Cypherpunk Technologies Inc. Common Stock (CYPH)

FairStock Score: 68/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I look first for a durable business with predictable earnings. Cypherpunk is hard to underwrite. It has six employees, no reported revenue in the filed figures, and a strategy split between privacy technology, a Zcash-anchored digital asset strategy, and antibody therapies. Filed results swing violently. In FY2023 (the year ended 2023-12-31), net loss was $81.4M and diluted EPS was $-3.98. In FY2024 (the year ended 2024-12-31), net loss was $67.6M and diluted EPS was $-1.81. FY2025 (the year ended 2025-12-31) showed net income of $4.8M and diluted EPS of $0.07, which makes the Lynch category TURNAROUND reasonable. But fiscal Q1 2026 (the quarter ended 2026-03-31) produced a $77.2M net loss and $-0.46 diluted EPS, while fiscal Q2 2026 (the quarter ended 2026-06-30) produced $39.4M net income and $0.18 diluted EPS. That is not a stable earnings stream. Free cash flow is -$131.6M trailing twelve months, and FairStock computes an FCF yield of -43.0% against the $306.1M market cap. FairStock's Piotroski F-Score is 2/9, its ROE is -1.21%, and its ROCE is -13.79%, so capital is not earning a return. The balance sheet shows no debt (D/E 0.00), and FairStock's Altman Z-Score of 46.55 suggests low bankruptcy risk on that model. At the $2.84 close on 2026-10-13, FairStock calculates P/E 4.44, P/B 2.20, PEG 0.01, and a Graham Number of $4.31 with a 34.11% margin of safety. Those numbers look cheap only if the earnings can be trusted. The moat is unproven because there is no revenue line. I would need recurring cash generation, not asset-driven swings, before calling this a margin-of-safety bargain.

In plain English: Cypherpunk Technologies is a small privacy-technology and digital-asset company focused on Zcash, and it also works on cancer antibody therapies. It reports no revenue in the filed figures, and its profits swing sharply between losses and gains while it burned $131.6 million in cash over the last year. At $2.84, the price looks cheaper than some profit-based measures, but that cheapness depends on very unstable reported earnings.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer