COGSTATE LTD — Call Transcript 2026

Webinar: Unlocking Sustainable Clinical Trials Growth, which is part of the Cogstate Investor Insight series. I'm pleased to introduce our panelists today, Brad O'Connor, CEO and Managing Director, Rachel Colite, our Executive VP of Clinical Trials, Paul Maruff, Chief Innovation Officer, and Luka Lucić, Senior Director, Clinical Science of Psychiatry. Before we begin, please note this presentation has been prepared by Cogstate for general information only. It is not intended to be complete, is not financial product advice, and includes forward-looking statements that are subject to assumptions, risks, and uncertainties. You should consider your own circumstances and seek independent professional advice if needed. To that extent permitted by law, Cogstate does not give any warranty as to the accuracy, completeness, or reliability of the information and disclaims liability for any loss arising from reliance on it. Also, a reminder that this webinar is being recorded and all participants are in a listen-only mode. We will be opening for questions at the end. If you would like to submit questions, you can use the chat function, which is down on your right-hand side of the screen. I'd like to now hand over to you, Brad. Thank you, Bec. Welcome everybody. This is one of a series of these webinars we've done. For those who have missed the others, you can see them on the investor section of the Cogstate website. We started with an interview with Anthony Costello, who's the CEO of Medidata. We've done a deep dive into Alzheimer's disease. Today we're going to deep dive into some other indications and really around the thematic of how is Cogstate winning more work, in what indications is it doing that. Just to set the scene before I hand over to Rachel, Paul, and Luka to take us into the details. We see here the clinical trial sales contracts executed through the first nine months of the 2026 financial year totaled AUD 67.1 million, making the FY 2026 financial year already our second best year on record, with obviously the June quarter still to come. The composition of these contracts demonstrate a really substantial progress in our diversification strategy. AUD 23.7 million of that AUD 67 million, or 35%, was derived from mood, sleep, and other neurological conditions. That's depicted by the navy blue sections in each of the bars here. That AUD 23.7 million of sales contracts over nine months in mood, sleep, and neurology is up from AUD 8.5 million in the full FY 2025 year and AUD 7.4 million in the FY 2024 year. Today we're going to explore two distinct disease areas where Cogstate's winning work under that broader heading, those are narcolepsy and psychiatry. It's also clear that we're on track to show an increase in the value of sales contract executed across all indications, including an increase in the value of sales contracts in Alzheimer's disease in this 2026 year. In that context, we'll also explore today how we've expanded our offering to capture a greater share of wallet from total pharma R&D spend. We've mentioned previously Cogstate sells directly to our biopharma customers. However, we also sell via channel partners. These partners are providing their data capture technologies into clinical trials, and they partner with Cogstate to take their data capture technologies into central nervous system disease trials. In October of 2024, Cogstate and Medidata announced our partnership, and there's no doubt that part of the increased sales volume that Cogstate is now seeing has come via that Cogstate Medidata partnership. However, it's truly also worth noting that Clinical Ink remains a really important partner for Cogstate and also represents a significant volume of our sales contracts. In recent months, we've been approached by additional potential channel partners, and we expect to explore those opportunities over the coming periods. Cogstate's experienced a substantial increase in sales opportunities, as demonstrated by this graph. The blue line at the top shows sales opportunities per half year, while the green line at the bottom shows new sales contracts executed per half year. As you can see, over the last 18 months, we've experienced a substantial increase in sales opportunity or basically shots on goal. That increase in opportunities is being driven by three factors. Firstly, an overall increase in R&D spend in central nervous system diseases. That is, we're sort of rising on a rising tide. Secondly, our channel partnership strategy is working, and our partners, such as Medidata, are bringing us an increased volume of sales opportunities. Thirdly, we're bidding for a wider variety of work due to that expansion of indications in which Cogstate is offering our services, such as this push into psychiatry and sleep. With that as context, I'm now going to hand over to Rachel, who's going to dig into the details a little bit more. Thank you, Brad. Before Luka and Paul go into a bit more about the narcolepsy and psychiatry market, I wanted to just give you a bit of a primer on what Cogstate does briefly, and why our customers choose to work with us, and a bit about why we think we're winning in these growth areas. At a really simple level, Cogstate helps pharmaceutical companies generate reliable data in clinical trials. Every trial produces error. People make mistakes, and that creates noise in the data. What we do is we reduce that error, increasing signal strength and ultimately improving the quality of trial outcomes. We do that through three things working together. First, we help sponsors ensure the right assessments are used in the trials, and this often includes our scientifically validated digital cognitive assessments that are sensitive to early change. Second, we train and actively monitor clinicians globally to help ensure that these assessments are delivered correctly, whether it's our assessments or all the other clinical outcomes that are used in the trial, and that's regardless of geography or language. Third, we provide optimized data capture with our eCOA partners that Brad just mentioned. This is paired really tightly with those quality programs I just mentioned, and increasingly with AI-powered analytics. We do this to detect issues early so that we can end up with clean and conclusive data. When you put that together, we're not just collecting data, we're delivering confidence in cognitive and clinical endpoints at scale. That's why our solutions are used in pivotal studies and trusted by leading pharma companies and regulators. Over the course of many years, that's enabled us to build deep and long-term relationships across the industry. One more thing I wanted to highlight on the what we do category. Brad mentioned the increased volume of trials that we're winning, and importantly, we're also expanding the services that we're delivering within many of those trials. Central rating is a really good example of that. Traditionally, assessments and trials are done at the trial site, which can mean hundreds of raters globally, each introducing variability, and requiring patients to come into the site. What we're seeing now is a shift towards centralized sort of telehealth style assessments, delivered by a much smaller group of expert raters. In these models, Cogstate isn't just training and monitoring. Our experts are actually the raters. That's a meaningful growth lever for us, and adds high value services, and it improves the consistency of the clinical endpoints, which is obviously critical for regulatory confidence and trial success. It also fits naturally with our existing solutions and workflows, which at the end of the day, is all focused on improving signal over noise. At the same time, it deepens our relationship with our customers, by increasing the touchpoints across the program, and it really sort of elevates our role in the trial, where in many of these instances, when we're doing central rating, we're doing so on the primary endpoint, in the trial. It just really focuses the importance of the Cogstate deliverable. Overall, central rating is driving both that higher value per study, but also those more durable partner relationships with our customers, which supports our long-term sustainable growth. Why are we winning in these new indications like narcolepsy and depression? First of all, our validated digital assessments. We've built a leadership position in the space over decades with respect to digital cognitive tests. Having the right digital endpoints on our platform can be a really key differentiator for us and an entry point for the other Cogstate services. That's why we've strategically expanded our test library to include measures, like the attention and vigilance test used in narcolepsy, which Paul will describe. We're currently developing proprietary batteries for a sponsor, specifically for use in psychiatry. This is a specialized and a core capability of Cogstate. Validated digital tests are only one step. You also need the delivery engine that keeps the other clinical assessments clean at scale. That's where the science plus scalability is a real key combination for us. In psychiatry, like depression, the big risk is noise on the primary endpoint, the symptom severity rating scales. Having the specialized clinical science expertise that's deeply informing that global operating model to train and monitor and rate at scale, that's a key reason why we win, and that's something that we'll hear a little bit more about from Luka. That combination of sort of science plus scalability is what sponsors feel when they work with us, and that's right from pre-sales through to delivery and the final data analysis. That brings us to the relationships. We've discussed before that we see strategic partnerships as a core capability of the company, often engaging early around trial design and endpoint selection, this creates a real stickiness before the protocol's even locked. We've significantly grown the number of large pharma customers with whom we've achieved this partnered relationship with, where we have a longer list of large pharma where we have preferred status or approved status. I think this has been a real key driver to the awards increase that we're seeing. Fourth is our eCOA partner ecosystem, as Brad referred to before. This is how we scale, reach, and embed into the sponsor workflows. The partnership story is not just commercial, it's technical and operational integrations with workflows and data flows that reduce risk for sponsors and reduce the burden for the sites and patients. When you put it together, the proprietary digital measures plus the science-led and scalable endpoint data quality engine, plus trusted relationships flexibly delivered through our eCOA partner ecosystem. That's why we can successfully expand into indications like narcolepsy and depression and win the work repeatedly. Now we'll hear from the experts, Dr. Luka Lucić, who leads our psychiatry work. He'll share about how we are approaching endpoint quality in areas like depression. Professor Paul Maruff, our founder and Chief Innovation Officer, he'll speak about our work in narcolepsy and this emerging class of orexin-based therapies that are starting to show quite substantial effects. You might be wondering how large an opportunity in narcolepsy and that broader sleep-wake disorder space could be. I thought it would be worth noting some recent industry movements here. For example, Eli Lilly, their $7.8 billion acquisition of Centessa to establish a foothold in this space. There's growing belief that these conditions could become the next obesity, are a major undertreated systems-level health condition, like obesity was pre-GLP-1s. Cogstate's been deeply involved in supporting many of those leading companies that are developing orexin programs. With that, I'll hand over to Professor Maruff to talk through how we're supporting these trials. Thank you, Rachel Colite. Thank you very much. Good morning, everybody. A little background on narcolepsy. It's a remarkable circumstance that in the start of the 21st century, we have a disorder that's been appreciated since the Greeks, and the first treatment that has actually been able to show almost curative characteristics. Narcolepsy is a rare disorder. You can see on the slide there that it's about 12.6 per 100,000 people. The biology of the disease was only discovered at the start of this century, and remarkably was shown to be the loss of a specific class of neuron in an area of the brain called the hypothalamus, and the loss of neurons were exclusively orexin. Largely, the principle of this is that if we can replace orexin neurotransmission in people with narcolepsy, essentially the system starts working again, and the characteristic sleepiness and cataplexy, so that's sudden loss of muscle tone, is resolved. The work that we've been doing pretty much began in 2010, 2015, as companies started experimenting with drugs that acted on this system. As you can appreciate, as new drugs develop, there's issues of safety as people understand dose and understand target engagement. Having been there from the start, we've had a great opportunity to see how these drugs influence aspects that we understand, which is cognition. A crucial part, though, is that as we've understood orexin neurotransmission, we've learned that it actually is relevant to many, many other aspects of symptoms in people's disorders that include sleepiness in neurodegenerative disorders, cognitive impairment in psychiatric disorders, psychiatric symptoms of psychiatric disorders. Now part of the rationale for this rapid expansion and investment in this class of medicine is actually beyond the relatively rare disease of narcolepsy, and into extension of the use of that compound in other disorders that are related to sleep-wake. Of course, there's great regulatory support for this as well. Thanks. Brad, would you put the next slide up? Just to give you a sense of sort of how hot or how current this issue is, here is some data on the left, essentially generated from Cogstate cognitive digital tests that report the outcome of a phase II-B study. A phase II-B is a practice for a phase III study in people with narcolepsy, and the data there show the benefit of the orexin agonist called TAK-861 in a group of people with narcolepsy. The bars essentially talk about the magnitude of the benefit of the drug over placebo. The different colors are different doses. Whilst you see there's not much of a difference in dose response, the magnitude of that benefit for those tests is larger than any other benefit I've seen in any other area of medicine since I've been working in this space. The effects on cognition were enormous. That phase II-B data led Takeda to take cognition into their phase III program and nominate it as a secondary endpoint, two phase III pivotal trials. I can report, because it's public now, that those phase III trials were successful. That next little abstract that you can see will be reported at the sleep meeting in Baltimore next week. The information is public. Those phase III studies were positive. The magnitude of the effects identified in the two studies were exactly the same as what was observed in the phase II-B, this was not a fluke. This is a truly large effect. This is the first in class of this drug, the first time in a phase III study. As you can see, the little arrow moving to the right says that the information from these trials is now with the regulator, the FDA, and we expect advice on the outcome of that imminently, in the next month or two. Takeda, this is just my guess, they're planning for product launch second half of this year, the wind is at our back here. Of course, as you can appreciate with Lilly's large investment, every company that's in this space is entirely spooked. All of the engines are running much harder now to try and get this done. Next slide, please, Rachel. Just to recapitulate what we said at the start, that you might consider, why would narcolepsy be considered such a growth area? It's not. The narcolepsy issue is one small and early indication for this, and we've now got proof of concept that the drug works in that indication, and that we understand a little bit more about how modulation of orexin neurotransmission can manifest symptomatically. This has led, almost overnight, to plans and indeed, the beginning of clinical trials already. You could look at ClinicalTrials.gov and see where they're going. Currently kicked off in indications such as attention deficit hyperactivity disorder in adults, in major depressive disorder by itself, and major depressive disorder that's characterized by disruption of sleep-wake cycles. We know that disruption of sleep is an important generative aspect of neurodegeneration disorder. There's this idea that sleep disruption is part of the process by which amyloid accumulates in Alzheimer's disease and alpha-synuclein accumulates in Parkinson's disease and Lewy body dementia. Both of those latter two disorders have a symptomatic presentation of abiding fatigue and apathy. There's a number of other sleep-wake disorders like narcolepsy type 2 and hypersomnia and other sorts of exclusively sleep disorders. The early success, the fact that we were at the place where the success occurred, and with cognition, it was demonstrated on our proprietary tests, I believe puts us in a great place to actually expand our expertise and knowledge to assist companies who are working in these other indications with the same mechanism of action. Thanks, Rachel. I think that's me now, and I'm going to introduce you to Dr. Luka Lucić, who's going to explain to us about how psychiatry is growing in Cogstate. Thank you. Thank you very much, Paul. Thank you very much for your attention. As Paul mentioned, I'm going to talk a little bit about the reasons why we are seeing such growth in psychiatry, which was introduced by my colleagues earlier. Psychiatry trials are expanding at 8%-10% annually, reflecting renewed investment, and increasing global disease burden. Of course, we all know that psychiatric disorders are very prevalent, very well recognized, and increasingly more recognized, leading to increased need for treatment and attention. Cogstate, as you all know, is not new to psychiatry. We've been present in this space for quite a while now. However, we have not seen this magnitude and this scope of work for a while. There are a few reasons that are driving our success in the area of psychiatry. Some of the reasons are, to borrow the phrase that Paul used, there is some wind in our back. There are some changes that are happening in the industry and in the research in general. Then also we've changed some ways that we do things. I'm going to talk briefly about both of those. First of all, new drugs are being experimented on, new drugs are being brought into the pipelines and are likely going to be brought to the market. There are two classes of drugs. One is psychedelics, psilocybin, MDMA, ketamine, and even DMT. They are substances that have previously been seen as exotic substances that are trying, or are getting their space under the regulatory environment, and they represent a different neurobiological approach to targeting the high unmet needs in treatment-resistant depression, PTSD, addiction, and so forth. There is a new way of treating psychiatric disorders through psychedelics. The GLP-1 receptor agonists are also a class of drug that is being experimented on heavily. As you all know, and to bring it back to the point that Rachel made at the beginning regarding our central rating, both psychedelics and GLP have effects and then side effects that are sort of obvious to a naive eye. In order for the assessors or, as we call them, the raters of the change in psychiatric trials to be blinded to what substances are experimented on, central rating is used as a modality of rating. It's much easier to blind an individual to the type of side effects that the patient or the subject is having in the trial if that individual is not in the close proximity of the subject. As Rachel mentioned, it's sort of a telehealth type of a modality. That is bringing in a robust work for us, and we are, on the other hand, meeting that robust work with some changes that we're introducing. Maybe we can go to the next slide, and then I can talk about the changes. We have changed the way that we think about, that we talk about, and train both site raters that are primary recipients of our psychiatric training programs, and also our centralized raters. We are grounding our approach in a training philosophy that uses or thinks about the assessments in psychiatry as a unified system. Assessments in psychiatry are a tricky thing. If you are assessing some more objective area of medicine, for example, you want to know whether a fracture is healing quicker than naturally, you can administer a simple X-ray. In psychiatry, we don't have such objective measures. Most of our measures are very robust, very subjective. They've been made almost in the time of dinosaurs, 40 or 50 years ago. They're still being used. Great care is needed in terms of training and approaches to training and systematizing rater performance from multiple international sites that are part of a phase II or phase II-B or phase III trial even. We have changed the way that we think about our training, and we've also changed the way we think about our training for our central raters. Across rater training, data monitoring, and central raters, we help raters with this new approach to understand how items within a rating scale are differentiated, how they're constructed, how they're related. It's all with the aim of improving coherence and reliability and reducing what in psychiatry we call type 2 placebo responses. Psychiatry distinguishes between type 1 and type 2 placebo. Type 1 placebo is a genuine improvement that a patient experiences due to taking a non-active medicine, such as a sugar pill or some other treatment, where the patient really feels better. It's not that they're trying to deceive us, it's not that they're trying to impress us, but they really do feel better. Where we've targeted our approaches with training is to type 2 placebo. Type 2 placebo is not there because the subject or the patient themselves feels better, but because the person who is administering the measures believes perhaps that the subject should feel better. We are targeting our approaches to the messy measurements to, as Rachel mentioned at the beginning, reducing the noise and increasing the signal detection through the training approaches. In addition to this, we are developing AI-based approaches to help us with the training. This is, I think, novel approaches and novel use of artificial intelligence to help us train the raters at a level that we need to, given the current environment and given the growth of our business. I'll end there and pass it back to Rachel, but I'm sure we can address some questions if there are any. Thank you. Thank you very much, Luka and Paul. Before I hand to Brad to summarize, I wanted to just share a bit about how we're scaling the delivery model to support this volume of growth. Cogstate are investing in a clinical trials delivery platform. It's built on advanced workflow automation and an intelligent orchestration layer with embedded AI. At its core, the platform automates repeatable elements of trial