Slide 1: ASX Announcement: Cogstate Investor Briefing
ASX Announcement 30 August 2022 For personal use only Cogstate Investor Briefing Cogstate Ltd (ASX:CGS) has today released an Investor Briefing that provides a summary of the financial results for the year ended 30 June 2022 (FY22) and also provides commentary in respect of the business and financia
Slide 2: Investor Update Including Results For FY Ended 30 June 2022
For personal use only Investor Update Including Results For The Financial Year Ended 30 June 2022 Presented August 2022 © 2022 Cogstate Ltd. All rights reserved.
Slide 3: Disclaimer
Disclaimer For personal use only 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 accordan
Slide 4: Mission to democratize brain health assessment
We are on a mission to democratize brain For personal use only health assessment across clinical research and clinical care... combining proven science with disruptive digital innovation to make the measurement of cognition as simple, standardized, actionable and common as the measurement of blood p
Slide 5: Company Snapshot
Company Snapshot Cogstate was founded in Melbourne, Australia, where approx. 22% of our workforce is based. We For personal use only Cogstate is a leading neuroscience technology company have a small presence in each of the UK and Japan, optimising brain health assessments to advance the but most of
Slide 6: Cogstate Digital Assessments
Cogstate Digital Assessments For personal use only Traditional measures can be long, biased, and error prone, making it difficult to Computerized successfully conduct CNS trials. Cognitive Assessments Cogstate’s proprietary computerized tests cover many domains of interest to drug developers and del
Slide 7: Published data sets across 65+ indications
Published data sets in hundreds For personal use only of journals spanning 65+ indications 6
Slide 8: End-to-end solution for CNS trials
For personal use only In Clinical Trials, Cogstate provides an End-to-End Solution for assessments in central nervous system disease trials 7
Slide 9: Strategic developments in FY22
Strategic developments in FY22 • Formation of a Scientific Advisory Board (SAB), comprising world-class neuroscience experts in cognitive assessment and drug development. For personal use only • Expansion of our partnership with clinical trial data management leader, Clario, to enhance our joint sup
Slide 10: Decentralised Clinical Trials Experience
Decentralised Clinical Trials Experience For personal use only Disease Areas Assessments Geographies Cogstate has supported remote Vineland Scales, Children's Yale- Cogstate has experience cognitive assessment in AD, Brown Obsessive Compulsive supporting central ratings and MCI, FTD, PD, MS, PTSD, S
Slide 11: FY22 Financial Highlights
FY22 Financial Highlights (All figures in US$) Strong earnings growth and solid cash position For personal use only Record clinical sales contracts executed Record contracted future revenue $82.5m $139.1m Alzheimer’s disease represented 84% of +74% the value of contracts executed in FY22 +37% Strong
Slide 12: Revenue and EBIT Margins Operating Leverage
Revenue and EBIT Margins Operating Leverage 30 June Financial Year Growth in Clinical Trials sales contracts has 50 resulted in increased revenue. For personal use only At the same time, Healthcare revenue has 40 increased following the execution of the global agreement with Eisai. Revenue Margin ex
Slide 13: Clinical Trials Sales Contracts
Clinical Trials Sales Contracts Record FY22 sales contracts For personal use only 90 • 74% increase over the prior year 80 • 84.2% of the value of FY22 sales contracts relate to Alzheimer’s (65.3% in PCP) 70 • 73% of the value of FY22 sales contracts 60 relate to phase 3 trials US$ Millions 50 Value
Slide 14: Contracted Revenue At June
Contracted Revenue At 30 June For personal use only 40 35 Growing Momentum Analysis of contracted revenue 30 over the last 3 years, at 30 June, demonstrates the future US$ Millions 25 revenue growth, especially as 20 we look forward to years 2-4. 15 This analysis provides insight to continued revenu
Slide 15: Ongoing clinical trials and revenue backlog by phase
Data as at 30 June 2022 Cogstate is working on Cogstate Clinical Trials revenue 123 Ongoing Clinical Trials backlog (%), by phase Follow-On Revenue From For personal use only Existing Trials 3% 4% 16 31 Phase 1 Phase 1 As drugs progress through the 32% development pathway they may Phase 2 Phase 2 27
