REG - Cambridge Cognition - Interim Results
22/08/2024 07:01
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RNS Number : 3367B Cambridge Cognition Holdings PLC 22 August 2024
22 August 2024
Cambridge Cognition Holdings plc
("Cambridge Cognition", the "Company" or the "Group")
Unaudited Interim Results for the six months ended 30 June 2024
Cambridge Cognition Holdings plc (AIM: COG), which develops and markets
digital solutions to assess brain health, announces its unaudited interim
results for the six-month period ended 30 June 2024 (the "period").
Financial highlights
Revenue is in line with the same period in 2023, which combined with a
material reduction in costs, has reduced the adjusted operating loss
significantly to £0.1 million (H1 2023: loss of £2.0 million):
· Revenue of £5.6m (H1 2023: £6.0m)
· Gross margin increased to 80.7% (H1 2023: 78.8%)
· R&D expense decreased 35.2% to £1.4m (H1 2023: £2.2m)
· Total operating expenditure decreased 35.3% to £5.4m (H1 2023:
£8.4m)
· Adjusted operating loss reduced by £1.9m to £0.1m (H1 2023:
loss £2.1m)
· Raised £2.6m to support the balance sheet and business
development
· Cash balances of £3.4m at 30 June 2024 (31 December 2023 £3.2m)
Operational highlights
Following a challenging end to 2023 and tough trading conditions during the
period, we executed two critical actions to strengthen the underlying
business:
· Increased investment in the Group's commercial capability to enable
it to exploit the central nervous systems ("CNS") clinical trials market
through the combination of a clear product focus on cognitive assessments, CNS
eCOA, and automated quality assurance solutions, and an expanded
commercialisation team with deep sector experience and contacts. The market
is already large (estimated at $700 million in 2024) and is forecast to grow
at 15% per annum from 2024 to 2029, and
· A significant reduction of the cost base in H1 2024 has created a
more agile business, which is better positioned to deliver sustainable
profitability and cashflow as sales orders and revenues accelerate.
Commenting on the results, Matthew Stork, Chief Executive Officer of Cambridge
Cognition, said:
"I'm pleased with the progress made during the first half as major steps were
taken to strengthen our operation and business. The acquisitions of Clinpal
and Winterlight are delivering new and expanded solutions and our recently
enhanced commercial team is generating a growing pipeline of new business
opportunities. All these actions support our core objective to ensure we
close 2024 with a secure balance sheet and a strong contracted order book of
business to drive sustainable profitability and cashflow."
Investor webinar
Cambridge Cognition will host an online presentation and Q&A session at
16:00BST on 28 August 2024. This session is open to all existing and
prospective shareholders. Those wishing to attend should email
cog@hudsonsandler.com (mailto:cog@hudsonsandler.com) and they will be provided
with log in details.
Participants will have the opportunity to submit questions during the session,
but questions are welcomed in advance and may be sent to
cog@hudsonsandler.com.
Enquiries:
Cambridge Cognition Holdings plc Tel: 012 2381 0700
Matthew Stork, Chief Executive Officer press@camcog.com (mailto:press@camcog.com)
Panmure Liberum Limited (NOMAD and Joint Broker) Tel: 020 7886 2968
Will Goode / Freddy Crossley / Mark Rogers (Corporate Finance)
Rupert Dearden (Corporate Broking)
Dowgate Capital Limited (Joint Broker) Tel: 020 3903 7715
David Poutney / Nicholas Chambers
Hudson Sandler (Financial PR and IR) Tel: 020 7796 4133
Dan de Belder / Hattie Dreyfus cog@hudsonsandler.com (mailto:cog@hudsonsandler.com)
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No.
596/2014.
CHIEF EXECUTIVE OFFICER'S REVIEW
Business Review
During 2023 and early 2024, trading conditions remained challenging globally
for the pharmaceutical sector, which has been impacted by inflationary trends
and high interest rates. Following a period of several years of revenue
growth, we responded by delivering two critical actions to strengthen the
business:
· increasing commercial capability with increased capacity and
deeper expertise and,
· reducing the cost base of the business without impairing
short-term growth potential.
