REG - Cambridge Cognition - Results for the year ended 31 December 2025
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RNS Number : 1492A Cambridge Cognition Holdings PLC 13 April 2026
13 April 2026
Cambridge Cognition Holdings plc
("Cambridge Cognition", the "Company" or the "Group")
Results for the year ended 31 December 2025
Return to growth and expanding market opportunities
Cambridge Cognition Holdings plc (AIM: COG), the neuroscience technology
company whose digital cognitive assessments drive scientific discovery,
accelerate drug development and improve patient care, announces its results
for the period ending 31 December 2025.
Highlights
· New sales orders in year up 73% to £12.8m (2024: £7.4m)
· Order book at year end up 21% to £16.5m (2024: £13.6m)
· Revenues of c.£9.4m down 10% (2024: £10.3m)
· Adjusted EBITDA loss of £0.5m (2024: loss £43k)
· Successful placing in August raising gross proceeds of £1.1m
· Cash of £1.1m (June 2025: £0.4m, December 2024 £1.3m)
· Reduced borrowing to £0.9m (December 2024: £1.9m), resulting in a
net cash position of c.£0.3m (December 2024: net debt £0.6m)
2025 saw Cambridge Cognition reverse previous negative trends to deliver new
sales order growth and expansion across four market segments that strengthened
our position in clinical studies and academic research, while entering
professional healthcare and consumer health & wellness markets.
Although revenue declined in 2025 due to the weak opening order book, the
impact on adjusted EBITDA was limited following previous reductions in the
Company's cost base. Encouragingly, we saw positive cashflow from operating
activities following a period of previous cash consumption. We believe
returning to growth in sales sets the Company up for future revenue, profit
and cash generation. This will provide the foundation for strategic
investment in our science and technology.
At the date of this announcement the Company expects to deliver 2026 revenue
of £9.5m, supported by the current Order Book and revenue recognised to date.
This is an increase from the £8.8m expected at 31 December 2025. This does
not take into account the impact of further new Sales Orders in Q2, Q3 and Q4
2026. Consequently, we expect to see a growth in revenue in the current
year.
Our objective is to solidify our leadership in serving academic researchers
and drug developers, and establish our trusted technology with healthcare
professionals (physicians) and consumers.
Rob Baker, Chief Executive Officer, said:
"2025 saw a return to growth in new sales orders and clear progress in
strengthening the foundations of the business. We have enhanced our commercial
execution, maintained high-quality operational delivery and expanded into
professional healthcare and consumer health & wellness markets,
significantly increasing our addressable opportunity.
Whilst revenue and profitability reflect the prior year's reduced order book,
the recovery in new business, combined with a healthy pipeline and early
progress in our new markets, position us for growth in revenue, earnings and
cash generation in 2026.
As Dr Steven Powell prepares to step down as Chair at the AGM, I would like to
recognise his outstanding contribution to Cambridge Cognition over the past 12
years. His leadership has been instrumental in shaping the Company and
positioning it for this next phase of growth."
Audited Annual Report and Accounts
Copies of the audited Annual Report and Accounts for the year ended 31
December 2025 will be available on the Company's website for shareholders to
download at:
https://cambridgecognition.com/reports-and-accounts/
(https://cambridgecognition.com/reports-and-accounts/) .
Investor presentations
A pre-recorded presentation on the results is available to view through
Investor Meet Company:
https://www.investormeetcompany.com/companies/cambridge-cognition-holdings-plc/
(https://www.investormeetcompany.com/companies/cambridge-cognition-holdings-plc/)
Rob Baker, CEO, and Ronald Openshaw, CFO will be hosting a live Q&A
session on Monday 13 April 2026, 15:00 BST, which is open to all existing and
potential shareholders and accessible through the Investor Meet Company
dashboard. Questions can be submitted pre-event via the dashboard, or at any
time during the Q&A session.
Annual General Meeting
The Company announces its intention to hold its Annual General Meeting ("AGM")
on 21 May 2026. Details of the AGM will be communicated to shareholders via
the Company's website and a Regulatory Information Service as soon as they are
finalised. This notice will also include the date on which the notice of AGM
and the Annual Report will be posted to shareholders.
Enquiries:
Cambridge Cognition Holdings plc Tel: 01223 810700
Rob Baker, Chief Executive Officer press@camcog.com (mailto:press@camcog.com)
Ronald Openshaw, Chief Financial Officer
Cavendish Capital Markets Limited (NOMAD and Joint Broker) Tel: 020 7220 0500
Geoff Nash / Elysia Bough / Joe Smith Corporate Finance
Harriet Ward Corporate Broking
Nigel Birks LS Specialist Sales
Singer Capital Markets Limited (Joint Broker) Tel: 020 7496 3000
Amber Higgs / James Serjeant / Daniel Ingram
Notes to Editors
About Cambridge Cognition
Cambridge Cognition is a neuroscience technology company whose digital
cognitive assessments drive scientific discovery, accelerate drug development
and improve patient care.
Built on rich, curated data and deep technical expertise we are building a
strong global brand with scalable technology that will support the rising
world demand for diagnosing and treating brain health. The Company creates
shareholder value through organic sales growth, strategic partnerships, joint
ventures, and spinouts.
The Company has identified four market sectors:
· Clinical Studies for new pharmaceuticals;
· Academic Research for scientists to understand CNS disorders;
· Healthcare to provide physicians with cognitive assessments to allow
them to diagnose and treat patients; and,
· Consumer Health & Wellness to provide individuals access to
accurate, reliable, and meaningful data to assess their cognitive health.
For further information, visit: www.cambridgecognition.com
(http://www.cambridgecognition.com/)
CHAIR'S STATEMENT
Introduction
2025 saw Cambridge Cognition reverse previous negative trends to deliver
growth, in particular:
· returning new sales orders to growth;
· continued excellence in our operational delivery supporting 114
clinical studies and 340 academic research initiatives;
· securing new and highly experienced leadership with CEO and CFO
appointments and transitions for future Board membership;
· expansion across four market segments, strengthening our position in
clinical studies and academic research while entering professional healthcare
and consumer health and wellness.
