C

Cogstate

Digital cognitive assessments for brain health

Overview

Cogstate provides digital cognitive assessments to support brain health research and drug development. Its tests are web- or app-based cognitive tasks that patients or trial participants complete, producing standardized scores that researchers can compare against validated benchmarks. Data from the tests is used in biopharma, academia, and clinical settings to measure cognition in trials and care, with accompanying consulting services. Unlike some competitors, Cogstate combines a long history (founded in 1999) with a focused application on cognitive measurement for pharmaceutical clinical trials and mental health/neurological conditions, along with ongoing scientific validation. The company’s goal is to improve the efficiency and reliability of cognitive measurement in research and clinical care to help develop and assess therapies for disorders like depression, schizophrenia, and bipolar disorder.

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About Cogstate

Simplify's Rating
Why Cogstate is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Data & AnalyticsConsultingEnterprise SoftwareHealthcare

Company Size

201-500

Company Stage

IPO

Headquarters

Victoria, Australia

Founded

1999

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Simplify's take

What believers are saying

  • FY26 revenue reached US$60.9 million, with profit before tax rising to US$16.1 million.
  • Contracted FY27 revenue hit US$56.8 million on 30 September 2026.
  • Management is investing in AI and automation to lift margins from FY28 onward.

What critics are saying

  • Alzheimer’s still drives only 14% of revenue, concentrating growth in psychiatric trials.
  • If Medidata or other channel partners defect, Cogstate’s funnel shrinks quickly.
  • A failed validation event would destroy buyer trust and collapse trial wins by 2027.

What makes Cogstate unique

  • Cogstate’s 12 October 2026 update showed 5 Phase 3 mood-disorder wins.
  • Its Medidata channel partnership expanded FY26 new sales to US$89.0 million.
  • XPRIZE Healthspan chose Cogstate on 27 August 2026 for cognitive measurement.

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Benefits

  • Remote Work Options
  • Generous Paid Time-off
  • 401(k) Matching
  • Health, Dental & Vision Coverage
  • Short-Term & Long Term Disability Life Insurance
  • Pre-Tax Benefits
  • Learning & Development Opportunities

Stock Price

Growth & Insights and Company News

6 month growth

1%

1 year growth

3%

2 year growth

3%
The Motley Fool Australia
Nov 12th, 2026
Hidden gems outside the ASX 200: 4 small caps with growing revenue and no debt.

