Core Viewpoint - Cabbacis is positioned to capitalize on the growing demand for risk-reduction tobacco products, particularly through its iBlend™ brand, which features very-low-nicotine cigarettes and aims to address public health concerns related to tobacco use [2][4][16]. Company Milestones and Achievements - 2025 was a transformative year for Cabbacis, marked by positive clinical trial results for iBlend™ very-low-nicotine cigarettes, advancing the company's commercialization pathway and first-to-market advantage [2][6]. - The company has made significant progress in developing its products and has a clean balance sheet with no debt, targeting a $7.5 million capital raise to support operations for the next two years [12][13]. Product Strategy and Market Opportunity - iBlend™ cigarettes contain approximately 95% less nicotine than leading brands, addressing the need for alternative products to help smokers reduce nicotine dependence and quit [3][7]. - The FDA's proposed rule to limit nicotine levels in cigarettes could create a favorable market environment for iBlend™, potentially transforming the global tobacco market [8]. Clinical Validation and Intellectual Property - A pilot clinical trial showed that iBlend™ products received strong satisfaction scores and significantly reduced cravings for usual brand cigarettes, indicating consumer acceptance [10][17]. - Cabbacis holds a robust intellectual property portfolio with 36 worldwide patents, including 8 U.S. patents, covering innovative tobacco and hemp product combinations [11][17]. Regulatory Pathway and Future Plans - The company plans to file a Premarket Tobacco Product Application (PMTA) for iBlend™ around mid-2026, with expectations for a review process of approximately one year [14]. - Cabbacis aims to initiate international marketing efforts in select markets with lower regulatory barriers, allowing for early revenue generation and brand validation ahead of U.S. market entry [14].