Cypherpunk Technologies reported a $37.8 million net loss attributable to common stockholders for the first half of 2026, even after a second-quarter rebound to $39.4 million in net income driven by a $46.0 million mark-to-market gain on its Zcash treasury. The company held 323,394.38 ZEC valued at about $157 million to $158.2 million, more than double its roughly $74 million market capitalization, highlighting the gap between its token holdings and its equity value. Cypherpunk still posted a $4.7 million operating loss in the second quarter, while its wholly owned subsidiary Leap Therapeutics is seeking financing or strategic alternatives to move sirexatamab into a registrational Phase 3 trial in DKK1-high second-line metastatic colorectal cancer after aligning with the FDA on the study design.