delivery and fundamentally change how projects are planned, executed, and monitored at Cogstate. This moves us away from fragmented manual processes towards a scalable technology-enabled operating model. It unlocks meaningful capacity, coordinates work more effectively across people and systems, and it improves the consistency of delivery, all while increasing throughput without the linear headcount growth. Just as importantly, there's a real focus on enhancing the customer experience through this, with greater transparency, more predictable timelines, and consistently high-quality delivery across studies, no matter where the work is being done. We see this as an ongoing investment in a scalable operating model, not a one-time build, and a key driver of margin expansion over the medium term. This is something that we'll talk more about in the coming release of the full-year annual results. Brad, maybe I'll hand to you for a summary. Thank you, Rachel. Thank you, Paul. Thank you, Luka. I think that was great. As you'll see from this, what we're trying to do with these sessions is we're not talking to our financial results. There's no mention of revenue and margins and profitability. What we're trying to do is allow you to understand what we're seeing inside the business and how we're seeing growth. There's no doubt that we're seeing sales momentum is strong in the business. The opportunities, the shots on goal is growing substantially, and we're seeing an increase in sales contracts and the value of sales contracts that come with that. We look forward to sharing with you the results from the June quarter, and we'll be releasing those on the 8th of July. We'll see, and we're expecting again to show a strong June quarter in terms of sales contracts. Importantly, we're seeing that diversification into different indications. If people who have been following Cogstate for some time, you'll know that our business out there and our commercial opportunity was really built around Alzheimer's disease. What we're seeing now is that push beyond Alzheimer's into psychiatry, into these orexin programs, into rare disease, and with multiple large pharma-preferred relationships, where we're developing that deep partner relationship that we really pride ourselves on, and we think differentiates us from our competitors. At the same time, we're expanding our solutions to really cater for the way that the conduct of clinical trials is changing. Rachel's initial commentary around central rating and the use of our contracted workforce of neuropsychologists. We have over 400 contracting neuropsychologists around the world delivering solutions in local language via telehealth into these clinical trials. As Luka mentioned, there's some real advantages and some decrease in error that comes from that being not an in-person delivery of those assessments, but via a telehealth assessment, where we can keep that person, the rater, the doctor conducting the assessment, we can keep them blinded to whether the person is on drug or is on the placebo. That's really important in terms of reducing that type 2 error that Luka was talking about. We think the company's really well-positioned for growth. We look forward to sharing with you our 2026 results in August. Just some upcoming dates that we'll note before opening up to questions. As I mentioned, we'll be releasing our June quarterly on the 8th of July. That'll just be our sales number. Importantly, it'll also provide the contracted revenue position as at 1st of July, as we head into the FY 2027 financial year. We'll be releasing our full-year results on Tuesday the 18th of August, and then the September quarterly at the start of October, 12th of October, followed by our AGM on the 15th of October. With that, Bec, I'll hand it over to you and questions. Thanks for that, Brad. Super interesting insight to the clinical trials business. Let's kick off the questions, and it's great to see questions coming into the chat, so please continue to add them there. The first one, Alzheimer's and related neurology still look material in your mix. Are you confident that psychiatry, sleep disorders, and rare disease trials can sustain strong growth over, say, the next three to five years? Look, I'll start there and then I'll maybe hand over to Rachel. I think certainly in terms of opportunities that we're seeing. In psychiatry, that's an enormous area that, as Luka mentioned, we've expanded our solutions there. We're really just getting started there in terms of that growth profile. We're really confident there. Then I think as Paul mentioned in the orexin programs, we expect that we're about to get to the approval of the first treatment type 1 narcolepsy. Again, I think we're just starting there, and as Paul mentioned, we're seeing that expansion of these orexin programs looking at other indications. Again, I think we think substantial growth there. We've continued to see growth in rare disease trials, and that's been consistent for us. We also think that Alzheimer's disease has a lot of growth in it, particularly as we await the outcome from these sort of pre-symptomatic trials that are ongoing. I think from our perspective, the opportunity for growth is there. The question is, how do we go and execute on it? Rachel, I don't know if you want to add some comments there. Yeah, no, I agree. I think in psychiatry, it's a large and growing addressable market, where I think our channel partnerships are another key reason. We'll keep seeing more of these. We've historically not been in a leadership position where we're winning most of that market share. There's still a lot more for us to grow into. We're set up to deliver well. We've invested in the space. We're bringing on additional scientific resources, and we'll continue to invest, as Luka said, in the innovations in that space as well, where we're bringing on different technologies and training modalities. I think that one we're very confident in our ability to grow that over the medium term. I would say with narcolepsy, as Paul pointed out, really positioning ourselves as having an ability to sort of be the gold standard in how you measure cognition in this class of drug or mechanism. As we see that going into additional indications, even beyond sleep-wake disorders, I think also presents a really exciting opportunity there, even beyond narcolepsy. I think that gives us the confidence that that will be a growing place, even outside of sort of the maybe more niche application of narcolepsy specifically. Great. Next question. Pipeline opportunities in the first half 2026 report in February were circa 85, in this presentation look to be around 160. Are you able to explain this increase? I think you just need to look at the X-axis there. I think the previous demonstration of this was a quarterly presentation, but data on this is just a half-yearly. The fact that it's basically a doubling is just that it's two quarters. I think that's all that's going on there. Apologies for confusing people by changing the axis Yeah. Good clarification. Thanks, Brad. Can you talk at a high level about the quantum or length of contracts in narcolepsy relative to, say, Alzheimer's or other disease areas? Paul, do you want to take this just in terms of the timing of narcolepsy trials in terms of how quickly they run versus an Alzheimer's disease trial? Sure thing. One of the great surprises for us, having worked so long in Alzheimer's disease is when the narcolepsy studies began, they were pretty much done by the time we'd neatened up our desks and got ready for the results, right? Generally speaking, those two phase III programs that reported out were 12 weeks of the trial ran. The answer, the claim about the effectiveness of the drug is based on those. Of course, like a lot of these medicines, individuals then get the opportunity to go into long-term extensions, and those extensions run over couples of years. At the same time, because the programs are new, better drugs, if you like, safer drugs, or if you like, not drugs, variations on the molecules come out that can be used at lower doses or less volume or with less side effects. These studies run quickly, at least in the sleep-disordered areas. It may change as we move into, say, something like depression or Parkinson's disease. You may want to examine it over longer periods of time. Rather when you replace orexin in the central nervous system, the activity starts happening immediately. Yeah, very short. Great. Do you see a use for Cogstate outside the trial setting, say in clinical practice? Yeah, I think this is a really interesting thing, Paul, I'll come to you in a second to talk about the measurement of cognition in narcolepsy outside of clinical trials. I think there is an opportunity, and I think one of the things that, and particularly that Paul's done a fantastic job of, and the whole science team, is positioning the Cogstate digital assessments as key or primary cognitive endpoints in these trials. I think there is a question, Paul, of what happens in the community post-release of trials to continue to monitor that benefit. Yep. This question about the use of Cogstate in clinical practice has been with us since we began, is how do we take these tests and use them in clinical practice? We have attempted a number of times and learned a great deal from those events. Essentially the success in that is having a very clear understanding of not so much how the test is used, but what decision is made on the basis of the test. That's the first thing. Why are doctors going to use it? It's not enough just to provide them with the information, with the test. You have to actually also give them a framework. The second thing is, on the basis of that information, what do they do next? Interestingly, a lot of stuff with Cogstate technology is not so much about the test, but more about what decision you make on the basis of the test. Two emerging areas where I think this is important is, as we've seen with narcolepsy, that clinicians may wish to either reassure their patients that their cognition is improving as a consequence. Our anthropological work, if you like, in narcolepsy is that everyone complains that they don't think as clearly as they should or that their memory's problematic. Having something that you can reassure patients and show them that this benefits as a consequence of treatment, that might be the case. These drugs might be also so good that you just feel great that that's not unnecessary, like with a GLP, right? I don't need to get on the scales to show that I've lost weight. The second issue is in Alzheimer's disease. The area that we've always been working in is the extent to which Cogstate tests can guide decision-making in the context of Alzheimer's disease management. To some extent, it's a similar issue now that with the approval of drugs, and greater use of those by doctors in either general practice or in specialty practice, the decision-making pathways are becoming clear. We know our tests work. We know we can give the data back. We know we have them approved in FDA regulatory frameworks. We know all that. We just have to understand how they're used properly. Again, only after 20 years do we say it's imminent that they're going to be used. I think in both of these fields, the remarkable change is the availability of drugs that are curative or restorative of the disease. The decision becomes very clear. Does this person warrant treatment, and is this treatment safe, and is this treatment efficacious? We can sort of align our technology and our decision, like our information feedback systems against those decisions. Thanks, Paul. Next question. To what extent is your diversification into areas such as narcolepsy and psychiatry being driven by channel partners versus broadening Cogstate's internal capabilities? Rachel, do you want to take this one? Sure. Yeah, it was intentionally both. We knew from working with our channel partners what their customer base and their RFP base looked like. We were very intentional about building that capability, particularly within psychiatry. With narcolepsy, it was a bit different. Narcolepsy was less dependent on channel partners. It was really more about those deep science relationships, particularly with Paul, working very closely with our customers to understand their pipeline and the needs that they had. That allowed us to be quite strategic and work ahead of them in developing the right digital cognitive tests on our platform. They liked that idea of they needed something quite innovative to get the right measure in place, but they wanted to deliver it on a compliant and proven platform and framework. That's what we were able to provide. Add to that a bit of luck with the success that's happened in those programs, and so we've got ourselves more of a leadership position. Certainly in psychiatry, it's definitely been driven by the sort of the sales reach of these larger channel partnerships. We had to be ready to absorb that with some strategic investments that we started about 18 months ago. Yeah. Perhaps just as an extension to that question, given the focus today on narcolepsy and psychiatry, are these the two focus areas outside of Alzheimer's? They are two focus areas outside of Alzheimer's. I would say rare is a continued, it's not all rare, but the neurodevelopmental disorders, where there's the clinical outcome assessments that have the same needs in terms of endpoint data quality, that's another key growth area that we believe will very much continue and should continue to drive the same 25-ish of our RFP volume that we've seen historically. I think we'll see these as our core focus areas. There's a couple of others that sort of bubble up, and we're seeing increasingly prevalent and we may make some focused investments there. Parkinson's and other Parkinsonian disorders are another area where we are winning work. We've been focused a bit on a certain part of those outcome measures, a certain section of those outcome measures, and we have an opportunity to think about that more broadly. I think that's something that we're still evaluating. I would say these are the two main sort of growth areas outside of rare. Great. Thanks, Rachel. Related to winning the work in new indications, clinical trials, do you see any trend in the win rate yet converting pipeline to new contracts? It's on the presumption, the more track record that Cogstate gains, the higher win rate will be. Secondly, do you see increasing competition on these new frontiers? Yeah. It's a good one. I'll answer the first one, Rachel, you think about the second one. In terms of win rate, we sort of expected when we went to market with new partners, you expect to see a lower win rate initially. I think that's what we've seen. I think we're seeing that reverting to the mean over time as we become more established, and so we're comfortable with where win rates are. On this graph that's shown on the screen now, we would expect the increase in sales to lag from a timeline point of view, the increase in opportunities, just because there's a sales process that takes some weeks and months sometimes to execute. That's always going to be the identification of opportunity and then the closing of that opportunity is always going to have some sort of time lag behind it. We think win rates are in order of Certainly, our win rate through channel partnerships doesn't yet replicate our win rate when we go to market alone. I think that can be somewhat misunderstood because when we're deeply embedded with a customer, and we have the likes of Paul and Luka and our other scientists advising them on endpoint selection and trial design, we're right in there from the start. I think the channel partnerships just come at it from a more, what you'd consider a more traditional sales, a request for proposal type, and request for information type workflow, and therefore the win rate in that is probably going to be slightly slower than we see in those direct relationships when we're advising people. Rachel, do you want to comment on the competition piece? Yeah. I would say, just to expand a moment on what you were mentioning about the win rate, that I agree that when working through partnerships, it can be impacted, and I think it is our aim to become very sophisticated and good at partnerships, especially with our tightest channel partners. I think accessing, getting that peer-to-peer and science-to-science relationships early is going to be key in that, and figuring out how do we navigate co-selling through our channels, so that we can achieve that. I think the opportunity for that is a little less in the CRO side of things with, we have channel partners and eCOA partnerships as well as with contract research organizations. I would say in that slice of the channel relationships, it's a bit harder to impact. We have a more challenging time getting that access to customer, where we have a very reliable and predictable win rate when working. We understand what that is, and it sort of is what it is. We don't expect it will impact that much. I do think with our channel partners that are of the eCOA type, like our Medidata and Clinical Ink partnerships, that we will just see that increase over time as we become more expert at going to market together. Can you repeat back the competition component of the question? It was really just a question around are you seeing sort of emerging competition as you start to do more of these new frontier clinical trials? It's not so much new, just we're sort of the emerging competition. It's that there's a couple of established players in psychiatry at least, where we had previously not addressed that market as well, likely because of our limited sales team and also just what our internal capabilities looked like previously to that investment in psychiatry. I would say that we're probably the newer entrant and gaining market share through that. Thank you. Does Cogstate have any involvement with university-led academic research in addition to your partnerships with pharmaceutical and biotechnology? Yeah, we have some. Cogstate through our history has provided our digital assessments at low or no cost to academic researchers. We're continuing that. That was a little too popular and became a burden to manage. We're a little more selective now, certainly we still collaborate with academic researchers. Okay. What impact does Lilly buying Centessa have given the existing relationship with Lilly? We also had an existing relationship with Centessa, I don't think that's an immediate difference from our point of view. I think what we would expect, though, this is just not based on any inside knowledge, but just looking at the market generally, that you would expect to see an increase in R&D spend, or at least the rate of R&D spend with respect to those Centessa assets, just because of Lilly's balance sheet and R&D spend, and access to capital changes that obviously will impact those assets within Centessa. Terrific. Just down to the last few questions. Can you share the most exciting new solution from Cogstate that you'll either soon launch or have recently launched to increase revenue per contract? Yeah. That's a very broad question. There's so many different things. Absolutely. Look, I do think the work that we're doing and the changes that we're seeing in terms of how we're delivering solutions, what Rachel talked about with the central rating, I think is really important. I think what we're looking at from an AI perspective, both in terms of new product, as well as how we deliver our solution. The operating model that we work within, I think is really exciting. I think some of the data analysis that we're doing, particularly on the Cogstate digital assessments in the area of pre-symptomatic Alzheimer's disease. There's some data that we're presenting at the upcoming Alzheimer's Association International Conference in London in July. At another Alzheimer's meeting in October, where again, had some data accepted there for presentation that shows the really good effects of the Cogstate digital assessments in terms of identification of really subtle change. Probably more importantly, with the ability to show some predictive value of decline in that pre-symptomatic population. I think that data's really interesting and positions us really well in terms of winning continued work in that really exciting area. Great. In both of the growth areas shared today, what is the current versus expected future mix between contracts for phase I, II, and III trials? We don't do a lot of work in phase I, which are safety trials generally. Mainly phase II and phase III. Look, I think we're starting to see now in, particularly narcolepsy, some of the programs that we've been working on for some time pushing into phase III. Paul mentioned the Takeda program that's public now, that they've just completed the phases III. I think as a general rule, when we're winning new work, the idea is you try and win that work at a phase II, and provided that the compound or the program is successful, that we follow that through to phase III, and those sort of basic rules apply. We're obviously winning a degree of new work, particularly in psychiatry. Generally speaking, we're winning that work in phase II, and then that matures into phase III over time. Great. Final question for today. Are you observing lower conversion on the large channel partner pipeline? I don't know that we're seeing lower conversion. I think you're pitching a new offering. I think the other thing that's important to understand is that sometimes we'll be pitching to the same program a couple of different ways, either through different channel partners or directly, or as well as through a channel partner. I think it's just different. I don't know that we're seeing necessarily lower conversion. Rachel, I don't know if you want to comment on that. No, I think that's accurate. I think it's accurate. We are still trying to understand it, because what we're doing with some of our channel partners, it's sort of pushing us into areas that are adjacent to our core and even outside of CNS, where we're doing rater training in atopic dermatitis, for example. In those areas, we don't know what the expected win rate should be. It's sort of incremental, where we don't have an expectation around the award. I think that just the dynamics of those channel partnerships is such that we're still really understanding what is the expected win rate there. I will say we're seeing it grow, and especially in our core area. There's a bit we're sort of aligning what we're known for and our experience set with that becoming what our partners are known for and their experience set. As those two things come in alignment, we're seeing an increase in our win rate there. I think it's still a bit of a moving target, but something that's quite productive at the moment. Okay. With that, Brad, over to you to conclude. Thank you everyone. Thanks for your attention. The recording of this will be up on our investor page shortly. Just a reminder of those dates. Wednesday, 8th of July is the next market release. Thank you very much for your attention. We feel really confident in terms of the business, its current state and the growth profile, and the opportunities that we see in front of us. We look forward to reporting you on that shortly. Thanks for your time. Thank you all

