"Privacy is necessary for human agency, a conviction I share with the Cypherpunk team," said Swihart. "I am eager to help execute their vision of driving global awareness and unlocking the power of Zcash for the world." "Josh brings hands-on leadership experience from the frontier of Zcash ecosystem development," said Will McEvoy, Chief Investment Officer of Cypherpunk. "His guidance will be core to our efforts as we take on a larger role in strengthening the Zcash ecosystem and accelerating innovation acro ...

Core Insights - Leap Therapeutics Inc. is currently trading at $0.69, reflecting a 9.15% decline in pre-market trading [1] - The company has announced a private placement led by Winklevoss Capital, raising $58.88 million through the issuance of common shares and warrants [2][5] - Leap is initiating a digital asset treasury strategy with the support of Winklevoss Capital, which will also fund the development of its therapeutic programs [3] Financial Performance - Leap reported a loss of $0.40 per share in Q2, which was worse than the analyst estimate of a $0.29 loss, with zero revenue reported [6] - The company has a market capitalization of $31.86 million and a yearly trading range between $0.22 and $4.79 [6] Stock Performance - Leap's stock has increased by 163.34% over the past six months, despite a significant decline of 73.48% since the beginning of the year [7] - The stock closed at $0.76 on Monday, marking a 43.15% increase for that day [7] Strategic Developments - As part of the private placement agreement, Leap will expand its board of directors to 12 members, with Winklevoss Capital nominating two directors [5] - The private placement is expected to close on Wednesday, pending customary closing conditions [5] Clinical Developments - Leap's therapeutic program, sirexatamab, recently completed a Phase 2 trial in colorectal cancer patients, with results to be presented at the ESMO Congress 2025 [4]

Core Insights - Leap Therapeutics announced a private investment in public equity (PIPE) offering amounting to $58,888,888, led by Winklevoss Capital, to initiate a digital asset treasury strategy [1][2] - The offering includes the purchase of 95,849,353 shares of common stock and warrants for an additional 71,887,008 shares at an exercise price of $0.5335 per share [1][2] - The company plans to utilize part of the capital for the development of its therapeutic programs, including FL-501 and sirexatamab, which recently completed a Phase 2 trial for colorectal cancer [2] Financial Details - The aggregate exercise price per Unit in the PIPE offering is set at $0.61439 [1] - The closing of the private placement is expected around October 8, 2025, pending customary closing conditions [3] Strategic Developments - Winklevoss Capital will provide both capital and strategic support, and will have the right to nominate two members to Leap's Board of Directors, including a chairperson [2][3] - Leap has selected Parcrest as the placement agent, with Morgan, Lewis & Bockius LLP and Cooley LLP serving as legal advisors [4] Regulatory Compliance - The securities are being offered in a private placement under exemptions from the registration requirements of the Securities Act of 1933 [5] - A registration rights agreement has been established to allow for the resale of the purchased shares [5]

Core Insights - Leap Therapeutics, Inc. reported a strategic realignment focusing on corporate development opportunities for its products sirexatamab and FL-501, alongside a reduction in internal expenses and a review of strategic alternatives to maximize shareholder value [2][11]. Financial Performance - The net loss for the second quarter of 2025 was $16.6 million, a decrease from $20.4 million in the same quarter of 2024, primarily due to reduced research and development and general administrative expenses [5][6]. - Research and development expenses were $10.5 million for Q2 2025, down from $17.9 million in Q2 2024, reflecting a decrease of $7.4 million attributed to lower clinical trial costs and other related expenses [6]. - General and administrative expenses decreased to $1.8 million in Q2 2025 from $3.4 million in Q2 2024, mainly due to reductions in payroll and incentive-based compensation [7]. - The company incurred $4.5 million in restructuring charges related to workforce reduction during the second quarter [8]. Clinical Development - Updated clinical data from the DeFianCe study indicated that sirexatamab showed a statistically significant benefit in overall response rate and progression-free survival in colorectal cancer patients with specific characteristics [3]. Strategic Initiatives - The Board of Directors initiated a process to explore strategic alternatives, including potential sales or partnerships for sirexatamab and FL-501, and engaged Raymond James & Associates, Inc. as an exclusive financial advisor [11]. - The company implemented a workforce reduction of approximately 75% to further reduce spending and preserve capital [11]. Cash Position - As of June 30, 2025, cash and cash equivalents totaled $18.1 million, a decrease from $47.2 million at the end of 2024 [15].

Core Insights - Leap Therapeutics announced a significant workforce reduction, laying off 75% of its employees and terminating its only ongoing clinical trial, reflecting the survival pressures in the biotech industry [1][2][5] Group 1: Workforce Reduction - The company initially planned to cut 50% of its workforce but escalated this to 75% within a month due to urgent financial needs [1] - As of March 31, Leap had $32.7 million in bank deposits, with the layoffs expected to incur approximately $3.2 million in severance costs [1] - The layoffs will severely impact the research and development team, which previously consisted of 41 out of 52 full-time employees [1] Group 2: Clinical Trial Termination - Leap decided to terminate the Phase II DeFianCe clinical trial for its DKK1 antibody drug, sirexatamab, which was aimed at treating colorectal cancer [1][2] - Despite reporting a total response rate (ORR) of 33% for sirexatamab compared to 20.2% for the placebo, the company cited the need for further analysis to achieve statistically significant benefits [2] - The CEO indicated that the decision to terminate the trial was influenced by the current market environment, marking a significant shift in the company's R&D strategy [2][5] Group 3: R&D Pipeline and Market Response - The development of sirexatamab has faced multiple setbacks, including the termination of its combination therapy with another drug for gastric cancer earlier this year [3] - The company's stock price has fallen below $1, reflecting investor concerns over its shrinking R&D pipeline [5] - Leap is exploring strategic alternatives, including potential sales or partnerships related to sirexatamab and another preclinical drug, FL-501 [5]

Core Insights - Leap Therapeutics has presented updated data from the DeFianCe study, indicating that sirexatamab in combination with bevacizumab and chemotherapy shows statistically significant improvements in overall response rate (ORR) and progression-free survival (PFS) for colorectal cancer (CRC) patients with high DKK1 levels and those who have not received prior anti-VEGF therapy [1][2][3] Study Results - In patients with high DKK1 levels (n=44), the sirexatamab Experimental Arm demonstrated a 32% higher ORR (48.0% vs. 15.8%) and a median PFS of 9.36 months compared to 5.88 months in the Control Arm [3][4] - For patients without prior anti-VEGF therapy (n=95), the sirexatamab Experimental Arm showed a 22% higher ORR (55.1% vs. 32.6%) and a median PFS of 10.94 months compared to 8.34 months in the Control Arm [4][3] - Across the intent-to-treat population (n=188), the sirexatamab Experimental Arm had an ORR of 36.2% compared to 25.5% in the Control Arm, with median PFS still maturing [4][3] Market Opportunity - The combination therapy has a significant market opportunity, targeting approximately 30,000 second-line treated CRC patients in the US and 160,000 in the next seven largest markets, particularly among the 25-50% of patients with high DKK1 levels and the 50% who have not received prior anti-VEGF therapy [7] - There is potential to expand into first-line CRC treatment, with an estimated 45,000 patients in the US and 265,000 in the next seven largest markets [7] Future Plans - Leap Therapeutics is considering a registrational Phase 3 clinical trial to further evaluate the efficacy of sirexatamab in the identified patient populations [7][2] - The company has engaged a leading financial advisor to explore business development opportunities to advance the development of sirexatamab [7]