Hidden gems outside the ASX 200: 4 small caps with growing revenue and no debt. These fast-growing companies might be worth a look. Published November 12, 12:51 pm AEDT Occasionally running the ruler over some of the smaller companies listed on the ASX is a good idea to ensure you're not missing out on good opportunities. I'm a fan of small to medium sized companies, with a strong preference towards those with growing revenue, rather than pre-revenue companies looking to launch a product or service. Why consider ASX small-cap companies? There are plenty of reasons to look outside the S&P/ASX 200 Index (ASX: XJO) for value, and the first one is the potential for high returns. Smaller stocks are sometimes overlooked by brokers or fund managers, and in many cases fund managers are limited by their mandates as to what they can actually invest in. While this is as much an argument as to why small caps can be undervalued and perhaps should be avoided, when they do catch the eye of market watchers, they can rerate quite handily. Smaller companies also have the ability to scale quickly in niche areas which might be overlooked by, or be too small for, larger companies. There's also the opportunity for takeovers, with smaller companies naturally easier to absorb. Small end of town underperforming over the past year. Investing in smaller companies is obviously not a fool proof investing theory - those don't exist. To prove that point, the S&P/ASX Small Ordinaries Index (ASX: XSO) is down 11.09% over the past 12 months compared with a 2.27% rise for the ASX 200 over the same period. In order to try and filter out some companies which might provide some outsized gains at the smaller end of the market, I selected first for growing revenue, and then for zero debt at the end of the FY26 financial year, excepting current liabilities such as leases. I've come up with four pretty diverse companies which look interesting from a growth profile. Let's see which companies made the grade. Cogstate Ltd (ASX: CGS). Cogstate provides cognitive testing mainly for clinical trials of central nervous systems conditions, and recently announced a strong business update to the market. The company on 12 October reported that its September quarter revenue had come in at US$25.1 million, up 11.4% over the same period the previous year. The company said it was winning market share in the mood disorder space, including winning five competitive tenders for Phase 3 clinical trials. Cogstate's contracted revenue for this financial year is 45% higher than the previous year at US$56.8 million it said, and its forward contracted revenue out to FY33 is up 39%. The company is debt free, but also pays a small dividend yield of 1.22%, and trades on a price-to-earnings (P/E) ratio of 34.3. While it predates the earnings upgrade, Morgans on 25 September issued a price target of $4.07 on Cogstate, compared with $3.28 at the time of writing. SKS Technologies Ltd (ASX: SKS). SKS is an example of the opportunity to buy into a small company which fits into a larger thematic. In this case, it's data centre roll outs, with SKS an electrical contractor which works for data centre companies such as NextDC Ltd (ASX: NXT). Not surprisingly, the company's shares fell sharply when NextDC announced issues getting power to its M3 Melbourne site recently, but SKS later clarified it had substantially finished its works at the project. SKS then reaffirmed its FY27 guidance of about $500 million in revenue and $60 million in pre-tax profit. This would be a massive uplift from the $347.9 million in revenue it booked in FY26, which was itself a 33% increase. The pre-tax profit would also be a sharp increase on last year's $39.4 million. The recent plunge in the SKS share price from $11.55 to just $5.59 at the time of writing seems overdone, and with a trailing P/E ratio of 23.9, if you have faith in the stability of the data centre sector, I'd argue this is an interesting company to watch. It is debt-free and pays a trailing dividend yield of 1.8%. GR Engineering services Ltd (ASX: GNG). This company is actually not a bad earner on dividends alone, paying a trailing yield of 3.7%, fully franked. The engineering company's revenue growth last financial year was nothing to write home about, increasing just 2.9% to $493.2 million. But where it gets interesting is this year's projected revenue, expected to be a whopping $825 to $850 million. The company said while releasing its full-year results on August 24 that more than 90% of that revenue was already secured, with the rest expected from minor works and studies. GR Engineering also raised an extra $100 million in equity recently, which was well-supported by institutional investors. With so much revenue already locked in, the company is very well-placed, and there's plenty of the financial year left for new contract wins. GR Engineering is debt free, and was also added to the S&P/ASX 300 Index (ASX: XKO) in its September rebalance. Medical developments international Ltd (ASX: MVP). If you've ever seen an injured footballer sucking on a "green whistle" while being stretchered off the field, you're aware of this company's main product. MVP makes Penthrox, better known as the green whistle, and is looking to take the device to the world. Last year's numbers were modest, a net profit of $600,000, up from $100,000, on revenue of $42.6 million, up 9%. But the company did book 28% volume growth for Penthrox in the Australian hospital segment and 18% growth in the European market. MVP has won approval for wider use across age groups in the UK and Europe, and is expecting to see growth as a result. While it's dated, Bell Potter in a research note in August had a price target of $1 on MVP shares compared with 41.5 cents at the time of writing. The company is debt free and valued at $45 million.

The Stock Network
Oct 29th, 2026
Cogstate (ASX:CGS): Winning brain health trials and investing in AI to scale.

