Cypherpunk Ditches Zcash for Cancer Drug as $37.8M Loss Mounts

Cypherpunk Technologies, a company backed by the Winklevoss twins, has announced plans to pivot its focus from Zcash (ZEC) to its cancer drug candidate, Sirexatamab. The decision comes after the company reported a $37.8 million net loss for the first six months of 2026.

Cypherpunk's ZEC holdings are worth roughly $157 million, yet Nasdaq traders value the entire company at just $74 million, resulting in an unremarkable multiple-to-Net Asset Value (mNAV) of 0.47x. This is despite the company having generated operating losses for the foreseeable future.

The company's cancer drug candidate failed to beat the control arm on progression-free survival across all patients in the randomized Phase 2 study, with Cypherpunk attributing this miss to an underpowered final analysis. The FDA granted fast track designation in May, speeding up regulatory review, but the company still needs to raise a significant amount of money for upcoming FDA trials.