Leap Therapeutics, Inc. (LPTX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da biotecnologia, a Leap Therapeutics, Inc. (LPTX) surge como uma força pioneira na terapêutica do câncer direcionada, se posicionando estrategicamente na interseção de pesquisas médicas inovadoras e desenvolvimento transformador de medicamentos. Ao alavancar um modelo de negócios abrangente que enfatiza medicina de precisão, parcerias colaborativas e abordagens terapêuticas inovadoras, o LPTX está pronto para potencialmente revolucionar os paradigmas de tratamento do câncer. Seu plano estratégico revela uma abordagem multifacetada para atender às necessidades médicas não atendidas, prometendo investidores e profissionais de saúde um vislumbre intrigante no futuro da inovação oncológica.

Leap Therapeutics, Inc. (LPTX) - Modelo de negócios: Parcerias -chave

Colaboração com instituições de pesquisa farmacêutica

A partir de 2024, a Leap Therapeutics estabeleceu as principais parcerias de pesquisa com as seguintes instituições:

Instituição	Foco na pesquisa	Status da parceria
Instituto de Câncer Dana-Farber	Ensaios Clínicos DKN-01	Pesquisa colaborativa ativa
Hospital Geral de Massachusetts	Pesquisa de Biomarcadores	Parceria em andamento em estudo clínico

Alianças estratégicas com organizações de pesquisa clínica

A Leap Therapeutics possui alianças estratégicas com as seguintes organizações de pesquisa clínica:

• ICON PLC - Serviços de gerenciamento de ensaios clínicos
• IQVIA - Coordenação Global de Pesquisa Clínica
• Medpace - Fase II e Fase III Suporte

Parceria potencial com empresas de investimento em biotecnologia

Os relacionamentos atuais de investimento e parceria incluem:

Empresa de investimentos	Valor do investimento	Ano de investimento
Consultores perceptivos	US $ 25,3 milhões	2023
Cormorant Global Healthcare	US $ 18,7 milhões	2022

Acordos colaborativos com centros médicos acadêmicos

A Leap Therapeutics mantém acordos de pesquisa colaborativa com:

• Faculdade de Medicina de Harvard - Pesquisa Oncológica
• Universidade Johns Hopkins - Estudos de Imuno -Oncologia
• Memorial Sloan Kettering Cancer Center - Coordenação de ensaios clínicos

Leap Therapeutics, Inc. (LPTX) - Modelo de negócios: Atividades -chave

Desenvolvendo terapêutica de câncer direcionada

A LEAP Therapeutics se concentra no desenvolvimento de terapêuticas direcionadas ao câncer, com foco específico no DKN-01 e em outros candidatos terapêuticos.

Candidato terapêutico	Indicação alvo	Estágio de desenvolvimento atual
DKN-01	Tumores sólidos	Ensaios clínicos de fase 2

Conduzindo ensaios pré -clínicos e clínicos

A empresa conduz ativamente pesquisas clínicas em múltiplas indicações de câncer.

• Total de ensaios clínicos ativos: 2-3 ensaios em andamento
• Investimento anual estimado do ensaio clínico: US $ 15-20 milhões
• Locais de ensaios: Estados Unidos, vários centros de pesquisa clínica

Avançar pesquisas terapêuticas e descoberta de medicamentos

Pesquisa e desenvolvimento são atividades essenciais para a terapêutica do LEAP.

Métrica de P&D	2023 dados
Despesas de P&D	US $ 24,5 milhões
Pessoal de pesquisa	Aproximadamente 35-40 cientistas

Gerenciando processos de aprovação regulatória

A terapêutica da LEAP se envolve com agências reguladoras para promover os candidatos a drogas.

• Interações FDA: comunicação regular
• Aplicações ativas de IND (New Drug de investigação): 1-2

Desenvolvimento e proteção da propriedade intelectual

O gerenciamento estratégico de propriedade intelectual é crucial para o posicionamento competitivo da empresa.

Categoria IP	Número de ativos
Aplicações de patentes	8-10 patentes ativas
Jurisdições de patentes	Estados Unidos, Europa, Ásia

Leap Therapeutics, Inc. (LPTX) - Modelo de negócios: Recursos -chave

Candidatos a drogas terapêuticas proprietárias

A LEAP Therapeutics se concentra nos seguintes candidatos a medicamentos -chave:

• DKN -01 - Uma terapêutica direcionada ao caminho Wnt/Frizzled
• Terapias de combinação de inibidores do ponto de verificação

Candidato a drogas	Estágio de desenvolvimento	Indicação alvo
DKN-01	Ensaios clínicos de fase 2	Câncer de junção gástrico/gastroesofágico
Combinação DKN-01	Desenvolvimento Clínico	Tumores sólidos avançados

Pesquisa científica e experiência em desenvolvimento

A Leap Therapeutics possui uma equipe de pesquisa dedicada com experiência especializada em oncologia e terapêutica direcionada.

Métricas de P&D	Valor
Despesas de P&D (2022)	US $ 26,8 milhões
Número de pessoal de pesquisa	Aproximadamente 35-40 funcionários

Infraestrutura de pesquisa de biotecnologia especializada

A empresa mantém instalações de pesquisa avançadas em Cambridge, Massachusetts.

