COMP <GO>

CYPH vs TTRX // FORWARD P/E MULTIPLE

Cypherpunk Technologies Inc. (NASDAQ) VS. Turn Therapeutics Inc. (NASDAQ) • 15-METRIC TALLY: CYPH 4 — TTRX 1

■ METRIC PARITY

LAST: $2.36 (-20.80%) • MKT CAP: $321.1M

forward-pe

66.3x

LAST: $9.65 (-7.48%) • MKT CAP: $318.5M

forward-pe

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (CYPH VS. TTRX) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	CYPH	TTRX	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-23.30%	-28.30%	+5.00	CYPH	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	-12.31%	-0.78%	-11.53	TTRX	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	3/9	1/9	+2.00	CYPH	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	50.4	43.8	+6.60	CYPH	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	66.3x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$321.1M	$318.5M	$2.7M	CYPH	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	CYPH REV	TTRX REV	CYPH GROSS %	TTRX GROSS %	CYPH FCF	TTRX FCF
FY 2025	$115.0M	$16.4M	—	—	-$43.9M	-$2.6M
FY 2024	$196.2M	$5.0M	—	—	-$60.3M	-$1.4M
FY 2023	$243.7M	—	—	—	-$43.8M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

CYPH // BETA —

TTRX // BETA —