Although revenue declined in 2025 due to the weak opening order book, the
impact on adjusted EBITDA was limited following previous reductions in the
Company's cost base. Encouragingly, we saw positive cashflow from operating
activities following a period of previous cash consumption. We believe
returning to growth in sales sets the Company up for future revenue, profit
and cash generation. This will provide the foundation for strategic
investment in our science and technology. Our objective is to solidify our
leadership in serving academic researchers and drug developers, and establish
our trusted technology with healthcare professionals (physicians) and
consumers.
Review
Commercial Success
We achieved our primary objective for 2025: the return to growth in new
business generation. Hitting this objective is fundamental to the
development of the Company and remains at the heart of our focus. During
2025 new sales orders rose to £12.8m an increase of 73% over the prior year
(2024: £7.4m).
Operational Delivery
During the year, the Company delivered its technology and services into 114
clinical studies (2024: 141) and 340 academic research programmes (2024: 361)
resulting in total revenue recognised of £9.4m (2024: £10.3m). This small
decrease from the prior year is a direct result of the reduction in the order
book in 2024 and the long-term contract nature of clinical studies. We
anticipate reporting increased project delivery and revenue for 2026.
Leadership Secure
A leadership change process commenced in 2024. It was completed in 2025 with
the appointment of Rob Baker as Chief Executive Officer. Rob had previously
served as Chief Operating Officer and Joint Managing Director.
Simultaneously, Ronald Openshaw was appointed Chief Financial Officer and Head
of Corporate Development. Both Rob and Ronald have been with the Company for
a period of time and know the business well. They have highly complementary
skills to determine strategic direction and deliver against key objectives.
The Company has already benefitted from their experience and determination and
we look forward to this team delivering renewed growth in new as well as
existing markets.
As we move into 2026, executive and Board changes will be completed with my
retirement as Chair of the board of directors, having spent 12 years with the
business in executive and non-executive roles. I hand over to Nick Rodgers who
joined the Board early in 2024. He is highly experienced Chair and I am
confident that he can lead the board as Chair through this period of growth
and development.
Expanded Business Model to drive Strategic Growth
The Company was founded to measure cognitive function using digital tools.
As a neuroscience technology company our touch-screen and voice-based digital
cognitive assessments:
· deliver objective results in real time or shortly after completion of
the assessment;
· require minimal specialist administration;
· reduce administrator bias; and
· support longitudinal monitoring of cognitive function.
At the start of 2025 the Company focussed on two market segments (i) clinical
studies to assess the efficacy and safety of new pharmaceutical or other
healthcare products; and (ii) academic research focussed principally on
understanding underlying disease mechanisms.
During the year, the Company announced that it was expanding its service
offering to both professional healthcare and consumer health & wellness
markets. Our scientists and developers reviewed the existing 43 individual
touch-screen and voice-based tasks and presented these in a new delivery model
designed to provide clinicians with reliable and reproducible information
relating to a patient's cognitive function. This solution is branded CANTAB
Pathway™. Assessment results are presented in formats appropriate for both
consumers in home-use settings and healthcare professionals in clinical or
research environments.
We will access these markets by working with trusted, scientifically credible
and ethical partners. These will be international healthcare organisations
or consumer health and wellness businesses, which have the reach, adoption and
market position to bring our tools to users effectively.
Positive outlook
In 2025 our commercial group executed on our key account focused strategy.
This approach is continuing to progress in 2026.
As we move into Q2 the pipeline of potential new business is strong and gives
us a reasonable prospect to generate sufficient new sales orders in H1 to meet
market expectations. The period to the end of the first half is essential to
achieving this goal and we will report again following the end of H1.
Success with our commercial group has been sustained with strong customer
engagement and a healthy pipeline of opportunities. New sales orders in Q1
were £2.6m (Q1 2025: £4.2m). At the end of 2025 the order book supported
2026 revenues of £8.5-9.0m, taking account of revenue recognised in Q1 and
the current order book this has now increased to £9.5m.
2026 has started with the same commitment to deliver on the Company's broader
potential and we have entered into agreements:
· to conduct a first substantive pilot study with a major private
European healthcare group for the use of CANTAB Pathway™ to provide their
physicians with the ability to regularly assess patients' on-going cognitive
function and mental health in a faster and more consistent manner;
· with Ivory, a venture-backed company in India, exploring the ability
to deploy CANTAB Pathway™ in both the professional healthcare and the
consumer health & wellness markets; and,
· for use in an institutional review board approved pilot research
study on cognitive health to the end of 2026 with a leading health technology
company to measure aspects of users' cognitive function alongside the
physiological and behavioural insights generated from their wearable device.
Looking forward, we are now reviewing the Company's investment in its science
and technology platforms and considering how to further develop the software
platform to meet market needs. Artificial intelligence, with all its
ground-breaking potential, will bring many opportunities and challenges.
However, Cambridge Cognition's clinical evidence, procured over 30 years,
cannot be recreated in AI-based large language models or clinical data
synthesis. The power of our data is best harnessed through the conversion of
software into the usable and valuable neuroscience technologies which our
academic researchers and drug development partners have relied upon, and which
physicians and ultimately consumers will turn to.
OPERATING REVIEW
Strategic objectives
Our strategy is centred on four pillars:
· Trusted Provider in Cognitive Research: strengthening our position as
a scientifically credible and operationally reliable partner to the global
cognitive research market, supporting growth in clinical studies and academic
research.
· Brain Health Technology Leader: extending our leadership in validated
digital brain health tools and broadening their application across academic
research, clinical studies, professional healthcare and consumer health &
wellness.
· Extraordinary Impact: delivering efficient, high-quality global
execution and focusing our technology on strategic indications and
applications where it can create meaningful value for customers, patients and
partners.
· Empowered Team: building a purpose-driven, accountable and innovative
culture that enables our people to deliver the Group's strategy and support
sustainable long-term growth
Commercial
The Company's prime objective in 2025 was to reverse the decline in sales
orders. This was conclusively achieved and total new sales orders were
£12.8m, up 73% on the prior year (2024: £7.4m), this comprised:
· new clinical studies up 79% to £11.9m (£6.6m); and
· academic research contracts up 20% to £0.9m (2024: £0.7m).
