Cypherpunk Q2 Financial Report: Net Profit of $39.39 Million, Unrealized Gain on ZEC Holdings of $46 Million

Cypherpunk Technologies (Nasdaq: CYPH), a ZEC treasury company, released its Q2 2026 financial results, reporting a net profit of $39.39 million, or $0.18 in diluted earnings per share (EPS), compared to a net loss of $16.64 million in the year-ago quarter. Operating loss came in at $4.69 million. Research and development (R&D) expenses totaled $200,000, a sharp decline from $10.54 million in the same period last year, primarily due to the completion of clinical trials. General and administrative expenses reached $4.49 million, up $2.75 million year-over-year, driven by increased equity-based compensation. As of June 30, the company held $7.6 million in cash. On the ZEC holdings front, ZEC’s price rose from $243.35 to $400.09 during Q2, generating $46 million in non-cash unrealized gains, the main driver of the quarter’s profitability. As of August 11, 2026, the company held a total of 323,394.38 ZEC at an average cost of approximately $341.83, accounting for roughly 1.92% of ZEC’s total circulating supply, with a holding market value of around $129 million. In business updates, the company appointed Dev Ojha, founder of Valar Group, as an advisor. Valar Group is a team focused on Zcash network development and research, and leads the development of high-performance full-node software Zakura and the Ironwood shielded pool. Subsidiary Leap Therapeutics reached an agreement with the U.S. Food and Drug Administration (FDA) on the Phase III clinical trial design of sirexatamab (DKK1 monoclonal antibody), and obtained FDA Fast Track designation in May 2026 for treating second-line metastatic colorectal cancer patients with high DKK1 expression. The company has also launched a strategic process to evaluate the optimal path for advancing sirexatamab development, either through independent financing or in partnership with third parties.