Investor Insights - Webinar Materials
Released
Released
Announcement PDF
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ASX Announcement
10 June 2026
Cogstate Investor Webinar Materials
Cogstate Ltd (ASX:CGS), will today host an investor webinar titled “Unlocking Sustainable Clinical Trials Growth
through Indication and Solution Expansion” to update investors on the momentum and diversification of its Clinical
Trials business.
The webinar will be held on Wednesday, 10 June at 9.00am AEST (Tuesday, 9 June at 7.00pm US ET) and will
focus on how Cogstate is growing the value of Clinical Trials sales contracts through indication expansion, which
increases the size of the addressable market, and solution expansion, which increases the average contract value.
Management will discuss key drivers of strong FY26 Clinical Trials sales contract growth, including growing
contributions from Psychiatry and Narcolepsy and the role of services such as central rating to increase Cogstate
average contract value.
Presenters will include Cogstate executives and scientific leaders, who will provide market context and case
studies on the application of Cogstate’s cognitive and related clinical outcome solutions in narcolepsy and
psychiatry trials. The session will also address how diversification by indication and the expansion of high-value
services are supporting sustained growth into FY27 and beyond.
A copy of the presentation materials is attached.
Participants can register at https://investors.cogstate.com/webinars/mPq8pr-unlocking-sustainable-clinical-trials-
growth
This announcement was authorised for release by the CEO of Cogstate Ltd. For further information contact:
investor@cogstate.com
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 as accurate as it is actionable. Our applied
technology solutions include fit-for-purpose data quality programs, advanced analytics, and digital cognitive testing
to identify clear signals for confident decision-making. Building upon 25 years of customized collaborations,
Cogstate is accelerating the next generation of CNS therapies. In the Healthcare market, Cogstate seeks to provide
primary care physicians and consumers with brief, accurate and scientifically validated digital measures of
cognition, with a focus on easy to use, self-administered tests that inform patients and save physician time. For
more information, please visit www.cogstate.com.
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Important Notices
Past performance
Past performance is given for illustrative purposes only and should not be relied upon as (and is not) an indication
of Cogstate's views on its future financial performance or condition. Past performance of Cogstate cannot be relied
upon as an indicator of (and provides no guidance as to) the future performance of Cogstate. Nothing contained in
this announcement, nor any information made available to you is, or shall be relied upon as, a promise,
representation, warranty, or guarantee, whether as to the past, present, or future.
Future performance and forward-looking statements
This announcement contains certain “forward-looking statements.” The words “expect,” “anticipate,” “estimate”,
“intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan” and other similar expressions are
intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial
position and performance are also forward-looking statements. Forward-looking statements, opinions and
estimates provided in this announcement are based on assumptions and contingencies that are subject to change
without notice and involve known and unknown risks and uncertainties and other factors that are beyond the
control of Cogstate, its directors and management. Forward-looking statements are provided as a general guide
only and should not be relied upon as an indication or guarantee of future performance.
Actual results, performance or achievements may differ materially from those expressed or implied in such
statements and any projections and assumptions on which these statements are based. These statements may
assume the success of Cogstate's business strategies, including the fact that the results of any of those strategies
will be realised in the period for which the forward-looking statement may have been prepared or otherwise. For
example, Cogstate's performance in any one financial period is sensitive to whether or not contracts are signed in
that period, or a subsequent period, and the rate of enrolment in trials of its customers, which are influenced by
factors that are outside of Cogstate's control.
Readers are cautioned not to place undue reliance on forward-looking statements and except as required by law or
regulations, none of Cogstate, its representatives or advisers, assumes any obligation to update these forward-
looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of
achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters
contained in this announcement. The forward-looking statements are based on information available to Cogstate as
at the date of this announcement. Except as required by law or regulation (including the ASX Listing Rules), none
of Cogstate, its representatives or advisers undertakes any obligation to provide any additional or updated
information, whether as a result of a change in expectations or assumptions, new information, future events or
results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance
are also forward-looking statements.
© 2026 Cogstate Ltd. All rights reserved.