Cogstate (ASX:CGS): Winning brain health trials and investing in AI to scale. * Published on Thursday October 29 2026 Transcription of The Stock Network Interview with Cogstate (ASX:CGS), Managing Director CEO and Managing Director Brad O'Connor Lel Smits: Cogstate is helping drug developers measure how new medicines affect the brain in clinical trials, supplying the cognitive tests, rater training, and data checks behind studies in Alzheimer's disease, sleep, rare disease, and psychiatry. The company delivered a record year, now supports more trials than ever, and is returning capital through dividends and a share buyback. Ahead of presenting at TIPS Conference, I'm joined by Cogstate CEO and Managing Director Brad O'Connor to discuss recent trial wins, technology partners, and the role of AI. Brad, welcome to the Stock Network. Brad O'Connor: Thanks for having me. It's good to be here. Lel Smits: Pleasure to have you on. And Cogstate recently won several late-stage bipolar and depression trials helped by its clinical technology partners. Brad, can you outline for The Stock Network how those partnerships change the way you compete for work? Brad O'Connor: Yeah, so over the last couple of years, Cogstate's changed the way that The Stock Network go to market, the way that The Stock Network sell. So previously, The Stock Network sold directly to pharmaceutical and biotech companies. Over the last couple of years, what The Stock Network has seen more and more of is selling via technology partners. So these are companies who are selling SAS technology solutions into clinical trials. So they're selling to the same customers The Stock Network is, but in order for them to be able to sell into central nervous system disease trials, where Cogstate specialise, they need a services layer and a cognitive testing layer to essentially sit within their technology and enhance their technology. And so that's been a really important part of how The Stock Network has won those trials that you referenced in this first September quarter. Generally speaking, The Stock Network win work at a phase two clinical trial. And what The Stock Network has seen here is the ability to win work at phase three clinical trial, even though The Stock Network weren't involved in that initial phase two trial. So it's really the technology partner and the ability of the customer to use their preferred technology that has allowed The Stock Network to win that work. Lel Smits: Brilliant. And you're also investing in AI and automation over the next couple of years and really have seen trial numbers climb. How do you think it's going to improve the offering to your clients? As you mentioned, the trial numbers have really increased. Brad O'Connor: So The Stock Network is running around about 175 clinical trials today. That's up from 110 just over a year ago. So a substantial increase in the volume of work. And The Stock Network is a technology company but also with very much a services element to what The Stock Network do. And like any services company, the way that The Stock Network think about technology and how The Stock Network create efficiencies in its operating model is really important to The Stock Network as The Stock Network go forward. So The Stock Network has just embarked on a two-year investment program which will really completely reconfigure the way that the work that The Stock Network do behind the scenes to deliver for its customers. So that will do two things for The Stock Network. One, it will make The Stock Network much more efficient in terms of the way that The Stock Network do its work. It will also allow The Stock Network to offer additional services to its customers or enhance the way that The Stock Network is offering services to its customers today. The Stock Network think over time that at the moment The Stock Network is running at about a 60 per cent gross profit margin. The Stock Network think over time there's the ability to increase that margin once The Stock Network get through this technology work over FY27 and FY28. So The Stock Network'll start to see some of that margin improve in FY28, but it's really an FY29 margin story. Lel Smits: Well, Brad, I appreciate the update from COGS today. Look forward to hearing more when you're at TIP Group's conference.

Kalkine Media
Oct 14th, 2026
Cogstate Ltd conducts 2026 AGM, welcomes Darryl Inns to board of directors.

