Leap Therapeutics, Inc. (LPTX): Business Model Canvas [Dec-2025 Updated]

You're looking at Leap Therapeutics, Inc. and wondering how to map out their business after the massive pivot late in 2025. Honestly, forget the old biotech playbook; this company is now a fascinating hybrid, balancing serious oncology R&D-specifically advancing sirexatamab (DKN-01) for CRC-with a bold digital asset treasury strategy centered on Zcash. Here's the quick math: as of June 30, 2025, they were sitting on $18.1 million in cash plus roughly $50 million in digital assets, a crucial runway extension after cutting staff by 75%. This canvas breaks down exactly how Leap Therapeutics, Inc. plans to fund its clinical path while offering shareholders exposure to both a potential cancer breakthrough and crypto appreciation; dive in below to see the full structure.

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

You're looking at the core relationships that are currently funding and steering Leap Therapeutics, Inc. as it navigates its clinical pipeline and a new treasury approach. These partnerships are defintely critical to its near-term survival and strategic direction.

Winklevoss Capital: Lead Investor and Strategic Backer

Winklevoss Capital spearheaded a significant capital infusion for Leap Therapeutics, Inc. in late 2025. This wasn't just a standard equity raise; it was a Private Investment in Public Equity (PIPE) offering totaling $58,888,888 in cash commitments, announced on October 6, 2025. This funding is explicitly tied to supporting Leap Therapeutics' intention to initiate a digital asset treasury strategy, leveraging the expertise of Winklevoss Capital in that space to build long-term shareholder value. This move signals a unique financial strategy within the biotech sector.

The terms of the financing involved specific security issuances, which you can see detailed here:

Also, this partnership reshaped governance. Pursuant to a lead investor agreement, Winklevoss Capital gained the right to nominate two individuals to Leap Therapeutics' Board of Directors, one of whom will serve as the board chairperson, increasing the total board size to 12 members.

Raymond James & Associates: Financial Advisor for Strategic Review

Leap Therapeutics, Inc. engaged Raymond James & Associates, Inc. to serve as its exclusive financial advisor to assist in a formal process to explore strategic alternatives. This process was initiated to preserve and maximize shareholder value, which includes exploring potential sale or partnership opportunities for its key assets, sirexatamab and FL-501. This engagement followed a period of significant operational restructuring.

The context for this strategic review involved substantial financial pressure:

• Cash and cash equivalents stood at $32.7 million as of March 31, 2025.
• This balance dropped to $18.1 million by June 30, 2025.
• The company implemented a workforce reduction of approximately 75%.
• A restructuring charge of $4.5 million was incurred in the second quarter of 2025 related to this reduction in force.

Raymond James & Associates is advising on options as the company seeks to secure its future beyond its current cash runway.

Clinical Research Organizations (CROs) and KOLs: Advancing Sirexatamab

Leap Therapeutics, Inc. manages its global Phase 2 DeFianCe study through partnerships with external Clinical Research Organizations (CROs). While the specific names of the CROs aren't in the latest filings, these organizations are responsible for the execution of the global, multi-country trial (NCT05480306) evaluating sirexatamab in advanced colorectal cancer (CRC).

The data generated from this study was a major focus for Key Opinion Leaders (KOLs) in late 2025. Final results from Part B were presented at the European Society for Medical Oncology (ESMO) Congress 2025 in Berlin, Germany, on October 19, 2025, during a Mini Oral Session. Dr. Zev Wainberg, MD, Professor of Medicine and Co-Director of the GI Oncology Program at UCLA, presented the findings on behalf of the study investigators.

The data presented by the KOLs highlighted significant activity in the DKK1-high population:

These results, presented by the KOLs, support the potential for sirexatamab to move forward into a biomarker-focused registrational trial.

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

Digital asset treasury management: Acquiring and holding Zcash (ZEC)

Leap Therapeutics, Inc., which rebranded as Cypherpunk Technologies as of November 2025, initiated a digital asset treasury strategy. This followed the closing of a private placement in October 2025, which raised gross proceeds of $58,888,888. The company committed to acquiring Zcash (ZEC) as its primary digital asset. Approximately $50 million from this raise was deployed to acquire 203,775.27 ZEC, implying an average acquisition price of approximately $245.37/ZEC.

Biopharmaceutical R&D: Advancing sirexatamab (DKN-01) in clinical development

The core R&D activity centered on sirexatamab (DKN-01), a humanized monoclonal antibody targeting the Dickkopf-1 (DKK1) protein. Leap Therapeutics presented final Part B data from the Phase 2 DeFianCe study of sirexatamab plus bevacizumab and chemotherapy at ESMO 2025. Research and development expenses for the nine months ended September 30, 2025, totaled $24.7 million, a reduction from $44.1 million for the same period in 2024. The preclinical program for FL-501, targeting GDF-15, also continued, showing positive results in animal studies, including restoration of body composition.

