Leap Therapeutics, Inc. (NASDAQ:LPTX) slid in premarket trading on Thursday after unveiling significant corporate changes and a large at-the-market equity plan.

The biotechnology company is rebranding as Cypherpunk Technologies Inc. to pivot toward a digital-asset-focused strategy, per a press release issued yesterday.

The company stated that it is adopting the Cypherpunk name and shifting to a digital-asset treasury anchored in Zcash. The ticker will change from LPTX to CYPH on Nov. 13, 2025, following the rebrand and adoption of the digital-asset treasury strategy.

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Leadership said it has already deployed $50 million to acquire more than 203,000 ZEC at an average price of $245 each. The stock will begin trading under the ticker CYPH on Thursday as part of the transition.

Meanwhile, on Thursday, Leap Therapeutics detailed a new sales agreement that allows it to sell up to $200 million in stock through Cantor Fitzgerald. The firm disclosed terms of the arrangement in its latest filing, marking another step in its strategic overhaul.

Financial Position Strengthens

The company, which posted a narrower third-quarter loss on Wednesday, reported an eight-cent-per-share loss. It also sharply reduced its net loss from a year earlier after cutting research, development and administrative expenses.

Cash stood at nearly $10 million at the end of September, excluding funds from a recent private placement.

New Board Leadership Installed

The firm appointed Khing Oei as chairman and added Will McEvoy as its first chief investment officer. Both joined the board this week following the company's $58.88 million private placement led solely by Winklevoss Capital.

Executives described the digital-asset strategy as a long-term effort centered on privacy and shareholder value.

Price Action: LPTX shares are trading 23.9% lower at $1.55 premarket at last check on Thursday.

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