---
title: "Cyabra | 10-K: FY2025 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/283987084.md"
datetime: "2026-04-24T11:04:30.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/283987084.md)
  - [en](https://longbridge.com/en/news/283987084.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/283987084.md)
---

# Cyabra | 10-K: FY2025 Revenue: USD 0

Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -156.35.

EBIT: As of FY2025, the actual value is USD -156.35 K.

Trailblazer Holdings, Inc., the entity involved in the Business Combination to form Cyabra, Inc., does not have segmented financial or operational metrics in the traditional sense, as it has no material assets, operations, or revenues to date and was formed solely for the purpose of the Business Combination .

#### Operational Metrics

-   **Net Loss**: Trailblazer Holdings, Inc. reported a net loss of - $156,348 for the year ended December 31, 2025, and a net loss of - $53,820 for the period from July 16, 2024 (inception) through December 31, 2024 .
-   **Operating Expenses**: Operating expenses amounted to $156,348 for the year ended December 31, 2025, and $53,820 for the period from July 16, 2024 (inception) through December 31, 2024 .
-   **Loss from Operations**: The loss from operations was - $156,348 for the year ended December 31, 2025, and - $53,820 for the period from July 16, 2024 (inception) through December 31, 2024 .
-   **Working Capital Deficit**: As of December 31, 2025, the Company had a working capital deficit of - $210,168 .

#### Cash Flow

-   **Cash and Cash Equivalents**: Trailblazer Holdings, Inc. had no cash or cash equivalents as of December 31, 2025, and December 31, 2024 .
-   **Net Cash Used in Operating Activities**: Net cash used in operating activities was $0 for both the year ended December 31, 2025, and the period from July 16, 2024 (inception) through December 31, 2024 .

#### Unique Metrics Related to Business Combination

-   **PIPE Investments**: The total committed PIPE financing for the Business Combination increased to $8.0 million, comprising an initial $6,000,000 investment and an additional $2.0 million private placement investment .
-   **Base Purchase Price Amendment**: The Base Purchase Price for the Business Combination was amended from $70,000,000 to $106,000,000 .
-   **Advisory Fees**: LifeSci Capital LLC and Ladenburg Thalmann & Co. Inc. are each set to receive an advisory fee of $1,050,000, payable in PubCo Shares 90 days after the closing of the Business Combination . Additionally, LifeSci will receive a retainer fee of Cyabra ordinary shares, converting to 105,000 PubCo Shares upon closing .

#### Outlook / Guidance

The outside closing date for the Business Combination was amended to February 1, 2026 . If the Business Combination is not consummated by March 30, 2026, Trailblazer Holdings, Inc. will cease all operations except for liquidation purposes . This situation regarding liquidity and potential dissolution raises substantial doubt about the Company’s ability to continue as a going concern .

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