Speaker 5: Webinar: Unlocking Sustainable Clinical Trials Growth, which is part of the Cogstate Investor Insight series. I'm pleased to introduce our panelists today, Brad O'Connor, CEO and Managing Director, Rachel Colite, our Executive VP of Clinical Trials, Paul Maruff, Chief Innovation Officer, and Luka Lucić, Senior Director, Clinical Science of Psychiatry. Before we begin, please note this presentation has been prepared by Cogstate for general information only. It is not intended to be complete, is not financial product advice, and includes forward-looking statements that are subject to assumptions, risks, and uncertainties. You should consider your own circumstances and seek independent professional advice if needed. To that extent permitted by law, Cogstate does not give any warranty as to the accuracy, completeness, or reliability of the information and disclaims liability for any loss arising from reliance on it. Webinar: Unlocking Sustainable Clinical Trials Growth, which is part of the Cogstate Investor Insight series. webinar unlocking sustainable clinical trials growth which is part of the cogstate investor insight series I'm pleased to introduce our panelists today, Brad O'Connor, CEO and Managing Director, Rachel Colite, our Executive VP of Clinical Trials, Paul Maruff, Chief Innovation Officer, and Luka Lucić, Senior Director, Clinical Science of Psychiatry. i'm pleased to introduce our panelists today brad o'connor ceo and managing director rachel colite our executive vp of clinical trials paul maruff chief innovation officer and luka lucić senior director clinical science of psychiatry Before we begin, please note this presentation has been prepared by Cogstate for general information only. before we begin please note this presentation has been prepared by cogstate for general information only It is not intended to be complete, is not financial product advice, and includes forward-looking statements that are subject to assumptions, risks, and uncertainties. it is not intended to be complete is not financial product advice and includes forward-looking statements that are subject to assumptions risks and uncertainties You should consider your own circumstances and seek independent professional advice if needed. you should consider your own circumstances and seek independent professional advice if needed To that extent permitted by law, Cogstate does not give any warranty as to the accuracy, completeness, or reliability of the information and disclaims liability for any loss arising from reliance on it. to that extent permitted by law cogstate does not give any warranty as to the accuracy completeness or reliability of the information and disclaims liability for any loss arising from reliance on it Also, a reminder that this webinar is being recorded and all participants are in a listen-only mode. We will be opening for questions at the end. If you would like to submit questions, you can use the chat function, which is down on your right-hand side of the screen. I'd like to now hand over to you, Brad. Also, a reminder that this webinar is being recorded and all participants are in a listen-only mode. also a reminder that this webinar is being recorded and all participants are in a listen-only mode We will be opening for questions at the end. we will be opening for questions at the end If you would like to submit questions, you can use the chat function, which is down on your right-hand side of the screen. if you would like to submit questions you can use the chat function which is down on your right-hand side of the screen I'd like to now hand over to you, Brad. i'd like to now hand over to you brad

Speaker 1: Thank you, Bec. Welcome everybody. This is one of a series of these webinars we've done. For those who have missed the others, you can see them on the investor section of the Cogstate website. We started with an interview with Anthony Costello, who's the CEO of Medidata. We've done a deep dive into Alzheimer's disease. Today we're going to deep dive into some other indications and really around the thematic of how is Cogstate winning more work, in what indications is it doing that. Just to set the scene before I hand over to Rachel, Paul, and Luka to take us into the details. Thank you, Bec. thank you bec Welcome everybody. welcome everybody This is one of a series of these webinars we've done. this is one of a series of these webinars we've done For those who have missed the others, you can see them on the investor section of the Cogstate website. for those who have missed the others you can see them on the investor section of the cogstate website We started with an interview with Anthony Costello, who's the CEO of Medidata. we started with an interview with anthony costello who's the ceo of medidata We've done a deep dive into Alzheimer's disease. we've done a deep dive into alzheimer's disease Today we're going to deep dive into some other indications and really around the thematic of how is Cogstate winning more work, in what indications is it doing that. today we're going to deep dive into some other indications and really around the thematic of how is cogstate winning more work in what indications is it doing that Just to set the scene before I hand over to Rachel, Paul, and Luka to take us into the details. just to set the scene before i hand over to rachel paul and luka to take us into the details We see here the clinical trial sales contracts executed through the first nine months of the 2026 financial year totaled AUD 67.1 million, making the FY 2026 financial year already our second best year on record, with obviously the June quarter still to come. The composition of these contracts demonstrate a really substantial progress in our diversification strategy. AUD 23.7 million of that AUD 67 million, or 35%, was derived from mood, sleep, and other neurological conditions. That's depicted by the navy blue sections in each of the bars here. That AUD 23.7 million of sales contracts over nine months in mood, sleep, and neurology is up from AUD 8.5 million in the full FY 2025 year and AUD 7.4 million in the FY 2024 year. Today we're going to explore two distinct disease areas where Cogstate's winning work under that broader heading, those are narcolepsy and psychiatry. We see here the clinical trial sales contracts executed through the first nine months of the 2026 financial year totaled AUD 67.1 million, making the FY 2026 financial year already our second best year on record, with obviously the June quarter still to come. we see here the clinical trial sales contracts executed through the first nine months of the 2026 financial year totaled aud 67.1 million making the fy 2026 financial year already our second best year on record with obviously the june quarter still to come The composition of these contracts demonstrate a really substantial progress in our diversification strategy. the composition of these contracts demonstrate a really substantial progress in our diversification strategy AUD 23.7 million of that AUD 67 million, or 35%, was derived from mood, sleep, and other neurological conditions. aud 23.7 million of that aud 67 million or 35% was derived from mood sleep and other neurological conditions That's depicted by the navy blue sections in each of the bars here. that's depicted by the navy blue sections in each of the bars here That AUD 23.7 million of sales contracts over nine months in mood, sleep, and neurology is up from AUD 8.5 million in the full FY 2025 year and AUD 7.4 million in the FY 2024 year. that aud 23.7 million of sales contracts over nine months in mood sleep and neurology is up from aud 8.5 million in the full fy 2025 year and aud 7.4 million in the fy 2024 year Today we're going to explore two distinct disease areas where Cogstate's winning work under that broader heading, those are narcolepsy and psychiatry. today we're going to explore two distinct disease areas where cogstate's winning work under that broader heading those are narcolepsy and psychiatry It's also clear that we're on track to show an increase in the value of sales contract executed across all indications, including an increase in the value of sales contracts in Alzheimer's disease in this 2026 year. In that context, we'll also explore today how we've expanded our offering to capture a greater share of wallet from total pharma R&D spend. We've mentioned previously Cogstate sells directly to our biopharma customers. However, we also sell via channel partners. These partners are providing their data capture technologies into clinical trials, and they partner with Cogstate to take their data capture technologies into central nervous system disease trials. In October of 2024, Cogstate and Medidata announced our partnership, and there's no doubt that part of the increased sales volume that Cogstate is now seeing has come via that Cogstate Medidata partnership. It's also clear that we're on track to show an increase in the value of sales contract executed across all indications, including an increase in the value of sales contracts in Alzheimer's disease in this 2026 year. it's also clear that we're on track to show an increase in the value of sales contract executed across all indications including an increase in the value of sales contracts in alzheimer's disease in this 2026 year In that context, we'll also explore today how we've expanded our offering to capture a greater share of wallet from total pharma R&D spend. in that context we'll also explore today how we've expanded our offering to capture a greater share of wallet from total pharma r&d spend We've mentioned previously Cogstate sells directly to our biopharma customers. we've mentioned previously cogstate sells directly to our biopharma customers However, we also sell via channel partners. however we also sell via channel partners These partners are providing their data capture technologies into clinical trials, and they partner with Cogstate to take their data capture technologies into central nervous system disease trials. these partners are providing their data capture technologies into clinical trials and they partner with cogstate to take their data capture technologies into central nervous system disease trials In October of 2024, Cogstate and Medidata announced our partnership, and there's no doubt that part of the increased sales volume that Cogstate is now seeing has come via that Cogstate Medidata partnership. in october of 2024 cogstate and medidata announced our partnership and there's no doubt that part of the increased sales volume that cogstate is now seeing has come via that cogstate medidata partnership However, it's truly also worth noting that Clinical Ink remains a really important partner for Cogstate and also represents a significant volume of our sales contracts. In recent months, we've been approached by additional potential channel partners, and we expect to explore those opportunities over the coming periods. Cogstate's experienced a substantial increase in sales opportunities, as demonstrated by this graph. The blue line at the top shows sales opportunities per half year, while the green line at the bottom shows new sales contracts executed per half year. As you can see, over the last 18 months, we've experienced a substantial increase in sales opportunity or basically shots on goal. That increase in opportunities is being driven by three factors. Firstly, an overall increase in R&D spend in central nervous system diseases. That is, we're sort of rising on a rising tide. However, it's truly also worth noting that Clinical Ink remains a really important partner for Cogstate and also represents a significant volume of our sales contracts. however it's truly also worth noting that clinical ink remains a really important partner for cogstate and also represents a significant volume of our sales contracts In recent months, we've been approached by additional potential channel partners, and we expect to explore those opportunities over the coming periods. in recent months we've been approached by additional potential channel partners and we expect to explore those opportunities over the coming periods Cogstate's experienced a substantial increase in sales opportunities, as demonstrated by this graph. cogstate's experienced a substantial increase in sales opportunities as demonstrated by this graph The blue line at the top shows sales opportunities per half year, while the green line at the bottom shows new sales contracts executed per half year. the blue line at the top shows sales opportunities per half year while the green line at the bottom shows new sales contracts executed per half year As you can see, over the last 18 months, we've experienced a substantial increase in sales opportunity or basically shots on goal. as you can see over the last 18 months we've experienced a substantial increase in sales opportunity or basically shots on goal That increase in opportunities is being driven by three factors. that increase in opportunities is being driven by three factors Firstly, an overall increase in R&D spend in central nervous system diseases. firstly an overall increase in r&d spend in central nervous system diseases That is, we're sort of rising on a rising tide. that is we're sort of rising on a rising tide Secondly, our channel partnership strategy is working, and our partners, such as Medidata, are bringing us an increased volume of sales opportunities. Thirdly, we're bidding for a wider variety of work due to that expansion of indications in which Cogstate is offering our services, such as this push into psychiatry and sleep. With that as context, I'm now going to hand over to Rachel, who's going to dig into the details a little bit more. Secondly, our channel partnership strategy is working, and our partners, such as Medidata, are bringing us an increased volume of sales opportunities. secondly our channel partnership strategy is working and our partners such as medidata are bringing us an increased volume of sales opportunities Thirdly, we're bidding for a wider variety of work due to that expansion of indications in which Cogstate is offering our services, such as this push into psychiatry and sleep. thirdly we're bidding for a wider variety of work due to that expansion of indications in which cogstate is offering our services such as this push into psychiatry and sleep With that as context, I'm now going to hand over to Rachel, who's going to dig into the details a little bit more. with that as context i'm now going to hand over to rachel who's going to dig into the details a little bit more

