NASDAQ: CYAB
CYABRA, INC.CIK 0002032341 · Information Technology · SIC 7372 · Prepackaged Software
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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Latest financial statements
From 10-Q filed May 15, 2026 (period ending Mar 31, 2026). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q1 ended Mar 31, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 1.4 | 1.3 |
| Cost of revenue / cost of sales | 0.2 | 0.2 |
| Gross profit | 1.2 | 1.1 |
| Operating expenses: | ||
| Sales and marketing | 1.3 | 1.7 |
| Research and development | 5.5 | 1.9 |
| General and administrative | 6.3 | 1.5 |
| Operating income | (11.8) | (4.0) |
| Income before income taxes | (10.8) | (3.3) |
| Net income | (10.8) | (3.3) |
| Basic earnings per share | (3.10) | (1.47) |
| Diluted earnings per share | (3.10) | (1.47) |
Consolidated Balance Sheets (Unaudited)
| Description | Mar 31, 2026 | Dec 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 3.1 | 0.3 |
| Accounts receivable, net | 0.2 | 0.3 |
| Prepaid expenses and other current assets | 0.2 | 0.2 |
| Other current assets | 0.2 | 0.02 |
| Total current assets | 3.8 | 0.7 |
| Property, plant and equipment, net | 0.1 | 0.1 |
| Operating lease right-of-use assets, net | 0.5 | 0.6 |
| Deferred income taxes and other assets | 0.1 | |
| TOTAL ASSETS | 4.5 | 1.5 |
| Current liabilities: | ||
| Line of credit | 2.2 | 5.8 |
| Accounts payable | 2.5 | 1.8 |
| Current portion of operating lease liabilities | 0.4 | 0.4 |
| Accrued liabilities | 4.7 | 0.5 |
| Deferred revenue, current | 2.3 | 2.8 |
| Other current liabilities | 4.3 | 14.3 |
| Total current liabilities | 16.4 | 25.5 |
| Operating lease liabilities | 0.2 | 0.3 |
| Total liabilities | 16.6 | 26.2 |
| Shareholders' equity: | ||
| Capital in excess of stated value | 46.1 | 7.3 |
| Retained earnings (deficit) | (58.1) | (47.4) |
| Total shareholders' equity | (12.0) | (40.0) |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4.5 | 1.5 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q1 ended Mar 31, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | (2.6) | (1.3) |
| Investing Activities: | ||
| Net cash from investing activities | (0.01) | (0.01) |
| Financing Activities: | ||
| Net cash from financing activities | 5.6 | 1.1 |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. 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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