Unlocking Sustainable Clinical
Trials Growth Through Indication
& Solution Expansion
Investor Webinar | 10 June 2026
2
Sales Contracts Reflecting Greater Diversification
0
10
20
30
40
50
60
70
80
90
FY22 FY23 FY24 FY25 FY26
(9 months)
US$
Millions
9 months to 31-Mar-26:
$67.1m sales contracts executed
Alzheimer’s
Mood, Sleep & Other
Neurological
Rare
Cancer Metabolic &
Other
Mood, Sleep
& Other
Neurological
35%
Alzheimer’s
47%
Cancer
Metabolic &
Other
4%
Rare
Diseases
14%
3
Offering Cogstate
services at scale
Strategic Technology Partners and Integrations
3
4
Pipeline Expansion Tracking to Sales Conversion
0
20
40
60
80
100
120
140
160
180
1H
FY16
2H
FY16
1H
FY17
2H
FY17
1H
FY18
2H
FY18
1H
FY19
2H
FY19
1H
FY20
2H
FY20
1H
FY21
2H
FY21
1H
FY22
2H
FY22
1H
FY23
2H
FY23
1H
FY24
2H
FY24
1H
FY25
2H
FY25
1H
FY26
Number of New Opportunities Number of New Contracts
5
The electronic data
capture systems are
optimized to reduce error
The clinicians are trained
and monitored to deliver
assessments correctly,
regardless of geography
or language
The right assessments
are used
Cogstate
ensures
Why our Customers Choose Us
For more than 20 years
we’ve built long-term
relationships with
major pharmaceutical
companies
“
”
6
Central Rating:
A Key Growth Lever
6
Embedded within the trial workflows
Expands Cogstate’s role in the trial
delivery
Enables broader engagement across
programs
Expanding the solution set
• Adds high-value services to trials
• Improves consistency and quality of
clinical data
• Complementary to existing assessment
solutions
Drives Deeper Customer
Relationships
7
Validated digital assessments
Science-led and scalable
training + monitoring + rating
Strong sponsor relationships
Why We're Winning in
New Indications
7
eCOA partner ecosystem
8
9
Market Context: Narcolepsy (NT) and Orexin
Clinical trials in Sleep/wake disorders expanding at ~8–12% annually, driven
by promising data from orexin-based pharmacotherapies, increased disease
awareness, and technology-enabled trials
• Orexin therapies represent a disease-targeted shift
– Novel: Role in NT discovered in 2000
– Orexin 2 agonists restore wake-promoting signaling, addressing the underlying biology of NT1 (2023 US prevalence, 12.6 per 100,000)
– Strong safety data
– Pipeline expansion across NT1, NT2, and idiopathic hypersomnia is increasing both asset count and trial activity
• Modulalation of Orexin neurotransmission has direct and indirect effects on cognition
– Neurological, neurodegenerative, and neuropsychiatric conditions
• Orexin expansion beyond sleep/wake creates incremental parallel trials per asset
– Neurological, neurodegenerative, and neuropsychiatric conditions (extends needs for Cogstate services and tech)
• Greater use of tech-enabled and home-based models
– Wearables, remote monitoring, and home sleep studies are expanding access
• Regulatory momentum for novel mechanisms
– Priority reviews and breakthrough designations for orexin therapies are accelerating timelines and trial activity
10
Oveporexton (TAK-861) first in class orexin agonist
improves cognition in NT1
Lammers et al JAMA Neurol 2026
Move to
phase III
40th Annual Meeting of the Associated Professional Sleep
Societies Baltimore June 2026
Move to FDA
approval &
marketing
Figure. Oveporexton Effect Size on Cognitive Measures (Cohen d)
11
Wide therapeutic potential for modulation of orexin
neurotransmission beyond sleep/wake disorders
Disorders characterized by loss of
cholinergic or catecholaminergic input
to the cortex.
Neurodegenerative disorders
Disorders characterized by sleepiness
or fatigue symptoms, (MS, PD)
Sleep/wake disorders (NT1, IH)
Disorders characterized by problems
of mood or adaptive behavior.
(MDD, schizophrenia)
12
Market Context: Psychiatry
Psychiatry trials are expanding at ~8-10% annually, reflecting renewed CNS investment and
increasing global disease burden
• Pipeline diversification through new mechanisms and digital therapeutics
• Psychedelics (e.g., psilocybin, MDMA, ketamine, DMT) represent a different
neurobiological approach targeting high unmet need segments (TRD, PTSD, addiction)
• GLP-1 receptor agonists are now being evaluated in psychiatric and neurobehavioral
conditions (e.g., depression, addiction, cognitive impairment, and neurodegeneration)
• These diversifications are driving factors in the change endpoint assessments are
employed (e.g., blinded raters, compressed assessment periods)
• Greater use of decentralized / tech-enabled trial models (Cogstate Central Rating)
• Regulatory tailwinds and funding for innovative therapies and adaptive trial designs
13
Cogstate in Psychiatry Clinical Trials
Our approach is grounded in a distinctive
training philosophy that treats endpoint
scales as structured systems with an internal
logic, rather than as symptom checklists or
collections of isolated scoring rules.
Across rater training, data monitoring, and
central rater calibration, we help raters
understand how items are differentiated,
constrained, and related, with the aim of
improving the coherence and reliability of
ratings and reducing Type II placebo
response.
Structuralist Approach
14
Scaling the Delivery Model
with AI
Technology-enabled Operations
Combination of clinical expertise and
technology
Increasing standardization and
automation
Supports growth without linear cost
increase
15
Strong FY26 momentum
driven by more trials +
broader mix + high value per
trial
Sales Momentum Diversification Solution Expansion
1 2 3
Diversification beyond
Alzheimer’s into Psychiatry,
Narcolepsy/Orexin, Rare –
and across multiple large
pharma preferred
relationships
Expansion of solutions
increasing revenue per
contract and share of wallet
15
Summary
Positioned for sustained growth into FY27 and beyond
16
Cogstate Investor Insights Series
Upcoming Events
Quarterly: Cogstate 4Q26 Sales Contracts, incl. FY27
revenue under contract at 01-Jul-26
Wednesday 08th
July 2026, pre-market open
Webinar: Cogstate Full Year FY26 Results
Tuesday 18th
August 2026,12.00pm AEST
Quarterly: Cogstate 1Q27 Sales Contracts
Monday 12th October 2026, pre-market open
Annual General Meeting of Shareholders
Thursday 15th
October 2026,10am (virtual and in person – Melbourne)
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