Speaker 4: Thank you, Brad. Before Luka and Paul go into a bit more about the narcolepsy and psychiatry market, I wanted to just give you a bit of a primer on what Cogstate does briefly, and why our customers choose to work with us, and a bit about why we think we're winning in these growth areas. Thank you, Brad. thank you brad Before Luka and Paul go into a bit more about the narcolepsy and psychiatry market, I wanted to just give you a bit of a primer on w hat Cogstate does briefly, and why our customers choose to work with us, and a bit about why we think we're winning in these growth areas. before luka and paul go into a bit more about the narcolepsy and psychiatry market i wanted to just give you a bit of a primer on w hat cogstate does briefly and why our customers choose to work with us and a bit about why we think we're winning in these growth areas At a really simple level, Cogstate helps pharmaceutical companies generate reliable data in clinical trials. Every trial produces error. People make mistakes, and that creates noise in the data. What we do is we reduce that error, increasing signal strength and ultimately improving the quality of trial outcomes. We do that through three things working together. First, we help sponsors ensure the right assessments are used in the trials, and this often includes our scientifically validated digital cognitive assessments that are sensitive to early change. At a really simple level, Cogstate helps pharmaceutical companies generate reliable data in clinical trials. at a really simple level cogstate helps pharmaceutical companies generate reliable data in clinical trials Every trial produces error. every trial produces error People make mistakes, and that creates noise in the data. people make mistakes and that creates noise in the data What we do is we reduce that error, increasing signal strength and ultimately improving the quality of trial outcomes. what we do is we reduce that error increasing signal strength and ultimately improving the quality of trial outcomes We do that through three things working together. we do that through three things working together First, we help sponsors ensure the right assessments are used in the trials, and this often includes our scientifically validated digital cognitive assessments that are sensitive to early change. first we help sponsors ensure the right assessments are used in the trials and this often includes our scientifically validated digital cognitive assessments that are sensitive to early change Second, we train and actively monitor clinicians globally to help ensure that these assessments are delivered correctly, whether it's our assessments or all the other clinical outcomes that are used in the trial, and that's regardless of geography or language. Third, we provide optimized data capture with our eCOA partners that Brad just mentioned. This is paired really tightly with those quality programs I just mentioned, and increasingly with AI-powered analytics. We do this to detect issues early so that we can end up with clean and conclusive data. When you put that together, we're not just collecting data, we're delivering confidence in cognitive and clinical endpoints at scale. That's why our solutions are used in pivotal studies and trusted by leading pharma companies and regulators. Second, we train and actively monitor clinicians globally to help ensure that these assessments are delivered correctly, whether it's our assessments or all the other clinical outcomes that are used in the trial, and that's regardless of geography or language. second we train and actively monitor clinicians globally to help ensure that these assessments are delivered correctly whether it's our assessments or all the other clinical outcomes that are used in the trial and that's regardless of geography or language Third, we provide optimized data capture with our eCOA partners that Brad just mentioned. third we provide optimized data capture with our ecoa partners that brad just mentioned This is paired really tightly with those quality programs I just mentioned, and increasingly with AI-powered analytics. this is paired really tightly with those quality programs i just mentioned and increasingly with ai-powered analytics We do this to detect issues early so that we can end up with clean and conclusive data. we do this to detect issues early so that we can end up with clean and conclusive data When you put that together, we're not just collecting data, we're delivering confidence in cognitive and clinical endpoints at scale. when you put that together we're not just collecting data we're delivering confidence in cognitive and clinical endpoints at scale That's why our solutions are used in pivotal studies and trusted by leading pharma companies and regulators. that's why our solutions are used in pivotal studies and trusted by leading pharma companies and regulators Over the course of many years, that's enabled us to build deep and long-term relationships across the industry. One more thing I wanted to highlight on the what we do category. Brad mentioned the increased volume of trials that we're winning, and importantly, we're also expanding the services that we're delivering within many of those trials. Central rating is a really good example of that. Traditionally, assessments and trials are done at the trial site, which can mean hundreds of raters globally, each introducing variability, and requiring patients to come into the site. What we're seeing now is a shift towards centralized sort of telehealth style assessments, delivered by a much smaller group of expert raters. In these models, Cogstate isn't just training and monitoring. Our experts are actually the raters. Over the course of many years, that's enabled us to build deep and long-term relationships across the industry. over the course of many years that's enabled us to build deep and long-term relationships across the industry One more thing I wanted to highlight on the what we do category. one more thing i wanted to highlight on the what we do category Brad mentioned the increased volume of trials that we're winning, and importantly, we're also expanding the services that we're delivering within many of those trials. brad mentioned the increased volume of trials that we're winning and importantly we're also expanding the services that we're delivering within many of those trials Central rating is a really good example of that. central rating is a really good example of that Traditionally, assessments and trials are done at the trial site, which can mean hundreds of raters globally, each introducing variability, and requiring patients to come into the site. traditionally assessments and trials are done at the trial site which can mean hundreds of raters globally each introducing variability and requiring patients to come into the site What we're seeing now is a shift towards centralized sort of telehealth style assessments, delivered by a much smaller group of expert raters. what we're seeing now is a shift towards centralized sort of telehealth style assessments delivered by a much smaller group of expert raters In these models, Cogstate isn't just training and monitoring. in these models cogstate isn't just training and monitoring Our experts are actually the raters. our experts are actually the raters That's a meaningful growth lever for us, and adds high value services, and it improves the consistency of the clinical endpoints, which is obviously critical for regulatory confidence and trial success. It also fits naturally with our existing solutions and workflows, which at the end of the day, is all focused on improving signal over noise. At the same time, it deepens our relationship with our customers, by increasing the touchpoints across the program, and it really sort of elevates our role in the trial, where in many of these instances, when we're doing central rating, we're doing so on the primary endpoint, in the trial. It just really focuses the importance of the Cogstate deliverable. Overall, central rating is driving both that higher value per study, but also those more durable partner relationships with our customers, which supports our long-term sustainable growth. That's a meaningful growth lever for us, and adds high value services, and it improves the consistency of the clinical endpoints, which is obviously critical for regulatory confidence and trial success. that's a meaningful growth lever for us and adds high value services and it improves the consistency of the clinical endpoints which is obviously critical for regulatory confidence and trial success It also fits naturally with our existing solutions and workflows, which at the end of the day, is all focused on improving signal over noise. it also fits naturally with our existing solutions and workflows which at the end of the day is all focused on improving signal over noise At the same time, it deepens our relationship with our customers, by increasing the touchpoints across the program, and it really sort of elevates our role in the trial, where in many of these instances, when we're doing central rating , we're doing so on the primary endpoint, in the trial. at the same time it deepens our relationship with our customers by increasing the touchpoints across the program and it really sort of elevates our role in the trial where in many of these instances when we're doing central rating we're doing so on the primary endpoint in the trial It just really focuses the importance of the Cogstate deliverable. it just really focuses the importance of the cogstate deliverable Overall, central rating is driving both that higher value per study, but also those more durable partner relationships with our customers, which supports our long-term sustainable growth. overall central rating is driving both that higher value per study but also those more durable partner relationships with our customers which supports our long-term sustainable growth Why are we winning in these new indications like narcolepsy and depression? First of all, our validated digital assessments. We've built a leadership position in the space over decades with respect to digital cognitive tests. Having the right digital endpoints on our platform can be a really key differentiator for us and an entry point for the other Cogstate services. That's why we've strategically expanded our test library to include measures, like the attention and vigilance test used in narcolepsy, which Paul will describe. We're currently developing proprietary batteries for a sponsor, specifically for use in psychiatry. This is a specialized and a core capability of Cogstate. Validated digital tests are only one step. You also need the delivery engine that keeps the other clinical assessments clean at scale. That's where the science plus scalability is a real key combination for us. Why are we winning in these new indications like narcolepsy and depression? why are we winning in these new indications like narcolepsy and depression First of all, our validated digital assessments. first of all our validated digital assessments We've built a leadership position in the space over decades with respect to digital cognitive tests. we've built a leadership position in the space over decades with respect to digital cognitive tests Having the right digital endpoints on our platform can be a really key differentiator for us and an entry point for the other Cogstate services. having the right digital endpoints on our platform can be a really key differentiator for us and an entry point for the other cogstate services That's why we've strategically expanded our test library to include measures, like the attention and vigilance test used in narcolepsy, which Paul will describe. that's why we've strategically expanded our test library to include measures like the attention and vigilance test used in narcolepsy which paul will describe We're currently developing proprietary batteries for a sponsor, specifically for use in psychiatry. we're currently developing proprietary batteries for a sponsor specifically for use in psychiatry This is a specialized and a core capability of Cogstate. this is a specialized and a core capability of cogstate Validated digital tests are only one step. validated digital tests are only one step You also need the delivery engine that keeps the other clinical assessments clean at scale. you also need the delivery engine that keeps the other clinical assessments clean at scale That's where the science plus scalability is a real key combination for us. that's where the science plus scalability is a real key combination for us In psychiatry, like depression, the big risk is noise on the primary endpoint, the symptom severity rating scales. Having the specialized clinical science expertise that's deeply informing that global operating model to train and monitor and rate at scale, that's a key reason why we win, and that's something that we'll hear a little bit more about from Luka. That combination of sort of science plus scalability is what sponsors feel when they work with us, and that's right from pre-sales through to delivery and the final data analysis. That brings us to the relationships. We've discussed before that we see strategic partnerships as a core capability of the company, often engaging early around trial design and endpoint selection, this creates a real stickiness before the protocol's even locked. In psychiatry, like depression, the big risk is noise on the primary endpoint, the symptom severity rating scales. in psychiatry like depression the big risk is noise on the primary endpoint the symptom severity rating scales Having the specialized clinical science expertise that's deeply informing that global operating model to train and monitor and rate at scale, that's a key reason why we win, and that's something that we'll hear a little bit more about from Luka. having the specialized clinical science expertise that's deeply informing that global operating model to train and monitor and rate at scale that's a key reason why we win and that's something that we'll hear a little bit more about from luka That combination of sort of science plus scalability is what sponsors feel when they work with us, and that's right from pre-sales through to delivery and the final data analysis. that combination of sort of science plus scalability is what sponsors feel when they work with us and that's right from pre-sales through to delivery and the final data analysis That brings us to the relationships. that brings us to the relationships We've discussed before that we see strategic partnerships as a core capability of the company, often engaging early around trial design and endpoint selection, this creates a real stickiness before the protocol's even locked. we've discussed before that we see strategic partnerships as a core capability of the company often engaging early around trial design and endpoint selection this creates a real stickiness before the protocol's even locked We've significantly grown the number of large pharma customers with whom we've achieved this partnered relationship with, where we have a longer list of large pharma where we have preferred status or approved status. I think this has been a real key driver to the awards increase that we're seeing. Fourth is our eCOA partner ecosystem, as Brad referred to before. This is how we scale, reach, and embed into the sponsor workflows. The partnership story is not just commercial, it's technical and operational integrations with workflows and data flows that reduce risk for sponsors and reduce the burden for the sites and patients. When you put it together, the proprietary digital measures plus the science-led and scalable endpoint data quality engine, plus trusted relationships flexibly delivered through our eCOA partner ecosystem. We've significantly grown the number of large pharma customers with whom we've achieved this partnered relationship with, where we have a longer list of large pharma where we have preferred status or approved status. we've significantly grown the number of large pharma customers with whom we've achieved this partnered relationship with where we have a longer list of large pharma where we have preferred status or approved status I think this has been a real key driver to the awards increase that we're seeing. i think this has been a real key driver to the awards increase that we're seeing Fourth is our eCOA partner ecosystem, as Brad referred to before. fourth is our ecoa partner ecosystem as brad referred to before This is how we scale, reach, and embed into the sponsor workflows. this is how we scale reach and embed into the sponsor workflows The partnership story is not just commercial, it's technical and operational integrations with workflows and data flows that reduce risk for sponsors and reduce the burden for the sites and patients. the partnership story is not just commercial it's technical and operational integrations with workflows and data flows that reduce risk for sponsors and reduce the burden for the sites and patients When you put it together, the proprietary digital measures plus the science-led and scalable endpoint data quality engine, plus trusted relationships flexibly delivered through our eCOA partner ecosystem. when you put it together the proprietary digital measures plus the science-led and scalable endpoint data quality engine plus trusted relationships flexibly delivered through our ecoa partner ecosystem That's why we can successfully expand into indications like narcolepsy and depression and win the work repeatedly. Now we'll hear from the experts, Dr. Luka Lucić, who leads our psychiatry work. He'll share about how we are approaching endpoint quality in areas like depression. Professor Paul Maruff, our founder and Chief Innovation Officer, he'll speak about our work in narcolepsy and this emerging class of orexin-based therapies that are starting to show quite substantial effects. You might be wondering how large an opportunity in narcolepsy and that broader sleep-wake disorder space could be. I thought it would be worth noting some recent industry movements here. For example, Eli Lilly, their $7.8 billion acquisition of Centessa to establish a foothold in this space. There's growing belief that these conditions could become the next obesity, are a major undertreated systems-level health condition, like obesity was pre-GLP-1s. That's why we can successfully expand into indications like narcolepsy and depression and win the work repeatedly. that's why we can successfully expand into indications like narcolepsy and depression and win the work repeatedly Now we'll hear from the experts, Dr. Luka Lucić, who leads our psychiatry work. now we'll hear from the experts dr luka lucić who leads our psychiatry work He'll share about how we are approaching endpoint quality in areas like depression. he'll share about how we are approaching endpoint quality in areas like depression Professor Paul Maruff, our founder and Chief Innovation Officer, he'll speak about our work in narcolepsy and this emerging class of orexin-based therapies that are starting to show quite substantial effects. professor paul maruff our founder and chief innovation officer he'll speak about our work in narcolepsy and this emerging class of orexin-based therapies that are starting to show quite substantial effects You might be wondering how large an opportunity in narcolepsy and that broader sleep-wake disorder space could be. you might be wondering how large an opportunity in narcolepsy and that broader sleep-wake disorder space could be I thought it would be worth noting some recent industry movements here. i thought it would be worth noting some recent industry movements here For example, Eli Lilly, their $7.8 billion acquisition of Centessa to establish a foothold in this space. for example eli lilly their $7.8 billion acquisition of centessa to establish a foothold in this space There's growing belief that these conditions could become the next obesity, are a major undertreated systems-level health condition, like obesity was pre-GLP-1s. there's growing belief that these conditions could become the next obesity are a major undertreated systems-level health condition like obesity was pre-glp-1s Cogstate's been deeply involved in supporting many of those leading companies that are developing orexin programs. With that, I'll hand over to Professor Maruff to talk through how we're supporting these trials. Cogstate's been deeply involved in supporting many of those leading companies that are developing orexin programs. cogstate's been deeply involved in supporting many of those leading companies that are developing orexin programs With that, I'll hand over to Professor Maruff to talk through how we're supporting these trials. with that i'll hand over to professor maruff to talk through how we're supporting these trials

Speaker 3: Thank you, Rachel Colite. Thank you very much. Good morning, everybody. A little background on narcolepsy. It's a remarkable circumstance that in the start of the 21st century, we have a disorder that's been appreciated since the Greeks, and the first treatment that has actually been able to show almost curative characteristics. Narcolepsy is a rare disorder. You can see on the slide there that it's about 12.6 per 100,000 people. The biology of the disease was only discovered at the start of this century, and remarkably was shown to be the loss of a specific class of neuron in an area of the brain called the hypothalamus, and the loss of neurons were exclusively orexin. Thank you, Rachel Colite. thank you rachel colite Thank you very much. thank you very much Good morning, everybody. good morning everybody A little background on narcolepsy. a little background on narcolepsy It's a remarkable circumstance that in the start of the 21st century, we have a disorder that's been appreciated since the Greeks, and the first treatment that has actually been able to show almost curative characteristics. it's a remarkable circumstance that in the start of the 21st century we have a disorder that's been appreciated since the greeks and the first treatment that has actually been able to show almost curative characteristics Narcolepsy is a rare disorder. narcolepsy is a rare disorder You can see on the slide there that it's about 12.6 per 100,000 people. you can see on the slide there that it's about 12.6 per 100,000 people The biology of the disease was only discovered at the start of this century, and remarkably was shown to be the loss of a specific class of neuron in an area of the brain called the hypothalamus, and the loss of neurons were exclusively orexin. the biology of the disease was only discovered at the start of this century and remarkably was shown to be the loss of a specific class of neuron in an area of the brain called the hypothalamus and the loss of neurons were exclusively orexin Largely, the principle of this is that if we can replace orexin neurotransmission in people with narcolepsy, essentially the system starts working again, and the characteristic sleepiness and cataplexy, so that's sudden loss of muscle tone, is resolved. The work that we've been doing pretty much began in 2010, 2015, as companies started experimenting with drugs that acted on this system. As you can appreciate, as new drugs develop, there's issues of safety as people understand dose and understand target engagement. Having been there from the start, we've had a great opportunity to see how these drugs influence aspects that we understand, which is cognition. Largely, the principle of this is that if we can replace orexin neurotransmission in people with narcolepsy, essentially the system starts working again, and the characteristic sleepiness and cataplexy, so that's sudden loss of muscle tone, is resolved. largely the principle of this is that if we can replace orexin neurotransmission in people with narcolepsy essentially the system starts working again and the characteristic sleepiness and cataplexy so that's sudden loss of muscle tone is resolved The work that we've been doing pretty much began in 2010, 2015, as companies started experimenting with drugs that acted on this system. the work that we've been doing pretty much began in 2010 2015 as companies started experimenting with drugs that acted on this system As you can appreciate, as new drugs develop, there's issues of safety as people understand dose and understand target engagement. as you can appreciate as new drugs develop there's issues of safety as people understand dose and understand target engagement Having been there from the start, we've had a great opportunity to see how these drugs influence aspects that we understand, which is cognition. having been there from the start we've had a great opportunity to see how these drugs influence aspects that we understand which is cognition A crucial part, though, is that as we've understood orexin neurotransmission, we've learned that it actually is relevant to many, many other aspects of symptoms in people's disorders that include sleepiness in neurodegenerative disorders, cognitive impairment in psychiatric disorders, psychiatric symptoms of psychiatric disorders. Now part of the rationale for this rapid expansion and investment in this class of medicine is actually beyond the relatively rare disease of narcolepsy, and into extension of the use of that compound in other disorders that are related to sleep-wake. Of course, there's great regulatory support for this as well. Thanks. Brad, would you put the next slide up? Just to give you a sense of sort of how hot or how current this issue is, here is some data on the left, essentially generated from Cogstate cognitive digital tests that report the outcome of a phase II-B study. A crucial part, though, is that as we've understood orexin neurotransmission, we've learned that it actually is relevant to many, many other aspects of symptoms in people's disorders that include sleepiness in neurodegenerative disorders, cognitive impairment in psychiatric disorders, psychiatric symptoms of psychiatric disorders. a crucial part though is that as we've understood orexin neurotransmission we've learned that it actually is relevant to many many other aspects of symptoms in people's disorders that include sleepiness in neurodegenerative disorders cognitive impairment in psychiatric disorders psychiatric symptoms of psychiatric disorders Now part of the rationale for this rapid expansion and investment in this class of medicine is actually beyond the relatively rare disease of narcolepsy, and into extension of the use of that compound in other disorders that are related to sleep-wake. now part of the rationale for this rapid expansion and investment in this class of medicine is actually beyond the relatively rare disease of narcolepsy and into extension of the use of that compound in other disorders that are related to sleep-wake Of course, there's great regulatory support for this as well. of course there's great regulatory support for this as well Thanks. thanks Brad, would you put the next slide up? brad would you put the next slide up Just to give you a sense of sort of how hot or how current this issue is, here is some data on the left, essentially generated from Cogstate cognitive digital tests that report the outcome of a phase II-B study. just to give you a sense of sort of how hot or how current this issue is here is some data on the left essentially generated from cogstate cognitive digital tests that report the outcome of a phase ii-b study A phase II-B is a practice for a phase III study in people with narcolepsy, and the data there show the benefit of the orexin agonist called TAK-861 in a group of people with narcolepsy. The bars essentially talk about the magnitude of the benefit of the drug over placebo. The different colors are different doses. Whilst you see there's not much of a difference in dose response, the magnitude of that benefit for those tests is larger than any other benefit I've seen in any other area of medicine since I've been working in this space. The effects on cognition were enormous. That phase II-B data led Takeda to take cognition into their phase III program and nominate it as a secondary endpoint, two phase III pivotal trials. I can report, because it's public now, that those phase III trials were successful. A phase II-B is a practice for a phase III study in people with narcolepsy, and the data there show the benefit of the orexin agonist called TAK-861 in a group of people with narcolepsy. a phase ii-b is a practice for a phase iii study in people with narcolepsy and the data there show the benefit of the orexin agonist called tak-861 in a group of people with narcolepsy The bars essentially talk about the magnitude of the benefit of the drug over placebo. the bars essentially talk about the magnitude of the benefit of the drug over placebo The different colors are different doses. the different colors are different doses Whilst you see there's not much of a difference in dose response, the magnitude of that benefit for those tests is larger than any other benefit I've seen in any other area of medicine since I've been working in this space. whilst you see there's not much of a difference in dose response the magnitude of that benefit for those tests is larger than any other benefit i've seen in any other area of medicine since i've been working in this space The effects on cognition were enormous. the effects on cognition were enormous That phase II-B data led Takeda to take cognition into their phase III program and nominate it as a secondary endpoint, two phase III pivotal trials. that phase ii-b data led takeda to take cognition into their phase iii program and nominate it as a secondary endpoint two phase iii pivotal trials I can report, because it's public now, that those phase III trials were successful. i can report because it's public now that those phase iii trials were successful That next little abstract that you can see will be reported at the sleep meeting in Baltimore next week. The information is public. Those phase III studies were positive. The magnitude of the effects identified in the two studies were exactly the same as what was observed in the phase II-B, this was not a fluke. This is a truly large effect. This is the first in class of this drug, the first time in a phase III study. As you can see, the little arrow moving to the right says that the information from these trials is now with the regulator, the FDA, and we expect advice on the outcome of that imminently, in the next month or two. That next little abstract that you can see will be reported at the sleep meeting in Baltimore next week. that next little abstract that you can see will be reported at the sleep meeting in baltimore next week The information is public. the information is public Those phase III studies were positive. those phase iii studies were positive The magnitude of the effects identified in the two studies were exactly the same as what was observed in the phase II-B , this was not a fluke. the magnitude of the effects identified in the two studies were exactly the same as what was observed in the phase ii-b this was not a fluke This is a truly large effect. this is a truly large effect This is the first in class of this drug, the first time in a phase III study. this is the first in class of this drug the first time in a phase iii study As you can see, the little arrow moving to the right says that the information from these trials is now with the regulator, the FDA, and we expect advice on the outcome of that imminently, in the next month or two. as you can see the little arrow moving to the right says that the information from these trials is now with the regulator the fda and we expect advice on the outcome of that imminently in the next month or two Takeda, this is just my guess, they're planning for product launch second half of this year, the wind is at our back here. Of course, as you can appreciate with Lilly's large investment, every company that's in this space is entirely spooked. All of the engines are running much harder now to try and get this done. Next slide, please, Rachel. Just to recapitulate what we said at the start, that you might consider, why would narcolepsy be considered such a growth area? It's not. The narcolepsy issue is one small and early indication for this, and we've now got proof of concept that the drug works in that indication, and that we understand a little bit more about how modulation of orexin neurotransmission can manifest symptomatically. This has led, almost overnight, to plans and indeed, the beginning of clinical trials already. Takeda, this is just my guess, they're planning for product launch second half of this year, the wind is at our back here. Of course, as you can appreciate with Lilly's large investment, every company that's in this space is entirely spooked. takeda this is just my guess they're planning for product launch second half of this year the wind is at our back here. of course as you can appreciate with lilly's large investment every company that's in this space is entirely spooked All of the engines are running much harder now to try and get this done. all of the engines are running much harder now to try and get this done Next slide, please, Rachel. next slide please rachel Just to recapitulate what we said at the start, that you might consider, why would narcolepsy be considered such a growth area? just to recapitulate what we said at the start that you might consider why would narcolepsy be considered such a growth area It's not. it's not The narcolepsy issue is one small and early indication for this, and we've now got proof of concept that the drug works in that indication, and that we understand a little bit more about how modulation of orexin neurotransmission can manifest symptomatically. the narcolepsy issue is one small and early indication for this and we've now got proof of concept that the drug works in that indication and that we understand a little bit more about how modulation of orexin neurotransmission can manifest symptomatically This has led, almost overnight, to plans and indeed, the beginning of clinical trials already. this has led almost overnight to plans and indeed the beginning of clinical trials already You could look at ClinicalTrials.gov and see where they're going. Currently kicked off in indications such as attention deficit hyperactivity disorder in adults, in major depressive disorder by itself, and major depressive disorder that's characterized by disruption of sleep-wake cycles. We know that disruption of sleep is an important generative aspect of neurodegeneration disorder. There's this idea that sleep disruption is part of the process by which amyloid accumulates in Alzheimer's disease and alpha-synuclein accumulates in Parkinson's disease and Lewy body dementia. Both of those latter two disorders have a symptomatic presentation of abiding fatigue and apathy. There's a number of other sleep-wake disorders like narcolepsy type 2 and hypersomnia and other sorts of exclusively sleep disorders. You could look at ClinicalTrials.gov and see where they're going. you could look at clinicaltrials.gov and see where they're going Currently kicked off in indications such as attention deficit hyperactivity disorder in adults, in major depressive disorder by itself, and major depressive disorder that's characterized by disruption of sleep-wake cycles. currently kicked off in indications such as attention deficit hyperactivity disorder in adults in major depressive disorder by itself and major depressive disorder that's characterized by disruption of sleep-wake cycles We know that disruption of sleep is an important generative aspect of neurodegeneration disorder. we know that disruption of sleep is an important generative aspect of neurodegeneration disorder There's this idea that sleep disruption is part of the process by which amyloid accumulates in Alzheimer's disease and alpha-synuclein accumulates in Parkinson's disease and Lewy body dementia. there's this idea that sleep disruption is part of the process by which amyloid accumulates in alzheimer's disease and alpha-synuclein accumulates in parkinson's disease and lewy body dementia Both of those latter two disorders have a symptomatic presentation of abiding fatigue and apathy. both of those latter two disorders have a symptomatic presentation of abiding fatigue and apathy There's a number of other sleep-wake disorders like narcolepsy type 2 and hypersomnia and other sorts of exclusively sleep disorders. there's a number of other sleep-wake disorders like narcolepsy type 2 and hypersomnia and other sorts of exclusively sleep disorders The early success, the fact that we were at the place where the success occurred, and with cognition, it was demonstrated on our proprietary tests, I believe puts us in a great place to actually expand our expertise and knowledge to assist companies who are working in these other indications with the same mechanism of action. Thanks, Rachel. I think that's me now, and I'm going to introduce you to Dr. Luka Lucić, who's going to explain to us about how psychiatry is growing in Cogstate. Thank you. The early success, the fact that we were at the place where the success occurred, and with cognition, it was demonstrated on our proprietary tests, I believe puts us in a great place to actually expand our expertise and knowledge to assist companies who are working in these other indications with the same mechanism of action. the early success the fact that we were at the place where the success occurred and with cognition it was demonstrated on our proprietary tests i believe puts us in a great place to actually expand our expertise and knowledge to assist companies who are working in these other indications with the same mechanism of action Thanks, Rachel. thanks rachel I think that's me now, and I'm going to introduce you to Dr. Luka Lucić, who's going to explain to us about how psychiatry is growing in Cogstate. i think that's me now and i'm going to introduce you to dr luka lucić who's going to explain to us about how psychiatry is growing in cogstate Thank you. thank you

