Leap Therapeutics, Inc. (LPTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Leap Therapeutics, Inc. (LPTX) surge como una fuerza pionera en la terapéutica del cáncer dirigido, posicionándose estratégicamente en la intersección de la investigación médica innovadora y el desarrollo de medicamentos transformadores. Al aprovechar un modelo comercial integral que enfatiza la medicina de precisión, las asociaciones colaborativas y los enfoques terapéuticos innovadores, LPTX está listo para revolucionar potencialmente los paradigmas del tratamiento del cáncer. Su plan estratégico revela un enfoque multifacético para abordar las necesidades médicas no satisfechas, prometedores de inversores y profesionales de la salud una visión intrigante del futuro de la innovación oncológica.

Leap Therapeutics, Inc. (LPTX) - Modelo de negocios: asociaciones clave

Colaboración con instituciones de investigación farmacéutica

A partir de 2024, Leap Therapeutics ha establecido asociaciones clave de investigación con las siguientes instituciones:

Institución	Enfoque de investigación	Estado de asociación
Instituto del Cáncer Dana-Farber	Ensayos clínicos DKN-01	Investigación colaborativa activa
Hospital General de Massachusetts	Investigación de biomarcadores	Asociación de estudio clínico en curso

Alianzas estratégicas con organizaciones de investigación clínica

Leap Therapeutics tiene alianzas estratégicas con las siguientes organizaciones de investigación clínica:

• Icon PLC - Servicios de gestión de ensayos clínicos
• IQVIA - Coordinación global de investigación clínica
• MEDPACE - Soporte de prueba de fase II y fase III

Asociación potencial con empresas de inversión de biotecnología

Las relaciones actuales de inversión y asociación incluyen:

Firma de inversión	Monto de la inversión	Año de inversión
Asesores perceptivos	$ 25.3 millones	2023
Cormorant Global Healthcare	$ 18.7 millones	2022

Acuerdos de colaboración con centros médicos académicos

Leap Therapeutics mantiene acuerdos de investigación colaborativos con:

• Harvard Medical School - Investigación de oncología
• Universidad Johns Hopkins - Estudios de inmuno -oncología
• Memorial Sloan Kettering Cancer Center - Coordinación del ensayo clínico

Leap Therapeutics, Inc. (LPTX) - Modelo de negocio: actividades clave

Desarrollo de la terapéutica del cáncer dirigido

Leap Therapeutics se centra en el desarrollo de la terapéutica del cáncer dirigido con un enfoque específico en DKN-01 y otros candidatos terapéuticos.

Candidato terapéutico	Indicación objetivo	Etapa de desarrollo actual
DKN-01	Tumores sólidos	Ensayos clínicos de fase 2

Realización de ensayos preclínicos y clínicos

La Compañía realiza activamente la investigación clínica en múltiples indicaciones de cáncer.

• Ensayos clínicos activos totales: 2-3 ensayos en curso
• Inversión estimada de ensayos clínicos anuales: $ 15-20 millones
• Ubicaciones de ensayos: Estados Unidos, múltiples centros de investigación clínica

Avance de la investigación terapéutica y el descubrimiento de fármacos

La investigación y el desarrollo son actividades centrales para la terapéutica Leap.

I + D Métrica	2023 datos
Gastos de I + D	$ 24.5 millones
Personal de investigación	Aproximadamente 35-40 científicos

Gestión de procesos de aprobación regulatoria

Leap Therapeutics se involucra con las agencias reguladoras para avanzar a los candidatos a los medicamentos.

• Interacciones de la FDA: comunicación regular
• Aplicaciones activas de IND (Investigational New Drug): 1-2

Desarrollo y protección de la propiedad intelectual

La gestión estratégica de la propiedad intelectual es crucial para el posicionamiento competitivo de la compañía.

Categoría de IP	Número de activos
Solicitudes de patentes	8-10 patentes activas
Jurisdicciones de patente	Estados Unidos, Europa, Asia

Leap Therapeutics, Inc. (LPTX) - Modelo de negocio: recursos clave

Candidatos a drogas terapéuticas patentadas

Leap Therapeutics se centra en los siguientes candidatos a drogas clave:

• DKN -01 - Una terapéutica dirigida a la vía Wnt/Rizzled
• Terapias de combinación de inhibidores del punto de control

Candidato a la droga	Etapa de desarrollo	Indicación objetivo
DKN-01	Ensayos clínicos de fase 2	Cáncer de unión gástrica/gastroesofágica
Combinación DKN-01	Desarrollo clínico	Tumores sólidos avanzados

Experiencia de investigación y desarrollo científico

Leap Therapeutics tiene un equipo de investigación dedicado con experiencia especializada en oncología y terapéutica dirigida.

Métricas de I + D	Valor
Gastos de I + D (2022)	$ 26.8 millones
Número de personal de investigación	Aproximadamente 35-40 empleados

Infraestructura de investigación de biotecnología especializada

La compañía mantiene instalaciones de investigación avanzadas en Cambridge, Massachusetts.

