Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026

Cypherpunk Technologies Inc. (CYPH)

A forensic read on Cypherpunk Technologies Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Grey Zone

Financial health

8.0

Distress distance

Forensic signals

5.1%

ROE

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Cypherpunk Technologies Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 8.0, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by cash burn vs. reported loss.

What the filings flag

-$148.0M

FY2023–FY2025

Cash burn vs. reported loss. Over FY2023–FY2025, the company reported a cumulative net loss of $144.1M against operating cash flow of -$148.0M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.

n/m (sign flip)

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-12.2M to FY2025 $+139.5M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.

Key fundamentals

Return on Equity5.1%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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