Clinical Studies
To achieve this turn-around, our sales and marketing activity was given a
clear focus on actual and potential clients which can represent key accounts
having (i) a sustained commitment to central nervous system ('CNS') disorders,
(ii) deep R&D and drug development pipelines and (iii) the financial
resources to fund multiple studies and programmes. In addition to our core
focus we will continue to support other pharmaceutical and biotech companies
with a need to measure cognitive impact in both CNS and non-CNS conditions
such as oncology, immunology and autoimmune and inflammatory conditions.
At the same time, we have realigned human resources and, at the end of the
year, have increased the total number of sales professionals with the right
skills and in the right geographies. Work is still ongoing to ensure our
marketing, client targeting and sales support continue to deliver results.
Academic Research
Academic research, as a market segment, received increased focus and attention
during 2025, and this yielded an increase in new sales orders at £0.9m up 20%
over the prior year. We are investing carefully in the marketing efforts to
drive inbound enquiries in this segment and anticipate seeing improved sales
orders and ultimately revenues in 2026 and beyond.
Operations
Clinical Studies
In 2025 the Company worked on 114 separate clinical studies (2024: 141
studies) for 46 clients. Cambridge Cognition has always delivered a high
level of customer service and in 2025 this remained the case. We constantly
monitor customer satisfaction through the customer satisfaction ("CSAT")
scores and net promoter score ("NPS").
Study Stage 2025 2024
Start Up CSAT 4.8 | NPS +75 CSAT 4.9 | NPS +83
Monitoring CSAT 4.9 | NPS +82 CSAT 4.6 | NPS +60
Close Out CSAT 4.8 | NPS +75 CSAT 4.8 | NPS +83
Note: CSAT scored on a 0-5 scale and NPS scored on 0-100 scale with the higher
the score representing the greater the positive response. NPS Scores above
70 are generally considered "Excellent" or "World Class".
At the end of 2025 the Order Book was well diversified across multiple clients
and by both clinical phase and disease indication. We believe this reduces
the execution risk for the business to provide high quality earnings, whilst
also demonstrating the broad application of our technology in cognition across
the landscape of drug development.
Academic Research
While we delivered an increase in new sales orders in Academic Research in the
year, revenues fell slightly due to the timing of those sales. Overall total
revenue from Academic Research was £0.8m (2024: £0.9m) and the Company
supported 340 (2024: 361) individual research programmes during the year.
Academic studies deliver far more than simply their economic return, as the
researchers who are using our assessments in their work generally seek to
publish their results in peer reviewed academic journals. In 2025
researchers published a total of 258 (2024: 117) peer reviewed papers covering
a huge array of diseases and disorders; and, already in 2026, 71 peer reviewed
papers have been published. We believe these papers continue to validate the
value that our assessments bring to the research, medical and drug development
communities.
Research & Development Expenditure
In 2025 the Company worked on 114 separate clinical studies (2024: 141
studies) for 46 clients. Cambridge Cognition has always delivered a high
level of customer service and in 2025 this remained the case. We constantly
monitor customer satisfaction through the customer satisfaction ("CSAT")
scores and net promoter score ("NPS").
· scientific R&D focussed on neuropsychology and the measurement of
cognitive function;
· novel software product development either for new assessments or
expanding the features and performance of the existing assessments; and
· software maintenance and development to ensure the tech stack remains
secure and fit for purpose.
Total R&D expenditure fell as we sought to reduce the Company's cost
base.
Looking forward, we envisage the need to execute carefully selected investment
projects to harness new technology and developments in neuroscience. Our
goals are to drive market adoption in all four segments, and bring ever more
effective, efficient and reliable solutions to market.
Professional Healthcare and Consumer Health & Wellness
In 2025, the Company announced that it was expanding its service offering to
both the professional healthcare and consumer health & wellness markets.
The major limitations of traditional pen-and-paper cognitive assessments are
the need to have highly qualified and trained healthcare professionals,
typically neuro-psychologists, administering and then scoring these. In
comparison, our touch-screen and voice-based digital cognitive assessments:
· require minimal specialist administration;
· deliver objective results in real time or shortly after completion of
the assessment;
· reduce administrator bias; and
· support longitudinal monitoring of cognitive function.
We believe that broad adoption of our technologies can transform patient
healthcare pathways. The reduced time required to undertake assessments,
allow the physician and patient to both receive results and discuss them
within the same consultation. If necessary, the physician can immediately
initiate further investigation. Our experience suggests that this step alone
could take months under the current patient management pathways. Further
commercial benefits to healthcare provider organisations include higher
testing rates, reduced waiting lists and the ability to provide patients with
ongoing monitoring of cognitive function with minimal administrative burden.
Working with the Company's existing 43 individual touch-screen and voice-based
tasks, our scientists and developers selected the most relevant tasks to a
healthcare, rather than a research, setting, and presented these in a new
format designed to provide clinicians with reliable and reproducible
information about a patient's cognitive function. This solution is branded
CANTAB Pathway™. Assessment results can be presented in formats
appropriate for both consumers in home-use settings and healthcare
professionals in clinical or research environments.
CANTAB Pathway™ is an escalating series of tasks for use in consumer and
healthcare settings:
· CANTAB One - a brief assessment of overall cognitive function
· CANTAB Insight - a three-task battery providing deeper insight
across five cognitive sub-domains
· CANTAB Plus - specialist disease-specific modules for use by
appropriately qualified healthcare professionals, covering eight indications
including Parkinson's disease, ADHD, multiple sclerosis, Huntington's disease,
schizophrenia, depression, and Alzheimer's disease and related dementias
We have already entered into agreements:
· to conduct a first substantive pilot study with a major private
European healthcare group for the use of CANTAB Pathway™ to provide their
physicians with the ability to regularly assess patients' on-going cognitive
function and mental health in a faster and more consistent manner;
· with Ivory, a venture-backed company in India, exploring the ability
to deploy CANTAB Pathway™ in both the professional healthcare and the
consumer health & wellness markets; and,
· for use in an independent review board approved pilot research study
on cognitive health to the end of 2026 with a leading health technology
company to measure aspects of users cognitive function alongside the
physiological and behavioural insights generated from their wearable device.