Speaker 2: Thank you very much, Paul. Thank you very much for your attention. As Paul mentioned, I'm going to talk a little bit about the reasons why we are seeing such growth in psychiatry, which was introduced by my colleagues earlier. Psychiatry trials are expanding at 8%-10% annually, reflecting renewed investment, and increasing global disease burden. Of course, we all know that psychiatric disorders are very prevalent, very well recognized, and increasingly more recognized, leading to increased need for treatment and attention. Cogstate, as you all know, is not new to psychiatry. We've been present in this space for quite a while now. However, we have not seen this magnitude and this scope of work for a while. There are a few reasons that are driving our success in the area of psychiatry. Thank you very much, Paul. thank you very much paul Thank you very much for your attention. thank you very much for your attention As Paul mentioned, I'm going to talk a little bit about the reasons why we are seeing such growth in psychiatry, which was introduced by my colleagues earlier. as paul mentioned i'm going to talk a little bit about the reasons why we are seeing such growth in psychiatry which was introduced by my colleagues earlier Psychiatry trials are expanding at 8%-10% annually, reflecting renewed investment, and increasing global disease burden. psychiatry trials are expanding at 8%-10% annually reflecting renewed investment and increasing global disease burden Of course, we all know that psychiatric disorders are very prevalent, very well recognized, and increasingly more recognized, leading to increased need for treatment and attention. of course we all know that psychiatric disorders are very prevalent very well recognized and increasingly more recognized leading to increased need for treatment and attention Cogstate, as you all know, is not new to psychiatry. cogstate as you all know is not new to psychiatry We've been present in this space for quite a while now. we've been present in this space for quite a while now However, we have not seen this magnitude and this scope of work for a while. however we have not seen this magnitude and this scope of work for a while There are a few reasons that are driving our success in the area of psychiatry. there are a few reasons that are driving our success in the area of psychiatry Some of the reasons are, to borrow the phrase that Paul used, there is some wind in our back. There are some changes that are happening in the industry and in the research in general. Then also we've changed some ways that we do things. I'm going to talk briefly about both of those. First of all, new drugs are being experimented on, new drugs are being brought into the pipelines and are likely going to be brought to the market. There are two classes of drugs. One is psychedelics, psilocybin, MDMA, ketamine, and even DMT. They are substances that have previously been seen as exotic substances that are trying, or are getting their space under the regulatory environment, and they represent a different neurobiological approach to targeting the high unmet needs in treatment-resistant depression, PTSD, addiction, and so forth. Some of the reasons are, to borrow the phrase that Paul used, there is some wind in our back. some of the reasons are to borrow the phrase that paul used there is some wind in our back There are some changes that are happening in the industry and in the research in general. there are some changes that are happening in the industry and in the research in general Then also we've changed some ways that we do things. then also we've changed some ways that we do things I'm going to talk briefly about both of those. i'm going to talk briefly about both of those First of all, new drugs are being experimented on, new drugs are being brought into the pipelines and are likely going to be brought to the market. first of all new drugs are being experimented on new drugs are being brought into the pipelines and are likely going to be brought to the market There are two classes of drugs. there are two classes of drugs One is psychedelics, psilocybin, MDMA, ketamine, and even DMT. one is psychedelics psilocybin mdma ketamine and even dmt They are substances that have previously been seen as exotic substances that are trying, or are getting their space under the regulatory environment, and they represent a different neurobiological approach to targeting the high unmet needs in treatment-resistant depression, PTSD, addiction, and so forth. they are substances that have previously been seen as exotic substances that are trying or are getting their space under the regulatory environment and they represent a different neurobiological approach to targeting the high unmet needs in treatment-resistant depression ptsd addiction and so forth There is a new way of treating psychiatric disorders through psychedelics. The GLP-1 receptor agonists are also a class of drug that is being experimented on heavily. As you all know, and to bring it back to the point that Rachel made at the beginning regarding our central rating, both psychedelics and GLP have effects and then side effects that are sort of obvious to a naive eye. In order for the assessors or, as we call them, the raters of the change in psychiatric trials to be blinded to what substances are experimented on, central rating is used as a modality of rating. It's much easier to blind an individual to the type of side effects that the patient or the subject is having in the trial if that individual is not in the close proximity of the subject. There is a new way of treating psychiatric disorders through psychedelics. there is a new way of treating psychiatric disorders through psychedelics The GLP-1 receptor agonists are also a class of drug that is being experimented on heavily. the glp-1 receptor agonists are also a class of drug that is being experimented on heavily As you all know, and to bring it back to the point that Rachel made at the beginning regarding our central rating , both psychedelics and GLP have effects and then side effects that are sort of obvious to a naive eye. as you all know and to bring it back to the point that rachel made at the beginning regarding our central rating both psychedelics and glp have effects and then side effects that are sort of obvious to a naive eye In order for the assessors or, as we call them, the raters of the change in psychiatric trials to be blinded to what substances are experimented on, central rating is used as a modality of rating. in order for the assessors or as we call them the raters of the change in psychiatric trials to be blinded to what substances are experimented on central rating is used as a modality of rating It's much easier to blind an individual to the type of side effects that the patient or the subject is having in the trial if that individual is not in the close proximity of the subject. it's much easier to blind an individual to the type of side effects that the patient or the subject is having in the trial if that individual is not in the close proximity of the subject As Rachel mentioned, it's sort of a telehealth type of a modality. That is bringing in a robust work for us, and we are, on the other hand, meeting that robust work with some changes that we're introducing. Maybe we can go to the next slide, and then I can talk about the changes. We have changed the way that we think about, that we talk about, and train both site raters that are primary recipients of our psychiatric training programs, and also our centralized raters. We are grounding our approach in a training philosophy that uses or thinks about the assessments in psychiatry as a unified system. Assessments in psychiatry are a tricky thing. If you are assessing some more objective area of medicine, for example, you want to know whether a fracture is healing quicker than naturally, you can administer a simple X-ray. As Rachel mentioned, it's sort of a telehealth type of a modality. as rachel mentioned it's sort of a telehealth type of a modality That is bringing in a robust work for us, and we are, on the other hand, meeting that robust work with some changes that we're introducing. that is bringing in a robust work for us and we are on the other hand meeting that robust work with some changes that we're introducing Maybe we can go to the next slide, and then I can talk about the changes. maybe we can go to the next slide and then i can talk about the changes We have changed the way that we think about, that we talk about, and train both site raters that are primary recipients of our psychiatric training programs, and also our centralized raters. we have changed the way that we think about that we talk about and train both site raters that are primary recipients of our psychiatric training programs and also our centralized raters We are grounding our approach in a training philosophy that uses or thinks about the assessments in psychiatry as a unified system. we are grounding our approach in a training philosophy that uses or thinks about the assessments in psychiatry as a unified system Assessments in psychiatry are a tricky thing. assessments in psychiatry are a tricky thing If you are assessing some more objective area of medicine, for example, you want to know whether a fracture is healing quicker than naturally, you can administer a simple X-ray. if you are assessing some more objective area of medicine for example you want to know whether a fracture is healing quicker than naturally you can administer a simple x-ray In psychiatry, we don't have such objective measures. Most of our measures are very robust, very subjective. They've been made almost in the time of dinosaurs, 40 or 50 years ago. They're still being used. Great care is needed in terms of training and approaches to training and systematizing rater performance from multiple international sites that are part of a phase II or phase II-B or phase III trial even. We have changed the way that we think about our training, and we've also changed the way we think about our training for our central raters. Across rater training, data monitoring, and central raters, we help raters with this new approach to understand how items within a rating scale are differentiated, how they're constructed, how they're related. In psychiatry, we don't have such objective measures. in psychiatry we don't have such objective measures Most of our measures are very robust, very subjective. most of our measures are very robust very subjective They've been made almost in the time of dinosaurs, 40 or 50 years ago. they've been made almost in the time of dinosaurs 40 or 50 years ago They're still being used. they're still being used Great care is needed in terms of training and approaches to training and systematizing rater performance from multiple international sites that are part of a phase II or phase II-B or phase III trial even. great care is needed in terms of training and approaches to training and systematizing rater performance from multiple international sites that are part of a phase ii or phase ii-b or phase iii trial even We have changed the way that we think about our training, and we've also changed the way we think about our training for our central raters. we have changed the way that we think about our training and we've also changed the way we think about our training for our central raters Across rater training, data monitoring, and central raters, we help raters with this new approach to understand how items within a rating scale are differentiated, how they're constructed, how they're related. across rater training data monitoring and central raters we help raters with this new approach to understand how items within a rating scale are differentiated how they're constructed how they're related It's all with the aim of improving coherence and reliability and reducing what in psychiatry we call type 2 placebo responses. Psychiatry distinguishes between type 1 and type 2 placebo. Type 1 placebo is a genuine improvement that a patient experiences due to taking a non-active medicine, such as a sugar pill or some other treatment, where the patient really feels better. It's not that they're trying to deceive us, it's not that they're trying to impress us, but they really do feel better. Where we've targeted our approaches with training is to type 2 placebo. Type 2 placebo is not there because the subject or the patient themselves feels better, but because the person who is administering the measures believes perhaps that the subject should feel better. It's all with the aim of improving coherence and reliability and reducing what in psychiatry we call type 2 placebo responses. it's all with the aim of improving coherence and reliability and reducing what in psychiatry we call type 2 placebo responses Psychiatry distinguishes between type 1 and type 2 placebo. psychiatry distinguishes between type 1 and type 2 placebo Type 1 placebo is a genuine improvement that a patient experiences due to taking a non-active medicine, such as a sugar pill or some other treatment, where the patient really feels better. type 1 placebo is a genuine improvement that a patient experiences due to taking a non-active medicine such as a sugar pill or some other treatment where the patient really feels better It's not that they're trying to deceive us, it's not that they're trying to impress us, but they really do feel better. it's not that they're trying to deceive us it's not that they're trying to impress us but they really do feel better Where we've targeted our approaches with training is to type 2 placebo. where we've targeted our approaches with training is to type 2 placebo Type 2 placebo is not there because the subject or the patient themselves feels better, but because the person who is administering the measures believes perhaps that the subject should feel better. type 2 placebo is not there because the subject or the patient themselves feels better but because the person who is administering the measures believes perhaps that the subject should feel better We are targeting our approaches to the messy measurements to, as Rachel mentioned at the beginning, reducing the noise and increasing the signal detection through the training approaches. In addition to this, we are developing AI-based approaches to help us with the training. This is, I think, novel approaches and novel use of artificial intelligence to help us train the raters at a level that we need to, given the current environment and given the growth of our business. I'll end there and pass it back to Rachel, but I'm sure we can address some questions if there are any. We are targeting our approaches to the messy measurements to, as Rachel mentioned at the beginning, reducing the noise and increasing the signal detection through the training approaches. we are targeting our approaches to the messy measurements to as rachel mentioned at the beginning reducing the noise and increasing the signal detection through the training approaches In addition to this, we are developing AI-based approaches to help us with the training. in addition to this we are developing ai-based approaches to help us with the training This is, I think, novel approaches and novel use of artificial intelligence to help us train the raters at a level that we need to, given the current environment and given the growth of our business. this is i think novel approaches and novel use of artificial intelligence to help us train the raters at a level that we need to given the current environment and given the growth of our business I'll end there and pass it back to Rachel, but I'm sure we can address some questions if there are any. i'll end there and pass it back to rachel but i'm sure we can address some questions if there are any