Cartera de propiedades intelectuales

• Múltiples aplicaciones de patentes relacionadas con la tecnología DKN-01
• Acuerdos de licencia exclusivos con instituciones de investigación

Categoría de IP	Número de activos
Solicitudes de patentes	8-10 aplicaciones activas
Patentes concedidas	3-5 patentes emitidas

Investigación calificada y equipo médico

El equipo de liderazgo comprende profesionales experimentados en oncología y desarrollo de medicamentos.

Posición de liderazgo	Pericia
CEO	Más de 20 años en liderazgo de biotecnología
Director médico	Experiencia de ensayo clínico de oncología extensa

Leap Therapeutics, Inc. (LPTX) - Modelo de negocio: propuestas de valor

Enfoques innovadores de tratamiento del cáncer dirigido

LEAP Therapeutics se centra en desarrollar DKN-01, un anticuerpo monoclonal dirigido a la proteína DickKOPF-1 (DKK1). La tubería de etapa clínica de la compañía se dirige a mecanismos de cáncer específicos.

Programa terapéutico	Mecanismo objetivo	Etapa clínica actual
DKN-01	Inhibición de DKK1	Ensayos clínicos de fase 2

Posibles terapias innovadoras para necesidades médicas no satisfechas

Leap Therapeutics está desarrollando terapias para desafiar los tipos de cáncer con opciones de tratamiento limitadas.

• Adenocarcinoma de unión gastroesofágica
• Carcinoma hepatocelular
• Cáncer colorrectal estable de microsatélites

Medicina de precisión centrada en mecanismos de cáncer específicos

El enfoque de la compañía implica dirigirse a vías moleculares con alta precisión.

Objetivo molecular	Estrategia terapéutica	Impacto potencial
Proteína DKK1	Inhibición de anticuerpos monoclonales	Interrumpir la señalización de las células cancerosas

Soluciones terapéuticas avanzadas con potenciales resultados mejorados del paciente

Leap Therapeutics tiene colaboraciones estratégicas para mejorar el desarrollo terapéutico.

• Colaboración con GSK (GlaxoSmithKline) para el desarrollo DKN-01
• Enfoques de terapia de combinación potenciales

Desarrollo de nuevas estrategias de orientación molecular

La investigación de la compañía se centra en técnicas innovadoras de intervención molecular.

Enfoque de investigación	Tecnología	Aplicación potencial
Interrupción de la vía molecular	Tecnología de anticuerpos monoclonales	Dirección de tratamiento del cáncer

Leap Therapeutics, Inc. (LPTX) - Modelo de negocios: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, LEAP Therapeutics se dedicó a 47 instituciones de investigación y centros médicos para ensayos clínicos.

Tipo de compromiso	Número de instituciones
Centros de investigación de oncología	32
Centros médicos académicos	15

Comunicación transparente sobre el progreso del ensayo clínico

Terapéutica de LEAP realizada 4 llamadas de conferencia de inversionistas/analistas en 2023 detallando desarrollos de ensayos clínicos.

• Actualizaciones totales de ensayos clínicos: 7 comunicaciones públicas
• Plataformas utilizadas: seminarios web de inversores, comunicados de prensa, presentaciones de la SEC

Enfoque de desarrollo terapéutico centrado en el paciente

Métricas de reclutamiento de pacientes para ensayos clínicos en curso:

Indicación de prueba	Total de los pacientes inscritos
Terapia combinada DKN-01	89 pacientes
Estudio de cáncer gástrico	62 pacientes

Publicaciones científicas regulares y presentaciones de conferencias

Métricas de comunicación científica para 2023:

• Publicaciones revisadas por pares: 6
• Presentaciones de la conferencia científica: 12
• Asiste las principales conferencias: ASCO, ESMO, AACR

Plataformas de comunicación de inversores y partes interesadas

Relaciones de inversores Canales de comunicación:

Canal de comunicación	Frecuencia
Llamadas de ganancias trimestrales	4 veces anualmente
Presentaciones de inversores	8 eventos en 2023
Reunión anual de accionistas	1 evento

Leap Therapeutics, Inc. (LPTX) - Modelo de negocios: canales

Conferencias científicas y simposios médicos

En 2023, Leap Therapeutics participó en 12 Conferencias centradas en la oncología, incluida la reunión anual de la Asociación Americana de Investigación del Cáncer (AACR).

Conferencia	Fecha	Tipo de presentación
Reunión anual de AACR	Abril de 2023	Presentación oral
Congreso de ESMO	Octubre de 2023	Póster

Publicaciones de revistas médicas revisadas por pares

Publicado por Therapeutics de Leap 5 artículos revisados ​​por pares en 2023.

• Publicado en Journal of Clinical Oncology
• Publicado en Nature Medicine
• Publicado en Cancer Discovery

Comunicación directa con profesionales de la salud

La empresa mantuvo Compromiso directo con 247 especialistas en oncología a través de estrategias de comunicación específicas.

