Cambridge Cognition Holdings (COG) AI Stock Analysis

• Market Cap: £16.76M
• Dividend Yield: N/A
• Average Volume (3M): 32.00K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: -30.77%
• EPS Growth: -6.97%
• Country: UK
• Employees: 119
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.02
• Shares Outstanding: 46,629,700
• 10 Day Avg. Volume: 24,264
• 30 Day Avg. Volume: 32,004
• PEG Ratio: 0.15
• Price to Book (P/B): 4.31
• Price to Sales (P/S): 1.40
• P/FCF Ratio: -4.69
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £56.00
• Price Target Upside: 100.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: 36.00p ▲(28.57% Upside)

Overall score reflects weak financial performance driven by declining revenue, ongoing losses, and negative operating/free cash flow, partially offset by improved equity on the balance sheet. Technicals are mixed (short-term strength but longer-term downtrend and overbought RSI), while valuation is constrained by loss-making results and no stated dividend yield.

Positive Factors

High gross margins

Sustained gross margins above 80% reflect a software-centric, scalable product model where incremental sales carry minimal direct cost. This margin structure supports durable unit economics, enabling the company to allocate more to R&D and sales over time and improving the chance of achieving operating leverage as revenues recover.

Market-leading product suite

A focused, specialized product like CANTAB creates a durable competitive advantage in cognitive assessment, with high switching costs for clinical and research customers. Deep domain expertise and partnerships with pharma/research institutions support recurring licensing and trial services, underpinning steady long-term demand in its niche.

Improved equity position

Equity improving to a positive balance sheet reduces insolvency risk and provides a stronger capital base for multi-quarter investment. This enhances financial flexibility to fund product development or commercial expansion without immediate dependence on dilutive financing, strengthening structural resilience.

Negative Factors

Declining revenue

A >30% year-on-year revenue decline signals weakening demand or lost business within core clinical and research channels. Persistent revenue contraction undermines operating leverage, constrains reinvestment capacity, and raises the bar for management to restore sustainable growth for the software licensing and trial services model.

Negative operating and free cash flow

Sustained negative operating and free cash flow indicate the company is burning cash to run operations and cannot self-fund growth. Over several quarters this depletes reserves, forces external financing or cost cuts, and limits ability to invest in sales/clinical partnerships essential for long-term revenue recovery.

Ongoing operating losses

Negative EBIT and net margins show the business is not yet profitable after operating costs, which undermines cumulative retained earnings and reinvestment potential. If losses persist, the company may struggle to compete with better-capitalized rivals and must structurally improve margins or grow revenues to sustain operations.

Cambridge Cognition Holdings Business Overview & Revenue Model

Company Description

Cambridge Cognition Holdings Plc, a neuroscience technology company, develops and markets near-patient cognitive testing techniques in the United States, United Kingdom, the European Union, and internationally. The company offers CANTAB Recruit, an online trial recruitment platform for pharmaceutical and biotechnology companies to identify qualified clinical trial participants in high-need indications, such as Alzheimer's disease; CANTAB Connect that provides digital cognitive assessment solutions for pharmaceutical clinical trials in various therapeutic areas from Phases I–IV; and Cognition Kit, a digital health platform, which delivers wearable and smartphone apps for data collection to provide engaging digital health solutions for the enhancement of patient engagement, demonstration of treatment efficacy, and understanding of a disease and a patient's response to medication. It also provides CANTAB Connect Research, a research software that offers sensitive digital measures of cognitive function for various areas of brain research; CANTAB Mobile, a touchscreen memory test used in clinical research of Alzheimer's disease; CANTAB BrainHealth, an online digital health assessment tool to measure and monitor mental wellbeing and cognitive performance in the workplace; CANTAB Insight, a medical device that helps to determine an individual's cognitive health; and NeuroVocalix for an automated administration and scoring of well-validated verbal cognitive assessments?on a secure platform. In addition, the company offers a range of expert consultancy and operational management services to optimize clinical trials and cognitive research, which include neuroscience and technical consultancy, study design, data analysis, study and data management, and reports and interpretation. Cambridge Cognition Holdings Plc was incorporated in 2012 and is based in Cambridge, the United Kingdom.

How the Company Makes Money

Cambridge Cognition generates revenue primarily through the sale of its software products and licensing agreements. The company earns income by providing its CANTAB assessments to clinical and academic institutions, facilitating cognitive testing for research studies and clinical trials. Key revenue streams include direct sales of software licenses, subscription fees for access to its digital platforms, and fees for training and support services. Additionally, Cambridge Cognition often partners with pharmaceutical companies and research organizations, which may involve collaborations on clinical trials, thereby creating further revenue opportunities. The company also benefits from grants and funding obtained for research and development initiatives, augmenting its earnings potential.

Cambridge Cognition Holdings Financial Statement Overview

Summary

Mixed fundamentals: revenue fell from £13.52M (2023) to £10.34M (2024) and profitability remains negative (EBIT margin -11.3%, net margin -17.3%). Balance sheet improved with equity turning positive (£3.36M in 2024), but cash flow is a key weakness with negative operating/free cash flow of £-3.09M in 2024.

Income Statement

The company has shown a fluctuating revenue trajectory, with revenue decreasing from £13.52M in 2023 to £10.34M in 2024. Despite experiencing growth in previous years, the recent decline poses a concern. Gross profit margins remain relatively strong at 81.1% in 2024, but negative EBIT and net profit margins indicate ongoing operational challenges, with EBIT margin at -11.3% and net profit margin at -17.3% in 2024.