Speaker 4: Thank you. Thank you very much, Luka and Paul. Before I hand to Brad to summarize, I wanted to just share a bit about how we're scaling the delivery model to support this volume of growth. Cogstate are investing in a clinical trials delivery platform. It's built on advanced workflow automation and an intelligent orchestration layer with embedded AI. At its core, the platform automates repeatable elements of trial delivery and fundamentally change how projects are planned, executed, and monitored at Cogstate. This moves us away from fragmented manual processes towards a scalable technology-enabled operating model. It unlocks meaningful capacity, coordinates work more effectively across people and systems, and it improves the consistency of delivery, all while increasing throughput without the linear headcount growth. Thank you. thank you Thank you very much, Luka and Paul. thank you very much luka and paul Before I hand to Brad to summarize, I wanted to just share a bit about how we're scaling the delivery model to support this volume of growth. before i hand to brad to summarize i wanted to just share a bit about how we're scaling the delivery model to support this volume of growth Cogstate are investing in a clinical trials delivery platform. cogstate are investing in a clinical trials delivery platform It's built on advanced workflow automation and an intelligent orchestration layer with embedded AI. it's built on advanced workflow automation and an intelligent orchestration layer with embedded ai At its core, the platform automates repeatable elements of trial delivery and fundamentally change how projects are planned, executed, and monitored at Cogstate. at its core the platform automates repeatable elements of trial delivery and fundamentally change how projects are planned executed and monitored at cogstate This moves us away from fragmented manual processes towards a scalable technology-enabled operating model. this moves us away from fragmented manual processes towards a scalable technology-enabled operating model It unlocks meaningful capacity, coordinates work more effectively across people and systems, and it improves the consistency of delivery, all while increasing throughput without the linear headcount growth. it unlocks meaningful capacity coordinates work more effectively across people and systems and it improves the consistency of delivery all while increasing throughput without the linear headcount growth Just as importantly, there's a real focus on enhancing the customer experience through this, with greater transparency, more predictable timelines, and consistently high-quality delivery across studies, no matter where the work is being done. We see this as an ongoing investment in a scalable operating model, not a one-time build, and a key driver of margin expansion over the medium term. This is something that we'll talk more about in the coming release of the full-year annual results. Brad, maybe I'll hand to you for a summary. Just as importantly, there's a real focus on enhancing the customer experience through this, with greater transparency, more predictable timelines, and consistently high-quality delivery across studies, no matter where the work is being done. just as importantly there's a real focus on enhancing the customer experience through this with greater transparency more predictable timelines and consistently high-quality delivery across studies no matter where the work is being done We see this as an ongoing investment in a scalable operating model, not a one-time build, and a key driver of margin expansion over the medium term. we see this as an ongoing investment in a scalable operating model not a one-time build and a key driver of margin expansion over the medium term This is something that we'll talk more about in the coming release of the full-year annual results. this is something that we'll talk more about in the coming release of the full-year annual results Brad, maybe I'll hand to you for a summary. brad maybe i'll hand to you for a summary

Speaker 1: Thank you, Rachel. Thank you, Paul. Thank you, Luka. I think that was great. As you'll see from this, what we're trying to do with these sessions is we're not talking to our financial results. There's no mention of revenue and margins and profitability. What we're trying to do is allow you to understand what we're seeing inside the business and how we're seeing growth. There's no doubt that we're seeing sales momentum is strong in the business. The opportunities, the shots on goal is growing substantially, and we're seeing an increase in sales contracts and the value of sales contracts that come with that. We look forward to sharing with you the results from the June quarter, and we'll be releasing those on the 8th of July. We'll see, and we're expecting again to show a strong June quarter in terms of sales contracts. Thank you, Rachel. thank you rachel Thank you, Paul. thank you paul Thank you, Luka. thank you luka I think that was great. i think that was great As you'll see from this, what we're trying to do with these sessions is we're not talking to our financial results. as you'll see from this what we're trying to do with these sessions is we're not talking to our financial results There's no mention of revenue and margins and profitability. there's no mention of revenue and margins and profitability What we're trying to do is allow you to understand what we're seeing inside the business and how we're seeing growth. what we're trying to do is allow you to understand what we're seeing inside the business and how we're seeing growth There's no doubt that we're seeing sales momentum is strong in the business. there's no doubt that we're seeing sales momentum is strong in the business The opportunities, the shots on goal is growing substantially, and we're seeing an increase in sales contracts and the value of sales contracts that come with that. the opportunities the shots on goal is growing substantially and we're seeing an increase in sales contracts and the value of sales contracts that come with that We look forward to sharing with you the results from the June quarter, and we'll be releasing those on the 8th of July. we look forward to sharing with you the results from the june quarter and we'll be releasing those on the 8th of july We'll see, and we're expecting again to show a strong June quarter in terms of sales contracts. we'll see and we're expecting again to show a strong june quarter in terms of sales contracts Importantly, we're seeing that diversification into different indications. If people who have been following Cogstate for some time, you'll know that our business out there and our commercial opportunity was really built around Alzheimer's disease. What we're seeing now is that push beyond Alzheimer's into psychiatry, into these orexin programs, into rare disease, and with multiple large pharma-preferred relationships, where we're developing that deep partner relationship that we really pride ourselves on, and we think differentiates us from our competitors. At the same time, we're expanding our solutions to really cater for the way that the conduct of clinical trials is changing. Rachel's initial commentary around central rating and the use of our contracted workforce of neuropsychologists. We have over 400 contracting neuropsychologists around the world delivering solutions in local language via telehealth into these clinical trials. Importantly, we're seeing that diversification into different indications. importantly we're seeing that diversification into different indications If people who have been following Cogstate for some time, you'll know that our business out there and our commercial opportunity was really built around Alzheimer's disease. if people who have been following cogstate for some time you'll know that our business out there and our commercial opportunity was really built around alzheimer's disease What we're seeing now is that push beyond Alzheimer's into psychiatry, into these orexin programs, into rare disease, and with multiple large pharma-preferred relationships, where we're developing that deep partner relationship that we really pride ourselves on, and we think differentiates us from our competitors. what we're seeing now is that push beyond alzheimer's into psychiatry into these orexin programs into rare disease and with multiple large pharma-preferred relationships where we're developing that deep partner relationship that we really pride ourselves on and we think differentiates us from our competitors At the same time, we're expanding our solutions to really cater for the way that the conduct of clinical trials is changing. at the same time we're expanding our solutions to really cater for the way that the conduct of clinical trials is changing Rachel's initial commentary around central rating and the use of our contracted workforce of neuropsychologists. rachel's initial commentary around central rating and the use of our contracted workforce of neuropsychologists We have over 400 contracting neuropsychologists around the world delivering solutions in local language via telehealth into these clinical trials. we have over 400 contracting neuropsychologists around the world delivering solutions in local language via telehealth into these clinical trials As Luka mentioned, there's some real advantages and some decrease in error that comes from that being not an in-person delivery of those assessments, but via a telehealth assessment, where we can keep that person, the rater, the doctor conducting the assessment, we can keep them blinded to whether the person is on drug or is on the placebo. That's really important in terms of reducing that type 2 error that Luka was talking about. We think the company's really well-positioned for growth. We look forward to sharing with you our 2026 results in August. Just some upcoming dates that we'll note before opening up to questions. As I mentioned, we'll be releasing our June quarterly on the 8th of July. That'll just be our sales number. As Luka mentioned, there's some real advantages and some decrease in error that comes from that being not an in-person delivery of those assessments, but via a telehealth assessment, where we can keep that person, the rater, the doctor conducting the assessment, we can keep them blinded to whether the person is on drug or is on the placebo. as luka mentioned there's some real advantages and some decrease in error that comes from that being not an in-person delivery of those assessments but via a telehealth assessment where we can keep that person the rater the doctor conducting the assessment we can keep them blinded to whether the person is on drug or is on the placebo That's really important in terms of reducing that type 2 error that Luka was talking about. that's really important in terms of reducing that type 2 error that luka was talking about We think the company's really well-positioned for growth. we think the company's really well-positioned for growth We look forward to sharing with you our 2026 results in August. we look forward to sharing with you our 2026 results in august Just some upcoming dates that we'll note before opening up to questions. just some upcoming dates that we'll note before opening up to questions As I mentioned, we'll be releasing our June quarterly on the 8th of July. as i mentioned we'll be releasing our june quarterly on the 8th of july That'll just be our sales number. that'll just be our sales number Importantly, it'll also provide the contracted revenue position as at 1st of July, as we head into the FY 2027 financial year. We'll be releasing our full-year results on Tuesday the 18th of August, and then the September quarterly at the start of October, 12th of October, followed by our AGM on the 15th of October. With that, Bec, I'll hand it over to you and questions. Importantly, it'll also provide the contracted revenue position as at 1st of July, as we head into the FY 2027 financial year. importantly it'll also provide the contracted revenue position as at 1st of july as we head into the fy 2027 financial year We'll be releasing our full-year results on Tuesday the 18th of August, and then the September quarterly at the start of October, 12th of October, followed by our AGM on the 15th of October. we'll be releasing our full-year results on tuesday the 18th of august and then the september quarterly at the start of october 12th of october followed by our agm on the 15th of october With that, Bec, I'll hand it over to you and questions. with that bec i'll hand it over to you and questions

Speaker 5: Thanks for that, Brad. Super interesting insight to the clinical trials business. Let's kick off the questions, and it's great to see questions coming into the chat, so please continue to add them there. The first one, Alzheimer's and related neurology still look material in your mix. Are you confident that psychiatry, sleep disorders, and rare disease trials can sustain strong growth over, say, the next three to five years? Thanks for that, Brad. thanks for that brad Super interesting insight to the clinical trials business. super interesting insight to the clinical trials business Let's kick off the questions, and it's great to see questions coming into the chat, so please continue to add them there. let's kick off the questions and it's great to see questions coming into the chat so please continue to add them there The first one, Alzheimer's and related neurology still look material in your mix. the first one alzheimer's and related neurology still look material in your mix Are you confident that psychiatry, sleep disorders, and rare disease trials can sustain strong growth over, say, the next three to five years? are you confident that psychiatry sleep disorders and rare disease trials can sustain strong growth over say the next three to five years

Speaker 1: Look, I'll start there and then I'll maybe hand over to Rachel. I think certainly in terms of opportunities that we're seeing. In psychiatry, that's an enormous area that, as Luka mentioned, we've expanded our solutions there. We're really just getting started there in terms of that growth profile. We're really confident there. Then I think as Paul mentioned in the orexin programs, we expect that we're about to get to the approval of the first treatment type 1 narcolepsy. Again, I think we're just starting there, and as Paul mentioned, we're seeing that expansion of these orexin programs looking at other indications. Again, I think we think substantial growth there. We've continued to see growth in rare disease trials, and that's been consistent for us. Look, I'll start there and then I'll maybe hand over to Rachel. look i'll start there and then i'll maybe hand over to rachel I think certainly in terms of opportunities that we're seeing. i think certainly in terms of opportunities that we're seeing In psychiatry, that's an enormous area that, as Luka mentioned, we've expanded our solutions there. in psychiatry that's an enormous area that as luka mentioned we've expanded our solutions there We're really just getting started there in terms of that growth profile. we're really just getting started there in terms of that growth profile We're really confident there. we're really confident there Then I think as Paul mentioned in the orexin programs, we expect that we're about to get to the approval of the first treatment type 1 narcolepsy. then i think as paul mentioned in the orexin programs we expect that we're about to get to the approval of the first treatment type 1 narcolepsy Again, I think we're just starting there, and as Paul mentioned, we're seeing that expansion of these orexin programs looking at other indications. again i think we're just starting there and as paul mentioned we're seeing that expansion of these orexin programs looking at other indications Again, I think we think substantial growth there. again i think we think substantial growth there We've continued to see growth in rare disease trials, and that's been consistent for us. we've continued to see growth in rare disease trials and that's been consistent for us We also think that Alzheimer's disease has a lot of growth in it, particularly as we await the outcome from these sort of pre-symptomatic trials that are ongoing. I think from our perspective, the opportunity for growth is there. The question is, how do we go and execute on it? Rachel, I don't know if you want to add some comments there. We also think that Alzheimer's disease has a lot of growth in it, particularly as we await the outcome from these sort of pre-symptomatic trials that are ongoing. we also think that alzheimer's disease has a lot of growth in it particularly as we await the outcome from these sort of pre-symptomatic trials that are ongoing I think from our perspective, the opportunity for growth is there. i think from our perspective the opportunity for growth is there The question is, how do we go and execute on it? the question is how do we go and execute on it Rachel, I don't know if you want to add some comments there. rachel i don't know if you want to add some comments there

Speaker 4: Yeah, no, I agree. I think in psychiatry, it's a large and growing addressable market, where I think our channel partnerships are another key reason. We'll keep seeing more of these. We've historically not been in a leadership position where we're winning most of that market share. There's still a lot more for us to grow into. We're set up to deliver well. We've invested in the space. We're bringing on additional scientific resources, and we'll continue to invest, as Luka said, in the innovations in that space as well, where we're bringing on different technologies and training modalities. I think that one we're very confident in our ability to grow that over the medium term. Yeah, no, I agree. yeah no i agree I think in psychiatry, it's a large and growing addressable market, where I think our channel partnerships are another key reason. i think in psychiatry it's a large and growing addressable market where i think our channel partnerships are another key reason We'll keep seeing more of these. we'll keep seeing more of these We've historically not been in a leadership position where we're winning most of that market share. we've historically not been in a leadership position where we're winning most of that market share There's still a lot more for us to grow into. there's still a lot more for us to grow into We're set up to deliver well. we're set up to deliver well We've invested in the space. we've invested in the space We're bringing on additional scientific resources, and we'll continue to invest, as Luka said, in the innovations in that space as well, where we're bringing on different technologies and training modalities. we're bringing on additional scientific resources and we'll continue to invest as luka said in the innovations in that space as well where we're bringing on different technologies and training modalities I think that one we're very confident in our ability to grow that over the medium term. i think that one we're very confident in our ability to grow that over the medium term I would say with narcolepsy, as Paul pointed out, really positioning ourselves as having an ability to sort of be the gold standard in how you measure cognition in this class of drug or mechanism. As we see that going into additional indications, even beyond sleep-wake disorders, I think also presents a really exciting opportunity there, even beyond narcolepsy. I think that gives us the confidence that that will be a growing place, even outside of sort of the maybe more niche application of narcolepsy specifically. I would say with narcolepsy, as Paul pointed out, really positioning ourselves as having an ability to sort of be the gold standard in how you measure cognition in this class of drug or mechanism. i would say with narcolepsy as paul pointed out really positioning ourselves as having an ability to sort of be the gold standard in how you measure cognition in this class of drug or mechanism As we see that going into additional indications, even beyond sleep-wake disorders, I think also presents a really exciting opportunity there, even beyond narcolepsy. as we see that going into additional indications even beyond sleep-wake disorders i think also presents a really exciting opportunity there even beyond narcolepsy I think that gives us the confidence that that will be a growing place, even outside of sort of the maybe more niche application of narcolepsy specifically. i think that gives us the confidence that that will be a growing place even outside of sort of the maybe more niche application of narcolepsy specifically

Speaker 5: Great. Next question. Pipeline opportunities in the first half 2026 report in February were circa 85, in this presentation look to be around 160. Are you able to explain this increase? Great. great Next question. next question Pipeline opportunities in the first half 2026 report in February were circa 85, in this presentation look to be around 160. pipeline opportunities in the first half 2026 report in february were circa 85 in this presentation look to be around 160 Are you able to explain this increase? are you able to explain this increase

Speaker 1: I think you just need to look at the X-axis there. I think the previous demonstration of this was a quarterly presentation, but data on this is just a half-yearly. The fact that it's basically a doubling is just that it's two quarters. I think that's all that's going on there. Apologies for confusing people by changing the axis I think you just need to look at the X-axis there. i think you just need to look at the x-axis there I think the previous demonstration of this was a quarterly presentation, but data on this is just a half-yearly. i think the previous demonstration of this was a quarterly presentation but data on this is just a half-yearly The fact that it's basically a doubling is just that it's two quarters. the fact that it's basically a doubling is just that it's two quarters I think that's all that's going on there. i think that's all that's going on there Apologies for confusing people by changing the axis apologies for confusing people by changing the axis

