Form 8-K

8-K — CYPHERPUNK TECHNOLOGIES INC.

Accession: 0001104659-26-094445

Filed: 2026-08-12

Period: 2026-08-12

CIK: 0001509745

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — tm2620947d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2622925d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2622925d1_ex99-2.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: tm2620947d1_8k.htm · Sequence: 1

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0001509745

2026-08-12

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UNITED STATES

SECURITIES AND

EXCHANGE COMMISSION

Washington, D.C.

20549

FORM 8-K

CURRENT REPORT

Pursuant to Section

13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

August 12, 2026

Cypherpunk

Technologies Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-37990

27-4412575

(State or Other Jurisdiction of

incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

47 Thorndike Street, Suite B1-1

Cambridge, MA 02141

(Address of Principal Executive Office) (Zip Code)

(617) 714-0360

(Registrant’s telephone number, including

area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form

8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange

Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under

the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock, par value $0.001 per share

CYPH

The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR

§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ¨

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results

of Operations and Financial Condition

On August 12, 2026, Cypherpunk Technologies Inc.

(the “Company”) announced its financial results for the quarter ended June 30, 2026. The full text of the press release issued

by the Company in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained herein and in the accompanying

exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless

of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information

in this Current Report on Form 8-K, including the information set forth under this Item 2.02 and the exhibit hereto, shall not be deemed

to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities

of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 8.01 Other Events.

Also on August 12, 2026,

Leap Therapeutics, Inc., the biotechnology subsidiary of the Company, announced the publication of results from the randomized Phase 2

DeFianCe study of sirexatamab (DKN-01), an anti-DKK1 monoclonal antibody, in Clinical Cancer Research.

A copy of the news release

is filed with this Current Report on Form 8-K as Exhibit 99.2 and incorporated into this Item 8.01 by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Press Release of Cypherpunk Technologies Inc. dated August 12, 2026.

99.2

Press Release of Leap Therapeutics, Inc. dated August 12, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements

of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

duly authorized.

CYPHERPUNK TECHNOLOGIES INC.

Date: August 12, 2026

/s/

Douglas E. Onsi

President & CEO

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2622925d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Cypherpunk Technologies Reports Second Quarter

2026 Financial Results

Cambridge,

Mass. – August 12, 2026 – Cypherpunk Technologies Inc., (Nasdaq: CYPH) ("Cypherpunk"), today reported

financial results for the second quarter ended June 30, 2026.

"In the second quarter, Cypherpunk built

upon the momentum established earlier this year through the disciplined execution of our Zcash digital asset treasury strategy, increasing

our treasury holdings to 323,394.38 ZEC, and welcoming Dev Ojha, founder of Valar Group, as an Advisor,” said Douglas E. Onsi, President

and CEO of Cypherpunk Technologies. “Our Leap Therapeutics subsidiary reached alignment with the FDA on a proposed Phase 3 trial

in a DKK1-high, second-line, metastatic colorectal cancer population, with objective response rate as the primary endpoint to support

accelerated approval and overall survival to support full approval in the United States and registration globally. We are conducting a

strategic process to determine the best path to advance sirexatamab, whether as an independently financed spin-out company or with a partner

who shares our commitment to cancer patients.”

“In an increasingly AI-driven economy, the

demand for true privacy is moving from a technical preference to a civilizational necessity. Our execution in the second quarter reinforces

Cypherpunk’s conviction in Zcash as a foundational monetary asset. By growing our ZEC treasury, expanding our world-class advisory

team, and continuing to back core infrastructure developers like ZODL, we are systematically positioning Cypherpunk to capture the long-term

value of digital privacy adoption,” said Will McEvoy, Chief Investment Officer of Cypherpunk.

Cypherpunk Highlights:

· Zcash treasury holdings increased to 323,394.38 ZEC

o As of August 11, 2026, Cypherpunk held a total of 323,394.38 ZEC at an average purchase price of

$341.83, representing approximately 1.92% of the total circulating supply of the Zcash network.

o ZEC is a digital currency that can be transmitted over a peer-to-peer payment system. Zcash uses a cryptographic

method called “zero-knowledge proofs” to allow users to engage in financial transactions while maintaining greater privacy.

