Cypherpunk Technologies Stock Plunges 34.63% Amid Crypto Volatility, Biotech Hurdles

The share price dropped to a record low today, with an intraday decline of 34.63%.

Cypherpunk Technologies, rebranded from Leap Therapeutics, has seen its stock collapse after a volatile trading period. The company’s strategic pivot to a dual-business model—combining a Zcash-focused digital asset treasury with oncology R&D—initially drove a 369% intraday surge in its former ticker, LPTX, following the rebrand announcement on Nov. 13. However, subsequent pre-market trading saw a 23.9% drop, reflecting investor uncertainty over the sustainability of the new strategy. Leadership changes, including the appointment of a chairman and a crypto-focused CIO, signal long-term governance alignment but have not yet stabilized sentiment.

Key risks weigh on the stock’s outlook. The company’s Zcash holdings, which rose to over $523 per token by Nov. 12, expose it to crypto market volatility. Meanwhile, regulatory hurdles for its oncology pipeline—particularly sirexatamab, a DKK1-targeting antibody—remain unresolved. Clinical data showed promise in a subgroup of patients but lacked full intent-to-treat significance. Additionally, dilution risks loom, with outstanding warrants and a $200 million ATM program potentially pressuring share value. A shareholder vote on corporate governance changes on Dec. 15 could further influence liquidity and Nasdaq compliance. The dual-strategy model’s success hinges on balancing crypto exposure with biotech progress, a challenge that has left investors divided.