NASDAQ: CYAB

CYABRA, INC.

CIK 0002032341 · SIC 7372 · Prepackaged Software

Micro Revenue $6M Assets $3M as of Sep 6, 2026

Trailblazer Holdings, Inc. (the “Company” or “Holdings”) is a Delaware corporation and wholly owned subsidiary of Trailblazer, that was formed on July 16, 2024 for the sole purpose of entering into a business combination. Holdings has no assets, operations or liabilities. Holdings’ principal… About this business →

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8-K Filed Sep 10, 2026 · Period ending Sep 3, 2026

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8-K Filed Sep 3, 2026 · Period ending Sep 2, 2026

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S-1/A Filed Sep 1, 2026

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10-Q Filed Aug 13, 2026 · Period ending Jun 30, 2026

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8-K Filed Jul 31, 2026 · Period ending Jul 31, 2026

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S-1 Filed Jul 31, 2026

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8-K Filed Jul 10, 2026 · Period ending Jul 9, 2026

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424B3 Filed Jul 8, 2026

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8-K Filed Jun 22, 2026 · Period ending Jun 22, 2026

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8-K Filed Jun 12, 2026 · Period ending Jun 9, 2026

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10-Q Filed May 15, 2026 · Period ending Mar 31, 2026

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424B3 Filed Mar 27, 2026 Standing risk

Cyabra files resale prospectus for up to 14.04M shares by selling shareholders; company gets no proceeds

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10-K Filed Mar 26, 2026 · Period ending Dec 31, 2025

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S-1/A Filed Mar 23, 2026 Red flag

Cyabra SPAC merger nears close with $8M PIPE, but going-concern doubts persist

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424B3 Filed Feb 10, 2026

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S-1 Filed Jan 29, 2026

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Latest financial statements

From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.

As filed

Statements of Operations (Unaudited)

dollars in thousands

Description Six months ended June 30, 2026 Six months ended June 30, 2025 Three months ended June 30, 2026 Three months ended June 30, 2025
Revenues 3,268 2,591 1,853 1,331
Cost of revenues 496 409 304 213
Gross profit 2,772 2,182 1,549 1,118
Operating costs and expenses
Research and development expenses 7,568 3,691 2,060 1,840
Sales and marketing expenses 2,559 3,192 1,304 1,456
General and administrative expenses 7,589 2,756 1,305 1,241
Total operating loss (14,944) (7,457) (3,120) (3,419)
Finance income (expenses) 799 1,716 (255) 992
Loss before taxes on income (14,145) (5,741) (3,375) (2,427)
Taxes on income 64 19 64 19
Net loss for the period (14,209) (5,760) (3,439) (2,446)
Loss per share attributable to common shareholders
Basic loss per share (1.68) (2.53) (0.26) (1.07)
Diluted loss per share (1.78) (2.53) (0.26) (1.07)
Weighted average number of common stock outstanding used in computation of basic loss per share 8,458,222 2,396,328 13,390,609 2,435,385
Weighted average number of common stock outstanding used in computation of diluted loss per share 8,669,333 2,396,328 13,790,609 2,435,385

Balance Sheets (Unaudited)

dollars in thousands

Description June 30, 2026 December 31, 2025
Assets
Current assets
Cash and cash equivalents 794 294
Restricted cash 24 22
Accounts receivable 568 269
Other current assets 593 152
Total current assets 1,979 737
Non-Current Assets
Operating right-of-use asset 410 575
Property and equipment, net 144 146
Other assets 99 -
Total non-current assets 653 721
Total Assets 2,632 1,458
Liabilities, Redeemable Convertible Preferred Shares and Capital Deficiency
Current liabilities
Trade accounts payable 2,015 1,775
Accrued expenses 1,812 476
Short term loans 2,003 5,768
Operating lease liability 392 380
Deferred revenues 3,452 2,816
Employees and related 2,937 1,298
Other current liabilities 1,206 94
Convertible notes - 12,869
Liability with respect to warrants 33 -
Total current liabilities 13,850 25,476
Non-Current Liabilities
Operating lease liability 95 268
Long-term deferred revenues 683 115
Liability with respect to warrants - 370
Total non-current liabilities 778 753
Total liabilities 14,628 26,229
Commitments and contingent liabilities
Redeemable Convertible Preferred Shares:
Redeemable Preferred A and A-1 shares, NIS 0.01 par value: 0 and 607,373 shares authorized as of June 30, 2026 and December 31, 2025, respectively, 0 and 515,186 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. Aggregate liquidation preference of $0 and $7,180 as of June 30, 2026 and December 31, 2025, respectively; Redeemable Preferred A-2 and A-3 shares, NIS 0.01 par value: 0 and 596,056 shares authorized as of June 30, 2026 and December 31, 2025, respectively, and 0 and 388,739 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. Aggregate liquidation preference of $0 and $6,554 as of June 30, 2026 and December 31, 2025, respectively. Redeemable Convertible Preferred C and C-1 shares, NIS 0.01 par value: 0 and 803,963 shares authorized as of June 30, 2026 and December 31, 2025, respectively, and 0 and 233,001 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. Aggregate liquidation preference of $0 $3,446 as of June 30, 2026 and December 31, 2025, respectively. - 15,268
Capital Deficiency:
Series A Convertible Preferred Stock of Holdings, $0.0001 par value per share, 2,177 and zero shares outstanding as of June 30, 2026 and December 31, 2025, respectively - -
Series B Convertible Preferred Stock of Holdings, $0.0001 par value per share, 13,330 and zero shares outstanding as of June 30, 2026 and December 31, 2025, respectively - -
Series C Convertible Preferred Stock of Holdings, $0.0001 par value per share, 10,660 and zero shares outstanding as of June 30, 2026 and December 31, 2025, respectively - -
Class A common stock 2 2
Additional paid in capital 49,584 7,332
Accumulated deficit (61,582) (47,373)
Total capital deficiency (11,996) (40,039)
Total liabilities, redeemable convertible preferred shares and capital deficiency 2,632 1,458