Portfólio de propriedade intelectual

• Vários pedidos de patente relacionados à tecnologia DKN-01
• Acordos de licenciamento exclusivos com instituições de pesquisa

Categoria IP	Número de ativos
Aplicações de patentes	8-10 Aplicações ativas
Patentes concedidas	3-5 patentes emitidas

Pesquisa qualificada e equipe médica

A equipe de liderança compreende profissionais experientes em oncologia e desenvolvimento de medicamentos.

Posição de liderança	Especialização
CEO	Mais de 20 anos em liderança de biotecnologia
Diretor médico	Experiência extensiva de ensaios clínicos de oncologia

Leap Therapeutics, Inc. (LPTX) - Modelo de Negócios: Proposições de Valor

Abordagens inovadoras de tratamento de câncer direcionadas

A LEAP Therapeutics se concentra no desenvolvimento de DKN-01, um anticorpo monoclonal direcionado à proteína Dickkopf-1 (DKK1). O oleoduto de estágio clínico da empresa tem como alvo mecanismos específicos de câncer.

Programa terapêutico	Mecanismo de destino	Estágio clínico atual
DKN-01	Inibição de DKK1	Ensaios clínicos de fase 2

Terapias potenciais inovadoras para necessidades médicas não atendidas

A Leap Therapeutics está desenvolvendo terapias para desafiar tipos de câncer com opções de tratamento limitadas.

• Adenocarcinoma de junção gastroesofágica
• Carcinoma hepatocelular
• Câncer colorretal estável microssatélite

Medicina de precisão focada em mecanismos específicos de câncer

A abordagem da empresa envolve direcionar as vias moleculares com alta precisão.

Alvo molecular	Estratégia terapêutica	Impacto potencial
Proteína DKK1	Inibição de anticorpos monoclonais	Interrompe a sinalização de células cancerígenas

Soluções terapêuticas avançadas com possíveis resultados aprimorados dos pacientes

A Theapeutics Leap possui colaborações estratégicas para melhorar o desenvolvimento terapêutico.

• Colaboração com GSK (GlaxoSmithKline) para desenvolvimento DKN-01
• Possíveis abordagens de terapia combinada

Desenvolvimento de novas estratégias de direcionamento molecular

A pesquisa da empresa se concentra em técnicas inovadoras de intervenção molecular.

Foco na pesquisa	Tecnologia	Aplicação potencial
Interrupção da via molecular	Tecnologia de anticorpos monoclonais	Terresting no tratamento do câncer

Leap Therapeutics, Inc. (LPTX) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa médica

A partir do quarto trimestre de 2023, a terapêutica da LEAP se envolveu com 47 instituições de pesquisa e centros médicos para ensaios clínicos.

Tipo de engajamento	Número de instituições
Centros de Pesquisa Oncológica	32
Centros Médicos Acadêmicos	15

Comunicação transparente sobre o progresso do ensaio clínico

Terapêutica Leap realizada 4 Chamadas de conferência de investidores/analistas Em 2023, detalhando os desenvolvimentos de ensaios clínicos.

• Atualizações totais de ensaios clínicos: 7 comunicações públicas
• Plataformas usadas: webinars de investidores, comunicados de imprensa, registros da SEC

Abordagem de desenvolvimento terapêutico centrado no paciente

Métricas de recrutamento de pacientes para ensaios clínicos em andamento:

Indicação de teste	Pacientes totais inscritos
Terapia combinada de DKN-01	89 pacientes
Estudo de câncer gástrico	62 pacientes

Publicações científicas regulares e apresentações de conferências

Métricas de comunicação científica para 2023:

• Publicações revisadas por pares: 6
• Apresentações da Conferência Científica: 12
• As principais conferências participaram: ASCO, ESMO, AACR

Plataformas de comunicação de investidores e partes interessadas

Canais de comunicação de relações com investidores:

Canal de comunicação	Freqüência
Chamadas de ganhos trimestrais	4 vezes anualmente
Apresentações de investidores	8 eventos em 2023
Reunião Anual dos Acionistas	1 evento

Leap Therapeutics, Inc. (LPTX) - Modelo de Negócios: Canais

Conferências científicas e simpósios médicos

Em 2023, a Leap Therapeutics participou de 12 Conferências focadas em oncologia, incluindo a Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR).

Conferência	Data	Tipo de apresentação
Reunião Anual da AACR	Abril de 2023	Apresentação oral
Congresso Esmo	Outubro de 2023	Apresentação de pôsteres

Publicações de revistas médicas revisadas por pares

Theapeutics Leap publicado 5 artigos revisados ​​por pares em 2023.

• Publicado no Journal of Clinical Oncology
• Publicado na Nature Medicine
• Publicado no Cancer Discovery

Comunicação direta com profissionais de saúde

A empresa mantinha Engajamento direto com 247 especialistas em oncologia através de estratégias de comunicação direcionadas.

Método de comunicação	Número de interações
Comunicações de email direto	1,342
Reuniões individuais	86

Plataformas de relações com investidores

A Leap Therapeutics utilizou vários canais de comunicação de investidores com Chamadas de ganhos trimestrais atingindo 124 investidores institucionais.