Cogstate Ltd conducts 2026 AGM, welcomes Darryl Inns to board of directors. Cogstate Ltd (ASX:CGS), a leader in neuroscience technology, held its 2026 Annual General Meeting on 15 October 2026. Chairman Martyn Myer addressed shareholders, introduced the company's board members, and highlighted the election of Darryl Inns as an Independent Non-Executive Director, which was presented as a resolution during the meeting. Key points. * Cogstate's 2026 Annual General Meeting took place on 15 October 2026, with Chairman Martyn Myer delivering the shareholder address. * Darryl Inns was appointed to the Cogstate Board as an Independent Non-Executive Director, with his election detailed as resolution 2. * Since 1 January 2026, Kim Wenn has chaired both the Nomination Committee and the Remuneration Committee. * Kylee Byrne from Pitcher Partners, the engagement partner for the external audit, attended the meeting to answer shareholder inquiries about the audit and financial statements. * CEO Brad O'Connor, who has led Cogstate since December 2005, also spoke at the meeting. Introduction of board members at the 2026 AGM. Chairman Martyn Myer commenced the meeting by presenting the Cogstate board. Richard Mohs, a neuropsychologist and former Eli Lilly executive, joined remotely from Chicago, contributing expertise in Alzheimer's disease, neuroscience, clinical trials, and pharmaceutical management. Ingrid Player, with a legal background and extensive experience in corporate governance, risk, and sustainability, chairs the Audit, Risk and Compliance Committee. Kim Wenn, boasting over 30 years in innovation and digital technology, has chaired the Nomination and Remuneration Committees since 1 January 2026. Managing Director and CEO Brad O'Connor also addressed attendees. Appointment of Darryl Inns as Independent Non-Executive Director. During the AGM, Chairman Myer officially welcomed Darryl Inns to the Cogstate Board as an Independent Non-Executive Director. According to company filings, Inns brings more than 30 years of expertise in finance, commercial operations, and governance, including experience with ASX-listed companies, capital markets, investor relations, and business transformation. His election was listed as resolution 2 of the 2026 AGM. Inns also serves on the Audit, Risk and Compliance Committee and the Nomination Committee. External auditor participation and FY26 highlights. Kylee Byrne from Pitcher Partners, the engagement partner for Cogstate's external audit, was present at the meeting to address shareholder questions regarding the audit and financial accounts. In his remarks, Chairman Myer characterized FY26 as a year in which Cogstate accelerated its momentum and expanded its opportunities, emphasizing the company's solid foundation for disciplined growth. The filing confirms the address was authorized for release by the Cogstate Ltd Board.

Stockhead
Oct 12th, 2026
Health Check: Aged care operator Ryman unfazed by 'soft' housing conditions.

