Cogstate Ltd · ASX:CGS
Cogstate — Investor Presentation (February 2026)
22 slides from Cogstate's investor presentation, Feb 19, 2026
Slide 1: ASX Announcement
ASX Announcement 19 February 2026 1H25 Investor Presentation Materials Cogstate Ltd (ASX:CGS) has today released an Investor Briefing that provides a summary of the financial results for the half-year ended 31 December 2025 (1H26) and also provides commentary in respect of the business and financial
Slide 2: About Cogstate
About Cogstate Cogstate Ltd (ASX: CGS) is a global Central Nervous System (CNS) endpoint innovations company that partners with drug developers to power complex neuroscience studies. Cogstate uniquely specializes in the science and service of CNS measurement to ensure clinical trial endpoint data is
Slide 3: Investor Presentation 1H26 Financial Results
Investor Presentation 1H26 Financial Results 19 February 2026 Brad O’Connor, CEO | Darren Watson, CFO | Rachel Colite, EVP Clinical Trials © 2026 Cogstate Ltd. All rights reserved.
Slide 4: Disclaimer
Disclaimer This presentation has been prepared by Cogstate Limited (‘Cogstate’). The information in this presentation is of a general nature and does not purport to be complete, nor does it contain all the information which would be required in a prospectus prepared in accordance with the requiremen
Slide 5: 1H26 Business Highlights
1H26 Business Highlights 1 2 3 Expansion and diversification of trial Channel partnerships gaining Technology advancement portfolio and customer base momentum • 133 ongoing trials at 31 Dec 2025 - • Record number of sales opportunities • Ongoing progress and customer up 34% year-on-year. identified
Slide 6: 1H26 Financial Highlights
1H26 Financial Highlights All figures in US$ 1 2 3 4 5 Growing market 1H26 revenue $26.9m Cost of sales has Temporary margin Forecasting revenue share in an is up 12% vs pcp increased, but with impact will enable and profit growth in expanding market some qualification sales growth 2H26 Sales up 105
Slide 7: Financial Summary - Operational Leverage Evident
Financial Summary - Operational Leverage Evident Key Points: 1H26 1H25 Movement • Revenue up 12% with OpEx down 9%. Total Revenue $26.9M $23.9M Up 12% • Operating costs declining as % of revenue as business scales. Gross Profit $14.2M $14.7M Down 3% • Gross Margin: 52.8% vs 61.4% pcp Down - Gross ma
Slide 8: Maturation of Revenue Profile Enabling Growth
Maturation of Revenue Profile Enabling Growth Highlights • Increase in Clinical Trials sales contracts. • License fees 23% of Clinical Trials revenue. 1H26 2H25 1H25 - Higher mix of full-service endpoint solutions. - Multi-year revenue durability. Total Revenue $26.9m $29.1m $23.9m • Run-off of a st
Slide 9: Revenue Performance of Clinical Trials
Revenue Performance of Clinical Trials 31 1H26 Clinical Trials Revenue $25.7m • 13% growth against pcp; down compared to most recent half-year 26 - Half-to-half variability normal due to milestone- based revenue recognition. 21 • License fee revenue 23% of Clinical Trials revenue US$ Million - 19% i
Slide 10: Cost of Sales
Cost of Sales Key Items Impacting 1H26: Planned investment to support growth: US$ millions 1H26 1H25 Change • 17% increase in direct staff in Clinical Trials (excl. Direct wages and salaries 9.4 7.2 2.2 BD) to manage larger, more varied portfolio of work. 89.8 FTE at 31-Dec-25 . Less capitalization
Slide 11: Strong Cash Position Supports Growth Investment
Strong Cash Position Supports Growth Investment US$ millions 1H26 1H25 Change Key Points: Net Profit after Tax 4.5 3.9 0.6 • $34.1M cash, no debt, • Operating cashflow: Tax paid: +$2.2M Depreciation & Amortization 1.6 1.4 0.2 (reflects higher profitability). Non-cash employee benefits 0.9 (0.1) 1.0
Slide 12: Contracted Future Revenue Provides Earnings Visibility
Contracted Future Revenue Provides Earnings Visibility 60 Key Points: • $104.9m contracted future revenue, up 6% vs PCP 50 - $92.3m Clinical Trials. 1.1 - $12.5m Healthcare. 40 • $48.6m in contracted FY26 revenue, up 17% US$ Millions 20.5 - $41.3m PCP. 30 - $21.7m 2H25 (vs $17.5m PCP). 2.3 2.3 20 31
Slide 13: Technology Investment and Status
Technology Investment and Status Key Points: • AI-powered Monitoring and Rater Training US$ millions 1H26 progressing into development across additional scales and languages. AI-Powered Monitoring 0.4 • Platform transformation ~75% complete, delivering AI-Powered Rater Training 0.1 standardisation,
Slide 14: Sales Contracts Reflecting Greater Diversification
Sales Contracts Reflecting Greater Diversification 60 1H26: $41.7m sales contracts executed • 38% Alzheimer’s. 50 • 45% Mood, Sleep & Other Neurology. • 15% Rare Diseases. 40 US$ Millions • 2% Cancer, Metabolic and Other Diseases. 30 2nd best half year ever recorded 20 • 2nd only to 1H22 $54.5m. 10
Slide 15: Pipeline Expansion Tracking to Sales Conversion
0 10 20 30 40 50 60 70 80 90 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 Number of New Opportunities 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 Number of New Contracts 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20 1QFY21 2QFY21 3QFY21 4QFY21 1QFY22 2QFY22 3QFY22 4QFY22 1QFY23 2QFY23 3QFY23 4Q
Slide 16: Expanding Portfolio of Clinical Trial Projects
Expanding Portfolio of Clinical Trial Projects 1H26: 42 new trial starts (vs 25 pcp) Number Of New Trial Starts, per half • 10% Alzheimer’s. 45 • 52% Mood, Sleep & Other Neurology. • 36% Rare Diseases. 40 • 2% Cancer, Metabolic and Other Diseases. 35 Number of Trials Most active half year for new tr
Slide 17: Operational Example: Deep Scientific Collaboration
Operational Example: Deep Scientific Collaboration Building a Scalable Partner Franchise A top-5 pharmaceutical Cogstate embedded its Engagement has New contract awards sponsor* chose Cogstate science and technology expanded to multiple expected to grow for an early-phase into the sponsor’s late-sta
Slide 18: Momentum Predicated on Multiple Growth Drivers
Momentum Predicated on Multiple Growth Drivers Channel partnerships maturing Growth across multiple and beginning to impact sales Favorable competitive dynamics indications momentum • Scientific and operational • Channel partnerships with Medidata • Few players in full-service CNS investment driving
Slide 19: Capital Allocation
Capital Allocation • The Board has determined not to declare an Capital Management Priorities interim dividend for the half-year ended 31 December 2025. • Strategic growth initiatives: Targeting opportunities that align with strategy, enhance • The Company maintains its annual dividend capabilities,
Slide 20: Outlook
Outlook 2H26 & FY26 Outlook Strategic Investments Market Opportunity • Revenue: Continued growth • Scientific resources: Psychiatry & • CNS R&D spending: Fastest expected, FY26 to exceed FY25. mood disorders expansion. growing segment. • Gross margin: Return to 56-59% in • Data engineering: AI-power
Slide 21: Summary
Summary Strong H1 Record performance Market share diversified with gains from sales operational competitors Cogstate delivered solid revenue contracts leverage growth, strong sales momentum and increased future revenue visibility, underpinned by disciplined cost 133 active control and a solid cash p
Slide 22: Cogstate
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