We intend to only sell CANTAB Pathway™ into these markets through trusted,
scientifically credible and ethical partners: significant healthcare
organisations or consumer health and wellness businesses who have the reach,
adoption and market position to bring our tools to users effectively and at
scale. During 2026 we will continue to identify and engage with such
partners to further establish the potential of CANTAB Pathway™ in these
segments, which we believe will greatly benefit from their use.
FINANCE REVIEW
Overview
We have seen material improvements across the majority of our key performance
indicators:
2025 2024 Change Change
£m £m £m %
Sales orders 12.8 7.4 5.4 73%
Order book 16.5 13.6 2.9 21%
Revenue 9.4 10.3 (0.9) (9)%
Adjusted EBITDA (0.5) - (0.5)
Cash from operating activities 0.1 (3.1) 3.2
Note: "Adjusted" measures exclude the impact of amortisation of intangible
assets, depreciation of fixed assets, non-recurring items and share-based
payments. "Adjusted EBITDA" is reconciled to statutory Operating loss on the
face of the Consolidated Statement of Comprehensive Income.
The Company has changed its allocation of costs to better align them to their
underlying nature. This has resulted in a restatement of certain of the 2024
comparable data. Further information is set out in note 4 to the financial
statements. This restatement did not affect revenue, measures of earnings or
the balance sheet. However, the segmental analysis shows changes in Cost of
sales, Gross profit, Administrative expense, Research & development
expense, and Sales & marketing expense. Where data is affected this is
marked as "restated".
Sales Orders, Order Book & Revenue
The critical performance measure is the generation of new business. As new
Sales Orders are contracted these add to the Order Book which, given the
long-term nature of these contracts, provides good visibility over revenue
that will be delivered in the current and future years.
During 2025 new Sales Orders rose to £12.8m an increase of 73% over the prior
year (2024; £7.4m) this comprised:
· Clinical Studies: up 79% to £11.9m (2024: £6.6m).
· Academic Research: up 20% to £0.9m (2024: £0.7m).
As a direct result of the increase in new Sales Orders the Order Book
increased by £2.9m, or 21%, to £16.5m (2024: 13.6m). The total value of
the Order Book and its maturity profile affects the ability to recognise
revenue in the year.
Order Book Revenue recognition FY
2025 2025 2026 2027 2028+ 2024
At 1 January 13.6 6.6 3.6 1.2 2.2 17.2
New Sales Orders 12.8 3.3 5.1 1.8 2.6 7.4
Other adjustments(1) (0.5) (0.5) 0.1 0.1 (0.2) (0.7)
Revenue recognised (9.4) (9.4) - - - (10.3)
At 31 December 16.5 - 8.8 3.1 4.6 13.6
1. Impact of foreign currency exchange rates, cancellations and delays
At the start of 2025 the total Order Book was £13.6m of which £6.6m was
expected to be recognised as revenue in the year. New Sales Orders
contracted during the year were £12.8m; these generated revenue of £3.3m
during 2025 which, after adjustments for cancellations, foreign exchange and
other adjustments, brought total revenue to £9.4m.
At the end of the year, the Order Book had increased to £16.5m. Of this,
£8.8m is expected to be realised as revenue in 2026, an increase of £2.2m,
or 33%, over the start of the previous year. As a result, we expect to see
revenue growth in 2026.
Total Sales & marketing expense was £2.7m (2024 (restated): £2.7m).
Sales & marketing expense as a percentage of Sales Orders reduced to 21%
(2024 (restated): 36%). Further improvement in this expense ratio is an
ongoing objective as the Sales & Marketing group delivers growth in new
sales orders.
Profitability
Gross profit decreased 13% to £7.0m (2024 (restated): £8.0m), driven by
lower revenue in 2025. This reduced Gross margin to 75% (2024 (restated):
78%).
Following a review of accounting policies, the Company has modified its
allocation of costs to cost categories in order to better align the underlying
nature of those costs. This has resulted in a restatement of 2024's Gross
profit and a reduction in Gross margin. Overall profitability has remained
unchanged (see note 4 to the financial statements).
Adjusted EBITDA decreased to a loss of £(0.5)m (2024: £nil). While there
was a reduction of £0.9m in revenue the reduction in EBITDA was managed by
continuing to control the overall cost base.
Financing and Liquidity
Cash flow from operations
The Company generated positive Cash Flow from Operations of £0.1m, for the
first time since 2022. During 2023 and 2024, a total of £8.1m of cash was
consumed in operations (2024: £(3.1)m, 2023: £(5.0)m). While the positive
cash flow is small, it is a substantial turn-around and the move to cash
generation is critically important to create a long-term sustainable business.
A feature of the long-term nature and billing profile of our contracts is the
receipt of cash ahead of revenue generation. This is recorded as Deferred
Income which was £5.4m at year-end (2024: £5.5m), showing limited movement
year-on-year. It is an important measure of the Company's mid-term
liquidity. This stabilisation is particularly significant when compared to
December 2022; Deferred Income was £12.3m and fell every period to December
2024, matching the period of cash consumption from operations. Reductions in
Deferred Income represents the generation of Revenue without the generation of
cash to match it.
Importantly, in 2025 the Company recognised £9.4m in revenue and only saw a
£0.1m reduction in Deferred income indicating that revenue recognition was
matched in cash generated.
Financing
Following feedback from our largest shareholders, the Company undertook a
small fundraising through the issue of 4.1 million new shares at a price of
27.25p, being a 5% premium to the prevailing market price and raising £1.1m
net of expenses. These funds have provided general working capital to smooth
cash flow, given the milestone driven nature of clinical study billing.
During 2025 the Company repaid the loan facility in accordance with its terms,
reducing the balance from £1.9m at the start of the year to £0.9m at 31
December 2025. This facility is due to be fully repaid in the second half of
2026.
Outlook
At the opening of 2026 the Order Book stood at £16.5m up 21% compared to the
prior year. Of this £8.8m is anticipated to be recognised as revenue in
2026. The focus on new sales orders continues and new sales orders for Q1
were £2.6m. As a result, the Order Book has decreased to £15.6m.
