Winklevoss旗下Zcash公司亏损后转向抗癌药
Winklevoss’ Zcash company pivots to cancer drug after $37.8M loss
Winklevoss-backed Zcash (ZEC) treasury company Cypherpunk Technologies has announced plans to pivot focus to its cancer drug candidate after it reported a $37.8 million net loss for the first six months of 2026.
Winklevoss支持的Zcash（ZEC）财务公司Cypherpunk Technologies宣布，在报告2026年上半年净亏损3780万美元后，计划将重心转向其癌症药物候选物。
Unless the price of ZEC rallies soon, the company has admitted that it will need to raise a lot of money to pay for its upcoming FDA trials.
除非ZEC价格很快回升，否则该公司承认，它将需要筹集大量资金来支付即将进行的FDA试验。
“We expect to continue to generate operating losses for the foreseeable future,” the company forecasted today.
“我们预计在可预见的未来将继续产生经营亏损，”该公司今天预测道。
Cypherpunk’s ZEC holdings are worth roughly $157 million, yet Nasdaq traders value the entire company at just $74 million.
Cypherpunk持有的ZEC价值约1.57亿美元，但纳斯达克交易者对该公司的整体估值仅为7400万美元。
That is a basic multiple-to-Net Asset Value (mNAV) of just 0.47x and sadly unremarkable as crypto treasury stocks continue to trade for less than their holdings.
这相当于市净率（mNAV）仅为0.47倍，可悲的是，这并不罕见，因为加密货币财务公司的股票交易价格继续低于其持有的资产。
Counting pre-funded warrants and other sweeteners for its self-described Enterprise Value mNAV brings that multiple up to 0.96x on the company’s homepage — still less than the value of its ZEC.
计入预融资认股权证和其他优惠条件，其自称的企业价值mNAV在公司主页上将该倍数提升至0.96倍——仍低于其ZEC的价值。
Five-year stock chart of Cypherpunk Technologies. Source: TradingView
Cypherpunk Technologies五年股价图。来源：TradingView
Backed by Cameron and Tyler Winklevoss
由Cameron和Tyler Winklevoss支持
Cameron and Tyler Winklevoss are the billionaires who helped create the company’s ZEC brand.
Cameron和Tyler Winklevoss是帮助创建该公司ZEC品牌的亿万富翁。
Initially successful, the company was able to acquire its ZEC for a $341.84 average purchase price — well below the current market for ZEC at $486.
最初成功，该公司能够以平均购买价341.84美元收购其ZEC——远低于当前ZEC市场价486美元。
The stock also hit $3.70 last November before falling back below $0.69 per share today.
该股去年11月曾触及3.70美元，随后回落，今日跌破每股0.69美元。
Cypherpunk has lost tens of millions of dollars this year and continues to plan an expensive FDA trial path for its cancer drug. The stock has lost 40% of its value this year and 96% of its value over the past five years.
Cypherpunk今年已损失数千万美元，并继续为其癌症药物规划昂贵的FDA试验路径。该股今年已下跌40%，过去五年下跌96%。
Gemini, the exchange the Winklevoss twins control, is the custodian for the company’s ZEC.
Winklevoss兄弟控制的交易所Gemini是该公司的ZEC托管方。
Gemini’s 10-K reveals loan loop between exchange and founders
Gemini的10-K文件揭示交易所与创始人之间的贷款循环
Read more: Zcash vs Bitcoin debate exposes Naval Ravikant’s conflicts of interest
阅读更多：Zcash与比特币之争暴露Naval Ravikant的利益冲突
More expensive cancer trials, and ZEC isn’t helping
更昂贵的癌症试验，而ZEC无济于事
Cypherpunk’s cancer drug candidate, an anti-DKK1 antibody Sirexatamab, failed to beat the control arm on progression-free survival across all patients in the randomized Phase 2 study.
Cypherpunk的癌症药物候选物，一种抗DKK1抗体Sirexatamab，在随机2期研究中，未能超越对照组在所有患者中的无进展生存期。
The company attributes that miss to an underpowered final analysis.
该公司将此失败归因于最终分析功效不足。
On the DAT side of the business, the price of ZEC is flat year-to-date, so that didn’t help.
在DAT业务方面，ZEC价格年初至今持平，因此这无济于事。
The FDA granted its drug candidate fast track designation in May anyway, a status that speeds up regulatory review. Regulators also agreed on the shape of a roughly 270-patient Phase 3 trial for colorectal cancer.
FDA仍于5月授予其药物候选物快速通道资格，这一身份可加快监管审查。监管机构还同意了一项约270名患者的结直肠癌3期试验的设计。
Onsi said the company is “conducting a strategic process to determine the best path to advance sirexatamab, whether as an independently financed spin-out company or with a partner who shares our commitment to cancer patients.”
Onsi表示，公司正在进行一项战略流程，以确定推进sirexatamab的最佳路径，无论是作为独立融资的衍生公司，还是与同样致力于癌症患者的合作伙伴共同推进。
In plainer terms, its drug candidate needs more money.
简而言之，其候选药物需要更多资金。
Tyler Winklevoss wrote at launch that “We plan to continue accumulating ZEC rapidly so that Cypherpunk owns at least 5% of the total ZEC supply.”
Tyler Winklevoss在发布时写道：“我们计划继续快速积累ZEC，以便Cypherpunk持有ZEC总供应量的至少5%。”
Nine months later, the company holds 323,394 ZEC today, or 1.92% of the circulating supply.
九个月后，该公司目前持有323,394 ZEC，占流通供应量的1.92%。
The company had just $7.6 million in cash and cash equivalents as of June 30, half a billion dollars of accumulated deficits, loss-generating operations, and an expensive path toward FDA approval for an aspirational drug.
截至6月30日，该公司仅拥有760万美元的现金及现金等价物，累计赤字达5亿美元，运营亏损，且获得FDA批准这一雄心勃勃的药物之路成本高昂。
Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
有线索？请通过Protos Leaks安全发送邮件给我们。欲获取更多深度新闻和调查，请在X、Bluesky和Google News上关注我们，或订阅我们的YouTube频道。
The post Winklevoss’ Zcash company pivots to cancer drug after $37.8M loss appeared first on Protos.
帖子《Winklevoss的Zcash公司在亏损3780万美元后转向癌症药物》首次出现在Protos上。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力