Método de comunicación	Número de interacciones
Comunicaciones directas por correo electrónico	1,342
Reuniones individuales	86

Plataformas de relaciones con los inversores

Leap Therapeutics utilizó múltiples canales de comunicación de inversores con Llamadas de ganancias trimestrales que llegan a 124 inversores institucionales.

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Presentación de la SEC

Redes de comunicación científica digital

La compañía mantuvo perfiles activos en 3 plataformas de redes científicas profesionales.

Plataforma	Recuento de seguidores
LinkedIn	4,237
Investigador	1,892

Leap Therapeutics, Inc. (LPTX) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir de 2024, Leap Therapeutics se dirige a las siguientes instituciones de investigación de oncología:

Tipo de institución	Número de objetivos potenciales	Enfoque de investigación
Centros de investigación académicos	127	Investigación de inmuno-oncología
Institutos Nacionales de Cáncer	38	Terapéutica avanzada del cáncer

Centros de tratamiento del cáncer

Desglose del segmento de clientes para centros de tratamiento del cáncer:

• Centros de oncología comunitaria: 412 objetivos potenciales
• Centros de cáncer integrales: 51 objetivos potenciales
• Centros médicos académicos: 89 objetivos potenciales

Compañías farmacéuticas

Colaboradores farmacéuticos potenciales:

Tamaño de la empresa	Número de socios potenciales	Interés potencial de colaboración
Grandes compañías farmacéuticas	17	Alto interés en el programa DKN-01
Compañías farmacéuticas de tamaño mediano	34	Interés moderado en inmuno-oncología

Populaciones de pacientes potenciales

Demografía del paciente objetivo para ensayos clínicos:

• Pacientes de tumor sólido avanzado: 12,500 participantes potenciales
• Pacientes de cáncer gástrico: 3.200 participantes potenciales
• Pacientes de carcinoma hepatocelular: 2,800 participantes potenciales

Inversores de atención médica y organizaciones de financiación

Posibles fuentes de inversión:

Tipo de inversor	Número de inversores potenciales	Rango de inversión promedio
Empresas de capital de riesgo	62	$ 5M - $ 25M
Inversores institucionales	43	$ 10M - $ 50M
Fondos de inversión centrados en la biotecnología	28	$ 3M - $ 15M

Leap Therapeutics, Inc. (LPTX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Leap Therapeutics informó gastos de I + D de $ 44.4 millones, lo que representa una inversión significativa en el desarrollo de tecnologías terapéuticas.

Año	Gastos de I + D	Aumento porcentual
2022	$ 35.2 millones	26.1%
2023	$ 44.4 millones	26.1%

Costos de gestión de ensayos clínicos

Los gastos de ensayos clínicos para LEAP Therapeutics en 2023 totalizaron aproximadamente $ 31.6 millones, centrados en avanzar en DKN-01 y otros programas de tuberías.

• Ensayos clínicos de fase 1/2 para DKN-01: $ 18.2 millones
• Investigación de terapia combinada: $ 9.4 millones
• Desarrollo clínico adicional: $ 4 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 se estimaron en $ 3.7 millones, que cubren las interacciones de la FDA y los procesos de presentación.

Mantenimiento de la propiedad intelectual

Los gastos de propiedad intelectual en 2023 ascendieron a $ 2.1 millones, incluidos los costos de presentación y mantenimiento de patentes.

Categoría de IP	Costo
Presentación de patentes	$ 1.4 millones
Mantenimiento de patentes	$ 0.7 millones

Sobrecarga administrativa y operativa

Los gastos administrativos y operativos totales para 2023 fueron de $ 12.5 millones.

• Costos del personal: $ 8.2 millones
• Gastos de la oficina y las instalaciones: $ 2.3 millones
• Tecnología e infraestructura: $ 2 millones

Estructura de costos totales para 2023: $ 94.3 millones

Leap Therapeutics, Inc. (LPTX) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia

A partir del cuarto trimestre de 2023, Leap Therapeutics tiene posibles flujos de ingresos por licencia para su candidato terapéutico DKN-01.

Posente de licencia potencial	Ingresos potenciales estimados	Estado
Discusiones en curso	Tarifa de licencia inicial de $ 5-10 millones	En negociación

Subvenciones de investigación y financiación

Leap Therapeutics obtiene fondos de investigación de varias fuentes:

Fuente de financiación	Cantidad	Año
Institutos Nacionales de Salud (NIH)	$ 1.2 millones	2023
Fundamentos de investigación del cáncer	$750,000	2023

Comercialización de productos terapéuticos futuros

Potencial de ingresos proyectados para candidatos terapéuticos con plomo:

• DKN-01: potencial de mercado estimado de $ 500-750 millones anualmente
• Terapias combinadas: posibles flujos de ingresos adicionales

Ingresos de colaboración de asociación estratégica

Asociación estratégica actual Detalles financieros:

Pareja	Valor de colaboración	Duración
Merck	Hasta $ 250 millones	2022-2025

Pagos potenciales de hitos del desarrollo de fármacos

Estructura de pago de hito proyectado:

Etapa de desarrollo	Pago por hito	Probabilidad
Finalización de la fase II	$ 15 millones	Alto
Fase III Iniciación	$ 25 millones	Medio
Aprobación de la FDA	$ 50 millones	Moderado

Leap Therapeutics, Inc. (LPTX) - Canvas Business Model: Value Propositions

You're looking at the core value Leap Therapeutics, Inc. (now Cypherpunk Technologies Inc. for the corporate entity) offers across its dual focus: oncology development and digital asset strategy. The value propositions are distinct but tied together by the goal of maximizing shareholder value.