· Dev Ojha Appointed as an Advisor

o Cypherpunk appointed Dev Ojha, the founder of Valar Group, a leading development and research team focused

on the Zcash Network, as an Advisor. Valar Group has taken a significant role in developing Zakura, a high-performance full node software

designed for massive scalability of Zcash, and on the Ironwood shielded pool. Dev also serves as an official ZIP Editor for Zcash protocol

standards. Cypherpunk’s Advisory Team also includes: Arjun Khemani, Zcash key opinion leader; Josh Swihart, CEO of ZODL; Jeff Tiller,

Chief of Staff of Gemini; and Zooko Wilcox, Founder of Zcash and Chief Product Officer at Shielded Labs.

Leap Therapeutics Subsidiary Highlights:

· Publication of randomized Phase 2 DeFianCe study in Clinical Cancer Research

o Leap Therapeutics announced the publication of results from the randomized Phase 2 DeFianCe (NCT05480306)

study of sirexatamab (DKN-01), an anti-DKK1 monoclonal antibody, in Clinical Cancer Research. The publication, “Sirexatamab

in Combination with Bevacizumab and Chemotherapy as Second-Line Therapy for Advanced Colorectal Adenocarcinoma: the Phase II DeFianCe

Trial," reported the complete efficacy, safety, and biomarker analyses from the study and details the statistical basis for the DKK1

biomarker finding.

o The peer-reviewed analyses establish that, while the prespecified primary endpoint was not met in the

intent-to-treat population, the benefit of sirexatamab increases as a patient's baseline plasma DKK1 level rises — a relationship

confirmed by independent statistical approaches and reinforced by the observation that high DKK1 predicts poorer outcomes on standard

of care alone. Together, these findings define DKK1-high metastatic colorectal cancer (mCRC) as a biologically distinct population with

high unmet need.

· Reached FDA alignment on registrational Phase 3 trial in DKK1-high colorectal cancer

o Leap Therapeutics held a Type C meeting with the FDA to discuss the DeFianCe results and proposed registrational

path for sirexatamab in DKK1-high, second-line mCRC. Leap presented its proposed Phase 3 trial design, and the FDA provided feedback supporting

key elements of that design, including the use of a DKK1 biomarker-selected patient population and a dual-endpoint structure intended

to support both accelerated and full approval.

o Leap Therapeutics reached alignment with the FDA on a randomized, controlled Phase 3 trial evaluating

sirexatamab in combination with investigator’s-choice fluoropyrimidine-based chemotherapy (FOLFIRI or mFOLFOX6) plus bevacizumab,

compared with chemotherapy and bevacizumab alone. Approximately 270 patients with mCRC whose disease has progressed following one prior

line of systemic therapy prospectively identified as DKK1-high using a baseline plasma DKK1 assay cut point are expected to be enrolled

and randomized 1:1. Potential accelerated approval in the United States could be determined by objective response rate (ORR) in an initial

group of approximately 160 patients, and overall survival (OS) will be evaluated in the full study population intended to support a filing

for full approval in the United States and to support registration in markets outside the United States.

o A blood-based companion diagnostic would be developed in parallel to identify DKK1-high patients in routine

clinical practice.

· Sirexatamab received Fast Track designation from FDA

o In May 2026, the FDA granted Fast Track designation to sirexatamab in combination with fluoropyrimidine

plus oxaliplatin- or irinotecan-based chemotherapy and bevacizumab, for the treatment of patients with DKK1-high mCRC whose disease has

progressed following one prior systemic therapy.

o The Fast Track program is intended to facilitate the development and expedite the review of drug candidates

and vaccines that treat serious conditions and fill an unmet medical need. Programs with Fast Track designation may benefit from frequent

communication with the FDA, in addition to a rolling submission of the marketing application.

· Business update

o Leap Therapeutics has initiated a strategic process to identify the best path forward for sirexatamab

and to secure the resources required to advance the program into Phase 3 development. The process is expected to consider a range of alternatives,

which may include financing the program as an independent entity, or a strategic transaction with a pharmaceutical or biotechnology company,

including a partnership, license, collaboration, sale, or other business combination.

o There can be no assurance that the strategic process will result in any transaction or financing, or that

any transaction or financing that is completed will be on terms favorable to the Company or its stockholders. The Company has not set

a timetable for the conclusion of the process and does not intend to disclose developments unless and until it determines that further

disclosure is appropriate or required.

