CYPHERPUNK TECHNOLOGIES INC. (CYPH) Stock Analysis

Price updated today · SEC data refreshed 2 months ago ⓘ · Not investment advice

CYPHERPUNK TECHNOLOGIES INC.

CYPH Healthcare Pharmaceuticals📄 SEC filings ↗
Speculative
Long-term trend (200d) 23% below 200-day Risk 30/100 Moderate
▾ What's in the 30/100 risk score? (higher = riskier)
Fundamental health (43%) 20/100 → +8.6
leverage 20/100
Smart money (short interest + insider buying) (31%) 45/100 → +14.1
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 28/100 → +7.2
Total30/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.

💵 Price $0.64 · today 📄 Financials SEC EDGAR · refreshed 2 months ago
📍 START HERE

How to read CYPH (speculative micro-cap)

No model can pin a precise fair value on a company this small — but that does not mean there is nothing to learn. The useful questions are what the price is betting on, and whether the company can survive long enough to deliver it.

Where to start — the sections that matter most for this stock
  1. 1 Reverse-DCF — what growth the price assumes ↓
    The single most useful number here: it backs out the growth the market is paying for. If that figure is "historically unprecedented," the price is running on hype, not fundamentals.
  2. 2 Cash runway ↓
    A pre-profit micro-cap lives or dies on whether it can fund itself to profitability before running out of money and diluting you.
  3. 3 The raw financial statements + the 10-K ↓
    At this scale, the actual numbers, insider ownership, and share-count trend tell you more than any ratio.
Or — what are you trying to decide?
One rule first: never trade out of fear — and that includes the fear of missing out. A stock up 10% a day for three days is excitement, not data. If you can't point to the evidence behind a trade, you're more likely to lose. So whichever of these you are, check the data below before you act.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ No DCF yet — the company isn't generating positive free cash flow

A discounted-cash-flow model can only discount POSITIVE cash flows. CYPH's free cash flow is currently negative — it's reinvesting / still pre-profit — so a forward DCF can't produce a meaningful number. That's a property of the model, not missing data; the full financials and story are below.

What to use instead: This is exactly where the Reverse-DCF earns its keep: it shows the growth the market is ALREADY pricing in, so you can judge whether that's achievable. Pair it with the EV/Sales peer lens, the Rule-of-40 read, and the cash-runway section — the right tools for a pre-profit company.

This note is only about the single DCF fair-value number — CYPH's full financial statements, health scores, and written analysis are all below.

ⓘ Why does CYPH trade at $0.64?

CYPHERPUNK TECHNOLOGIES INC. has 70.7 million shares outstanding. At $0.64 per share, the market values all outstanding CYPH equity at $46 million. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash (CYPH carries little or no debt, so the two are close here). The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →) compared to what the business actually produces. This page values CYPH in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation → economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
VALUATION RANGE — CROSS-METHOD CHECK

⚠ At today's price, the market values CYPH at about 21.0× its annual sales — a typical established company trades around 1–3×. Standard industry multiples (the bars below) collapse toward $0 at this scale, so they aren't the useful read. For a micro-cap with sales, lean on the Momentum trend, and cash runway — see 📍 What to focus on.

Football field: where does the price sit?

Different valuation methods produce different fair-value ranges depending on assumptions. Plotting them together lets you see at a glance whether the current price is reasonable across approaches, or only one specific lens.

EV / Sales (p25→p75)$0$0Current: $0.64$0$0$1$1$1
The current price sits ABOVE the high end of every method. The market is paying a premium to all of these lenses — it expects materially better growth or margins than the models assume.

Industry multiples sourced from: industry: Pharmaceuticals. See the Peer Basket section below for the peer comparison and its limited-comparables caveat.

🧬 BUSINESS-MODEL ADVISORY — CLINICAL-STAGE BIOTECH

How to read a company this small

This is a clinical-stage biotech with little or no revenue. Standard DCF requires future cash flows to discount — there's nothing to discount yet. The value is entirely in the drug pipeline and the probability that it works.

✅ What actually drives value for this kind of company
  • Drug pipeline — phase of each candidate (Phase I → II → III → FDA approval); each phase has historical success probabilities
  • Total Addressable Market (TAM) of the lead indication — bigger market = bigger payoff if approved
  • Cash runway — months of cash left at current burn rate before they need to raise more (and dilute shareholders)
  • Strategic partnerships — Big Pharma collaborations validate the science and bring milestone payments
  • Patent / exclusivity timeline — how long until generics if approved
  • Insider holdings + management track record — biotech execs with prior wins are a real signal
❌ Metrics that DON'T apply (ignore these even if you see them below)

P/E, P/B, EV/Sales, ROE — meaningless when there's no revenue or earnings. DCF outputs are nonsense.