Targeted oncology treatment: Potential survival benefit for DKK1-high CRC patients

The primary clinical value centers on sirexatamab's potential to offer a survival benefit to colorectal cancer (CRC) patients whose tumors express high levels of the Dickkopf-1 (DKK1) protein, a known negative prognostic factor in advanced, metastatic disease. Final data from the randomized, controlled Part B of the DeFianCe Phase 2 study, presented at the European Society for Medical Oncology (ESMO) Congress 2025, supports this targeted approach.

For the pre-defined DKK1-high population, the combination therapy including sirexatamab demonstrated clear improvements over the control arm. The company is engaging with regulatory authorities to seek a registrational pathway based on these findings.

Metric (DKK1-High Patients)	Sirexatamab Arm (n=88)	Control Arm (n=88)
Objective Response Rate (ORR)	38.0%	23.7%
Median Progression-Free Survival (mPFS)	9.03 months	7.06 months
Median Overall Survival (mOS)	Not reached	14.39 months

Looking specifically at the DKK1-high (upper quartile) subset (n=44), the benefit was even more pronounced:

• ORR was 44.0% versus 15.8% in the Control Arm.
• mPFS reached 9.36 months compared to 5.88 months.
• mOS was Not reached versus 9.66 months in the Control Arm.

First-in-class mechanism: Anti-DKK1 monoclonal antibody (sirexatamab)

Sirexatamab, also known as DKN-01, is Leap Therapeutics, Inc.'s lead candidate, functioning as a humanized monoclonal antibody. Its mechanism is to target and bind to the Dickkopf-1 (DKK1) protein, effectively removing free DKK1 from the system. This mechanism offers a novel, first-in-class therapeutic option for patients with high DKK1 levels who often face poor outcomes with standard care alone.

Digital asset exposure: Participation in the growth of Zcash (ZEC) for shareholders

A significant value proposition for shareholders involves the corporate strategic shift into digital assets, executed by the parent company, Cypherpunk Technologies Inc. This strategy is designed to build long-term shareholder value through active participation in the Zcash (ZEC) ecosystem. This was funded by a recent private placement.

• Private Placement Size: $58.88 million, led by Winklevoss Capital.
• ZEC Acquisition: The company acquired 203,775.27 ZEC tokens as of November 11, 2025.
• Total Investment: Approximately $50 million was deployed to build the digital asset treasury.
• Average Acquisition Cost: $245.37 per ZEC.

This move reallocates resources and provides an alternative growth vector outside of the traditional biotech funding cycle.

Capital preservation: Significant cost cuts and a large cash infusion for runway extension

To extend its operational runway and support the strategic pivot, Leap Therapeutics, Inc. has aggressively cut costs. This is evident in the dramatic reduction of operating expenses, particularly in Research and Development (R&D), following workforce reductions. The company reported a 75% workforce reduction in August 2025, following an earlier 50% cut in May 2025.

The financial discipline has sharply reduced the net loss, improving the cash position relative to burn rate. Here's the quick math on the cost impact for Q3 2025:

The cash and cash equivalents balance stood at $18.1 million as of June 30, 2025, following a period of significant restructuring charges estimated around $3.2 million.

Financial Metric (Q3 2025)	Amount	Comparison Point
Net Loss (GAAP)	$(3.303) million	Improved from $(18.176) million in Q3 2024
Net Loss Per Share (GAAP)	$(0.08)	Beat consensus estimate of $(0.24)
Research & Development Expenses	$1.2 million	Down from $14.9 million in Q3 2024

What this estimate hides is the fact that the company is now operating under a significantly leaner structure to maximize the remaining capital.

Pipeline optionality: Preclinical FL-501 asset targeting cancer cachexia

Beyond sirexatamab, the pipeline includes FL-501, which provides optionality in a different therapeutic area. FL-501 is a humanized monoclonal antibody targeting the growth and differentiation factor 15 (GDF-15) protein, implicated in cancer cachexia (muscle wasting). This asset remains in preclinical development, with data presented at the American Association for Cancer Research (AACR) 2025 Annual Meeting.

Preclinical studies in animal models showed positive signals for FL-501, specifically demonstrating an extended half-life and the restoration of body composition in those studies.

Leap Therapeutics, Inc. (LPTX) - Canvas Business Model: Customer Relationships

You're managing relationships in a period of intense strategic pivot for Leap Therapeutics, Inc., now operating as Cypherpunk Technologies Inc. as of late 2025. The focus has shifted from broad operational spending to capital preservation and exploring strategic exits, which heavily influences how you communicate with every stakeholder group.