Based on revenue recognised in Q1 and the current order book, it is
anticipated that this will yield revenues of £9.5m for 2026. This is
already equivalent to total revenue in 2025. New sales orders secured over
the whole of H1 2026 will underpin revenue generation for the year as a whole
and the Company will make further updates early in the second half. We are
confident that the Company will show good revenue growth in 2026.
We are excited about the prospects for the Company across all four market
segments: Clinical Studies, Academic Research, Professional Healthcare, and
Consumer Health & Wellness. Our new initiative in Professional
Healthcare and Consumer Health & Wellness commenced in 2025, with all
agreements reached to date coming from inbound enquiries. With the profile
of CANTAB Pathway™ now established and with these first agreements secured
we intend to move to commence marketing to potential new partners.
Looking forward, we are now considering the Company's investment in its
science and technology platforms and to further develop the software base to
meet market needs.
Segmental Review
A segmental view of the Company is presented for the first time, detailing
performance in each of the Company's market segments. An additional segment
for 'Shared' costs is presented for items that cannot be directly allocated to
a specific segment. See note 5 to the financial statements.
These measures are presented on an 'Adjusted' basis, which is the same basis
the Board and the new Leadership Team use to review performance. Adjusted
EBITDA is reconciled to statutory Operating profit on the face of the
Consolidated Statement of Comprehensive Income and in note 5 to the financial
statements.
Clinical studies
2025 2024 Change
£m £m £m %
Sales orders 11.9 6.6 5.3 79%
Revenue 8.4 9.3 (0.9) (10)%
Adjusted Cost of sales (2.3) (2.2)(1) (0.1) 5%
Adjusted Gross profit 6.1 7.1(1) (1.0) (14)%
Adjusted Gross margin 73% 76% (3)% (4)%
Adjusted Administrative expenses (0.2) (0.2)(1) - -
Contribution 5.9 6.9(1) (1.0) (14)%
Contribution margin 71% 74% (4)% (5)%
Adjusted Sales and marketing expense (2.5) (2.5)(1) - -
Adjusted EBITDA 3.4 4.4 (1.0) (23)%
Adjusted EBITDA margin 41% 47% (6)% (13)%
Note: 1 - 2024 amounts restated
Commercial
Sales Orders increased 79% to £11.9m (2024: £6.6m). This turn-around was
achieved through a clear stratification of actual and potential clients into
those who could develop in key accounts, being those who demonstrate:
· a sustained commitment to central nervous system ("CNS") disorders;
· a deep R&D and drug development pipeline; and
· the financial resources to fund multiple studies and programmes.
We will continue to support other pharmaceutical and biotech companies with a
need to measure cognitive impact in both CNS and non-CNS conditions such as
oncology, immunology and autoimmune and inflammatory conditions in addition to
our core focus.
At the same time we have realigned resources and at the end of the year have
increased the total number of sales professionals with the right skills and in
the right geographies. Work is still ongoing to ensure our marketing, client
targeting and sales support continues to deliver results.
Financial
Despite an increase in Sales Orders, revenue declined to £8.4m (2024:
£9.3m). This was due to a weakness in the opening Order Book following low
Sales Order levels in 2024 and 2023.
Gross Margin was broadly consistent at 71% (2024: 74%). The majority of the
Clinical Studies' segment's Cost of Sales are staff costs which remained flat
year-on-year, resulting in the revenue reduction dropping straight through to
Gross Profit.
Sales and marketing expense remained flat at £2.5m (2024: £2.5m) while
delivering a material increase in Sales Orders. A key aim for 2026 is to
deliver greater Sales Order returns from this stable cost base.
Academic research
2025 2024 Change
£m £m £m %
Sales orders 0.9 0.7 0.2 20%
Revenue 0.8 0.9 (0.1) (12)%
Adjusted Cost of sales (0.1) (0.1) - -
Adjusted Gross profit 0.7 0.8 (0.1) (13)%
Adjusted Gross margin 90% 92% (2)% (2)%
Adjusted Administrative expenses - - - -
Contribution 0.7 0.8 (0.1) (13)%
Contribution margin 88% 90% (2)% (2)%
Adjusted Sales and marketing expense (0.1) (0.1) - -
Adjusted EBITDA 0.6 0.7 (0.1) (14)%
Adjusted EBITDA margin 72% 75% (3)% (4)%
Commercial
Academic research has received increased focus and attention during 2025.
This yielded Sales Orders of £0.9m up 20% over the prior year (2024:
£0.7m). We are investing carefully in our marketing efforts to drive
inbound enquiries and anticipate seeing improved Sales Orders and Revenue in
2026 and beyond.
Financial
Despite the increase in Sales Orders, Revenue saw a small decline to £0.8m
(2024: £0.9m). This was a consequence of the timing of the increase in
Sales Orders and one-off software breakage revenue recognised in 2024.
Gross Margins remained high at 90% (2024: 92%).
Professional Healthcare and Consumer Health & Wellness
Commercial
In 2025, the Company announced that it was expanding its service offering to
both the Professional Healthcare and Consumer Health & Wellness market.
The major limitations of traditional pen-and-paper cognitive assessments are
the need to have highly qualified and trained healthcare professionals,
typically neuro-psychologists, administering and then scoring tests.
However, our touch-screen and voice-based digital cognitive assessments:
· require minimal specialist administration;
· deliver objective results in real time or shortly after completion;
· reduce administrator bias; and
· support longitudinal monitoring of cognitive function.
Financial
The Company has historically had a small number of distributor relationships
in foreign territories which have yielded a limited amount of income,
generally by way of royalties. In 2025 this amounted to £0.2m (2024:
£0.1m). This income does not derive from expansion into the Professional
Healthcare and Consumer Health & Wellness segments with the CANTAB
Pathway™ product offering. The first revenues from CANTAB Pathway™ will
arise in 2026.
Shared Services & Central Costs
Administrative expense
Total Administrative expense reduced by 6% to £3.0m (2024 (restated): £3.1m)
as the company continues to try and optimise this expenditure to apply
resources to directly value creating activities.
