Preliminary unaudited results for the year ended 31 December 2024 Commercial progress and order book growth

Cambridge Cognition Holdings plc (AIM: COG), the brain health software group specialising in digital products to advance clinical research and patient treatment, announces its preliminary unaudited results for the year ended 31 December 2024.

Financial highlights

• 2024 revenue of £10.3m (2023: £13.5m).
• Operating costs reduced by £4.4m in 2024 to £10.0m (2023: £14.4m).
• Improved Adjusted EBITDA loss to £43k (2023: loss of £1.0m).
• Completed a £2.6m equity fundraising in June 2024.
• Cash at 31 December 2024 of £1.3m (2023: £3.2m).
• Reduced borrowing to £1.9m at 31 December 2024 (2023: £2.5m). 
• Order book at 31 December 2024 £13.6m (2023: £17.2m).

A strong Q1 2025, with new Sales Orders of £4.2m, gives an increased Order Book of £15.8m at 31 March 2025. The Group anticipates delivering 2025 revenue of £8.5m from the current Order Book before the impact of contracting further new Sales Orders in Q2-Q4 2025.

Overview

Cambridge Cognition has taken decisive steps to return to growth. The Group is a brain health company whose market leading software tools provide an accurate detection of cognitive change to improve the diagnosis and treatment of brain health.

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, mental health, and CNS disorders. The Board believes that the Group has the potential to deliver annual new Sales Orders of £75-100m by 2030 and will create shareholder value through organic sales growth, strategic partnerships, joint ventures and spin-outs.

Critical steps were taken in 2024 and in Q1 2025 to achieve this vision and these have delivered a material improvement in new Sales Orders - with £7.4m contracted in 2024, of which £3.1m contracted in Q4, and £4.2m contracted in Q1 2025.

Commercial

• Commercial team rebuilt and strengthened.
• Revised the commercial strategy to focus on building long term relationships with larger, well-funded pharmaceutical and biotech companies.

Leadership

• Alex Livingstone-Learmonth recruited to lead the regeneration of the Group’s commercial activities.
• Appointed Rob Baker (Chief Operating Officer) and Alex Livingstone-Learmonth (Chief Commercial Officer) as Joint Acting Managing Directors in September 2024, following the CEO’s departure.
• Initiated a CEO selection process in Q1 2025.
• Strengthened the Board with three new Non-Executive Director appointments: Nick Rodgers, Stuart Gall and Jon Kempster.
• Created a new Scientific Advisory Board to advise on the scientific and technology development of the Group.

Product and technology advancements

• Launched a new in-house Rater Training service to complement and expand the service offering in clinical trials.
• Submitted a Letter of Intent to the U.S. FDA to qualify CANTAB® as an objective measure for cognitive impairment in schizophrenia (‘CIAS’) as a Drug Development Tool.
• Demonstrated CANTAB’s effectiveness in a post-hoc analysis of Bristol Myers Squibb clinical research on cognitive impairment in schizophrenia.
• Demonstrated the effectiveness of an innovative Automated Quality Assurance (‘AQUA’) tool developed using Winterlight technology.
• Secured a £1.0m Innovate UK grant to provide voice and touchscreen cognitive assessments for the Global Alzheimer’s Platform Foundations Bio-Hermes 2 project.
• Supported Biogen and Apple in the Intuition Brain Health study, one of the world’s largest brain health studies, with findings published in Nature Medicine.
• The valuation of the Group’s investment in its spin-out, Monument Therapeutics, increasing to £1.7m following equity financings in 2024.

Current trading and Outlook 

Following the return to commercial growth in late 2024 with new Sales Orders of £3.1m in Q4, this has continued into 2025 with a further £4.2m in Q1.  The Group therefore believes that the revised commercial strategy is delivering growth.  The Order Book increased to £15.8m at 31 March 2025, up from £13.6m at 31 December 2024.  The Order Book is anticipated to deliver £8.5m in Revenue in 2025 and this will increase as new Sales Orders are contracted during 2025.

Costs were reduced materially in 2024 and the focus on cost control, profitability and cash generation continues. Cambridge Cognition is committed to reaching sustained profitability as measured by Adjusted EBITDA. 

As the Group secures new Sales Orders during the year, which brings upfront cash generation, this is expected to increase cash resources and enable the Group to reach sustained profitability and positive cashflow without further fund raising.  In addition, based on the anticipated servicing of the loan facility the balance of the loan will reduce from £1.9m at 31 December 2024 to £0.9m by end of 2025.

Steven Powell, Chairman commented:

“2024 was a year of significant change for the Group. We rebuilt the Commercial team and focused on increasing the Order Book. While continuing our focus on Clinical Studies and Academic Research, the strategic objective is now to generate additional income from both the Healthcare and Consumer Health & Wellness segments, both of which represent substantial addressable markets.

“The new financial year has started strongly and we are continuing our growth trajectory to achieve sustained growth in equity value.”