Speaker 5: Yeah. Good clarification. Thanks, Brad. Can you talk at a high level about the quantum or length of contracts in narcolepsy relative to, say, Alzheimer's or other disease areas? Yeah. yeah Good clarification. good clarification Thanks, Brad. thanks brad Can you talk at a high level about the quantum or length of contracts in narcolepsy relative to, say, Alzheimer's or other disease areas? can you talk at a high level about the quantum or length of contracts in narcolepsy relative to say alzheimer's or other disease areas

Speaker 1: Paul, do you want to take this just in terms of the timing of narcolepsy trials in terms of how quickly they run versus an Alzheimer's disease trial? Paul, do you want to take this just in terms of the timing of narcolepsy trials in terms of how quickly they run versus an Alzheimer's disease trial? paul do you want to take this just in terms of the timing of narcolepsy trials in terms of how quickly they run versus an alzheimer's disease trial

Speaker 3: Sure thing. One of the great surprises for us, having worked so long in Alzheimer's disease is when the narcolepsy studies began, they were pretty much done by the time we'd neatened up our desks and got ready for the results, right? Generally speaking, those two phase III programs that reported out were 12 weeks of the trial ran. The answer, the claim about the effectiveness of the drug is based on those. Of course, like a lot of these medicines, individuals then get the opportunity to go into long-term extensions, and those extensions run over couples of years. At the same time, because the programs are new, better drugs, if you like, safer drugs, or if you like, not drugs, variations on the molecules come out that can be used at lower doses or less volume or with less side effects. Sure thing. sure thing One of the great surprises for us, having worked so long in Alzheimer's disease is when the narcolepsy studies began, they were pretty much done by the time we'd neatened up our desks and got ready for the results, right? one of the great surprises for us having worked so long in alzheimer's disease is when the narcolepsy studies began they were pretty much done by the time we'd neatened up our desks and got ready for the results right Generally speaking, those two phase III programs that reported out were 12 weeks of the trial ran. generally speaking those two phase iii programs that reported out were 12 weeks of the trial ran The answer, the claim about the effectiveness of the drug is based on those. the answer the claim about the effectiveness of the drug is based on those Of course, like a lot of these medicines, individuals then get the opportunity to go into long-term extensions, and those extensions run over couples of years. of course like a lot of these medicines individuals then get the opportunity to go into long-term extensions and those extensions run over couples of years At the same time, because the programs are new, better drugs, if you like, safer drugs, or if you like, not drugs, variations on the molecules come out that can be used at lower doses or less volume or with less side effects. at the same time because the programs are new better drugs if you like safer drugs or if you like not drugs variations on the molecules come out that can be used at lower doses or less volume or with less side effects These studies run quickly, at least in the sleep-disordered areas. It may change as we move into, say, something like depression or Parkinson's disease. You may want to examine it over longer periods of time. Rather when you replace orexin in the central nervous system, the activity starts happening immediately. Yeah, very short. These studies run quickly, at least in the sleep-disordered areas. these studies run quickly at least in the sleep-disordered areas It may change as we move into, say, something like depression or Parkinson's disease. it may change as we move into say something like depression or parkinson's disease You may want to examine it over longer periods of time. you may want to examine it over longer periods of time Rather when you replace orexin in the central nervous system , the activity starts happening immediately. rather when you replace orexin in the central nervous system the activity starts happening immediately Yeah, very short. yeah very short

Speaker 5: Great. Do you see a use for Cogstate outside the trial setting, say in clinical practice? Great. great Do you see a use for Cogstate outside the trial setting, say in clinical practice? do you see a use for cogstate outside the trial setting say in clinical practice

Speaker 1: Yeah, I think this is a really interesting thing, Paul, I'll come to you in a second to talk about the measurement of cognition in narcolepsy outside of clinical trials. I think there is an opportunity, and I think one of the things that, and particularly that Paul's done a fantastic job of, and the whole science team, is positioning the Cogstate digital assessments as key or primary cognitive endpoints in these trials. I think there is a question, Paul, of what happens in the community post-release of trials to continue to monitor that benefit. Yeah, I think this is a really interesting thing, Paul, I'll come to you in a second to talk about the measurement of cognition in narcolepsy outside of clinical trials. yeah i think this is a really interesting thing paul i'll come to you in a second to talk about the measurement of cognition in narcolepsy outside of clinical trials I think there is an opportunity, and I think one of the things that, and particularly that Paul's done a fantastic job of, and the whole science team, is positioning the Cogstate digital assessments as key or primary cognitive endpoints in these trials. i think there is an opportunity and i think one of the things that and particularly that paul's done a fantastic job of and the whole science team is positioning the cogstate digital assessments as key or primary cognitive endpoints in these trials I think there is a question, Paul, of what happens in the community post-release of trials to continue to monitor that benefit. i think there is a question paul of what happens in the community post-release of trials to continue to monitor that benefit

Speaker 3: Yep. This question about the use of Cogstate in clinical practice has been with us since we began, is how do we take these tests and use them in clinical practice? We have attempted a number of times and learned a great deal from those events. Essentially the success in that is having a very clear understanding of not so much how the test is used, but what decision is made on the basis of the test. That's the first thing. Why are doctors going to use it? It's not enough just to provide them with the information, with the test. You have to actually also give them a framework. The second thing is, on the basis of that information, what do they do next? Yep. yep This question about the use of Cogstate in clinical practice has been with us since we began, is how do we take these tests and use them in clinical practice? this question about the use of cogstate in clinical practice has been with us since we began is how do we take these tests and use them in clinical practice We have attempted a number of times and learned a great deal from those events. we have attempted a number of times and learned a great deal from those events Essentially the success in that is having a very clear understanding of not so much how the test is used, but what decision is made on the basis of the test. essentially the success in that is having a very clear understanding of not so much how the test is used but what decision is made on the basis of the test That's the first thing. that's the first thing Why are doctors going to use it? why are doctors going to use it It's not enough just to provide them with the information, with the test. it's not enough just to provide them with the information with the test You have to actually also give them a framework. you have to actually also give them a framework The second thing is, on the basis of that information, what do they do next? the second thing is on the basis of that information what do they do next Interestingly, a lot of stuff with Cogstate technology is not so much about the test, but more about what decision you make on the basis of the test. Two emerging areas where I think this is important is, as we've seen with narcolepsy, that clinicians may wish to either reassure their patients that their cognition is improving as a consequence. Our anthropological work, if you like, in narcolepsy is that everyone complains that they don't think as clearly as they should or that their memory's problematic. Having something that you can reassure patients and show them that this benefits as a consequence of treatment, that might be the case. These drugs might be also so good that you just feel great that that's not unnecessary, like with a GLP, right? I don't need to get on the scales to show that I've lost weight. Interestingly, a lot of stuff with Cogstate technology is not so much about the test, but more about what decision you make on the basis of the test. interestingly a lot of stuff with cogstate technology is not so much about the test but more about what decision you make on the basis of the test Two emerging areas where I think this is important is, as we've seen with narcolepsy, that clinicians may wish to either reassure their patients that their cognition is improving as a consequence. two emerging areas where i think this is important is as we've seen with narcolepsy that clinicians may wish to either reassure their patients that their cognition is improving as a consequence Our anthropological work, if you like, in narcolepsy is that everyone complains that they don't think as clearly as they should or that their memory's problematic. our anthropological work if you like in narcolepsy is that everyone complains that they don't think as clearly as they should or that their memory's problematic Having something that you can reassure patients and show them that this benefits as a consequence of treatment, that might be the case. having something that you can reassure patients and show them that this benefits as a consequence of treatment that might be the case These drugs might be also so good that you just feel great that that's not unnecessary, like with a GLP, right? these drugs might be also so good that you just feel great that that's not unnecessary like with a glp right I don't need to get on the scales to show that I've lost weight. i don't need to get on the scales to show that i've lost weight The second issue is in Alzheimer's disease. The area that we've always been working in is the extent to which Cogstate tests can guide decision-making in the context of Alzheimer's disease management. To some extent, it's a similar issue now that with the approval of drugs, and greater use of those by doctors in either general practice or in specialty practice, the decision-making pathways are becoming clear. We know our tests work. We know we can give the data back. We know we have them approved in FDA regulatory frameworks. We know all that. We just have to understand how they're used properly. Again, only after 20 years do we say it's imminent that they're going to be used. I think in both of these fields, the remarkable change is the availability of drugs that are curative or restorative of the disease. The second issue is in Alzheimer's disease. the second issue is in alzheimer's disease The area that we've always been working in is the extent to which Cogstate tests can guide decision-making in the context of Alzheimer's disease management. the area that we've always been working in is the extent to which cogstate tests can guide decision-making in the context of alzheimer's disease management To some extent, it's a similar issue now that with the approval of drugs, and greater use of those by doctors in either general practice or in specialty practice, the decision-making pathways are becoming clear. to some extent it's a similar issue now that with the approval of drugs and greater use of those by doctors in either general practice or in specialty practice the decision-making pathways are becoming clear We know our tests work. we know our tests work We know we can give the data back. we know we can give the data back We know we have them approved in FDA regulatory frameworks. we know we have them approved in fda regulatory frameworks We know all that. we know all that We just have to understand how they're used properly. we just have to understand how they're used properly Again, only after 20 years do we say it's imminent that they're going to be used. again only after 20 years do we say it's imminent that they're going to be used I think in both of these fields, the remarkable change is the availability of drugs that are curative or restorative of the disease. i think in both of these fields the remarkable change is the availability of drugs that are curative or restorative of the disease The decision becomes very clear. Does this person warrant treatment, and is this treatment safe, and is this treatment efficacious? We can sort of align our technology and our decision, like our information feedback systems against those decisions. The decision becomes very clear. the decision becomes very clear Does this person warrant treatment, and is this treatment safe, and is this treatment efficacious? does this person warrant treatment and is this treatment safe and is this treatment efficacious We can sort of align our technology and our decision, like our information feedback systems against those decisions. we can sort of align our technology and our decision like our information feedback systems against those decisions

Speaker 1: Thanks, Paul. Thanks, Paul. thanks paul

Speaker 5: Next question. To what extent is your diversification into areas such as narcolepsy and psychiatry being driven by channel partners versus broadening Cogstate's internal capabilities? Next question. next question To what extent is your diversification into areas such as narcolepsy and psychiatry being driven by channel partners versus broadening Cogstate's internal capabilities? to what extent is your diversification into areas such as narcolepsy and psychiatry being driven by channel partners versus broadening cogstate's internal capabilities

Speaker 1: Rachel, do you want to take this one? Rachel, do you want to take this one? rachel do you want to take this one

Speaker 4: Sure. Yeah, it was intentionally both. We knew from working with our channel partners what their customer base and their RFP base looked like. We were very intentional about building that capability, particularly within psychiatry. With narcolepsy, it was a bit different. Narcolepsy was less dependent on channel partners. It was really more about those deep science relationships, particularly with Paul, working very closely with our customers to understand their pipeline and the needs that they had. That allowed us to be quite strategic and work ahead of them in developing the right digital cognitive tests on our platform. They liked that idea of they needed something quite innovative to get the right measure in place, but they wanted to deliver it on a compliant and proven platform and framework. That's what we were able to provide. Sure. sure Yeah, it was intentionally both. yeah it was intentionally both We knew from working with our channel partners what their customer base and their RFP base looked like. we knew from working with our channel partners what their customer base and their rfp base looked like We were very intentional about building that capability, particularly within psychiatry. we were very intentional about building that capability particularly within psychiatry With narcolepsy, it was a bit different. with narcolepsy it was a bit different Narcolepsy was less dependent on channel partners. narcolepsy was less dependent on channel partners It was really more about those deep science relationships, particularly with Paul, working very closely with our customers to understand their pipeline and the needs that they had. it was really more about those deep science relationships particularly with paul working very closely with our customers to understand their pipeline and the needs that they had That allowed us to be quite strategic and work ahead of them in developing the right digital cognitive tests on our platform. that allowed us to be quite strategic and work ahead of them in developing the right digital cognitive tests on our platform They liked that idea of they needed something quite innovative to get the right measure in place, but they wanted to deliver it on a compliant and proven platform and framework. they liked that idea of they needed something quite innovative to get the right measure in place but they wanted to deliver it on a compliant and proven platform and framework That's what we were able to provide. that's what we were able to provide Add to that a bit of luck with the success that's happened in those programs, and so we've got ourselves more of a leadership position. Certainly in psychiatry, it's definitely been driven by the sort of the sales reach of these larger channel partnerships. We had to be ready to absorb that with some strategic investments that we started about 18 months ago. Add to that a bit of luck with the success that's happened in those programs, and so we've got ourselves more of a leadership position. add to that a bit of luck with the success that's happened in those programs and so we've got ourselves more of a leadership position Certainly in psychiatry, it's definitely been driven by the sort of the sales reach of these larger channel partnerships. certainly in psychiatry it's definitely been driven by the sort of the sales reach of these larger channel partnerships We had to be ready to absorb that with some strategic investments that we started about 18 months ago. we had to be ready to absorb that with some strategic investments that we started about 18 months ago

Speaker 5: Yeah. Perhaps just as an extension to that question, given the focus today on narcolepsy and psychiatry, are these the two focus areas outside of Alzheimer's? Yeah. yeah Perhaps just as an extension to that question, given the focus today on narcolepsy and psychiatry, are these the two focus areas outside of Alzheimer's? perhaps just as an extension to that question given the focus today on narcolepsy and psychiatry are these the two focus areas outside of alzheimer's

Speaker 4: They are two focus areas outside of Alzheimer's. I would say rare is a continued, it's not all rare, but the neurodevelopmental disorders, where there's the clinical outcome assessments that have the same needs in terms of endpoint data quality, that's another key growth area that we believe will very much continue and should continue to drive the same 25-ish of our RFP volume that we've seen historically. I think we'll see these as our core focus areas. There's a couple of others that sort of bubble up, and we're seeing increasingly prevalent and we may make some focused investments there. Parkinson's and other Parkinsonian disorders are another area where we are winning work. They are two focus areas outside of Alzheimer's. they are two focus areas outside of alzheimer's I would say rare is a continued, it's not all rare, but the neurodevelopmental disorders, where there's the clinical outcome assessments that have the same needs in terms of endpoint data quality, that's another key growth area that we believe will very much continue and should continue to drive the same 25-ish of our RFP volume that we've seen historically. i would say rare is a continued it's not all rare but the neurodevelopmental disorders where there's the clinical outcome assessments that have the same needs in terms of endpoint data quality that's another key growth area that we believe will very much continue and should continue to drive the same 25-ish of our rfp volume that we've seen historically I think we'll see these as our core focus areas. i think we'll see these as our core focus areas There's a couple of others that sort of bubble up, and we're seeing increasingly prevalent and we may make some focused investments there. there's a couple of others that sort of bubble up and we're seeing increasingly prevalent and we may make some focused investments there Parkinson's and other Parkinsonian disorders are another area where we are winning work. parkinson's and other parkinsonian disorders are another area where we are winning work We've been focused a bit on a certain part of those outcome measures, a certain section of those outcome measures, and we have an opportunity to think about that more broadly. I think that's something that we're still evaluating. I would say these are the two main sort of growth areas outside of rare. We've been focused a bit on a certain part of those outcome measures, a certain section of those outcome measures, and we have an opportunity to think about that more broadly. we've been focused a bit on a certain part of those outcome measures a certain section of those outcome measures and we have an opportunity to think about that more broadly I think that's something that we're still evaluating. i think that's something that we're still evaluating I would say these are the two main sort of growth areas outside of rare. i would say these are the two main sort of growth areas outside of rare

Speaker 5: Great. Thanks, Rachel. Related to winning the work in new indications, clinical trials, do you see any trend in the win rate yet converting pipeline to new contracts? It's on the presumption, the more track record that Cogstate gains, the higher win rate will be. Secondly, do you see increasing competition on these new frontiers? Great. great Thanks, Rachel. thanks rachel Related to winning the work in new indications, clinical trials, do you see any trend in the win rate yet converting pipeline to new contracts? related to winning the work in new indications clinical trials do you see any trend in the win rate yet converting pipeline to new contracts It's on the presumption, the more track record that Cogstate gains, the higher win rate will be. it's on the presumption the more track record that cogstate gains the higher win rate will be Secondly, do you see increasing competition on these new frontiers? secondly do you see increasing competition on these new frontiers