Selected Second Quarter 2026 Financial Results

Net income was $39.4 million, or $0.18 per diluted

share, for the second quarter of 2026, compared to a net loss of $16.6 million for the second quarter of 2025. The change was primarily

due to a $46.0 million unrealized gain on the fair value of the Company's ZEC treasury holdings during the second quarter of 2026, which

are marked to market at the end of each period. During the second quarter of 2026, the price of ZEC increased from $243.35 to $400.09.

Research and development expenses were $0.2 million

for the three months ended June 30, 2026, compared to $10.5 million for the same period in 2025. The decrease was primarily due to

a decrease in clinical trial and manufacturing expenses due to the completion of the clinical trials, together with a decrease in payroll

and related expenses associated with the 2025 reduction in force.

General and administrative expenses were $4.5

million for the three months ended June 30, 2026, compared to $1.8 million for the same period in 2025. The increase of $2.7 million

for the three months ended June 30, 2026 was primarily due to a $1.7 million increase in stock-based compensation related to restricted

stock units granted to general and administrative employees and directors in the fourth quarter of 2025, a $0.8 million increase in payroll

and related expenses, and a $0.2 million increase in professional fees.

During the three months ended June 30, 2026,

the Company recorded a $46.0 million unrealized gain on the change in fair value of the Company’s ZEC treasury holdings as the price

of ZEC increased during the second quarter of 2026 from $243.35 to $400.09.

Cash and cash equivalents totaled $7.6 million

on June 30, 2026, and ZEC treasury holdings, categorized as digital asset receivable, totaled $129.4 million based on the ZEC price

of $400.09 on June 30, 2026.

About Cypherpunk

Cypherpunk

Technologies is a privacy technology company. The Company's mission is to advance technologies that guarantee privacy for humans on the

internet. Cypherpunk pursues this mission through two primary strategies: accumulating Zcash (ZEC); and investing in, acquiring, and

building technologies that push the frontier of privacy forward. Additionally, through its subsidiary Leap Therapeutics, the Company

is developing novel therapies for patients with cancer, continuing the development of sirexatamab and FL-501. For more information about

the Company, visit our websites at http://www.cypherpunk.com and http://www.leaptx.com or view our public filings with the SEC that are

available via EDGAR at http://www.sec.gov.

FORWARD-LOOKING STATEMENTS

This

press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E

of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such

as "anticipate," "expect," "plan," "could," "may," "will," "believe,"

"estimate," "forecast," "goal," "project," and other words of similar meaning. Forward-looking

statements address various matters including statements relating to the value of the Company’s ZEC holdings, the investment in Zcash

Open Development Labs (“ZODL”), or digital assets held or to be held by the Company, the expected future market, price, and

liquidity of ZEC or other digital assets the Company acquires, the macro and political conditions surrounding Zcash or digital assets,

the Company’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive

position and the interest of other corporations in similar business strategies, technological and market trends, and future financial

condition and performance. Risks and uncertainties of the digital asset treasury strategy include, among others: (a) risks relating

to the Company’s operations and business, including the highly volatile nature of the price of ZEC; (b) the risk that material

changes in the price of ZEC, such as decreases in price, will result in significant changes to the Company’s financial statements,

such as unrealized losses on fair value of ZEC holdings and net loss; (c) the risk that the price of the Company’s common stock

may be highly correlated to the price of ZEC; (d) the risk that the Company will fail to realize the anticipated benefits of the

ZEC digital asset treasury strategy or the investment in ZODL; (e) risks related to the custody of our ZEC and our reliance on Gemini

Space Station and its affiliates for trading and custody services; (f) changes in business, market, financial, political and regulatory

conditions; (g) risks related to increased competition in the industries in which the Company does and will operate; (h) risks

relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; (i) risks relating

to the treatment of crypto assets for U.S. and foreign tax purposes; and (j) the Company’s ability to comply with the

continued listing requirements of the Nasdaq Capital Market.

