v3.26.1
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Cash flows – operating activities          
Net loss for the period $ (14,209,000) $ (5,760,000)   $ (12,819,000) $ (15,610,000)
Adjustments:          
Depreciation 29,000 29,000   58,000 46,000
Interest expense 124,000 18,000   400,000
Payment of previously accrued interest (126,000)      
Share based payments 4,431,000 2,255,000   3,024,000 1,551,000
Share based payments for advisory services 1,009,000      
Shares issued to advisors 2,100,000      
Exchange rate differences 50,000 11,000   109,000 1,000
Revaluation of financial liabilities accounted at fair value (1,369,000) (1,671,000)   125,000 6,149,000
Gain from disposal of property and equipment       (1,000)
Changes in operating assets and liabilities:          
Increase in other assets (351,000) (37,000)   42,000 (86,000)
Increase in accounts receivable (299,000) (169,000)   (156,000) (43,000)
Increase in trade accounts payable 829,000 679,000   684,000 938,000
Change in ROU asset and lease liability 5,000 31,000   45,000 29,000
Increase in deferred revenues 1,204,000 670,000   146,000 1,158,000
Increase in employees and related 1,639,000 275,000   315,000 308,000
Decrease in other current liabilities (61,000) (164,000)   (116,000) 363,000
Net cash used in operating activities (4,995,000) (3,833,000)   (8,144,000) (5,196,000)
Cash flows – investing activity          
Purchase of property and equipment (28,000) (29,000)   (55,000) (86,000)
Sale of property and equipment       1,000 1,000
Net cash used in investing activity (28,000) (29,000)   (54,000) (85,000)
Cash flows – financing activities          
Receipt of loans 2,655,000 1,613,000   7,554,000 426,000
Repayment of loans (6,430,000) (915,000)   (2,391,000) (1,609,000)
Exercise of options 3,000 2,000   3,000 28,000
Cash received from Merger Agreement upon the effectiveness of the Business Combination 1,336,000      
Proceeds from PIPE, net of transaction costs 8,000,000      
Issuance of preferred shares, net 2,431,000   2,431,000
Issuance of convertible notes       6,011,000
Proceeds from a liability for future equity (SAFE)       846,000
Net cash provided by financing activities 5,564,000 3,131,000   7,597,000 5,702,000
Increase (decrease) in cash, cash equivalents and restricted cash 541,000 (731,000)   (601,000) 421,000
Exchange rate differences on cash and cash equivalents and restricted cash (39,000) (11,000)   (29,000) (1,000)
Cash, cash equivalents and restricted cash at the beginning of period 316,000 946,000   946,000 526,000
Cash, cash equivalents and restricted cash at the end of the period 818,000 204,000 $ 946,000 316,000 946,000
Supplemental Disclosures of cash flow information:          
Interest paid 249,000 57,000   94,000 215,000
Income taxes paid       21,000 14,000
Supplemental disclosure of non-cash activity:          
Conversion of redeemable preferred shares 15,268,000   1,057,000
Conversion of convertible notes 12,676,000   1,072,000
Conversion of warrant liability to equity 390,000      
Share issued to advisors 2,112,000      
Right of use asset recognized with corresponding lease liability 296,000   296,000 537,000
Purchase of property and equipment 20,000   7,000 5,000
Conversion of SAFE 1,057,000      
Cash, cash equivalent and restricted cash at the end of the period:          
Cash and cash equivalents 794,000 183,000 927,000 294,000 927,000
Restricted cash 24,000 21,000 19,000 22,000 19,000
TRAILBLAZER HOLDINGS, INC.          
Cash flows – operating activities          
Net loss for the period     (53,820) (156,348)  
Changes in operating assets and liabilities:          
Accrued expenses     19,278 (9,278)  
Due to related party     34,542 165,626  
Net cash used in operating activities      
Cash flows – financing activities          
Increase (decrease) in cash, cash equivalents and restricted cash      
Cash, cash equivalents and restricted cash at the beginning of period  
Cash, cash equivalents and restricted cash at the end of the period