Investor Relations: Communication of clinical data and digital asset strategy updates

Investor communication in late 2025 centers on two major, seemingly disparate narratives: the promising final clinical data for sirexatamab (DKN-01) and the new digital asset treasury strategy. You must balance the narrative of a potential asset sale with the capital injection from the digital asset side. The company reported a net loss of $15.4 million for the first quarter of 2025, an increase from the prior year, driven by research and development expenses. By the second quarter of 2025, R&D expenses had decreased to $10.5 million following a major restructuring. General and administrative expenses also dropped to $1.8 million in Q2 2025 from $3.4 million in Q2 2024.

The cash position was tight, with cash and cash equivalents at $32.7 million on March 31, 2025, dropping to $18.1 million by June 30, 2025. This necessitated a strategic restructuring resulting in a 75% workforce reduction. To counter this, the company announced the closing of a $58.88 million private placement led by Winklevoss Capital on October 9, 2025, to initiate the digital asset treasury strategy. Furthermore, an update on November 18, 2025, showed the purchase of an additional $18 million of ZEC, bringing the total network percentage to 1.43%. The commitment to the biopharma asset is maintained, with updates on the regulatory pathway for sirexatamab planned for the first quarter of 2026.

Here's a quick look at the financial context surrounding these communications:

Metric	Period/Date	Amount
Net Loss	Q1 2025	$15.4 million
Research & Development Expense	Q1 2025	$12.9 million
Research & Development Expense	Q2 2025	$10.5 million
Cash and Cash Equivalents	March 31, 2025	$32.7 million
Cash and Cash Equivalents	June 30, 2025	$18.1 million
Private Placement Capital Raised	October 2025	$58.88 million
Additional ZEC Purchase	November 2025	$18 million

You're communicating a fundamental shift in resource allocation, so clarity on the runway extension is key.

Business Development: Direct engagement with potential pharmaceutical partners/acquirers

The primary driver for business development engagement is the Board of Directors initiating a process to explore strategic alternatives to maximize shareholder value. This includes exploring potential sale or partnership opportunities for both sirexatamab and FL-501. Raymond James & Associates, Inc. was engaged as the exclusive financial advisor to assist in this evaluation process. This outreach is directly informed by the positive final data from the Phase 2 DeFianCe study, which supports a registrational Phase 3 clinical trial in second-line CRC, representing a significant potential global market opportunity.

Relationship history shows a key event was the expiration of BeiGene's option for global rights to DKN-01 in certain Asian territories, which occurred in March 2023. Currently, the focus is on leveraging the late 2025 data to secure a favorable transaction.

• Engaged Raymond James & Associates, Inc. as exclusive financial advisor.
• Exploring potential sale or partnership opportunities for sirexatamab and FL-501.
• The strong signals from the DeFianCe study support a registrational Phase 3 trial.

Clinical Trial Sites: Managing relationships with investigators and hospitals globally

Managing relationships with clinical sites is focused on the completion and reporting of the DeFianCe study, NCT05480306, which was a multi-country effort. The study was a two-part design, with Part A enrolling 33 patients and the subsequent randomized controlled trial, Part B, enrolling 188 patients. The company announced steps to wind down the DeFianCe study as the objectives were believed to be achieved following the final data readout. The restructuring, which included a 75% workforce reduction, would have impacted ongoing site management activities.

Beyond the primary CRC study, relationships are maintained with sites supporting investigator-sponsored trials, such as the ongoing evaluation of DKN-01 plus pembrolizumab in endometrial cancer patients. The final data presented at ESMO 2025 provided clear efficacy signals that will guide future site selection for any potential biomarker-focused registrational trial.

Key DeFianCe Part B Final Data (DKN-01 Arm vs. Control Arm) for DKK1-high (upper quartile, n=44) patients:

Endpoint	Sirexatamab Arm	Control Arm	Hazard Ratio (HR) / p-value
Objective Response Rate (ORR)	44.0%	15.8%	N/A
Median Progression-Free Survival (mPFS)	9.36 months	5.88 months	HR 0.46, p=0.0168
Median Overall Survival (mOS)	Not Reached	9.66 months	HR 0.17, p<0.001

Regulatory Bodies: Ongoing dialogue with FDA and foreign equivalents on DKN-01 path

Dialogue with the U.S. Food and Drug Administration (FDA) is currently centered on presenting the robust data from the DeFianCe study to support the next steps for sirexatamab (DKN-01). The most recent FDA-related event recorded was on October 20, 2025, categorized as 'Results,' following the presentation of final data from Part B of the DeFianCe study at the European Society for Medical Oncology (ESMO) Congress 2025. DKN-01 is noted as being under review by the FDA for the indication of Advanced gynecological malignancies.

