Cambridge Cognition sells digital cognitive assessments in the form of high margin software licences, to drive scientific discovery, accelerate drug development and improve patient care. We pick up coverage, at an interesting juncture, as under new leadership, the business is monetising its technology more effectively within its core Clinical Trials market (c.f. +73% sales order growth in FY25) while also leveraging CANTAB’s application with commercial organisations in new markets and geographies, which are increasingly measuring, diagnosing and treating cognition to address macro trends. As such, with a highly scalable business model, that’s benefiting from structural tailwinds, COG is well positioned, as brain health continues to attract investment from sponsors, clinicians and consumers. We initiate at Buy and a 57p TP.
