CYPHHIGH SIGNALMANAGEMENT10-K

Cypherpunk completed a fundamental business transformation, changing its name from Leap Therapeutics and substantially reducing R&D operations while maintaining the biotechnology business through a subsidiary structure.

This represents a strategic pivot away from the company's previous biotech-focused identity, suggesting either a diversification strategy or shift in core business focus. The retention of biotechnology operations through a subsidiary indicates management may be hedging their transformation while exploring new opportunities, though the substantial reduction in R&D spending signals a meaningful operational shift.

Comparing 2026-03-16 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

The company's financial profile reflects significant operational contraction, with R&D expenses meaningfully reduced and operating losses improving accordingly. Cash reserves declined substantially from $47.2M to $14.0M, though current liabilities also decreased significantly, suggesting active management of working capital during the transition period. Operating cash flow improved modestly, indicating the cost reduction measures are having their intended effect on cash burn.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-70.3%
$47.2M→$14.0M

Cash declined 70.3% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Liabilities
Balance Sheet
-67.6%
$14.1M→$4.6M

Current liabilities reduced — improved short-term financial position and working capital health.

Capital Expenditure
Cash Flow
+56.3%
$64K→$100K

Capital expenditure jumped 56.3% — major investment cycle underway; assess returns on deployment.

R&D Expense
P&L
-55.1%
$57.2M→$25.7M

R&D spending cut 55.1% — could signal cost discipline or concerning reduction in innovation investment.

Operating Income
P&L
+41.4%
-$70.1M→-$41.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Interest Expense
P&L
+31.7%
$41K→$54K

Interest expense surged 31.7% — significant debt increase or rising rates materially impacting earnings.

Total Liabilities
Balance Sheet
-31.3%
$14.1M→$9.7M

Liabilities reduced 31.3% — deleveraging improves balance sheet strength and financial flexibility.

Operating Cash Flow
Cash Flow
+27.2%
-$60.3M→-$43.9M

Operating cash flow grew 27.2% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-26
ADDED
As of March 11, 2026, there were 89,979,619 outstanding shares of the registrant s common stock, par value $0.001 per share, which is the only outstanding class of common stock of the registrant.
Our business is further subject to additional risks and uncertainties, including our ability to comply with the continued listing requirements of the Nasdaq Capital Market ( Nasdaq ); our results of operations, financial condition, liquidity, prospects and growth strategies; geopolitical and macroeconomic factors, including but not limited to our ability to access the capital markets, the effects of inflation and interest rate factors, as well as fluctuations in the market price of our traded securities and the cryptocurrency markets.
We obtained the industry, market and competitive position data in this Annual Report from our own internal estimates and research as well as from industry and general publications and research surveys and studies conducted by third parties.
INTRODUCTORY COMMENT References to Cypherpunk and Leap On November 12, 2025, we filed a Charter Amendment with the Secretary of State of the State of Delaware changing the Company s name from Leap Therapeutics, Inc.
In connection with the name change, the Company formed a new wholly-owned subsidiary, named Leap Therapeutics, Inc.
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REMOVED
As of March 20, 2025, there were 41,257,602 outstanding shares of the registrant s common stock, par value $0.001 per share, which is the only outstanding class of common stock of the registrant.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated.
INTRODUCTORY COMMENT References to Leap Throughout this Annual Report on Form 10-K, the Company, Leap, Leap Therapeutics, we, us, and our, except where the context requires otherwise, refer to Leap Therapeutics, Inc.
and its consolidated subsidiaries, and our board of directors refers to the board of directors of Leap Therapeutics, Inc.
( HCP Australia ) was formed and is our wholly owned subsidiary.
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