Cambridge Cognition Holdings (COG) AI Stock Analysis

• Market Cap: £13.04M
• Dividend Yield: N/A
• Average Volume (3M): 32.00K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.55
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: 28.00p ▲(0.00% Upside)

Cambridge Cognition Holdings faces significant financial and operational challenges, with declining revenue and negative profitability metrics. Technical indicators suggest bearish momentum, and valuation metrics are unattractive due to ongoing losses. However, recent corporate events, including strategic board appointments and share capital expansion, provide a positive outlook for future growth and market presence.

Positive Factors

High gross margins

An 81.1% gross margin reflects the software/licensing nature of the business with low incremental costs per additional customer. This structural margin advantage supports durable profitability upside if revenue stabilises and provides capacity to fund R&D, clinical validation and recurring service delivery.

Improved equity position

Restoring equity from negative to +£3.36M materially strengthens the balance sheet, lowering insolvency risk and improving creditworthiness. This durable improvement enhances ability to raise capital, absorb near-term losses, and support multi‑period investments in product development and commercial expansion.

Board appointments and capital expansion

New board members and an expanded share capital base are structural governance and funding changes that can improve strategic execution. Stronger leadership and fresh capital provide longer runway for clinical partnerships, commercialisation and R&D, enhancing the company’s ability to pursue sustained growth initiatives.

Negative Factors

Declining revenue trend

A steep revenue decline undermines scale economics and raises questions about product adoption, pricing or customer retention. Over a multi‑quarter horizon, shrinking top line constrains reinvestment in sales, product development and partnerships, making it harder to capitalise on the high gross margins.

Weak cash generation

Negative operating and free cash flow indicate structural liquidity pressure, increasing dependency on external financing or equity raises. Over several quarters this limits discretionary spending on R&D, clinical validation and sales scale-up, and raises execution risk for long‑term commercialisation plans.

Persistent negative profitability margins

Sustained negative EBIT and net margins reflect operating losses even with high gross margins, suggesting elevated fixed costs or sales/marketing inefficiencies. Persistent losses reduce retained earnings, limit reinvestment capacity, and increase reliance on external capital, weakening long‑term competitive positioning.

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

Cambridge Cognition Holdings faces operational and financial challenges, evidenced by declining revenue and negative profitability metrics. While improvements in equity levels suggest enhanced financial stability, high leverage and negative cash flows pose liquidity risks. The company needs to address its operational inefficiencies to achieve sustainable growth and profitability.

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: Negative
• Last Price: 28.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:COG, the sentiment is Negative. The current price of 28 is below the 20-day moving average (MA) of 28.85, below the 50-day MA of 31.04, and below the 200-day MA of 33.45, indicating a bearish trend. The MACD of -0.97 indicates Negative momentum. The RSI at 21.50 is Positive, neither overbought nor oversold. The STOCH value of 50.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	72 Outperform	£41.08M	14.67	10.86%	―	―	―
IXI	58 Neutral	£10.89M	-6.32	-15.57%	―	13.32%	55.07%
DXRX	57 Neutral	£120.54M	-79.17	-3.95%	―	31.83%	46.59%
APTA	52 Neutral	£26.30M	-6.96	-213.66%	―	39.88%	81.33%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
COG	51 Neutral	£13.04M	-7.02	-68.57%	―	-30.77%	-6.97%
OBD	38 Underperform	£10.43M	-0.26	-407.49%	―	72.17%	79.03%

Cambridge Cognition Holdings Corporate Events

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.