Statements of Cash Flows (Unaudited)

thousands

Description Six months ended June 30, 2026 Six months ended June 30, 2025
Cash flows – operating activities
Net loss for the period (14,209) (5,760)
Adjustments:
Depreciation 29 29
Interest expense 124 18
Payment of previously accrued interest (126) -
Share based payments 4,431 2,255
Share based payments for advisory services 1,009 -
Shares issued to advisors 2,100 -
Exchange rate differences 50 11
Revaluation of financial liabilities accounted at fair value (1,369) (1,671)
Changes in operating assets and liabilities:
Increase in other assets (351) (37)
Increase in accounts receivable (299) (169)
Increase in trade accounts payable 829 679
Change in ROU asset and lease liability 5 31
Increase in deferred revenues 1,204 670
Increase in employees and related 1,639 275
Decrease in other current liabilities (61) (164)
Net cash used in operating activities (4,995) (3,833)
Cash flows – investing activity
Purchase of property and equipment (28) (29)
Net cash used in investing activity (28) (29)
Cash flows – financing activities
Receipt of loans 2,655 1,613
Repayment of loans (6,430) (915)
Exercise of options 3 2
Cash received from Merger Agreement upon the effectiveness of the Business Combination 1,336 -
Proceeds from PIPE, net of transaction costs 8,000 -
Issuance of preferred shares, net - 2,431
Net cash provided by financing activities 5,564 3,131
Increase (decrease) in cash, cash equivalents and restricted cash 541 (731)
Exchange rate differences on cash and cash equivalents and restricted cash (39) (11)
Cash, cash equivalents and restricted cash at the beginning of period 316 946
Cash, cash equivalents and restricted cash at the end of the period 818 204
Supplemental Disclosures of cash flow information:
Interest paid 249 57
Supplemental disclosure of non-cash activity:
Conversion of redeemable preferred shares 15,268 -
Conversion of convertible notes 12,676 -
Conversion of warrant liability to equity 390 -
Share issued to advisors 2,112 -
Right of use asset recognized with corresponding lease liability - 296
Purchase of property and equipment - 20
Conversion of SAFE - 1,057
Cash, cash equivalent and restricted cash at the end of the period:
Cash and cash equivalents 794 183
Restricted cash 24 21

Amounts as printed on the EDGAR/iXBRL face — dollars in thousands; thousands. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗

About CYABRA, INC.

Source: Item 1 (Business) from the 10-K filed March 26, 2026. Description as filed by the company with the SEC.

ITEM 1. BUSINESS

Introduction

Trailblazer Holdings, Inc.
(the “Company” or “Holdings”) is a Delaware corporation and wholly owned subsidiary of Trailblazer, that was formed
on July 16, 2024 for the sole purpose of entering into a business combination. Holdings has no assets, operations or liabilities.
Holdings’ principal executive offices are located at 510 Madison Avenue, Suite 1401, New York, NY 10022, and its telephone
number is (212) 586-8224.

The
Company has selected December 31 as its fiscal year end.

Proposed Business
Combination

On
July 22, 2024, Trailblazer, a Delaware corporation, entered into a merger agreement, by and among Trailblazer, Trailblazer Merger Sub,
Ltd., an Israeli company and a direct, wholly owned subsidiary of Trailblazer (“Merger Sub”), Holdings, a direct, wholly owned
subsidiary of Trailblazer, and Cyabra Strategy Ltd., a private company organized in Israel (“Cyabra”) (as amended on November
11, 2024 and on November 6, 2025 and as it may be further amended and/or restated from time to time, the “Merger Agreement”).