With respect to our biotechnology operations,

important factors that could cause actual results to differ materially from our plans, estimates or expectations could include, but are

not limited to: (i) the DeFianCe study did not meet its prespecified primary endpoint of progression-free survival in the intent-to-treat

population; (ii) the DKK1 biomarker subgroup and interaction analyses were exploratory, were based on a limited number of patients,

were not adjusted for multiplicity, and may not be replicated in a prospective clinical trial; (iii) the impact of imbalances between

treatment arms in the DKK1 subgroups; (iv) the risk that alignment with the FDA on trial design does not constitute agreement that

any trial will succeed or that any marketing application will be accepted or approved, and the FDA may change its position at any time;

(v) accelerated approval, if pursued, requires that the surrogate endpoint be reasonably likely to predict clinical benefit and is

subject to confirmatory trial requirements and possible withdrawal if such requirements are not satisfied; (vi) the Company’s

ability to initiate or complete the Phase 3 trial on the anticipated timeline or at all; (vii) the Company’s ability to obtain

additional capital to advance sirexatamab on acceptable terms or at all; (viii) that risk that the strategic process may not result

in any transaction or financing, may be terminated at any time, and any resulting transaction may not be on terms favorable to the Company

or its stockholders; (ix) the Company’s ability to develop and validate a companion diagnostic; (x) the success of competing

therapies; (xi) the Company’s ability to secure manufacturing capacity for sirexatamab; and (xii) the Company's ability

to maintain and protect its intellectual property rights.

New risks

and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties

(expressed or implied) are made about the accuracy of any such forward-looking statements. The Company may not actually achieve the forecasts

disclosed in such forward-looking statements, and you should not place undue reliance on such forward-looking statements. Such forward-looking

statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption

"Risk Factors" in the Company’s most recent Annual Report on Form 10-K filed with the SEC, or as may be included

in other reports or information we file with the SEC, as well as discussions of potential risks, uncertainties, and other important factors

in its subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Neither the Company,

nor any of its affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement,

whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should

not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.

Cypherpunk Technologies

Inc.

Consolidated Balance

Sheets

(in

thousands, except share and per share amounts)

June 30,

December 31,

2026

2025

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$ 7,624

$ 14,035

Digital assets receivable

129,387

147,404

Research and development incentive receivable

602

Prepaid expenses and other current assets

539

Total current assets

137,550

162,081

Right of use assets, net

Deferred costs

348

401

Deposits

662

Other investment

5,000

Total assets

$ 142,969

$ 163,182

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$ 588

$ 1,981

Accrued expenses

1,014

2,067

Income tax payable

472

Lease liability

Total current liabilities

1,737

4,558

Non-current liabilities:

Deferred tax liability

1,913

5,118

Total liabilities

3,650

9,676

Stockholders' equity:

Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Common stock, $0.001 par value; 490,000,000 shares authorized; 107,764,382 and 83,851,051 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

108

Stock subscription receivable

(150 )

Additional paid-in capital

639,618

616,216

Accumulated other comprehensive loss

(81 )

(95 )

Accumulated deficit

(500,326 )

(462,549 )

Total stockholders’ equity

139,319

153,506

Total liabilities and stockholders' equity

$ 142,969

$ 163,182

Cypherpunk Technologies

Inc.

Consolidated Statements

of Operations

(in thousands, except

share and per share amounts)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Operating expenses:

Research and development

$ 197

$ 10,537

$ 358

$ 23,448

General and administrative

4,492

1,817

9,148

4,823

Restructuring charges

4,527

Total operating expenses

4,689

16,881

9,506

32,798

Loss from operations

(4,689 )

(16,881 )

(9,506 )

(32,798 )

Interest income

246

158

683

Interest expense

(6 )

(7 )

(13 )

Australian research and development incentives

Change in fair value of embedded derivative

45,993

(31,562 )

Foreign currency gain (loss)

(2 )

(6 )

Income (loss) before income taxes

41,362

(16,643 )

(40,922 )

(32,078 )

Benefit from (provision for) income taxes

(1,973 )

3,145

Net income (loss) attributable to common stockholders

$ 39,389

$ (16,643 )

$ (37,777 )

$ (32,078 )

Net income (loss) per share

Basic

$ 0.21

$ (0.40 )

$ (0.21 )

$ (0.78 )

Diluted

$ 0.18

$ (0.40 )

$ (0.21 )

$ (0.78 )

Weighted average common shares outstanding

Basic

184,328,441

41,444,979

176,260,808

41,357,423

Diluted

217,343,013

41,444,979

176,260,808

41,357,423

Leap Therapeutics, Inc.