Our objective is to deliver sustainable profitability (which we define as
"adjusted operating profit") and sustained positive cashflow.
Increased commercial capability
To drive commercial performance, the Company recruited Alex
Livingstone-Learmonth as Chief Commercial Officer in the first quarter.
Since his appointment he has recruited new team members with considerable
experience and developed fresh contacts within the sector, increasing both the
number and value of opportunities in the sales pipeline. While contracted
sales orders were modest in the first half, we expect to see an improvement as
the year develops.
We are focusing our efforts on product and service areas where we have a
leading and/or highly differentiated position, particularly cognitive
assessments (CANTAB and Winterlight), eCOA and AQUA, enabling the delivery of
a tailored solution to challenging clinical studies where we demonstrate
world-class domain expertise.
The recent acquisitions of Clinpal and Winterlight are contributing to the
growth of the business. Combining the AQUA and Clinpal eCOA solutions with the
Company's leading position in digital cognitive assessments, CANTAB, has given
us a strong multi-product solution-oriented offering to meet clients' clinical
development needs.
These product launches, together with the strengthening of the commercial
operations, has led to a deeper pipeline of new sales opportunities. We are
confident this will show increased sales orders in the second half of 2024.
Reduced cost base
The second major initiative completed during the period has been to reduce the
cost base to improve operating margins and cash flow generation. Cost
savings will not impact on prospects for short-term growth or operational
delivery since they have been focused on integration synergies, trimming
medium and long-term R&D projects and right-sizing operational and support
teams. There has been a moderate increase in spending on commercialisation and
maintenance of the healthcare offering.
During late 2023 we reduced the cost base by £1.5 million per annum. In the
first half of 2024 we completed a second review following integration of
Clinpal and Winterlight. This review reduced the cost base by an additional
£2.0 million per annum, resulting in combined annual savings of £3.5 million
per annum.
Financial results
As announced previously at the time of the fundraising in May 2024 and in the
trading update published in July 2024, market conditions remained challenging
in H1 2024. Revenue for the period was at a similar level to the same period
in 2023. Nevertheless changes to the Company's cost base have delivered a
significant positive improvement of £1.9 million at the adjusted operating
profit level, with the adjusted operating loss reduced from £2.0 million in
H1 2023 to £0.1 million for H1 2024.
The financial results for the period can be summarised as:
· Revenue of £5.6m (H1 2023: £6.0m)
· Gross margin increased to 80.7% (H1 2023: 78.8%)
· R&D expense decreased 35.2% to £1.4m (H1 2023: £2.2m)
· Total operating expenditure decreased 35.3% to £5.4m (H1 2023:
£8.4m)
· Adjusted operating loss reduced by £1.9 million to £0.1m (H1
2023: loss £2.1m)
· Raised £2.6m to support the balance sheet and business
development
· Cash balances of £3.4m at 30 June 2024 (31 December 2023 £3.2m)
Revenue is recognised as services are delivered to clinical studies that are
executed over several years. This brings a degree of stability based on the
strength of the order book and underpins future revenue generation.
This contracted order book provides good visibility over revenues for the full
year, which are expected to be weighted to the second half of 2024. This is in
line with historic performance. At 30 June 2024 the order book was £14.6
million (31 Dec 2024: £17.2 million), but is expected to increase in H2.
In May 2024 we raised £2.6 million by way of a placing of 6,561,057 new
Ordinary Shares at 40 pence each with participation from both certain existing
and new shareholders. We were delighted by the strong level of support shown
for the Placing. The funds raised enable us to grow technical and business
development activities; to explore healthcare opportunities; for working
capital purposes, including expansion of the commercial team; continuation of
core development projects and provision of balance sheet strength.
At 30 June 2024 cash balances were £3.4 million (31 December 2023:
£1.9million).
As announced previously, recruitment of a new CFO is progressing and we have
added additional interim, senior financial resource. Further updates will be
made in due course.
Outlook
The changes made to the commercial team have resulted in an expanded pipeline
of new business opportunities. As a result, we have increasing confidence
that this will increase the long-term value of our contracted order book and
underpin future revenue generation.