📚 Where to actually look

ClinicalTrials.gov for trial status. The 10-K's "Pipeline" section. Recent press releases on Phase II/III readouts. Conferences like JPM Healthcare or ASCO.

Classified as Clinical-Stage Biotech (confidence 85%). Disagree? An admin can override via the post edit screen.

PEER BASKET — TIGHT COMPARABLES

⚠ Genuine comparables are scarce at this size, so peer multiples are unreliable here. Treat as rough context only — see 📍 What to focus on above.

How does CYPH stack up against its closest peers?

We take the 8 same-industry companies most similar to CYPH (similar size) and check what investors are paying for each dollar of their revenue (or profits). If CYPH is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, FCF yield (in the table) is usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.

What CYPH would be worth at the median peer's multiple
Not enough clean peer EV/Sales multiples to derive a reliable median (some were dropped as implausible/outliers). The EV/EBIT and FCF-yield rows above are the better read here; also lean on the DCF.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/Sales EV/GP EV/EBIT FCF Yield
TLPH TALPHERA, INC. Pharmaceuticals $42M 1,512.5x — — —
XLO Xilio Therapeutics, Inc. Pharmaceuticals $49M 1.1x — — 13.6%
ZYBT Zhengye Biotechnology Holding Ltd Pharmaceuticals $40M 2.5x 12.2x — 4.4%
VERU VERU INC. Pharmaceuticals $38M — — — —
PDSB PDS Biotechnology Corp Pharmaceuticals $60M — — — —
TVRD Tvardi Therapeutics, Inc. Pharmaceuticals $32M — — — —
XBIT XBiotech Inc. Pharmaceuticals $74M — — — —
XRTX XORTX Therapeutics Inc. Pharmaceuticals $28M — — — —
FINANCIAL HEALTH SCREENS

Quality & solvency checks

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
Not available for this filer

The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.

Piotroski checks
4 passed · 3 failed · 2 n/a
Partial result, not a standard F-score: 4 of 7 measurable checks passed. 2 of the 9 standard checks couldn't be measured, so this is scored out of 7, not 9 — it isn't comparable to a published F-score.
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✓ Positive net income
    Net income $4.8M in the latest year.
  • ✗ Positive operating cash flow
    Operating cash flow -$43.9M (was -$60.3M the prior year).
    Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
  • ✗ Cash flow backs up reported profit
    Operating cash flow -$43.9M vs net income $4.8M.
    Why this matters: When cash generated exceeds reported earnings, profits are high-quality (not propped up by accruals or one-time items).
  • ✓ Return on assets improving
    Return on assets 3.0% vs -137.5% a year ago.
  • ✓ Debt load (vs assets)
    Long-term debt is 0.0% of assets vs 0.0% a year ago ($0.0M now).
  • ✓ Short-term liquidity (current ratio)
    Current ratio 35.56x vs 3.41x a year ago.
  • ✗ Share count (dilution)
    Share count rose 88.2% (37.6M → 70.7M year-over-year).
    Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
  • · Pricing power (gross margin) (n/a — data not reported; not scored)
  • · Sales per asset (asset turnover) (n/a — data not reported; not scored)

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

INTERACTIVE — TWEAK YOUR ASSUMPTIONS

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for CYPH. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for CYPH because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
—
—

—

⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation quietly eats returns: a 9% gain at 3% inflation is only ~6% in real purchasing power. The intrinsic value above is already in today's dollars (a nominal DCF cancels inflation out of both growth and the discount rate), so this doesn't change the value — it shows what's left of your return after the tax.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think CYPH can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$0.64
    Model IVNot applicable — DCF couldn't price this stock. See Reverse DCF and Football Field below.

    A standard discounted cash flow?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →     (DCF) valuation is not meaningful for Cypherpunk Technologies Inc. because its operating cash flow has been negative in the latest period and for 0/5 years, indicating a cash-burning growth stage. Valuing this company would require projecting future revenue growth and eventual profitability, which is highly speculative. Investors are likely betting on the potential of its pharmaceutical pipeline. The primary quantifiable risk is the continued negative operating cash flow, which could necessitate further capital raises.

    ⚠️ FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.