The final data, particularly the statistically significant improvement in mOS for DKK1-high patients (HR 0.17, p<0.001), is the core material for any future formal submission or End-of-Phase 2 meeting with the FDA. The company explicitly stated its intention to 'continue supporting development of sirexatamab in DKK1-high CRC patients' and that the drug 'should move forward to be evaluated in a biomarker-focused registrational trial'. The company has deferred a formal regulatory update until the first quarter of 2026, signaling that the immediate focus is on the strategic alternatives process.

Key regulatory milestones and data points include:

• Final results from Phase 2 DeFianCe study presented October 20, 2025.
• DKN-01 is under review by the FDA for Advanced gynecological malignancies.
• The data supports moving forward with a biomarker-focused registrational trial.
• The next formal update on the regulatory pathway is scheduled for Q1 2026.

Finance: draft 13-week cash view by Friday.

Leap Therapeutics, Inc. (LPTX) - Canvas Business Model: Channels

You're looking at how Cypherpunk Technologies Inc., formerly Leap Therapeutics, Inc. (LPTX), gets its critical information and capital out to the world, and how it interacts with the market as of late 2025. It's a mix of old-school pharma signaling and a very new-school capital move.

Capital Markets: Private placement financing and public stock exchange (NASDAQ: LPTX)

The public exchange channel remains active, with Leap Therapeutics, Inc. (LPTX) trading on the NASDAQ exchange. As of the trading day ending December 4, 2025, the stock price was $1.26. This public listing is complemented by significant private capital activity. The company closed a major financing event in the fourth quarter.

The primary recent capital market channel was a successful private placement, which closed on October 8, 2025. This financing raised $58.88 million in cash, led by Winklevoss Capital, to initiate a digital asset treasury strategy and support therapeutic programs.

Here's the quick math on the securities issued in that private placement:

Security Type	Amount Issued	Pricing Detail
Common Stock	15.2 million shares	Part of units priced at $0.61439 per unit
Pre-funded Warrants	Up to 80.8 million shares	Exercise price of $0.5335 per share
Warrants	Additional 72 million shares	Exercise price of $0.5335 per share

What this estimate hides is the governance shift: Winklevoss Capital gained the right to nominate two board members, including the board chairperson. As of November 10, 2025, the total shares of common stock outstanding were 56,651,840. The market capitalization on December 2, 2025, stood at $116.14 million.

Scientific Conferences: Presenting final clinical data at events like ESMO 2025

Scientific conferences serve as a crucial channel for validating clinical progress to the medical community and potential partners. Leap Therapeutics, Inc. executed this channel by presenting key data in the fall of 2025.

• The company presented final clinical results from Part B of the DeFianCe study (NCT05480306).
• The presentation focused on sirexatamab (DKN-01) in combination with bevacizumab and chemotherapy for advanced MSS colorectal cancer.
• The data was presented in a Mini Oral Session at the European Society for Medical Oncology (ESMO) Congress 2025 in Berlin, Germany.
• The presentation date was October 19, 2025.

The results showed a statistically significant improvement in Progression-Free Survival (PFS) and Overall Survival (OS) in the DKK1-high population. This data is the core evidence used to drive future licensing or partnership discussions.

Investment Banking: Using Raymond James for strategic asset sale/licensing process

To facilitate the exploration of strategic alternatives, the company formally engaged an investment bank. This is the direct channel for M&A or out-licensing activity.

The Board of Directors approved the engagement of Raymond James & Associates, Inc. to serve as the exclusive financial advisor to assist in the strategic evaluation process. This process, which began around June 2025, covers potential outcomes like a complete company acquisition, asset sale of sirexatamab and/or FL-501, or a strategic partnership. This move followed a 75% workforce reduction implemented to preserve capital.

SEC Filings: Quarterly and annual reports detailing financial and strategic shifts

The Securities and Exchange Commission (SEC) filings are the mandatory, official channel for communicating financial health and major strategic pivots to the public market and regulators. The company filed its Q3 2025 10-Q Report on November 12, 2025. This filing confirmed the company's name change to Cypherpunk Technologies Inc., effective November 12, 2025.

The Q3 2025 financial performance, as detailed in the 10-Q, shows a significant reduction in losses compared to the prior year, reflecting cost-cutting measures:

• Loss from operations: $(3.166) million.
• Net loss: $(3.303) million, a marked improvement from the previous year's $(18.176) million.
• Net loss per share (GAAP): $(0.08), compared to $(0.44) in the prior year.

The filing also documented the execution of the new capital strategy, noting the acquisition of 203,775 ZEC tokens at an average cost of $245.37 per token, totaling approximately $50 million. This digital asset accumulation is a key strategic shift detailed through this official channel.

Leap Therapeutics, Inc. (LPTX) - Canvas Business Model: Customer Segments

You're looking at the core groups Leap Therapeutics, Inc. (LPTX) targets with its pipeline, primarily sirexatamab (DKN-01), which is a humanized monoclonal antibody targeting the Dickkopf-1 (DKK1) protein. The customer segments break down into patients who might benefit from the drug, the investors funding the journey, and the large partners who could acquire or commercialize the asset.