We are beginning to see commercial benefits in the roll out of AQUA and the
expanded eCOA product. Both of these are generating new business
opportunities.
Costs continue to be managed tightly to support the existing product portfolio
and grow the business. We are now a more agile business, better positioned
to deliver profitability and cashflow as sales orders and revenue accelerate.
As a result of the actions taken during the year, combined with our clear
growth strategy, we expect to deliver further success and value to our
stakeholders.
Matthew Stork
Chief Executive Officer
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
For the six months ended 30 June 2024
6 months to 30 June 2024 6 months to 30 June 2023 Year to 31 December 2023
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Revenue 4 5,603 6,039 13,515
Cost of sales (1,079) (1,281) (2,717)
Gross profit 4,524 4,758 10,798
Research and development expense (1,397) (2,176) (3,847)
Sales and marketing expense (1,159) (1,881) (2,983)
Administrative expense (2,726) (3,408) (6,139)
Non-recurring items 5 (144) (940) (1,456)
Total operating expense (5,426) (8,405) (14,425)
Other operating income 63 230 322
Operating loss (839) (3,417) (3,305)
Adjusted operating loss (108) (2,060) (1,128)
Adjusting items(1) 5, 7 (731) (1,357) (2,177)
Operating loss (839) (3,417) (3,305)
Interest receivable 12 6 16
Finance costs (303) (6) (168)
Loss before tax (1,130) (3,417) (3,457)
Tax credit/(expense) 10 106 (51)
Loss for the period (1,120) (3,311) (3,508)
Other comprehensive (loss)/income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (165) 41 (210)
Items that may not be reclassified subsequently to profit or loss:
Fair value movements in equity investments - - 107
Total comprehensive loss for the period (1,285) (3,270) (3,611)
Loss per share (pence)
Basic 6 (3.2) (9.6) (10.1)
Diluted 6 (3.2) (9.6) (10.1)
All amounts are attributable to equity holders in the parent.
The above results relate to continuing operations.
1. Adjusting items comprise amortisation of acquisition related intangible
assets of £276,000 (H1 2023: £282,000, 2023: £561,000), non-recurring items
of £144,000 (H1 2023: £940,000, 2023: £1,456,000) and share-based payments
of £311,000 (H1 2023: £135,000, 2023: £160,000). See note 5 for further
details on non-recurring items and note 7 for intangible assets.
Consolidated statement of financial position
At 30 June 2024
At 30 June 2024 At 30 June 2023 At 31 December 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Assets
Non-current assets
Goodwill 3,575 3,682 3,653
Other intangible assets 7 3,727 4,404 4,089
Property, plant and equipment 68 177 133
Investments 156 49 156
Trade and other receivables 20 - 20
Total non-current assets 7,546 8,312 8,051
Current assets
Inventories 188 244 187
Trade and other receivables 2,655 3,698 2,417
Current tax receivable 210 138 351
Cash and cash equivalents 3,434 1,891 3,222
Total current assets 6,487 5,971 6,177
Total assets 14,033 14,283 14,228
Liabilities
Current liabilities
Trade and other payables 2,616 3,127 2,603
Deferred income on contracts with customers 6,500 10,158 7,699
Loans and borrowings 879 - 566
Current tax payable 19 - 99
Total current liabilities 10,014 13,285 10,967
Non-current liabilities
Loans and borrowings 1,475 - 1,978
Total non-current liabilities 1,475 - 1,978
Total liabilities 11,489 13,285 12,945
Equity
Share capital 8 417 349 350
Share premium 17,337 15,152 15,169
Other reserves 5,448 5,864 5,613
Own shares (71) (71) (71)
Retained earnings (20,587) (20,296) (19,778)
Total equity 2,544 998 1,283
Total liabilities and equity 14,033 14,283 14,228
Consolidated statement of changes in equity
At 30 June 2024
Share capital Share premium Other reserve Own shares Retained earnings
Total
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2023 (audited) 312 11,151 5,823 (71) (17,120) 95
Loss for the period - - - - (3,311) (3,311)
Other comprehensive income
Exchange differences on translation of foreign operations - - 41 - - 41
Total comprehensive income/(loss) for the period - - 41 - (3,311) (3,270)
