
License
 $0 ▲$0 ▲$0 ▲$0 ▲
Royalty
Royalty
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Leap Therapeutics (now Cypherpunk Technologies) has been a classic clinical‑stage biotech story on the income side: no product revenue and recurring operating losses. Expenses are driven by research, development, and overhead rather than manufacturing or sales. Losses have been fairly steady over the past several years rather than exploding, which suggests some discipline in spending. However, without any commercial products or recurring revenue, the path to profitability depends entirely on either successful drug approvals, partnerships, asset sales, or now, performance of its cryptocurrency holdings. This means the income statement mainly reflects cash outflows to fund experiments and corporate operations, not a traditional operating business.

Balance Sheet

Balance Sheet The balance sheet is small in absolute size but relatively simple and clean. The company holds most of its assets in cash or cash‑like instruments, with no financial debt reported, which reduces balance‑sheet risk but also highlights how reliant it is on its cash reserves. Equity is positive, but it is built almost entirely from money raised from investors rather than retained earnings. The reverse stock split in 2023 signals earlier pressure on the share price and a need to maintain listing standards. Going forward, the new strategy of holding a sizable digital asset position (Zcash) introduces a very different kind of balance‑sheet risk: crypto price volatility will likely become a major driver of reported asset values and equity, on top of the usual biotech cash‑burn dynamics.

Cash Flow

Cash Flow Cash flows show a clear pattern: money consistently flows out to fund operations and clinical work, with no offsetting inflows from product sales. Operating cash burn has been persistent but not extreme for a biotech of this size, and there is essentially no spending on physical assets, which keeps the cost base flexible. This means the company’s survival horizon is largely a function of starting cash, access to new capital, and now the value of its digital assets. As R&D spending has been reduced and the crypto strategy has taken center stage, the mix of cash uses may shift away from lab and trial spending toward treasury activities. In all cases, the business model remains dependent on external financing or asset appreciation rather than internally generated cash.

Competitive Edge

Competitive Edge Competitively, the company is now an unusual hybrid. On the biotech side, it has targeted, antibody‑based cancer programs with scientific merit, but it operates in highly contested areas where several larger and better‑funded players are also working—especially around the Claudin18.2 and GDF‑15 targets. Any edge it has comes from its specific antibody designs, clinical data, and intellectual property, but these strengths must be weighed against the company’s limited scale and reduced R&D budget. On the cryptocurrency side, its focus on Zcash differentiates it from typical biotechs but does not create a traditional operational moat; the main differentiator is its role as a public vehicle tied closely to a single privacy coin. This hybrid identity is distinctive but untested, and it may make it harder to be viewed as a clear leader in either core biotech or pure crypto investing.

Innovation and R&D

Innovation and R&D Historically, Leap’s innovation engine was its oncology pipeline, led by sirexatamab (DKN‑01) and early‑stage assets such as FL‑301 and FL‑501. These programs target well‑defined biological pathways with the potential for meaningful clinical benefit, particularly in certain hard‑to‑treat cancers and cancer‑related wasting. The scientific thesis is credible, and some clinical signals have been encouraging. However, the strategic pivot and reduced R&D spending raise doubts about the pace and depth of ongoing development. The pipeline may increasingly depend on partnerships, licensing, or eventual divestiture to reach its full potential. On the crypto side, the “innovation” is more financial and strategic than technological: concentrating the corporate treasury in Zcash and positioning the company within that ecosystem. This is novel but does not rely on in‑house scientific or engineering breakthroughs in the same way as the legacy drug programs.

Summary

Overall, LPTX has transformed from a pure clinical‑stage cancer biotech into a high‑concept hybrid that combines early‑stage drug development with a concentrated bet on a single cryptocurrency. Financially, it has a lean, cash‑heavy, debt‑free balance sheet but no operating revenue and ongoing cash burn, now intertwined with the volatility of digital assets. Its cancer programs offer scientific upside but face strong competition and may be constrained by the company’s shifting priorities and resources. The new Zcash‑centric strategy creates a very different risk profile, tying equity value not only to uncertain clinical outcomes but also to crypto market swings. The story going forward is less about steady, traditional business growth and more about how effectively management can balance these two very different sources of potential value while managing funding needs and volatility.

NEWS

November 12, 2025 · 8:00 AM UTC

Cypherpunk Technologies (formerly Leap Therapeutics) Reports Third Quarter 2025 Financial Results

Read more

November 12, 2025 · 7:00 AM UTC

Leap Therapeutics Rebrands as Cypherpunk; Expands Leadership Team to Drive New Zcash Treasury Strategy

Read more

October 20, 2025 · 7:00 AM UTC

Leap Therapeutics Presents Final Data from DeFianCe Study at ESMO 2025

Read more

October 9, 2025 · 7:00 AM UTC

Leap Therapeutics Announces Closing of $58.88 Million Private Placement in Cash Led by Winklevoss Capital to Initiate a Digital Asset Treasury Strategy

Read more

October 6, 2025 · 9:00 AM UTC

Leap Therapeutics Announces $58.88 Million Private Placement in Cash Commitments Led by Winklevoss Capital to Initiate a Digital Asset Treasury Strategy

Read more