Cypherpunk Technologies swings to Q2 profit on Zcash gains

Research and development expenses fell sharply after clinical trial completion and a workforce reduction.

General and administrative expenses rose due to increased stock-based compensation and payroll.

The company has initiated a strategic process to advance the sirexatamab program, including possible partnerships or a spin-out.

Cypherpunk said there is no assurance that the strategic process will result in any transaction or financing. The company continues to focus on Zcash accumulation and says it sees growing demand for digital privacy.

Cypherpunk Technologies said its second-quarter net income turned positive, driven by unrealized gains on its Zcash holdings.

Q2 diluted EPS was $0.18, reversing a loss in the prior year. The company reported $39.40 million in net income.