Transactions with owners
Issue of new shares in relation to business combination 34 3,966 - - - 4,000
Issue of new shares in relation to exercise of employee share options 3 35 - - - 38
Credit to equity for share-based payments - - - - 135 135
Transactions with owners 37 4,001 - - 135 4,173
At 30 June 2023 (unaudited) 349 15,152 5,864 (71) (20,296) 998
Loss for the period - - - - (197) (197)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations - - (251) - - (251)
Fair value movements on equity investments - - - - 107 107
Total comprehensive income/(loss) for the period - - (251) - 90 (341)
Transactions with owners
Issue of new shares in relation to exercise of employee share options 1 17 - - - 18
Credit to equity for share-based payments - - - - 25 25
Post-combination remuneration - - - - 309 309
Issue of warrants - - - - 274 274
Transactions with owners 1 17 - - 608 626
At 31 December 2023 (audited) 350 15,169 5,613 (71) (19,778) 1,283
Loss for the period - - - - (1,120) (1,120)
Other comprehensive loss
Exchange differences on translation of foreign operations - - (165) - - (165)
Total comprehensive loss for the period - - (165) - (1,120) (1,285)
Transactions with owners
Issue of new shares in relation to equity fundraising 65 2,559 - - - 2,624
Transaction costs relating to issue of share capital - (446) - - - (446)
Issue of new shares in relation to exercise of employee share options 2 55 - - - 57
Credit to equity for share-based payments - - - - 311 311
Transactions with owners 67 2,168 - - 311 2,546
At 30 June 2024 (unaudited) 417 17,337 5,448 (71) (20,587) 2,544
Consolidated statement of cash flows
For the 6 months ended 30 June 2024
6 months to 30 June 2024 6 months to 30 June 2023 Year to 31 December
2023
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Net cash flows used in operating activities 9 (1,583) (3,499) (4,967)
Investing activities
Acquisition of subsidiary, net of cash acquired - (3,002) (3,002)
Interest received 12 6 16
Purchase of property, plant and equipment - (31) (33)
Net cash flow generated from/(used in) investing activities 12 (3,027) (3,019)
Financing activities
Proceeds from share issue 2,624 - -
Transaction costs arising on issue of shares (446) - -
Proceeds from borrowings, net of fees incurred - - 3,054
Proceeds from exercise of share options 57 38 56
Repayment of borrowings (131) - (116)
Interest payments (303) - (109)
Net cash flows generated from financing activities 1,801 38 2,885
Net increase/(decrease) in cash and cash equivalents 230 (6,488) (5,101)
Cash and cash equivalents at start of period 3,222 8,322 8,322
Exchange differences on cash and cash equivalents (18) 57 1
Cash and cash equivalents at end of period 3,434 1,891 3,222
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General information
Cambridge Cognition Holdings plc ('the Company') and its subsidiaries
(together, 'the Group') develops and markets digital solutions to assess brain
health for sale worldwide, principally in the UK, the US and Europe.
The Company is a public limited company listed on the AIM market of the London
Stock Exchange (symbol: COG) and is incorporated and domiciled in the UK. The
address of its registered office is Tunbridge Court, Tunbridge Lane,
Bottisham, Cambridge, CB25 9TU.
The condensed consolidated interim financial statements were approved by the
Board of Directors for issue on 21 August 2024. The condensed consolidated
interim financial statements do not comprise statutory accounts within the
meaning of section 434 of the Companies Act 2006.
Statutory accounts of the Group for the year ended 31 December 2023 were
approved by the Board of Directors on 31 May 2024 and delivered to the
Registrar of Companies. The report of the auditors on those accounts was
unqualified, did not contain an emphasis of matter paragraph and did not
contain any statement under section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements together with the
comparative information for the six months ended 30 June 2023 have not been
audited.