The key efficacy metrics from the DKK1-high patient subgroup in the DeFianCe study were:

Corporate restructuring: Implementing a 75% workforce reduction to conserve capital

To preserve capital, Leap Therapeutics implemented a drastic strategic restructuring. This involved a workforce reduction of approximately 75% of employees during the second quarter of 2025. The company began 2025 with 52 full-time staff, including 41 in research and development roles. The Q2 2025 restructuring incurred estimated total costs of approximately $4.5 million, primarily for severance payments. Cash and cash equivalents stood at $18.1 million as of June 30, 2025, which further dropped to $9.7 million by September 30, 2025, before the October capital raise. This restructuring drove down operating expenses, with General and administrative expenses decreasing by $1.6 million in Q2 2025 compared to Q2 2024.

Exploring strategic alternatives: Seeking sale or partnership for DKN-01 and FL-501 assets

The Board of Directors initiated a process to explore strategic alternatives aimed at maximizing shareholder value. This key activity involved engaging Raymond James as a financial advisor. The company is actively seeking potential sale or partnership opportunities for both its lead clinical asset, sirexatamab (DKN-01), and the preclinical asset, FL-501.

Regulatory engagement: Planning the registrational pathway for DKN-01 in DKK1-high CRC

The company's regulatory focus is centered on establishing the registrational pathway for sirexatamab based on the positive data from the Phase 2 DeFianCe study. Key activities supporting this include:

• Presenting final data from the Phase 2 DeFianCe study at ESMO 2025.
• Focusing development efforts exclusively on colorectal cancer (CRC).
• Targeting the DKK1-high patient population, which showed statistically significant benefits in PFS and mOS.
• Conducting clinical trials and engaging with academic and industry partners to progress the pipeline.

Finance: draft 13-week cash view by Friday

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

You're looking at the core assets that Leap Therapeutics, Inc.-now operating as Cypherpunk Technologies Inc. as of November 13, 2025-is relying on to drive value. This isn't just about the lab bench anymore; it's a dual-asset strategy.

Cash and cash equivalents

The immediate liquidity position, as reported following the Q2 2025 results, showed $18.1 million in cash and cash equivalents on hand as of June 30, 2025. This figure predates the major capital raise and digital asset acquisition.

Digital asset holdings

Leap Therapeutics, Inc. adopted a Digital Asset Treasury (DAT) strategy, using capital from a private placement led by Winklevoss Capital. The initial deployment was approximately $50 million used to purchase Zcash (ZEC) tokens. Later, the company announced an additional investment of $18 million in ZEC, acquiring 29,869 tokens at an average price of $602.63 each, bringing total reported ZEC holdings to 232,644 tokens as of November 18, 2025.

Intellectual Property

The foundational intellectual property remains centered on two key monoclonal antibodies. These are the primary biotech assets underpinning the company's legacy value proposition.

• Monoclonal antibody sirexatamab (DKN-01), which targets the Dickkopf-1 (DKK1) protein.
• Monoclonal antibody FL-501, which targets the growth and differentiation factor 15 (GDF-15) protein.

Clinical data

Significant clinical validation exists for sirexatamab (DKN-01) from the DeFianCe Phase 2 study, presented at the European Society for Medical Oncology (ESMO) Congress 2025. The data showed a survival benefit in patients with high levels of DKK1. Here are the final results for the DKK1-high (upper quartile) population (n=44) from Part B of the study:

The data suggests sirexatamab has potential as a targeted therapeutic for patients with high DKK1 levels and should move to a biomarker-focused registrational trial.

Board expertise

The strategic pivot to a digital asset treasury necessitated a significant upgrade in board expertise related to digital markets and investment. The company appointed new leadership effective November 11, 2025, following a $58.88 million private placement led by Winklevoss Capital. The board expanded to 12 members, with Winklevoss Capital gaining the right to nominate two individuals, including the chairperson.

The key new appointments include:

• Khing Oei, appointed as Chairman of the Board; previously CEO of a European Bitcoin treasury company and managed over $200 million in assets.
• Will McEvoy, appointed as the first Chief Investment Officer; he is a Principal at Winklevoss Capital focusing on cryptocurrency and frontier technologies.

This new structure is designed to execute the long-term digital asset strategy.

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.

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.

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:

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:

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:

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:

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:

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:

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)

Finance: draft 13-week cash view by Friday.