Slide 16: Cogstate Share of Alzheimer's Trial Market
Cogstate Share of Alzheimer’s Trial Market Analysis as at 30 June 2022 For personal use only There are 130 ongoing industry sponsored P1-3 AD trials listed in clinicaltrials.gov. All Ongoing Of the Alzheimer’s trials that Cogstate is supporting, we were able to map 19 trials to the clinicaltrials.go
Slide 17: Financial Performance
For personal use only Financial Performance 16
Slide 18: Profit & Loss
Profit & Loss US$ Million 1H22 2H22 FY22 FY21 YTY% For personal use only Strong revenue growth driven by record Revenue 23.1 21.9 45.0 32. 7 37.6% Clinical Trial contract sales in FY22 and continued contributions from both the Eisai Gross Contribution 14.3 12.4 26.7 17.9 48.7% Global and Japan partn
Slide 19: Clinical Trials – our established business
Clinical Trials – our established business Another record-breaking year For personal use only US$ millions 1H22 2H22 FY22 FY21 YTY% • Record revenue driven by the substantial Revenue 20.8 19.5 40.3 28.7 40.7% increase in Clinical Trials sales contracts executed in recent periods and during Direct Co
Slide 20: Revenue Backlog run-off and coverage
Revenue Backlog run-off and coverage • Clinical Trials backlog $100.2m ($29.7m to be realised in FY23) • Healthcare backlog $38.8M ($4.2m to be realized in FY23). For personal use only • Over the last 5 years, revenue backlog at the beginning of each year has ranged between 49% and 65% of final reve
Slide 21: Healthcare – our next frontier
Healthcare – our next frontier Eisai Global & Japan For personal use only US$ millions 1H22 2H22 FY22 FY21 YTY% License Agreement Revenue 2.2 2.3 4.5 3.8 18.6% • $4.2m of revenue recognised in relation Direct Costs (0.4) (0.8) (1.2) (0.8) (51.8%) to Eisai royalty payments. This leaves $38.8m to be r
Slide 22: Cash Flow
Cash Flow Operating cash flow includes: US$ Million FY22 FY21 YTY% • Strong growth in EBITDA For personal use only • Working capital movement includes: EBITDA 13.0 5. 7 128% $4.2m of deferred revenue associated with the Eisai licencing agreement (FY21 Working capital movement (4.0) (2.5) n/a $2.9m),
Slide 23: FY23 Outlook
For personal use only FY23 Outlook 22
Slide 24: External Factors Impacting Our Business
External Factors Impacting Our Business For personal use only Alzheimer’s R&D Increased R&D spend positively Alzheimer’s R&D impacting Cogstate Clinical Trials sales Virtual Assessment Decentralised trial design, with Virtual Assessment at-home virtual assessment, has complimented our offering Chann
Slide 25: Current Status: Potential Therapies
Current Status : Potential Therapies For personal use only External Catalysts: LECANEMAB GANTENERUMAB DONANEMAB Important phase 3 data Completed rolling Topline data from phase 3 Started rolling submission from key Alzheimer's submission for Graduate study for accelerated approval trials accelerated
Slide 26: FY23 Financial Outlook
FY23 Financial Outlook For personal use only • $16.6m Clinical Trials sales contracts executed 1Q23 to date – up from $8.8m in the most recent Jun-22 quarter • Clinical Trials revenue expectations: – 1H23 revenue expected to be consistent with 2H22 – 2H23 revenue will vary with the level of sales co
Slide 27: Appendices
For personal use only Appendices 26
Slide 28: Financial Summary – Income Statement
Financial Summary – Income Statement Jul-Dec 20 Jan-Jun 21 Jul-Dec 21 Jan-Jun 22 Half Year Analysis For personal use only US$ Million US$ Million US$ Million US$ Million Group Revenue 13.9 18.8 23.1 21.9 Strong revenue growth over the last 18 Clinical Trials Revenue 12.6 16.1 20.8 19.5 months driven
Slide 29: Eisai Global License terms
For personal use only • 2 x 10-year licenses (Japan & Rest-Of-World) • Excludes Clinical Trials business • Total upfront payment of US$16m across 2 agreements Global License already received • Additionally, Cogstate receives a low double-digit royalty on all revenue, which can not be less than US$30
Slide 30: Eisai Minimum Payments
16 50 14 45 Eisai Minimum Payments For personal use only 40 12 Revenue vs Cash 35 US$46m minimum contracted Cumulative Amount 10 payments (including Japan and Global 30 Annual Amount Agreements) US$ US$ 8 25 20 Cash 6 • Lump sums 15 • $1m received FY20 4 • $15m received FY21 10 • Quarterly minimum p
Slide 31: For personal use only
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