    As of 2 months ago

    ANATOMY

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    CYPH CYPHERPUNK TECHNOLOGIES INC. stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    −2,705.8%
    loss
    Where each $1 of revenue goes
    For every $1 of revenue, CYPH currently loses 2,705.8¢ — costs exceed sales. A money-losing business can still be a good investment if losses are shrinking toward profitability; check the trend, not just the snapshot.
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: $1/share buys no measurable revenue per share, generates $0.07 of net income per current share, and $0.69 of cash burned per share (negative free cash flow). Each share carries $0.00 of debt.
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    THE KEY DEBATE

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    For the stock to work, the company must achieve significant progress in its drug pipeline, leading to successful commercialization and sustained positive operating cash flow.
    🐻 The Bear Case
    The biggest fundamental risk is the continued negative operating cash flow, which implies ongoing cash burn and potential dilution from future equity raises if profitability is not achieved.
    📌 Signposts to watch — update your view as these print
    • Announcement of successful clinical trial results
    • Receipt of regulatory approvals for new drugs
    • Achieving positive operating cash flow
    MOMENTUM — WHAT'S GETTING BETTER & WORSE

    The trend, in plain numbers (2024 → 2025)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Free cash flow is negative at -$48.8M — the cash burn narrowed vs last year.
    • Swung to a profit of $4.8M (from a loss the prior year).
    ⚠ Worsening

    Nothing clearly worsening year-over-year.

    WHO

    Management & Leadership

    Cypherpunk Technologies Inc. is led by CEO and Chairman, Dominic Frisby, who has been involved with the company for several years. The company focuses on the pharmaceutical sector, aiming to develop and commercialize new treatments.

    Dominic Frisby
    CEO and Chairman
    Other Exec Full Name
    Their title
    WHAT

    What They Make

    Cypherpunk Technologies Inc. operates in the pharmaceutical industry, focusing on the development and commercialization of pharmaceutical products. Its primary customers are likely healthcare providers and patients.

    End Markets

    PharmaceuticalsHealthcareBiotechnology

    Revenue Drivers

    Product sales (future)
    Licensing agreements
    Research grants
    Market Cap: 45.5MBeta: 1.92
    WHY

    Why Is It Priced Like This?

    Why Customers Pay

    Addressing unmet medical needs
    Improving patient outcomes
    Providing innovative treatment options
    No discounted-cash-flow value for this filer This company's reported free cash flow is negative, so a discounted-cash-flow valuation has no positive cash stream to discount. That is a fact about the business, not missing data — the reported figures below are complete.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market is pricing CYPH based on expectations of future revenue growth from its pharmaceutical pipeline, rather than current cash flow, as indicated by its negative operating cash flow. The market may be assigning value to potential drug development successes or regulatory approvals, which are not in the model, driving speculative interest despite the lack of consistent profitability.

    HOW

    Business Model & Valuation

    How They Make Money

    Sales of developed pharmaceutical products
    Royalties from licensed intellectual property
    Partnerships for drug development

    The company funds itself primarily through equity raises, given its negative operating cash flow and lack of dividend payments or buybacks.

    Growth / Revenue DCF

    Negative free cash flow: revenue/margin growth model used - standard FCF DCF is unreliable for companies still scaling.

    Show advanced inputs
    RevenueGrowth15.0%

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    WHEN

    Maturity & Competitive Position

    Growth-stage life sciences

    Moat Signals

    Intellectual property (patents)
    Regulatory approvals (future)
    Specialized R&D expertise

    Net income was positive in the latest period, but only in 1/5 years, indicating inconsistent profitability.

    WHERE

    Geography & Markets

    Cypherpunk Technologies Inc. is headquartered in North America, but specific geographic revenue mix is not available from current data sources. Its operations and potential market reach are likely global, typical for a pharmaceutical company.

    Geographic Risks

    Regulatory approval risk in key markets
    Clinical trial failure risk
    SIGNALS

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape bullish
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →     (14)    53.7NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →    BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
    50-Day Average$0.94Price below (-31.5%)Price below its 50-day average = near-term downtrend.
    200-Day Average$0.84Price belowThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossGolden50-day above 200-dayA "golden cross" — the medium trend has overtaken the long trend (often read as bullish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    QUALITY

    Data Quality & Risk Flags (4 notes — click to expand/collapse)
    Guardrail Notes (4)
    • FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
    • INVARIANT: weighted IV is non-positive. Model may not be appropriate.
    • Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
    • Illiquidity discount 15% applied (small/micro-cap — harder to exit, demand a margin).
    FINANCIALS

    Financial Statements (5-year tables — click to expand)

    From CYPHERPUNK TECHNOLOGIES INC.'s SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    2025—4.8M$0.07
    2024—-67.6M$-1.81
    2023—-81.4M$-3.98
    2022—-54.6M$-4.82
    20211.5M-40.6M$-0.47

    Cash Flow (5yr)

    YearOperating CFCapEx− SBC & adj.Free Cash Flow
    2025 -43.9M — 4.9M -48.8M
    2024 -60.3M — 5.5M -65.8M
    2023 -43.8M — 5.1M -48.9M
    2022 -49.0M — 5.2M -54.2M
    2021 -35.2M — 3.7M -38.8M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -43.9M − — − 4.9M (SBC & adj.) = -48.8M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.

    Balance Sheet

    Total Assets163.2M
    Total Liabilities9.7M
    Equity153.5M
    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed May 30, 2026 (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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