Health Check: Aged care operator Ryman unfazed by 'soft' housing conditions. * Trans-Tasman provider Ryman reports strong demand for retirement units and aged care beds * Cogstate rides interest in dementia and depression trial activity * Post Symphony trial, Aroa orchestrates deeper US sales effort Traditionally, there's a strong nexus between housing values and demand for - and valuations of - private sector aged-care accommodation. That makes sense, because the residents typically use the funds from their family home to finance the transition. But in a trading update today, trans-Tasman operator Ryman Healthcare (ASX:RYM) said the "soft" housing market had not dented demand on both sides of the ditch. Ryman is the biggest NZ provider and is expanding in Victoria, which unfairly or otherwise has become synonymous with the term 'basket case'. "While housing market conditions continue to be soft, demand for retirement living, assisted living and aged care remains resilient across New Zealand and Australia," Ryman CEO Naomi Jones said. This reflected "structural demographic drivers that are less dependent on housing market conditions." Ryman reports that new customers signed up for 379 retirement living occupation right agreements in the quarter. These included 312 resales - up 14% year-on-year and the highest level in eight quarters - and 67 new sales. A lead indicator of future sales, Ryman's net resales contract volumes of retirement units rose 11% year on year. This followed a 7% increase in the first (June) quarter. Ryman's unsold retirement living apartments fell by 67 to 347, bringing the total reduction since March 31, 2026 to 132 units. With the company's new Richard Hadlee Village in Christchurch opening the batting this month, Ryman remains on track to deliver on its full-year guidance of 157-169 new retirement units and aged care beds. On the aged care side, Ryman's occupancy rose 3.3 percentage points, to 94%. However, mature aged care centre occupancies dipped to 95.4% from 95.7% previously, "reflecting a more acute period of winter illness in some New Zealand villages". Stockhead think Stockhead know what they're getting at. Meanwhile Regis Healthcare (ASX:REG), the biggest ASX-listed aged care operator holds its AGM on November 17. Testing times for Cogstate - in a good way. CogState (ASX:CGS) is surfing the increased number of clinical studies in Alzheimer's disease/dementia and depression/mood disorders. Via self-administered tests, Cogstate seeks to provide doctors and patients with "brief, accurate and scientifically validated digital measures of cognition". Ahead of Cogstate's October 15 AGM, the company reports net sales contracts of US$25.1 million ($36m) for the quarter, 17% higher year-on-year and 120% better over the last two years. According to management, this also reflects Cogstate's ability to win market share in mood disorders. During the period the company added five phase III trials in either bipolar or depression, across two customers. These clients contributed more than 80% of the new total contract sales value during the quarter. "[Trial] sponsors commonly retain providers from earlier phases of development when progressing to phase III studies," Cogstate says. By enabling trial sponsors to work with their preferred data capture and clinical technology providers, "Cogstate was able to secure work that may historically have been more difficult to win independently". At September's end Cogstate's contracted revenue stood at $56.8m, compared with $48.3m at the end of the June quarter. Cogstate recognises revenue over the life of the contracts. These vary from several months for a phase I study, to 4-5 years for a phase III effort. Diabetic foot ulcer results 'future proof' Aroa. Aroa Biosurgery (ASX:ARX) CEO Dr Brian Ward says the results of a clinical trial of the company's Symphony wound care product will help to "future proof" it amid a US reimbursement crackdown. Last Monday Aroa said the diabetic foot ulcer (DFU) study resulted in a statistically significant improvement in wound healing times for the difficult condition. During an investor webinar today, Ward said Aroa would use the results to increase take-up of the product - a novel extracellular matrix - by US clinicians. He noted the Centers for Medicare and Medicaid Services (CMS) had been carrying out more rigorous audits. In January CMS changed reimbursement to a flat rate, from a scale that encouraged clinicians to use the most expensive products. This resulted in a sector shakeout. Symphony already is covered by transitional reimbursement measures. "With more of a spotlight on the selection of treatments and why physicians are choosing particular treatments, having robust data that stands behind the product is becoming increasingly important," Ward said. "We are very well positioned now to defend the product and to show why Symphony should be selected." Enrolling 143 patients across 10 US sites, the randomised controlled study tested Symphony combined with the standard of care (SOC), versus a SOC-alone cohort. The trial found that 55% of DFUs from the Symphony arm achieved wound closure within 12 weeks. This compared to 35% for the SOC arm. The Symphony-treated wounds took a mean 65.4 days to heal, compared to 73.2 days for the SOC cohort. The trial included a mix of patients with DFUs of grades one and two on the Wagner measurement scale. Other studies typically only include the less serious Wagner ones, so no-one can accuse Aroa of grasping only the low-hanging fruit. CSL has come to suck more blood. CSL (ASX:CSL) has surprised the market by adopting a new plasma collection technique to improve the efficiency of its US blood centres. The company will transition from the Florida-based Terumo Blood Cell Technologies CT Inc's Rika's platform, to the Boston-based Haemonetics Corp. So, a win for the Democrats heartland over the Republicans base. Could that be an omen ahead of the mid-terms? Back in 2018, CSL said the Rika devices would enable more efficient delivery, by way of better yields and quicker extraction. Management has talked up Rika's advantages ever since - but nothing stands still. "We understand the Rika benefits were real, but CSL is seeking another step up in yield from Haemonetics' system," broker Citi says. "We do not know if termination arrangements for Rika involve payment from CSL or details of the implementation." Paradigm cites US data gap for study flop. Stockhead suspect this is academic now, but Paradigm Biopharmaceuticals (ASX:PAR) says the missing data that kyboshed its phase III knee osteoarthritis trial was tilted to its US study sites. Last month the company cancelled the 538-patient study, after an interim analysis found it did not reach the "pre-specific threshold" to continue. On September 30 Paradigm entered voluntary administration. On Friday the company said the most important missing data was "more frequent at the US sites". The company's initial observations of data from its non-US sites "appear encouraging". These sites were in Australia, Moldova and Hong Kong. While this might raise expectations that something can be salvaged from the effort, the company said these internal observations "do not change the previously announced decision that the phase III trial will not proceed". Paradigm has commissioned an independent post mortem, which may draw different conclusions. Paradigm shares are suspended indefinitely. At Stockhead Stockhead tell it as it is. While Aroa is a Stockhead advertiser, the company did not sponsor this article. Investor Guide: Health & Biotech 2026 featuring Tim Boreham

Cogstate
Aug 27th, 2026
Cogstate selected to measure cognitive function in XPRIZE Healthspan competition to revolutionize healthy aging.