Research and Development expense
R&D expense fell by 22% to £2.0m (2024 (restated): £2.5m). This has
been part of an ongoing effort over the last three years to reduce the
Company's cost base in order to improve overall profitability.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year to Year to
31 December 31 December 2024
2025
(Restated(1))
Notes £'000 £'000
Revenue 5 9,400 10,342
Cost of sales (2,394) (2,330)
Gross profit 7,006 8,012
Administrative expense (3,331) (3,747)
Sales & marketing expense (2,796) (2,726)
Research & development expense (2,430) (2,999)
Non-recurring items - (155)
Total operating expense (8,557) (9,627)
Other operating income 313 416
Share of profit after tax from joint ventures - 32
Operating loss (1,238) (1,167)
Interest receivable 4 21
Finance costs (332) (563)
Loss before tax (1,566) (1,709)
Tax expense (109) (76)
Loss for the year (1,675) (1,785)
Other comprehensive (loss) / income
Items that may subsequently be reclassified to profit or loss:
Exchange differences on translation of foreign operations (47) (408)
Items that may not subsequently be reclassified to profit or loss:
Fair value movements in equity investments - 1,688
Total comprehensive loss for the year (1,722) (505)
Operating loss (1,238) (1,167)
- Amortisation of intangible assets 557 552
- Depreciation of property, plant and equipment 34 68
- Non-recurring items - 155
- Share-based payments charge 145 349
Adjusted EBITDA (502) (43)
Loss per share (pence)
Basic 6 (3.9) (4.6)
Diluted 6 (3.9) (4.6)
1. See note 4 for details regarding the restatement.
All items of income are attributable to the equity holders in the Parent. The
above results relate to continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2025 At 31 December 2024
Notes £'000 £'000
Assets
Non-current assets
Goodwill 3,384 3,454
Other intangible assets 2,713 3,335
Property, plant and equipment 30 34
Investments 1,844 1,844
Trade and other receivables - 20
Total non-current assets 7,971 8,687
Current assets
Inventories 91 128
Trade and other receivables 1,955 2,627
Current tax receivable 139 292
Cash and cash equivalents 7 1,127 1,295
Total current assets 3,312 4,342
Total assets 11,283 13,029
Liabilities
Current liabilities
Trade and other payables 2,052 2,119
Deferred income on contracts with customers 5,372 5,511
Loans and borrowings 858 985
Current tax payable 7 147
Total current liabilities 8,289 8,762
Non-current liabilities
Loans and borrowings - 905
Total non-current liabilities - 905
Total liabilities 8,289 9,667
Equity
Share capital 466 419
Share premium 18,803 17,641
Other reserves 5,158 5,205
Own shares (71) (71)
Retained earnings (21,362) (19,832)
Total equity 2,994 3,362
Total liabilities and equity 11,283 13,029
CONSOLIDATED STATEMENT OF CASH FLOWS
Year to Year to
31 December 2025 31 December 2024
Notes £'000 £'000
Net cash flows generated from / (used in) operating activities 7 96 (3,085)
Investing activities
Dividends received from joint ventures - 32
Interest received 4 21
Purchase of property, plant and equipment (30) (3)
Net cash flow (used in) / generated from investing activities (26) 50
Financing activities
Proceeds from share issue 1,117 2,624
Transaction costs arising on issue of shares (73) (446)
Proceeds from exercise of share options 165 57
Repayment of borrowings (1,057) (547)
Interest payments (332) (563)
Net cash flows (used in) / generated from financing activities (180) 1,125
Net decrease in cash and cash equivalents (110) (1,910)
Cash and cash equivalents at start of year 1,295 3,222
Exchange differences on cash and cash equivalents (58) (17)
Cash and cash equivalents at end of year 1,127 1,295
NET CASH / DEBT
Year to Year to
31 December 2025 31 December 2024
£'000 £'000
Cash and cash equivalents 1,127 1,295
Loans and borrowings - current (858) (985)
Loans and borrowings - non-current - (905)
Net cash / (debt) 269 (595)
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. General information
Cambridge Cognition Holdings plc ('the Company') and its subsidiaries
(together, 'the Group') develops and markets digital solutions to assess brain
health.
The Company is a public limited company which is listed on the AIM market of
the London Stock Exchange (symbol: COG) and is incorporated and domiciled in
the UK. The address of its registered office is Tunbridge Court, Tunbridge
Lane, Bottisham, Cambridge, CB25 9TU.
2. Basis of preparation
These consolidated financial statements for the year ended 31 December 2025
have been prepared in accordance with UK‐adopted international accounting
standards and with the requirements of the Companies Act 2006.
These condensed consolidated financial statements comprise the financial
results of Cambridge Cognition Holdings plc for the years to 31 December 2025
and 2024. The results have been extracted from the 31 December 2025 audited
consolidated financial statements which have been approved by the Board of
Directors. These have not yet been delivered to the Registrar of Companies but
are expected to be published on 13 April 2026 within the 2025 Annual Report.
The financial information set out above does not constitute the Group's
statutory accounts for the years to 31 December 2025 or 2024, but is derived
from these accounts. The auditors have reported on those accounts: their
reports (i) were unqualified, (ii) included an emphasis of matter in relation
to a material uncertainty over going concern without qualifying their report
and (iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006 in respect of the accounts for the year to 31 December 2025
or for 31 December 2024. Statutory accounts for the year to 31 December 2025
were approved by the Board of Directors for release on 13 April 2026.
All accounting policies adopted are consistent with those followed in the
preparation of the consolidated financial statements for the year ended 31
December 2024, except for the changes stated in note 4 and the adoption of
certain new and revised standard, which did not have a material impact on
results. The financial statements have been prepared under the historical cost
convention, with the exception of certain financial instruments measured at
fair value. The accounts are presented in Pounds Sterling ('£'), and to the
nearest £1,000.
3. Going concern
In adopting the going concern basis for preparing the financial statements,
the Directors have considered business activities in the context of the
current operating environment. The Directors have conducted an assessment of
the Group's ability to continue as a going concern for a period of at least
twelve months from the date of approval of the accounts (the 'review period').