Condensed Consolidated

Statements of Cash Flows

(in thousands)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Cash used in operating activities

$ (2,692 )

$ (14,486 )

$ (6,122 )

$ (28,966 )

Cash used in investing activities

(9,544 )

(18,544 )

Cash provided by (used in) financing activities

13,167

(119 )

18,242

(180 )

Effect of exchange rate changes on cash and cash equivalents

Net increase (decrease) in cash and cash equivalents

935

(14,583 )

(6,411 )

(29,119 )

Cash and cash equivalents at beginning of period

6,689

32,713

14,035

47,249

Cash and cash equivalents at end of period

$ 7,624

$ 18,130

$ 7,624

$ 18,130

CONTACT:

Douglas E. Onsi

President & Chief Executive Officer

Cypherpunk Technologies Inc.

617-714-0360

For Investors:

Matthew DeYoung

Investor Relations

Argot Partners

212-600-1902

leap@argotpartners.com

For Media:

Jacqueline Ortiz Ramsay

It Factor Strategies

954-294-3249

jacqueline@itfactorstrategies.com

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2622925d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

Leap Therapeutics Announces Publication of DeFianCe

Study Results in Clinical Cancer Research

Peer-reviewed analyses establish baseline plasma

DKK1 as a continuous quantitative biomarker predicting deepening sirexatamab benefit in 2L mCRC patients

In DKK1-high 2L mCRC patients, sirexatamab improved

response, progression-free survival, and overall survival when added to bevacizumab and chemotherapy

CAMBRIDGE, Mass., August 12, 2026 — Leap

Therapeutics, Inc., the biotechnology subsidiary of Cypherpunk Technologies Inc. (Nasdaq: CYPH), today announced the publication of results

from the randomized Phase 2 DeFianCe study of sirexatamab (DKN-01), an anti-DKK1 monoclonal antibody, in Clinical Cancer Research.

The publication, "Sirexatamab in

Combination with Bevacizumab and Chemotherapy as Second-Line Therapy for Advanced Colorectal Adenocarcinoma: the Phase II DeFianCe

Trial," reports the complete efficacy, safety and biomarker analyses from the study and details the statistical basis for the

DKK1 biomarker finding. It is available online at https://aacrjournals.org/clincancerres/article/doi/10.1158/1078-0432.CCR-26-1456/787049/Sirexatamab-in-Combination-with-Bevacizumab-and.

The peer-reviewed analyses establish that the

benefit of sirexatamab increases as a patient's baseline plasma DKK1 level rises — a relationship confirmed by independent statistical

approaches and reinforced by the observation that high DKK1 predicts poorer outcomes on standard of care alone. Together, these findings

define DKK1-high mCRC as a biologically distinct population with high unmet need and provide the scientific foundation for a biomarker-selected

Phase 3 trial. Additional information regarding the Company’s regulatory plans and strategic process for sirexatamab is included

in the second quarter 2026 financial results announcement issued today by Cypherpunk Technologies Inc.

"In second-line colorectal cancer, we urgently

need novel biomarkers that inform patients’ treatment options. The final data from the DeFianCe study show that baseline plasma

DKK1 identifies patients with more aggressive disease, and it identifies the patients who benefit most from adding sirexatamab. Patients

with high DKK1 do worse on standard of care, and they are the patients who gained the most in response and survival when sirexatamab was

added,” said Zev Wainberg, MD, Professor of Medicine at UCLA and co-director of the UCLA GI Oncology Program.

“Microsatellite-stable colorectal cancer

remains one of the most difficult settings in gastrointestinal oncology, as patients whose disease progresses after first-line therapy

have quite limited options. We need new liquid biopsy biomarkers that tell us effectively which patients will benefit from which therapy.

These data support the utility of baseline plasma DKK1 as a liquid biomarker for improving response rates and survival with sirexatamab,

making a compelling case for a biomarker-selected Phase 3 registrational trial," said Markus Moehler, MD, PhD, Head of GI Oncology,

Senior Physician Gastroenterology & Endosonography Head at the Mainz University Clinic.

Key Findings from the Publication

DeFianCe (NCT05480306) was a two-part, randomized,

open-label, multicenter Phase 2 study. Part B randomized 188 patients 1:1 to sirexatamab plus FOLFIRI or mFOLFOX6 and bevacizumab (Sirexatamab

Arm) or to chemotherapy and bevacizumab alone (Control Arm). The primary endpoint was investigator-assessed progression-free survival

(PFS); secondary endpoints included objective response rate (ORR) and overall survival (OS). Baseline plasma DKK1 was a prespecified candidate

biomarker.