Balance Sheet

Cambridge Cognition Holdings has improved its equity from a negative position in 2019 to a positive £3.36M in 2024, indicating strengthening financial stability. However, a high debt-to-equity ratio of 0.57 suggests moderate leverage. The equity ratio stands at 25.8%, reflecting a moderate level of equity financing relative to total assets.

Cash Flow

The cash flow situation reveals significant challenges, with a negative operating cash flow of £-3.09M in 2024 and free cash flow deteriorating from £1.49M in 2022 to £-3.09M in 2024. This decline in free cash flow growth rate indicates potential liquidity issues. Operating cash flow to net income ratio is negative due to losses, highlighting the need for strategic cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.05M	10.34M	13.52M	12.61M	10.09M	6.74M
Gross Profit	7.25M	8.39M	10.80M	9.32M	8.08M	5.42M
EBITDA	-563.00K	-542.00K	-2.62M	-514.00K	412.00K	-502.00K
Net Income	-1.67M	-1.78M	-3.51M	-409.00K	450.00K	-438.00K
Balance Sheet
Total Assets	11.73M	13.03M	14.23M	15.11M	12.54M	6.26M
Cash, Cash Equivalents and Short-Term Investments	428.00K	1.30M	3.23M	8.32M	6.81M	3.05M
Total Debt	1.48M	1.91M	2.56M	18.00K	18.00K	98.00K
Total Liabilities	9.40M	9.67M	12.95M	15.01M	11.91M	6.21M
Stockholders Equity	2.33M	3.36M	1.28M	95.00K	632.00K	57.00K
Cash Flow
Free Cash Flow	-1.76M	-3.09M	-5.00M	1.49M	3.88M	972.00K
Operating Cash Flow	-1.75M	-3.08M	-4.97M	1.68M	3.93M	1.01M
Investing Cash Flow	30.00K	50.00K	-3.02M	-189.00K	-105.00K	-42.00K
Financing Cash Flow	-1.15M	1.13M	2.88M	-132.00K	-86.00K	1.16M

Cambridge Cognition Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 28.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:COG, the sentiment is Positive. The current price of 28 is below the 20-day moving average (MA) of 29.65, below the 50-day MA of 30.14, and below the 200-day MA of 33.03, indicating a bullish trend. The MACD of 1.29 indicates Negative momentum. The RSI at 87.61 is Negative, neither overbought nor oversold. The STOCH value of 93.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:COG.

Cambridge Cognition Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KOO	76 Outperform	£49.00M	17.50	10.86%	―	―	―
IXI	58 Neutral	£10.43M	-6.05	-15.57%	―	13.32%	55.07%
DXRX	57 Neutral	£143.81M	-94.44	-3.95%	―	31.83%	46.59%
COG	52 Neutral	£16.76M	-9.02	-68.57%	―	-30.77%	-6.97%
APTA	52 Neutral	£23.60M	-6.25	-213.66%	―	39.88%	81.33%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OBD	38 Underperform	£11.80M	-0.29	-407.49%	―	72.17%	79.03%

Cambridge Cognition Holdings Corporate Events

Cambridge Cognition boosts order book and expands into healthcare as 2025 sales surge

Cambridge Cognition reported a strong rebound in commercial momentum for 2025, with new sales orders surging 73% to £12.8m and the year-end order book rising 25% to £16.9m, even as reported revenues declined 10% to about £9.4m due to a weaker prior-year order book. The company kept its adjusted EBITDA loss and revenue broadly in line with revised market expectations, improved its balance sheet through tighter cost control, reduced borrowings, and an August equity placing, ending the year with net cash of £0.2m. Strategically, Cambridge Cognition has expanded beyond its traditional research and pharma focus into professional healthcare and consumer health and wellness, launching its CANTAB Pathway™ clinical assessment platform and securing a first major pilot with a large European private healthcare group that could scale to a pan-European roll-out. Management enters 2026 highlighting a stronger sales pipeline, a growing presence in consumer cognitive health, and an enlarged order book that is expected to support higher revenue, earnings, and cash generation in the year ahead.

The most recent analyst rating on (GB:COG) stock is a Sell with a £27.00 price target. To see the full list of analyst forecasts on Cambridge Cognition Holdings stock, see the GB:COG Stock Forecast page.

Cambridge Cognition Appoints New Auditor to Enhance Financial Oversight

Cambridge Cognition Holdings has appointed Cooper Parry Group Limited as its new external auditor following a competitive tender process, replacing Crowe UK LLP. This change is part of the company’s efforts to ensure robust financial oversight and is subject to shareholder approval at the 2026 Annual General Meeting, potentially impacting stakeholder confidence in the company’s governance.

The most recent analyst rating on (GB:COG) stock is a Hold with a £34.00 price target. To see the full list of analyst forecasts on Cambridge Cognition Holdings stock, see the GB:COG Stock Forecast page.

Cambridge Cognition Announces Key Board Appointments to Drive Growth

Cambridge Cognition Holdings has announced significant changes to its board of directors, appointing Rob Baker as CEO and Ronald Openshaw as CFO. These appointments are part of the company’s ongoing growth strategy, with Baker bringing extensive operational and sales experience from Amazon, and Openshaw contributing his financial expertise from previous roles in healthcare investment banking. Additionally, Nick Rodgers is set to become the Chair designate, bringing his governance knowledge from previous leadership roles in the health technology sector. The company is also planning to recruit a new non-executive director to further strengthen its board.

The most recent analyst rating on (GB:COG) stock is a Hold with a £34.00 price target. To see the full list of analyst forecasts on Cambridge Cognition Holdings stock, see the GB:COG Stock Forecast page.