Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 18, 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.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
8.0
Distress distance
Clean
Earnings quality
4
Forensic signals
3.1%
ROE
$388M
Market cap
0.0%
Revenue growth
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 8.0, placing it in the Grey zone. 4 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.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +524% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +84.1%/yr figure isn't a real buyback/dilution read here.
246% of rev
FY2021
Stock-based comp load.Stock-based compensation ran 246% of revenue in FY2021 — about $0.04 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 52.7% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$1.5M
Revenue Growth YoY+0.0%
Net Margin-2705.8%
Return on Equity3.1%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cypherpunk Technologies Inc.'s actual 10-K/10-Q/8-K filings?