Cogstate selected to measure cognitive function in XPRIZE Healthspan competition to revolutionize healthy aging. August 27, 2026 Melbourne, AUS & New Haven, USA - August 27, 2026 - Neuroscience technology company Cogstate Ltd. today announced their collaboration with XPRIZE to support cognitive measurement in the XPRIZE Healthspan competition, a 7-year, $101 million global competition designed to revolutionize human aging by restoring muscle, cognitive, and immune function. Through its role as the cognitive measurement partner for XPRIZE Healthspan, Cogstate will provide objective measures of cognitive performance to track competitors' progress, joining the Alzheimer's Association and a growing community of partners committed to advancing scientific discovery and extending healthy aging. As populations around the world continue to age, extending years of life alone is no longer enough. The growing priority is to increase healthspan - the number of years people remain physically, cognitively and socially healthy and independent. Achieving this goal will require innovative approaches to measuring and preserving health across multiple domains, including cognition, one of the most meaningful indicators of healthy aging and day-to-day function. XPRIZE Healthspan is a 7-year global competition incentivizing teams to develop and test therapeutics that restore muscle, cognition, and immune function to extend healthy life in adults aged 50-90 by a minimum of 10 years, with an ambitious goal of 20 years, within one year or less of treatment. "We are honored to have been selected to support the XPRIZE Healthspan competition and collaborate with fellow innovators to advance scientific discovery and help people live healthier, more independent lives as they age," said Brad O'Connor, CEO of Cogstate. "Cogstate has long been a leader in the use of digital technologies to measure cognitive function with precision and sensitivity, supporting the development of new therapies and advancing our understanding of brain health." "Cognitive function is fundamental to how we experience healthy aging, but measuring meaningful changes in cognition requires rigor and consistency," said Jamie Justice, PhD, Executive Director of XPRIZE Healthspan. "Cogstate's digitally validated assessments, extensive normative benchmarks, and real-world experience across millions of tests make it uniquely positioned to define what healthy cognitive aging looks like as part of the Healthspan competition." About Cogstate Cogstate Ltd (ASX:CGS) Cogstate is an innovative global neuroscience endpoint company that specializes in the science and service of CNS measurement to ensure clinical trial data is as accurate as it is actionable. Cogstate's high-tech, high-touch solutions - including fit-for-purpose data quality programs, advanced analytics, and digital cognitive assessment - combine clinical understanding with operational expertise to identify meaningful signals and drive informed study decision making. For more than 25 years, Cogstate has formed lasting, mission-aligned partnerships with drug developers to power complex neuroscience studies and accelerate the next generation of CNS therapies. Cogstate Ltd is a public company, listed on the Australian stock exchange (ASX:CGS). About XPRIZE XPRIZE is the recognized global leader in designing and executing large-scale competitions to solve humanity's greatest challenges. For over 30 years, its unique model has democratized crowd-sourced innovation and scientifically scalable solutions that accelerate a more equitable and abundant future. Donate, learn more, and co-architect a world of abundance with Cogstate Ltd. at xprize.org. (C) 2026 Cogstate Ltd. Cogstate acknowledges Aboriginal and Torres Strait Islander people as the Traditional Custodians of the lands where many of its team members live and work. Cogstate Ltd. pay respect to their Elders past and present. Cogstate Ltd. use cookies to analyze its website traffic and to support technical features that enhance your user experience. Read its Privacy and Cookie Policies to learn more about how Cogstate Ltd. use cookies.

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