Oncology Patients: Advanced microsatellite stable (MSS) colorectal cancer (CRC)

The primary patient segment is those with advanced microsatellite stable (MSS) colorectal cancer (CRC) who have already gone through one prior line of systemic therapy. Leap Therapeutics, Inc. has been focused on this group with its DeFianCe study.

The market size for this patient group is substantial. As of March 2025, there were an estimated 30,000 second-line treated CRC patients in the US, plus 160,000 in the next seven largest markets. This segment is where the company sees a significant commercial opportunity, especially considering that about 25-50% of these patients have high DKK1 levels or haven't had prior anti-VEGF therapy.

The clinical data from the Phase 2 DeFianCe study, with final results presented at ESMO 2025, helps define the value proposition for these patients:

Population Subgroup (Part B)	N	ORR (Sirexatamab Arm)	ORR (Control Arm)	mPFS (Months)	mOS (Months)
DKK1-high (Upper Quartile)	44	44.0%	15.8%	9.36 vs 5.88	Not reached vs 9.66
DKK1-high (Upper Median)	88	38.0%	23.7%	9.03 vs 7.06	Not reached vs 14.39
Full Intent-to-Treat (ITT)	188	35.1%	26.6%	9.2 vs 8.3	Data Maturing

For the DKK1-high (upper quartile) group, the improvement in median Overall Survival (mOS) showed a Hazard Ratio (HR) of 0.17 (p-value < 0.001). That's a huge difference in survival benefit for a specific patient group.

Biomarker-Defined Subgroup: Patients with high levels of circulating DKK1 protein

This subgroup is the most precisely defined target for sirexatamab, as DKK1 is the target of the drug. You can see from the table above that the clinical benefit is concentrated here. For the DKK1-high (upper quartile) patients (n=44), the mPFS was 9.36 months compared to 5.88 months in the control arm.

The company is planning to use this data to define the path forward:

• Leap Therapeutics, Inc. plans to engage with regulatory authorities over the registrational path for sirexatamab in CRC.
• The plan includes optimizing the DKK1 biomarker diagnostic test to accurately identify these patients.
• Another highly responsive exploratory population was patients with no prior anti-VEGF therapy (n=95), showing an ORR of 44.9% (BICR).

Institutional and Retail Investors: Seeking exposure to both biotech and digital assets

This segment is crucial for funding operations, especially given the company's recent financial restructuring. You're definitely seeing a shift in investor profile here.

As of late 2025, institutional ownership was significant, reported around 30.46% to 30.61% of the stock, held across 34 institutions. The total shares outstanding were 56.65M, with a float of 49.88M.

The most recent major financial event defining this segment was the $58.88 million private placement led by Winklevoss Capital in October 2025, which is explicitly tied to initiating a digital asset treasury strategy. This deal involved the purchase of approximately 95.8 million shares or warrants, plus warrants for another 71.9 million shares at an exercise price of $0.5335 per share.

Financially, the company was managing tight liquidity:

• Cash and cash equivalents were $18.1 million as of June 30, 2025.
• This followed a cash position of $32.7 million at March 31, 2025.
• The company incurred approximately $3.2 million in workforce reduction costs, part of a 75% reduction in force implemented during Q2 2025.

The top institutional holder as of September 30, 2025, was GILEAD SCIENCES, holding 5.32M shares, which was 12.83% of the total institutional holdings value reported at $5.76 million.

Large Pharmaceutical Companies: Potential strategic partners or acquirers of DKN-01

This segment represents the ultimate exit or major funding path for the lead asset, sirexatamab. Due to financial constraints, Leap Therapeutics, Inc. initiated a process to explore strategic alternatives, including a potential sale or partnership for sirexatamab and FL-501.

The existing relationship provides a template for partnership value:

• Leap Therapeutics, Inc. already has a strategic partnership with BeiGene, Ltd. for DKN-01 rights in Asia (excluding Japan), Australia, and New Zealand.
• The company is looking to leverage its recent positive data to secure a deal that maximizes shareholder value, especially after winding down the DeFianCe clinical trial.

The company's Q2 2025 Research and Development expenses were $10.5 million, a 41.3% year-over-year decrease, showing a clear move to conserve capital while seeking a partner. The exploration of strategic alternatives is a direct action to address the need for substantial investment required for pivotal trials and commercialization.

Leap Therapeutics, Inc. (LPTX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Leap Therapeutics, Inc. as they navigate a major pivot in late 2025. The cost structure reflects a significant reduction in traditional biopharma operating expenses alongside a major new capital outlay for digital assets. This is a company aggressively cutting burn while making a strategic bet.

The most immediate, recurring operational costs show sharp reductions following a major corporate realignment. For the second quarter of 2025, Research & Development (R&D) Expenses were reported at $10.5 million. This was a substantial decrease, falling 41.3% compared to Q2 2024. Similarly, General & Administrative (G&A) Expenses were tightly managed, coming in at $1.8 million for Q2 2025. This G&A figure represented a 47.1% year-over-year reduction.