2. Accounting policies
2.1 Basis of preparation
As explained in note 2.1 of the Group's 2023 Annual Report, the Group made the
following changes in presentation of the Consolidated Statement of
Comprehensive Income and Consolidated Statement of Financial Position, which
have resulted in restatements of prior period balances:
· Consolidated Statement of Comprehensive Income: the Group previously
combined Research and development expense, Sales and marketing expense and
Administrative expense into Administrative expense (excluding non-recurring
items). These have been separately presented to better present the nature of
the expenditure. The overall operating loss for the period ended 30 June 2023
remains unchanged.
· Consolidated Statement of Financial Position: the Group previously
combined Goodwill and Other intangible assets within Intangible assets. These
have been separately presented due to their materiality. The overall total and
net asset balance at 30 June 2023 remain unchanged.
2.2 Going concern
The Group's forecasts and projections, taking account of reasonably possible
changes in trading performance, support the conclusion that there is a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future, a period of not less than
twelve months from the date of this report. The Directors believe that the
Group will remain a going concern for the foreseeable future. The Group
therefore continues to adopt the going concern basis in preparing its
condensed consolidated interim financial statements.
2.3 Accounting policies
The accounting policies adopted in the preparation of the condensed
consolidated interim financial statements are consistent with those followed
in the preparation of the Group's consolidated financial statements for the
year ended 31 December 2023.
3. Critical accounting judgements and key sources of estimation uncertainty
There have been no changes to the Group's significant judgements and estimates
since the year ended 31 December 2023.
4. Segmental information
The analysis of revenue by product type is as follows:
6 months to 30 June 2024 6 months to 30 June 2023 Year to 31 December 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Software 2,693 2,872 6,532
Services 2,781 2,891 6,364
Hardware 129 276 619
5,603 6,039 13,515
5. Non-recurring items
6 months to 30 June 2024 6 months to 30 June 2023 Year to 31 December 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Acquisition and integration of Clinpal (28) 214 570
Acquisition and integration of Winterlight 68 459 662
Restructuring 103 267 224
143 940 1,456
Non-recurring items are included on the consolidated income statement within
administrative expenses.
Acquisition and integration of Clinpal
The Group acquired Clinpal in October 2022, as detailed in note 15.1 of the
Group's 2023 Annual Report. As a result of the departure of a member of the
Clinpal team in 2024 the Group reversed the related charge for retention
payments. The Group will continue to accrue for retention payment amounts for
the relevant members of staff who remain with the business until 31 December
2024.
Acquisition and integration of Winterlight
The Group acquired Winterlight Labs Inc in January 2023, as detailed in note
15.2 of the Group's 2023 Annual Report. Costs in the six months to 30 June
2024 relate to retention awards for key staff. This expense is anticipated to
continue until July 2024.
Restructuring
The Group completed a significant, multi-department restructuring exercise in
the six months to 30 June 2024. No further expense is anticipated in relation
to this exercise.
6. Loss per share
Calculation of loss per share is based on the following loss and numbers of
shares:
6 months to 30 June 2024 6 months to 30 June 2023 Year to 31 December 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Loss attributable to owners of the Company for the purposes of:
Basic and diluted loss per share (1,120) (3,311) (3,508)
6 months to 30 June 2024 6 months to 30 June 2023 Year to 31 December 2023
Unaudited Unaudited Audited
'000 '000 '000
Weighted average number of shares for the purposes of:
Basic and diluted loss per share 35,342 34,347 34,586
The diluted loss per share is considered to be the same as the basic loss per
share. Potential dilutive shares are not treated as dilutive where they could
result in an increased loss per share.
6 months to 30 June 2024 6 months to 30 June 2023 Year to 31 December 2023
Unaudited Unaudited Audited
Pence Pence Pence
Loss per share
Basic and diluted loss per share (3.2) (9.6) (10.1)
See note 8 for details of the total number of shares in issue.
