Cyabra, Inc.

What they do

Cyabra Strategy Ltd. was a private company organized in Israel that became a wholly owned subsidiary of Holdings (renamed Cyabra, Inc.) upon closing of the Business Combination. The surviving public entity is incorporated in Delaware, with principal executive offices at 13 Gershon Shatz, Tel Aviv, Israel. The 10-K for fiscal 2025 was filed by Trailblazer Holdings, Inc., which described itself as having no assets, operations or liabilities and being formed solely to enter into a business combination.

Revenue drivers

• Cyabra software/services operations — The XBRL financials show annual revenue of $4.2M in 2024 and $5.7M in 2025, indicating the operating business generates revenue, though the excerpted filings describe the predecessor registrant as non-operating.
• Quarterly revenue trend — Recent quarterly revenue was $1.3M (2025-03-31), $1.3M (2025-06-30), $1.4M (2026-03-31) and $1.9M (2026-06-30), showing sequential growth in the two most recent reported quarters.
• PIPE financing — Committed PIPE financing totals $8.0 million, consisting of a $6.0 million 2025 PIPE Investment in Holdings Series B Preferred Stock plus a $2.0 million Additional PIPE Investment in February 2026; these are capital raises, not revenue.

Recent performance

Annual revenue rose from $4.2M in 2024 to $5.7M in 2025, while net loss narrowed from $15.6M to $12.8M and diluted EPS improved from $-21.62 to $-18.12. Operating cash flow worsened to $-8.1M in 2025 from $-5.2M in 2024. Quarterly revenue accelerated to $1.9M in the quarter ended 2026-06-30 from $1.4M in the prior-year March quarter. As of 2026-06-30 the company reported total assets of $2.6M, total liabilities of $14.6M, shareholder equity of negative $12.0M and cash and equivalents of $794,000.

Strategy

The company completed its previously proposed Business Combination, which involved a merger of Trailblazer into Holdings followed by a merger of Merger Sub into Cyabra Strategy Ltd., with Cyabra surviving as a wholly owned subsidiary of the renamed Cyabra, Inc. The Merger Agreement was amended on November 6, 2025 to increase the Base Purchase Price from $70,000,000 to $106,000,000, extend the First Calculation Period to December 31, 2026, and move the outside closing date to February 1, 2026. PIPE financing was committed at $6.0 million in December 2025 and increased by an additional $2.0 million in February 2026. The company also entered advisory agreements with LifeSci and Ladenburg on October 28, 2025, each carrying a $1,050,000 advisory fee payable in PubCo Shares 90 days after closing.

Risks

• Going concern — The 10-K states the liquidity condition raised substantial doubt about Holdings' ability to continue as a going concern, with no cash and a $210,168 working capital deficit at December 31, 2025.
• Negative shareholder equity — Shareholder equity was negative $12.0 million as of 2026-06-30 against total liabilities of $14.6 million and total assets of $2.6 million.
• Thin cash position — Cash and equivalents were $794,000 as of 2026-06-30, small relative to the scale of reported liabilities.
• Nasdaq listing failure — An 8-K filed 2026-06-12 disclosed a delisting notice or listing-rule failure, and subsequent 8-Ks in July and September 2026 report charter amendments.

Outlook

The 10-K stated that if the Business Combination were not consummated by the Combination Period (March 30, 2026), Holdings would cease all operations except for the purpose of liquidating. Subsequent 8-K events, including a 2026-03-31 filing reporting completion of an acquisition or disposition and a change in control, indicate the Business Combination-related transactions proceeded. The amended Merger Agreement extended the First Calculation Period to December 31, 2026 and set the outside closing date at February 1, 2026. Management disclosure in the 10-K focused on the pending Business Combination and PIPE financing rather than on operating forecasts.