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Registros da SEC

Redes de comunicação científica digital

A empresa mantinha perfis ativos em 3 plataformas profissionais de rede científica.

Plataforma	Contagem de seguidores
LinkedIn	4,237
Pesquisa	1,892

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

Instituições de Pesquisa Oncológica

A partir de 2024, a LEAP Therapeutics tem como alvo as seguintes instituições de pesquisa de oncologia:

Tipo de instituição	Número de alvos em potencial	Foco na pesquisa
Centros de pesquisa acadêmica	127	Pesquisa de imuno-oncologia
Institutos Nacionais de Câncer	38	Terapêutica avançada do câncer

Centros de Tratamento do Câncer

A quebra do segmento de clientes para centros de tratamento do câncer:

• Centros de Oncologia Comunitária: 412 metas em potencial
• Centros abrangentes de câncer: 51 metas em potencial
• Centros Médicos Acadêmicos: 89 metas em potencial

Empresas farmacêuticas

Potenciais colaboradores farmacêuticos:

Tamanho da empresa	Número de parceiros em potencial	Potencial interesse de colaboração
Grandes empresas farmacêuticas	17	Alto interesse no programa DKN-01
Empresas farmacêuticas de tamanho médio	34	Interesse moderado em imuno-oncologia

Potencial populações de pacientes

Demografia de pacientes -alvo para ensaios clínicos:

• Pacientes com tumores sólidos avançados: 12.500 participantes em potencial
• Pacientes com câncer gástrico: 3.200 participantes em potencial
• Pacientes com carcinoma hepatocelular: 2.800 participantes em potencial

Investidores de saúde e organizações de financiamento

Fontes de investimento em potencial:

Tipo de investidor	Número de investidores em potencial	Intervalo de investimento médio
Empresas de capital de risco	62	US $ 5 milhões - US $ 25 milhões
Investidores institucionais	43	US $ 10 milhões - US $ 50 milhões
Fundos de investimento focados em biotecnologia	28	$ 3M - $ 15M

Leap Therapeutics, Inc. (LPTX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Leap Therapeutics registrou despesas de P&D de US $ 44,4 milhões, representando um investimento significativo no desenvolvimento de tecnologias terapêuticas.

Ano	Despesas de P&D	Aumento percentual
2022	US $ 35,2 milhões	26.1%
2023	US $ 44,4 milhões	26.1%

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para terapêutica saltual em 2023 totalizaram aproximadamente US $ 31,6 milhões, focados no avanço do DKN-01 e em outros programas de pipeline.

• Fase 1/2 Ensaios Clínicos para DKN-01: $ 18,2 milhões
• Pesquisa de terapia combinada: US $ 9,4 milhões
• Desenvolvimento clínico adicional: US $ 4 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatórios para 2023 foram estimados em US $ 3,7 milhões, cobrindo interações e processos de envio da FDA.

Manutenção da propriedade intelectual

As despesas de propriedade intelectual em 2023 totalizaram US $ 2,1 milhões, incluindo custos de arquivamento e manutenção de patentes.

Categoria IP	Custo
Registro de patentes	US $ 1,4 milhão
Manutenção de patentes	US $ 0,7 milhão

Overhead administrativo e operacional

As despesas administrativas e operacionais totais para 2023 foram de US $ 12,5 milhões.

• Custos de pessoal: US $ 8,2 milhões
• Despesas de escritório e instalação: US $ 2,3 milhões
• Tecnologia e infraestrutura: US $ 2 milhões

Estrutura de custo total para 2023: US $ 94,3 milhões

Leap Therapeutics, Inc. (LPTX) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre de 2023, a LEAP Therapeutics possui possíveis fluxos de receita de licenciamento para o candidato terapêutico DKN-01.

Potencial parceiro de licenciamento	Receita potencial estimada	Status
Discussões em andamento	Taxa de licenciamento inicial de US $ 5 a 10 milhões	Em negociação

Bolsas de pesquisa e financiamento

A LEAP Therapeutics protege o financiamento da pesquisa de várias fontes:

Fonte de financiamento	Quantia	Ano
Institutos Nacionais de Saúde (NIH)	US $ 1,2 milhão	2023
Fundações de pesquisa do câncer	$750,000	2023

Futura comercialização terapêutica de produtos

Potencial de receita projetado para candidatos terapêuticos principais:

• DKN-01: potencial de mercado estimado de US $ 500-750 milhões anualmente
• Terapias combinadas: possíveis fluxos de receita adicionais

Receitas de colaboração de parceria estratégica

Detalhes financeiros da parceria estratégica atual:

Parceiro	Valor de colaboração	Duração
Merck	Até US $ 250 milhões	2022-2025

Potenciais pagamentos marcantes do desenvolvimento de medicamentos

Estrutura de pagamento projetada de marco:

Estágio de desenvolvimento	Pagamento marco	Probabilidade
Fase II Conclusão	US $ 15 milhões	Alto
Fase III Iniciação	US $ 25 milhões	Médio
Aprovação da FDA	US $ 50 milhões	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.