To support the going concern conclusion, the Directors have developed working
capital models covering from the signing of these financial statements through
to 31 December 2027. The business plan supporting this evaluation is based on
the Board-approved budget for the year ending 31 December 2026. The Directors'
assessment also considered the Group's existing debt levels, liquidity
position, and its ongoing ability to generate cash through trading activities.
As of 31 December 2025, the Group had net cash of £269,000 (2024: net debt of
£595,000), which included £858,000 (2024: £1,890,000) owed on the Group's
term loan, offset by cash and cash equivalents of £1,127,000 (2024:
£1,295,000). The term loan matures in August 2026.
New sales orders for Q1 2026 were £2.6 million (Q1 2025: £4.2 million). As
a result, the Order Book has decreased to £15.6 million, compared to £16.5
million at 31 December 2025. At 31 December 2025, the order book was expected
to support 2026 revenues of between £8.5 million to £9.0 million. Taking
account of revenue recognised in Q1 and the order book at 31 March 2026, this
has now increased to £9.5 million. The Group has continued to see sustained
strong customer engagement and is pursuing a healthy pipeline of
opportunities.
In view of the Group's principal risks and uncertainties, the Directors have
applied appropriate sensitivities in their going concern assessment. The Group
invoices a significant portion of a sales order at the point of signature. As
a result, future cash generation is heavily dependent upon both the value and
timing of future deals, and the forecast of sales orders is considered by the
directors to be the most influential metric in driving future business
performance. Consequently, the reverse stress scenario models a reduction to
forecast sales orders as a primary sensitivity. The specific scenarios
modelled are:
Scenario Outcome
Base case
Based upon the Group's most recent Board approved forecasts. Under this The Group maintains a positive cash balance throughout the Going Concern
scenario, the Group achieves market expectations. Period. The Group is able to meet all forecasted obligations as the fall due.
Reverse stress case
A scenario modelled to determine the minimum value of sales orders required A consistent percentage reduction in sales orders from the base case
for the Group to maintain a positive cash balance over the Going Concern (representing 94.7% of 2025 sales orders) resulted the Group's cash balance
Period. This includes the expected reduction of direct costs arising as a reducing to nil in Q3 2026, although there are additional cost savings that
result of reduced sales order levels. could be made that have not been modelled, including deferral of discretionary
expenditure.
Given the Group's base case maintains a positive cash balance, the financial
statements for the year ended 31 December 2025 have been prepared on the going
concern basis of accounting.
The Group's reverse stress case demonstrates that a potential downside in
future sales orders from the base case would result in currently available
financing being insufficient to meet the Group's liquidity requirements over
the review period.
The new sales orders in Q1 2026 of £2.6 million were lower than the
equivalent prior period. This has, in part, been as a result of extended
negotiations on a number of contracts which are now anticipated to be executed
in Q2 2026. As at the reporting date, the Directors assess that the pipeline
of potential new business is strong and, based on the rate and timing at which
it is expected to convert into new sales orders over the review period, it is
forecast to generate revenue and cash that will meet working capital needs and
market expectations.
To the extent that there is a material underperformance in the execution of
new sales orders to the end of H1, this would impact the Group's ability to
generate cash and may give rise to a funding requirement.
Should a sufficiently severe downside scenario occur, such as a shortfall in
the amount or timing of new sales orders against expectations, the Board has
identified several actions it could take. In such a scenario, the Group may
also need to seek additional sources of financing. The Company has raised
capital on multiple occasions from its shareholders over recent years to
support working capital and pursue growth. Based on historical performance
and recent investor relations activities the Board believes that should such a
measure be necessary then sufficient funds would be available.
As a consequence of the requirement to generate cash from new sales orders,
and the potential for the need for cost saving measures or fundraising, this
represents a material uncertainty that may cast significant doubt upon the
Group's ability to continue as a going concern. The Directors continually
review the Group's cash situation.
The financial statements do not include the adjustments that would be required
if the Group and the Company are unable to continue as a going concern.
4. Accounting policy changes
The Group has reviewed its accounting policy for the allocation of costs on
the face of the Consolidated Statement of Comprehensive Income in order to
better reflect the function of the Group's cost base. This review has
impacted: Cost of sales, Administrative expense, Sales & marketing
expense, and Research & development expense.
This has resulted in several changes to cost classifications, including:
· The reclassification of sales commission expense from Cost of sales
to Sales & marketing expense. Sales commission is incurred as a direct
consequence of generating new sales orders and is not associated with revenue
delivery.
· The allocation of Cloud hosting costs for customer facing
environments to Cost of sales from Administrative expense. The Group delivers
its software to customers via the Cloud, and so these are considered
unavoidable costs of delivering revenue. Internal Cloud hosting environments
are used for the development of software and products, and have therefore been
reclassified to Research & development expense.
· A change in the allocation of functional costs:
o relating to administrative time for non-administrative functions. These
are now allocated in the same proportion as non-administrative costs for that
function; these are considered unavoidable overheads directly related to that
function. Previously, they were allocated to Administrative expense.
o a reallocation between all cost categories as a result of enhanced cost
and employee time tracking. This has enabled an improved allocation of costs
where a function expends effort across multiple cost categories.
This has resulted in changes to the following financial statement line items
for the current period as follows:
Year to 31 December 2025 Commission reclass Hosting cost reclass Functional cost reclass Change Year to 31 December 2025
(Presented)
£'000 £'000 £'000 £'000 £'000 £'000
Revenue 9,400 - - - - 9,400
Cost of sales (1,902) 204 (226) (470) (492) (2,394)
Gross profit 7,498 204 (226) (470) (492) 7,006
Administrative expense (4,474) - 270 873 1,143 (3,331)
Sales & marketing expense (2,412) (204) - (180) (384) (2,796)
Research & development expense (2,163) - (44) (223) (267) (2,430)
Total operating expense (9,049) (204) 226 470 492 (8,557)
Other operating income 313 - - - - 313
Operating loss (1,238) - - - - (1,238)
This has resulted in a restatement of the affected financial statement line
items for the prior period as follows:
Year to 31 December 2024 Commission reclass Hosting cost reclass Functional cost reclass Change Year to 31 December 2024
(Restated)
£'000 £'000 £'000 £'000 £'000 £'000
Revenue 10,342 - - - - 10,342
Cost of sales (1,955) 232 (171) (436) (375) (2,330)
Gross profit 8,387 232 (171) (436) (375) 8,012
Administrative expense (4,930) - 212 971 1,183 (3,747)
Sales & marketing expense (2,358) (232) - (136) (368) (2,726)
Research & development expense (2,559) - (41) (399) (440) (2,999)
Non-recurring items (155) - - - - (155)
Total operating expense (10,002) (232) 171 436 375 (9,627)
Share of profit after tax from joint ventures 32 - - - - 32
Other operating income 416 - - - - 416
Operating loss (1,167) - - - - (1,167)
There is no change to Total Comprehensive Income, Total Assets, Total
Liabilities or Total Equity or an opening equity adjustment as a result of
this change.