The cost structure for Q2 2025 also included a one-time, non-recurring charge related to the strategic overhaul. Leap Therapeutics, Inc. incurred $4.5 million in Restructuring Charges during Q2 2025, primarily associated with a workforce reduction of approximately 75%. Note that the majority of these total estimated costs were slated to be recognized in the third and fourth quarters of 2025.

A defining cost element for the late 2025 structure is the new digital asset strategy. In October 2025, Leap Therapeutics, Inc. (now operating under the name Cypherpunk Technologies Inc.) executed a significant investment in digital assets. The company used $50 million to acquire approximately 203,775 ZEC tokens at an average cost of $245.37 per token. This capital deployment shifts a major component of the cost base away from traditional clinical trial spending.

The pursuit of strategic alternatives also introduces specific, non-recurring professional service costs. These are tied directly to the formal process initiated by the Board of Directors to explore options like asset sales or partnerships. The costs here include:

• Investment banking fees for advisory services, with Raymond James & Associates engaged as the exclusive financial advisor.
• Legal fees associated with the strategic evaluation process.

Here's a quick look at the key period-specific cost components for Q2 2025:

Cost Component	Amount (Q2 2025)	Context/Notes
Research & Development (R&D) Expenses	$10.5 million	Reduced from $17.9 million in Q2 2024.
General & Administrative (G&A) Expenses	$1.8 million	Reduced from $3.4 million in Q2 2024.
Restructuring Charges	$4.5 million	Incurred for workforce reduction; majority recognized later.
Digital Asset Acquisition Cost	$50 million	Used to acquire ZEC tokens in October 2025.
Professional Fees	Not specified in amount	Investment banking and legal fees for strategic alternatives process.

The overall operating expense profile for Q2 2025 saw a net loss of $16.6 million, which was an improvement from the $20.4 million net loss in Q2 2024, largely due to the reduction in R&D and G&A, partially offset by the restructuring charge. The company's cash and cash equivalents stood at $18.1 million as of June 30, 2025.

The shift in focus is clear from the expense breakdown; the company is defintely cutting traditional operational costs to fund the digital asset strategy and cover advisory expenses for its future. Finance: draft 13-week cash view by Friday.

Leap Therapeutics, Inc. (LPTX) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation side of Leap Therapeutics, Inc. (LPTX) as of late 2025, which is heavily weighted toward non-operational sources given its pre-commercial status and recent strategic pivot.

Zero Product Revenue

For the second quarter of 2025, Leap Therapeutics, Inc. reported $0.0 million in GAAP revenue. This aligns with its status as a clinical-stage biotechnology company without a commercialized product.

Interest Income

Minimal income is generated from the company's cash and cash equivalents. For the second quarter of 2025, the reported interest income amounted to $0.246 million.

Future Licensing/Milestone Payments

The primary potential revenue driver from its core biopharma assets centers on the DKN-01 asset. Leap Therapeutics, Inc. has an existing agreement with BeiGene, Ltd. for the development and commercialization of sirexatamab (DKN-01) in Asia (excluding Japan), Australia, and New Zealand. The company is eligible to receive payments from BeiGene based upon the achievement of certain development, regulatory, and sales milestones for a total deal value of up to $132 million, in addition to tiered royalties on product sales in the licensed territory. Management is actively exploring strategic alternatives, which could result in an asset sale or a new partnership structure.

• Potential future milestone/royalty payments from DKN-01 partnership: Up to $132 million total potential value from BeiGene, Ltd.
• The Board initiated a formal strategic alternatives process in Q2 2025.
• The company is prioritizing corporate development opportunities for sirexatamab (DKN-01) and FL-501.

Capital Gains: Digital Asset Holdings

Following a strategic shift and rebranding to Cypherpunk Technologies Inc. (ticker change to CYPH effective November 13, 2025), a significant portion of the company's treasury is now held in Zcash (ZEC) cryptocurrency. This strategy was funded by a private placement, with a portion of the proceeds used for accumulation. The potential for capital gains is tied directly to the appreciation of these digital assets.

Here's the quick math on the reported ZEC holdings as of mid-November 2025:

Metric	Value
Total ZEC Tokens Held (as of latest report)	232,644 tokens
Most Recent Purchase Amount	$18 million
Most Recent Tokens Acquired	29,869 ZEC
Average Price of Most Recent Purchase	$602.63 per token
Initial Private Placement Purchase Amount	$50 million
Initial Tokens Acquired	203,775.27 ZEC
Average Price of Initial Purchase	$245.37 per ZEC

The company's cash position, which funds near-term operations before any potential asset monetization, stood at $18.1 million on June 30, 2025.

Selected Financial Data (Q2 2025)

Financial Metric (GAAP)	Amount
GAAP Revenue	$0.0 million
Interest Income	$0.246 million
Cash and Cash Equivalents (End of Period)	$18.1 million
Net Loss	$16.6 million
Operating Cash Outflows	$14.486 million

Finance: draft 13-week cash view by Friday.