Sirexatamab benefit increased as baseline plasma

DKK1 rose

· Three independent analyses — a continuous

treatment-by-DKK1 interaction model, a permutation-tested Biomarker Adaptive Threshold (BAT) analysis, and median- and upper-quartile

subgroup analyses — converged on the same conclusion: benefit rises with baseline plasma DKK1.

· The treatment-by-DKK1 interaction was statistically

significant for both PFS (p=0.0129) and OS (p=0.0027), with DKK1 modeled as a continuous variable.

· The BAT analysis with permutation testing reached

the same conclusion (PFS p=0.018; OS p<0.001), and the data-driven cut points aligned with the median and upper quartile of baseline

plasma DKK1.

DKK1-high patients above the median (n=88)

· ORR was 38.0% in the Sirexatamab Arm compared

with 23.7% in the Control Arm.

· Median PFS was 9.0 months versus 7.1 months;

HR 0.61 (95% CI, 0.37–1.00); p=0.0255.

· Median OS was not reached versus 14.4 months;

HR 0.42 (95% CI, 0.19–0.91); p=0.0118.

DKK1-high patients in the upper quartile (n=44)

· ORR was 44.0% in the Sirexatamab Arm compared

with 15.8% in the Control Arm; p=0.0149.

· Median PFS was 9.4 months versus 5.9 months;

HR 0.46 (95% CI, 0.22–0.96); p=0.0168.

· Median OS was not reached versus 9.5 months;

HR 0.17 (95% CI, 0.05–0.53); p<0.001.

Higher baseline DKK1 was also prognostic of

poor outcome

· In the Control Arm, median OS declined as DKK1

rose — not reached in the overall population, 14.4 months above the median, and 9.5 months in the upper quartile — consistent

with published evidence linking elevated DKK1 to more aggressive disease.

· DKK1-high patients therefore represent a population

with both poor prognosis on standard therapy and the greatest observed benefit from sirexatamab.

Plasma DKK1 is a practical, blood-based biomarker

· Baseline plasma DKK1 was detectable in 100% of

patients across an approximately eight-fold dynamic range.

· Levels were concordant across two orthogonal

platforms — an aptamer-based SomaScan assay and an antibody-based Meso Scale Discovery (MSD) assay (Spearman r=0.77).

· Tumoral DKK1 mRNA expression was low in most

tissue samples, reinforcing that plasma — not tissue — reflects the systemic DKK1 burden relevant to colorectal cancer biology,

and supporting a blood-based patient-selection test.

Results in the overall intent-to-treat (ITT)

population

· The prespecified primary endpoint of PFS in the

ITT population was not met. Median PFS was 9.2 months in the Sirexatamab Arm versus 8.3 months in the Control Arm; HR 0.84 (95% CI, 0.58–1.21).

ORR was 35.1% versus 26.6%, and median OS was not reached in either arm; HR 0.83 (95% CI, 0.46–1.48).

· The final analysis included 119 investigator-assessed

PFS events against the 145 events planned, leaving the ITT analysis underpowered in a biologically heterogeneous population.

Safety

· Sirexatamab in combination with chemotherapy

and bevacizumab was generally well tolerated. Grade 3 or higher treatment-emergent adverse events (TEAEs) occurred in 59.3% of patients

in the Sirexatamab Arm compared with 67.0% in the Control Arm, and serious TEAEs were comparable between arms (19.8% versus 19.3%).

· TEAEs leading to discontinuation of sirexatamab

occurred in 4.4% of patients, indicating that adding sirexatamab did not meaningfully change the tolerability of standard of care.

About Sirexatamab (DKN-01)

Sirexatamab (DKN-01) is a humanized monoclonal

antibody that binds and neutralizes Dickkopf-related protein 1 (DKK1), a secreted modulator of Wnt signaling associated with more aggressive

disease, immune suppression, angiogenesis and poorer outcomes in colorectal and other cancers. In May 2026, the FDA granted Fast Track

designation to sirexatamab in combination with fluoropyrimidine plus oxaliplatin- or irinotecan-based chemotherapy and bevacizumab for

the treatment of patients with DKK1-high metastatic colorectal cancer whose disease has progressed following one prior systemic therapy.