5. Revenue and segmental results
The Board and management monitor the performance of the Group based upon the
performance of its four market segments: Clinical studies, Academic research,
Professional Healthcare, and Consumer Health & Wellness. Shared costs are
overheads associated with being listed and running the business, including
costs relating to the Board, Finance, HR and IT. All Research &
development expense is assumed to be Shared. The results for the Consumer
Health & Wellness segment is immaterial. Segmental balance sheet
information is not provided to the Board or management.
An analysis of the Group's revenue for each major revenue stream is as
follows:
Clinical studies Academic research Professional healthcare Shared Total
Year ended 31 December 2025 £'000 £'000 £'000 £'000 £'000
Sales orders 11,883 891 26 - 12,800
Revenue from products 8,436 766 51 - 9,253
Royalties - - 147 - 147
Total Revenue 8,436 766 198 - 9,400
Adjusted(1) Cost of sales (2,294) (79) (17) - (2,390)
Adjusted(1) Gross profit 6,142 687 181 - 7,010
Adjusted(1) Gross margin 72.8% 89.7% 91.4% - 74.6%
Adjusted(1) Administrative expense (174) (16) - (2,962) (3,152)
Contribution 5,968 671 181 (2,962) 3,858
Contribution margin 70.7% 87.6% 91.4% - 41.1%
Adjusted(1) Sales & marketing expense (2,544) (117) (51) - (2,712)
Adjusted(1) Research & development expense - - - (1,961) (1,961)
Other operating income - - - 313 313
Adjusted(1) EBITDA 3,424 554 130 (4,610) (502)
Adjusted(1) EBITDA margin 40.6% 72.3% 65.7% - (5.3)%
Adjusting(1) items, Net interest (1,064)
Loss before tax (1,566)
1. Adjusted measures exclude the impact of amortisation of intangible
assets, depreciation of fixed assets, non-recurring items and share-based
payments. Adjusted EBITDA is reconciled to statutory Operating loss on the
face of the Consolidated Statement of Comprehensive Income.
Clinical studies Academic research Professional healthcare Shared Total
Year ended 31 December 2024 £'000 £'000 £'000 £'000 £'000
Sales orders 6,629 742 43 - 7,414
Revenue from products 9,329 869 99 - 10,297
Royalties - - 45 - 45
Total Revenue 9,329 869 144 - 10,342
Adjusted(1) Cost of sales(2) (2,238) (74) (12) - (2,324)
Adjusted(1) Gross profit 7,091 795 132 - 8,018
Adjusted(1) Gross margin 76.0% 91.5% 91.7% - 77.5%
Adjusted(1) Administrative expense(2) (169) (16) - (3,145) (3,330)
Contribution 6,922 779 132 (3,145) 4,688
Contribution margin 74.2% 89.6% 91.7% - 45.3%
Adjusted(1) Sales and marketing expense(2) (2,536) (126) (2) - (2,664)
Adjusted(1) Research and development expense(2) - - - (2,515) (2,515)
Other operating income - - - 416 416
Share of profit after tax from joint ventures - - - 32 32
Adjusted(1) EBITDA 4,386 653 130 (5,212) (43)
Adjusted EBITDA(1) margin 47.0% 75.1% 90.3% - (0.4)%
Adjusting items, Net interest (1,666)
Loss before tax (1,709)
1. Adjusted measures exclude the impact of amortisation of intangible
assets, depreciation of fixed assets, non-recurring items and share-based
payments. Adjusted EBITDA is reconciled to statutory Operating loss on the
face of the Consolidated Statement of Comprehensive Income.
2. Administrative expense, Sales & marketing expense and Research
& development expense have been restated. See note 4.
6. Earnings per share
The calculation of basic and diluted earnings per share ('EPS') is based on
the following data:
Earnings
2025 2024
£'000 £'000
Earnings for the purposes of basic and diluted EPS per share being net loss (1,675) (1,785)
attributable to owners of the Company
Weighted average number of ordinary shares:
2025 2024
'000 '000
For the purposes of basic EPS 43,362 38,640
For the purposes of diluted EPS 43,362 38,640
The diluted loss per share is considered to be the same as the basic loss per
share. Potential dilutive shares are not treated as dilutive where they are
out of the money, or would result in a loss per share.
2025 2024
pence Pence
Basic EPS (3.9) (4.6)
Diluted EPS (3.9) (4.6)
7. Notes to the cash flow statement
2025 2024
£'000 £'000
Loss before tax (1,566) (1,709)
Adjustments for:
Depreciation of property, plant and equipment 34 68
Amortisation of intangible assets 557 552
Share-based payments charge 145 349
Share of profit after tax from joint ventures - (32)
Finance costs 332 563
Acquisition related expenses deferred amounts - (59)
Interest receivable (4) (21)
Research and Development expenditure tax credit - (17)
Operating cash flows before movements in working capital (502) (306)
Decrease in inventories 36 59
Decrease / (increase) in trade and other receivables 672 (210)
Increase / (decrease) in trade and other payables (67) (484)
Decrease in deferred income on contracts with customers (139) (2,188)
Cash generated from / (used in) operations - (3,129)
Taxation credit received less tax paid 96 44
Net cash generated from / (used in) operating activities 96 (3,085)
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