The
Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, (a) Trailblazer shall merge
with and into Holdings and Holdings shall be the survivor of such merger (the “Parent Merger” and all references to Trailblazer
subsequent to the Parent Merger shall be intended to refer to Holdings as the survivor of the Parent Merger) and (b) Merger Sub shall
merge with and into Cyabra, with Cyabra being the surviving entity (the “Acquisition Merger” and, together with the Parent
Merger and all other transactions contemplated by the Merger Agreement, the “Business Combination”), following which Merger
Sub will cease to exist and Cyabra will become a wholly owned subsidiary of Holdings (the “Surviving Corporation”). In connection
with the Business Combination, Holdings (at such stage, referred to herein as the “Combined Company”) will be renamed “Cyabra,
Inc.” (“PubCo”).

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Management Team

Yosef Eichorn is our Chief
Executive Officer and sole director.

Yosef Eichorn - Chief Executive
Officer and Sole Director

On
January 21, 2026, the Board of Directors of the Company appointed Yosef Eichorn as its Chief Executive Officer and sole director. Mr.
Eichorn is also currently the Chief Executive Officer and the Chief Development Officer of Trailblazer. Mr. Eichorn also serves as the
Vice President of Investments at LHX. Mr. Eichorn has served in this capacity since February 2025. Previously he served in the same capacity
at LH Financial since January 2020. Mr. Eichorn focuses on evaluating new investment opportunities in addition to monitoring the family’s
active portfolio companies. From March 2019 to September 2021, Mr. Eichorn served as Compliance Officer at LH Financial. He was responsible
for compliance, developing and updating LH Financial’s and its family client’s compliance framework and procedures to ensure
that LH and its family client comply with applicable policies and regulations. From July 2018 to December 2019, Mr. Eichorn served as
a Research Analyst at LH Financial. Mr. Eichorn is the son-in-law of Mr. Rabinowitz, our former Chief Executive Officer. Yosef Eichorn
graduated from Empire State College with a BS in Liberal Arts.

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PIPE Investments

On December 18, 2025, Holdings
entered into subscription agreements with certain PIPE investors (the “2025 PIPE Investors”) providing for aggregate investments
in the amount of no less than $6,000,000 in Holdings Series B Preferred Stock in a private placement that will close concurrently with
the closing of the Business Combination (the “PIPE Investment”).

In the event that in excess
of $3,500,000 remains in the Trust Account after redemption of Trailblazer’s common stock in connection with the Business Combination,
the PIPE Investment shall be reduced by the amount by which the Trust Account exceeds $3,500,000.

On November 6, 2025, the parties thereto entered into an amendment
to the Merger Agreement (the “Amendment to the Merger Agreement”) in order to, among other things, (i) amend the provision
related to the PIPE Investment to reflect that the 2025 PIPE Investors will receive Holdings Series B Preferred Stock and not Holdings
Common Stock; (ii) amend the Base Purchase Price from $70,000,000 to $106,000,000; (iii) amend the First Calculation Period (as defined
in the Merger Agreement) from December 31, 2025 to December 31, 2026; and (iv) amend the outside closing date from March 1, 2025 to February
1, 2026.

On February 5, 2026, Holdings
entered into additional subscription agreements with certain investors (the “2026 PIPE Investors”) providing for an additional
$2.0 million private placement investment in Holdings Series B Preferred Stock and warrants (the “Additional PIPE Investment”).
The Additional PIPE Investment was entered into with the 2026 PIPE Investors on substantially the same terms as the previously disclosed
$6.0 million PIPE Investment. As a result of the Additional PIPE Investment, the total committed PIPE financing has been increased to
$8.0 million.

Advisory Agreements

On October 28, 2025, Holdings
entered into an advisory agreement (the “LifeSci Advisory Agreement”) with Cyabra and LifeSci Capital LLC (“LifeSci”)
pursuant to which LifeSci will provide certain financial advisory and investment banking services to Cyabra. In connection with such
engagement, LifeSci will receive a retainer fee of ordinary shares of Cyabra which will convert into 105,000 PubCo Shares upon the closing
of the Business Combination and an advisory fee of $1,050,00 paid in PubCo Shares 90 days after the closing of the Business Combination.

On October 28, 2025, Holdings
entered into an advisory agreement (the “Ladenburg Advisory Agreement”) with Cyabra and Ladenburg Thalmann & Co.
Inc. (“Ladenburg”) pursuant to which Ladenburg will provide financial advisory and investment banking services to Cyabra.
In connection with such engagement, Ladenburg will receive an advisory fee of $1,050,000 paid in PubCo Shares 90 days after the closing
of the Business Combination.

Employees

We currently have one officer.
We do not intend to have any full-time employees prior to the completion of the Business Combination. Upon consummation of the Business
Combination, PubCo. expects to have full-time employees. We do not have an employment agreement with our officer.

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