7. Goodwill and Other intangible assets
Acquisition related intangible assets
Goodwill Technology based assets Marketing based assets Customer based assets Licences Total
£'000 £'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2023 (audited) 482 955 - - 40 1,477
Acquired in business combinations 3,314 3,055 520 308 - 7,197
Exchange adjustment (114) (105) (18) (11) - (248)
At 30 June 2023 (unaudited) 3,682 3,905 502 297 40 8,426
Exchange adjustment (29) (26) (4) (3) - (62)
At 31 December 2023 (audited) 3,653 3,879 498 294 40 8,364
Exchange adjustment (78) (73) (13) (7) - (171)
At 30 June 2024 (unaudited) 3,575 3,806 485 287 40 8,193
Amortisation and impairment
At 1 January 2023 (audited) - 32 - - 24 56
Amortisation charge - 249 17 16 3 285
Exchange adjustment - - - - - -
At 30 June 2023 (unaudited) - 281 17 16 27 341
Amortisation charge - 247 16 16 4 283
Exchange adjustment - (1) - (1) - (2)
At 31 December 2023 (audited) - 527 33 31 31 622
Amortisation charge - 245 16 15 3 279
Exchange adjustment - (9) (1) - - (10)
At 30 June 2024 (unaudited) - 763 48 46 34 891
Net book value
At 1 January 2023 (audited) 482 923 - - 16 1,421
At 30 June 2023 (unaudited) 3,682 3,624 485 282 13 8,086
At 31 December 2023 (audited) 3,653 3,352 465 263 9 7,742
At 30 June 2024 (unaudited) 3,575 3,043 437 241 6 7,302
8. Share capital
Number £'000
At 1 January 2023 (audited) 31,170,093 312
Issue of new shares for the acquisition of Winterlight Labs Inc 3,445,595 34
Exercise of share options 237,145 3
At 30 June 2023 (unaudited) 34,852,833 349
Exercise of share options 107,276 1
At 31 December 2023 (audited) 34,960,109 350
Issue of new shares in relation to exercise of employee share options 189,263 2
Issue of new shares in relation to equity fundraising 6,561,057 65
At 30 June 2024 (unaudited) 41,710,429 417
All ordinary shares are issued and fully paid and carry equal voting and
distribution rights. There are no other classes of shares.
During the six months to 30 June 2024, the Company issued 189,263 (6 months to
30 June 2023: 237,145) ordinary shares of 1 pence each with a nominal value of
£1,893 (6 months to 30 June 2023: £2,371) pursuant to the exercise of shares
options.
On 18 and 19 June 2024, the Company issued 6,561,057 ordinary shares of 1
pence each with a nominal value of £65,611 as part of an equity fundraise.
Directly associated transaction fees of £446,000 were incurred which have
been offset against share premium.
9. Reconciliation of operating result to operating cash flows
6 months to 30 June 2024 6 months to 30 June 2023 Year to 31 December 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Loss before tax (1,130) (3,417) (3,457)
Adjustments for:
Depreciation of property, plant and equipment 40 46 97
Impairment of property, plant and equipment - 3 3
Amortisation of intangible assets 279 285 568
Share-based payments charge 311 135 160
Finance costs 303 - 168
Acquisition related expenses deferred amounts - 202 318
Interest receivable (12) (6) (16)
Research and Development expenditure tax credit (13) - (73)
Operating cash flows before movements in working capital (222) (2,752) (2,232)
(Increase)/decrease in inventories - (28) 29
Decrease/(increase) in trade and other receivables (230) 1,242 2,235
Decrease/(increase) in trade and other payables (13) 3 (445)
Decrease in deferred income from contracts with customers (1,199) (1,963) (4,667)
Cash used in operations before tax (1,664) (3,498) (5,080)
Taxation credit/(expense) less tax paid 81 (1) 113
Net cash flows used in operations (1,583) (3,499) (4,967)
The share-based payment charge has increased to £311,000 in the six months to
30 June 2024 (six months to 30 June 2023: £135,000) due to the extension of
the life of historic vested options in order to align to the Group's standard
10-year option life. This resulted in a one-off charge of £226,000.
10. Copies of interim financial statements
Copies of the interim financial statements are available from the Company at
its registered office at Tunbridge Court, Tunbridge Lane, Bottisham,
Cambridge, CB25 9TU. The interim financial information document will also be
available on the Company's website www.cambridgecognition.com
(http://www.cambridgecognition.com) .
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