About Leap Therapeutics

Leap Therapeutics, Inc. is the biotechnology

research and development subsidiary of Cypherpunk Technologies Inc. (Nasdaq: CYPH), developing novel therapies for patients with cancer,

including sirexatamab (DKN-01) and FL-501. For more information, visit www.leaptx.com.

About Cypherpunk Technologies

Cypherpunk Technologies is a privacy technology

company. The Company's mission is to advance technologies that guarantee privacy for humans on the internet. Cypherpunk pursues this

mission through two primary strategies: accumulating Zcash (ZEC); and investing in, acquiring, and building technologies that push the

frontier of privacy forward. Additionally, through its subsidiary Leap Therapeutics, Inc., the Company is developing novel therapies

for patients with cancer, continuing the development of sirexatamab and FL-501. For more information about the Company, visit our websites

at http://www.cypherpunk.com and http://www.leaptx.com or view our public filings with the SEC that are available via EDGAR at http://www.sec.gov.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements

within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect,"

"plan," "could," "may," "will," "believe," "estimate," "forecast,"

"goal," "intend," "project," and other words of similar meaning. Forward-looking statements in this release

include, without limitation, statements regarding the potential clinical benefit of sirexatamab; the role of baseline plasma DKK1 as a

predictive biomarker and the development of a companion diagnostic; the Company's plans for and the design, initiation, timing, conduct

and potential results of a Phase 3 clinical trial of sirexatamab; the potential for objective response rate to support a filing for accelerated

approval in the United States and for overall survival to support full approval in the United States and registration in other markets;

the significance of the Company's Type C meeting with the FDA and any alignment reached with the Agency; the definition, validation and

prevalence of the DKK1-high patient population and the anticipated size and enrollment of the Phase 3 trial; and the Company's strategic

process and the potential for a financing, partnership, license, collaboration, sale or other transaction.

These statements are based on the Company's current

expectations and are subject to substantial risks and uncertainties that could cause actual results to differ materially. Important factors

include, among others: (i) the DeFianCe study did not meet its prespecified primary endpoint of progression-free survival in the intent-to-treat

population; (ii) the DKK1 biomarker subgroup and interaction analyses were exploratory, were based on a limited number of patients, were

not adjusted for multiplicity, and may not be replicated in a prospective clinical trial; (iii) the impact of imbalances between treatment

arms in the DKK1 subgroups; (iv) the risk that alignment with the FDA on trial design does not constitute agreement that any trial will

succeed or that any marketing application will be accepted or approved, and the FDA may change its position at any time; (v) accelerated

approval, if pursued, requires that the surrogate endpoint be reasonably likely to predict clinical benefit and is subject to confirmatory

trial requirements and possible withdrawal if such requirements are not satisfied; (vi) the Company’s ability to initiate or complete

the Phase 3 trial on the anticipated timeline or at all; (vii) the Company’s ability to obtain additional capital to advance sirexatamab

on acceptable terms or at all; (viii) that risk that the strategic process may not result in any transaction or financing, may be terminated

at any time, and any resulting transaction may not be on terms favorable to the Company or its stockholders; (ix) the Company’s

ability to develop and validate a companion diagnostic; (x) the success of competing therapies; (xi) the Company’s ability to secure

manufacturing capacity for sirexatamab; and (xii) the Company's ability to maintain and protect its intellectual property rights.

New risks and uncertainties may emerge from time

to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made

about the accuracy of any such forward-looking statements. The Company may not actually achieve the forecasts disclosed in such forward-looking

statements, and you should not place undue reliance on such forward-looking statements. Such forward-looking statements are subject to

a number of material risks and uncertainties including but not limited to those set forth under the caption "Risk Factors" in

the Company's most recent Annual Report on Form 10-K filed with the SEC, or as may be included in other reports or information we file

with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in its subsequent filings with the

SEC. Any forward-looking statement speaks only as of the date on which it was made. Neither the Company, nor any of its affiliates, advisors

or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information,

future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the

Company's views as of any date subsequent to the date hereof.

CONTACT:

Douglas E. Onsi

President & Chief Executive Officer

Leap Therapeutics, Inc. / Cypherpunk Technologies

Inc.

617-714-0360

donsi@leaptx.com

For Investors:

Matthew DeYoung

Investor Relations

Argot Partners

212-600-1902

leap@argotpartners.com

For Media:

Jacqueline Ortiz Ramsay

It Factor Strategies

954-294-3249

jacqueline@itfactorstrategies.com

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