Speaker 4: Yeah. It's a good one. Yeah. yeah It's a good one. it's a good one

Speaker 1: I'll answer the first one, Rachel, you think about the second one. In terms of win rate, we sort of expected when we went to market with new partners, you expect to see a lower win rate initially. I think that's what we've seen. I think we're seeing that reverting to the mean over time as we become more established, and so we're comfortable with where win rates are. On this graph that's shown on the screen now, we would expect the increase in sales to lag from a timeline point of view, the increase in opportunities, just because there's a sales process that takes some weeks and months sometimes to execute. That's always going to be the identification of opportunity and then the closing of that opportunity is always going to have some sort of time lag behind it. I'll answer the first one, Rachel, you think about the second one. i'll answer the first one rachel you think about the second one In terms of win rate, we sort of expected when we went to market with new partners, you expect to see a lower win rate initially. in terms of win rate we sort of expected when we went to market with new partners you expect to see a lower win rate initially I think that's what we've seen. i think that's what we've seen I think we're seeing that reverting to the mean over time as we become more established, and so we're comfortable with where win rates are. i think we're seeing that reverting to the mean over time as we become more established and so we're comfortable with where win rates are On this graph that's shown on the screen now, we would expect the increase in sales to lag from a timeline point of view, the increase in opportunities, just because there's a sales process that takes some weeks and months sometimes to execute. on this graph that's shown on the screen now we would expect the increase in sales to lag from a timeline point of view the increase in opportunities just because there's a sales process that takes some weeks and months sometimes to execute That's always going to be the identification of opportunity and then the closing of that opportunity is always going to have some sort of time lag behind it. that's always going to be the identification of opportunity and then the closing of that opportunity is always going to have some sort of time lag behind it We think win rates are in order of Certainly, our win rate through channel partnerships doesn't yet replicate our win rate when we go to market alone. I think that can be somewhat misunderstood because when we're deeply embedded with a customer, and we have the likes of Paul and Luka and our other scientists advising them on endpoint selection and trial design, we're right in there from the start. I think the channel partnerships just come at it from a more, what you'd consider a more traditional sales, a request for proposal type, and request for information type workflow, and therefore the win rate in that is probably going to be slightly slower than we see in those direct relationships when we're advising people. Rachel, do you want to comment on the competition piece? We think win rates are in order of Certainly, our win rate through channel partnerships doesn't yet replicate our win rate when we go to market alone. we think win rates are in order of certainly our win rate through channel partnerships doesn't yet replicate our win rate when we go to market alone I think that can be somewhat misunderstood because when we're deeply embedded with a customer, and we have the likes of Paul and Luka and our other scientists advising them on endpoint selection and trial design, we're right in there from the start. i think that can be somewhat misunderstood because when we're deeply embedded with a customer and we have the likes of paul and luka and our other scientists advising them on endpoint selection and trial design we're right in there from the start I think the channel partnerships just come at it from a more, what you'd consider a more traditional sales, a request for proposal type, and request for information type workflow, and therefore the win rate in that is probably going to be slightly slower than we see in those direct relationships when we're advising people. i think the channel partnerships just come at it from a more what you'd consider a more traditional sales a request for proposal type and request for information type workflow and therefore the win rate in that is probably going to be slightly slower than we see in those direct relationships when we're advising people Rachel, do you want to comment on the competition piece? rachel do you want to comment on the competition piece

Speaker 4: Yeah. I would say, just to expand a moment on what you were mentioning about the win rate, that I agree that when working through partnerships, it can be impacted, and I think it is our aim to become very sophisticated and good at partnerships, especially with our tightest channel partners. I think accessing, getting that peer-to-peer and science-to-science relationships early is going to be key in that, and figuring out how do we navigate co-selling through our channels, so that we can achieve that. I think the opportunity for that is a little less in the CRO side of things with, we have channel partners and eCOA partnerships as well as with contract research organizations. I would say in that slice of the channel relationships, it's a bit harder to impact. Yeah. yeah I would say, just to expand a moment on what you were mentioning about the win rate, that I agree that when working through partnerships, it can be impacted, and I think it is our aim to become very sophisticated and good at partnerships, especially with our tightest channel partners. i would say just to expand a moment on what you were mentioning about the win rate that i agree that when working through partnerships it can be impacted and i think it is our aim to become very sophisticated and good at partnerships especially with our tightest channel partners I think accessing, getting that peer-to-peer and science-to-science relationships early is going to be key in that, and figuring out how do we navigate co-selling through our channels, so that we can achieve that. i think accessing getting that peer-to-peer and science-to-science relationships early is going to be key in that and figuring out how do we navigate co-selling through our channels so that we can achieve that I think the opportunity for that is a little less in the CRO side of things with, we have channel partners and eCOA partnerships as well as with contract research organizations. i think the opportunity for that is a little less in the cro side of things with we have channel partners and ecoa partnerships as well as with contract research organizations I would say in that slice of the channel relationships, it's a bit harder to impact. i would say in that slice of the channel relationships it's a bit harder to impact We have a more challenging time getting that access to customer, where we have a very reliable and predictable win rate when working. We understand what that is, and it sort of is what it is. We don't expect it will impact that much. I do think with our channel partners that are of the eCOA type, like our Medidata and Clinical Ink partnerships, that we will just see that increase over time as we become more expert at going to market together. Can you repeat back the competition component of the question? We have a more challenging time getting that access to customer, where we have a very reliable and predictable win rate when working. we have a more challenging time getting that access to customer where we have a very reliable and predictable win rate when working We understand what that is, and it sort of is what it is. we understand what that is and it sort of is what it is We don't expect it will impact that much. we don't expect it will impact that much I do think with our channel partners that are of the eCOA type, like our Medidata and Clinical Ink partnerships, that we will just see that increase over time as we become more expert at going to market together. i do think with our channel partners that are of the ecoa type like our medidata and clinical ink partnerships that we will just see that increase over time as we become more expert at going to market together Can you repeat back the competition component of the question? can you repeat back the competition component of the question

Speaker 5: It was really just a question around are you seeing sort of emerging competition as you start to do more of these new frontier clinical trials? It was really just a question around are you seeing sort of emerging competition as you start to do more of these new frontier clinical trials? it was really just a question around are you seeing sort of emerging competition as you start to do more of these new frontier clinical trials

Speaker 4: It's not so much new, just we're sort of the emerging competition. It's that there's a couple of established players in psychiatry at least, where we had previously not addressed that market as well, likely because of our limited sales team and also just what our internal capabilities looked like previously to that investment in psychiatry. I would say that we're probably the newer entrant and gaining market share through that. It's not so much new, just we're sort of the emerging competition. it's not so much new just we're sort of the emerging competition It's that there's a couple of established players in psychiatry at least, where we had previously not addressed that market as well, likely because of our limited sales team and also just what our internal capabilities looked like previously to that investment in psychiatry. it's that there's a couple of established players in psychiatry at least where we had previously not addressed that market as well likely because of our limited sales team and also just what our internal capabilities looked like previously to that investment in psychiatry I would say that we're probably the newer entrant and gaining market share through that. i would say that we're probably the newer entrant and gaining market share through that

Speaker 5: Thank you. Does Cogstate have any involvement with university-led academic research in addition to your partnerships with pharmaceutical and biotechnology? Thank you. thank you Does Cogstate have any involvement with university-led academic research in addition to your partnerships with pharmaceutical and biotechnology? does cogstate have any involvement with university-led academic research in addition to your partnerships with pharmaceutical and biotechnology

Speaker 1: Yeah, we have some. Cogstate through our history has provided our digital assessments at low or no cost to academic researchers. We're continuing that. That was a little too popular and became a burden to manage. We're a little more selective now, certainly we still collaborate with academic researchers. Yeah, we have some. yeah we have some Cogstate through our history has provided our digital assessments at low or no cost to academic researchers. cogstate through our history has provided our digital assessments at low or no cost to academic researchers We're continuing that. we're continuing that That was a little too popular and became a burden to manage. that was a little too popular and became a burden to manage We're a little more selective now, certainly we still collaborate with academic researchers. we're a little more selective now certainly we still collaborate with academic researchers

Speaker 5: Okay. What impact does Lilly buying Centessa have given the existing relationship with Lilly? Okay. okay What impact does Lilly buying Centessa have given the existing relationship with Lilly? what impact does lilly buying centessa have given the existing relationship with lilly

Speaker 1: We also had an existing relationship with Centessa, I don't think that's an immediate difference from our point of view. I think what we would expect, though, this is just not based on any inside knowledge, but just looking at the market generally, that you would expect to see an increase in R&D spend, or at least the rate of R&D spend with respect to those Centessa assets, just because of Lilly's balance sheet and R&D spend, and access to capital changes that obviously will impact those assets within Centessa. We also had an existing relationship with Centessa, I don't think that's an immediate difference from our point of view. we also had an existing relationship with centessa i don't think that's an immediate difference from our point of view I think what we would expect, though, this is just not based on any inside knowledge, but just looking at the market generally, that you would expect to see an increase in R&D spend, or at least the rate of R&D spend with respect to those Centessa assets, just because of Lilly's balance sheet and R&D spend, and access to capital changes that obviously will impact those assets within Centessa. i think what we would expect though this is just not based on any inside knowledge but just looking at the market generally that you would expect to see an increase in r&d spend or at least the rate of r&d spend with respect to those centessa assets just because of lilly's balance sheet and r&d spend and access to capital changes that obviously will impact those assets within centessa

Speaker 5: Terrific. Just down to the last few questions. Can you share the most exciting new solution from Cogstate that you'll either soon launch or have recently launched to increase revenue per contract? Terrific. terrific Just down to the last few questions. just down to the last few questions Can you share the most exciting new solution from Cogstate that you'll either soon launch or have recently launched to increase revenue per contract? can you share the most exciting new solution from cogstate that you'll either soon launch or have recently launched to increase revenue per contract

Speaker 4: Yeah. Yeah. yeah

Speaker 1: That's a very broad question. There's so many different things. That's a very broad question. that's a very broad question There's so many different things. there's so many different things

Speaker 4: Absolutely. Absolutely. absolutely

Speaker 1: Look, I do think the work that we're doing and the changes that we're seeing in terms of how we're delivering solutions, what Rachel talked about with the central rating, I think is really important. I think what we're looking at from an AI perspective, both in terms of new product, as well as how we deliver our solution. The operating model that we work within, I think is really exciting. I think some of the data analysis that we're doing, particularly on the Cogstate digital assessments in the area of pre-symptomatic Alzheimer's disease. There's some data that we're presenting at the upcoming Alzheimer's Association International Conference in London in July. Look, I do think the work that we're doing and the changes that we're seeing in terms of how we're delivering solutions, what Rachel talked about with the central rating , I think is really important. look i do think the work that we're doing and the changes that we're seeing in terms of how we're delivering solutions what rachel talked about with the central rating i think is really important I think what we're looking at from an AI perspective, both in terms of new product, as well as how we deliver our solution. i think what we're looking at from an ai perspective both in terms of new product as well as how we deliver our solution The operating model that we work within, I think is really exciting. the operating model that we work within i think is really exciting I think some of the data analysis that we're doing, particularly on the Cogstate digital assessments in the area of pre-symptomatic Alzheimer's disease. i think some of the data analysis that we're doing particularly on the cogstate digital assessments in the area of pre-symptomatic alzheimer's disease There's some data that we're presenting at the upcoming Alzheimer's Association International Conference in London in July. there's some data that we're presenting at the upcoming alzheimer's association international conference in london in july At another Alzheimer's meeting in October, where again, had some data accepted there for presentation that shows the really good effects of the Cogstate digital assessments in terms of identification of really subtle change. Probably more importantly, with the ability to show some predictive value of decline in that pre-symptomatic population. I think that data's really interesting and positions us really well in terms of winning continued work in that really exciting area. At another Alzheimer's meeting in October, where again, had some data accepted there for presentation that shows the really good effects of the Cogstate digital assessments in terms of identification of really subtle change. at another alzheimer's meeting in october where again had some data accepted there for presentation that shows the really good effects of the cogstate digital assessments in terms of identification of really subtle change Probably more importantly, with the ability to show some predictive value of decline in that pre-symptomatic population. probably more importantly with the ability to show some predictive value of decline in that pre-symptomatic population I think that data's really interesting and positions us really well in terms of winning continued work in that really exciting area. i think that data's really interesting and positions us really well in terms of winning continued work in that really exciting area

Speaker 5: Great. In both of the growth areas shared today, what is the current versus expected future mix between contracts for phase I, II, and III trials? Great. great In both of the growth areas shared today, what is the current versus expected future mix between contracts for phase I, II, and III trials? in both of the growth areas shared today what is the current versus expected future mix between contracts for phase i ii and iii trials

Speaker 1: We don't do a lot of work in phase I, which are safety trials generally. Mainly phase II and phase III. Look, I think we're starting to see now in, particularly narcolepsy, some of the programs that we've been working on for some time pushing into phase III. Paul mentioned the Takeda program that's public now, that they've just completed the phases III. I think as a general rule, when we're winning new work, the idea is you try and win that work at a phase II, and provided that the compound or the program is successful, that we follow that through to phase III, and those sort of basic rules apply. We're obviously winning a degree of new work, particularly in psychiatry. Generally speaking, we're winning that work in phase II, and then that matures into phase III over time. We don't do a lot of work in phase I, which are safety trials generally. we don't do a lot of work in phase i which are safety trials generally Mainly phase II and phase III . mainly phase ii and phase iii Look, I think we're starting to see now in, particularly narcolepsy, some of the programs that we've been working on for some time pushing into phase III. look i think we're starting to see now in particularly narcolepsy some of the programs that we've been working on for some time pushing into phase iii Paul mentioned the Takeda program that's public now, that they've just completed the phases III. paul mentioned the takeda program that's public now that they've just completed the phases iii I think as a general rule, when we're winning new work, the idea is you try and win that work at a phase II, and provided that the compound or the program is successful, that we follow that through to phase III, and those sort of basic rules apply. i think as a general rule when we're winning new work the idea is you try and win that work at a phase ii and provided that the compound or the program is successful that we follow that through to phase iii and those sort of basic rules apply We're obviously winning a degree of new work, particularly in psychiatry. we're obviously winning a degree of new work particularly in psychiatry Generally speaking, we're winning that work in phase II, and then that matures into phase III over time. generally speaking we're winning that work in phase ii and then that matures into phase iii over time

Speaker 5: Great. Final question for today. Are you observing lower conversion on the large channel partner pipeline? Great. great Final question for today. final question for today Are you observing lower conversion on the large channel partner pipeline? are you observing lower conversion on the large channel partner pipeline

Speaker 1: I don't know that we're seeing lower conversion. I think you're pitching a new offering. I think the other thing that's important to understand is that sometimes we'll be pitching to the same program a couple of different ways, either through different channel partners or directly, or as well as through a channel partner. I think it's just different. I don't know that we're seeing necessarily lower conversion. Rachel, I don't know if you want to comment on that. I don't know that we're seeing lower conversion. i don't know that we're seeing lower conversion I think you're pitching a new offering. i think you're pitching a new offering I think the other thing that's important to understand is that sometimes we'll be pitching to the same program a couple of different ways, either through different channel partners or directly, or as well as through a channel partner. i think the other thing that's important to understand is that sometimes we'll be pitching to the same program a couple of different ways either through different channel partners or directly or as well as through a channel partner I think it's just different. i think it's just different I don't know that we're seeing necessarily lower conversion. i don't know that we're seeing necessarily lower conversion Rachel, I don't know if you want to comment on that. rachel i don't know if you want to comment on that

Speaker 4: No, I think that's accurate. I think it's accurate. We are still trying to understand it, because what we're doing with some of our channel partners, it's sort of pushing us into areas that are adjacent to our core and even outside of CNS, where we're doing rater training in atopic dermatitis, for example. In those areas, we don't know what the expected win rate should be. It's sort of incremental, where we don't have an expectation around the award. I think that just the dynamics of those channel partnerships is such that we're still really understanding what is the expected win rate there. I will say we're seeing it grow, and especially in our core area. No, I think that's accurate. no i think that's accurate I think it's accurate. i think it's accurate We are still trying to understand it, because what we're doing with some of our channel partners, it's sort of pushing us into areas that are adjacent to our core and even outside of CNS, where we're doing rater training in atopic dermatitis, for example. we are still trying to understand it because what we're doing with some of our channel partners it's sort of pushing us into areas that are adjacent to our core and even outside of cns where we're doing rater training in atopic dermatitis for example In those areas, we don't know what the expected win rate should be. in those areas we don't know what the expected win rate should be It's sort of incremental, where we don't have an expectation around the award. it's sort of incremental where we don't have an expectation around the award I think that just the dynamics of those channel partnerships is such that we're still really understanding what is the expected win rate there. i think that just the dynamics of those channel partnerships is such that we're still really understanding what is the expected win rate there I will say we're seeing it grow, and especially in our core area. i will say we're seeing it grow and especially in our core area There's a bit we're sort of aligning what we're known for and our experience set with that becoming what our partners are known for and their experience set. As those two things come in alignment, we're seeing an increase in our win rate there. I think it's still a bit of a moving target, but something that's quite productive at the moment. There's a bit we're sort of aligning what we're known for and our experience set with that becoming what our partners are known for and their experience set. there's a bit we're sort of aligning what we're known for and our experience set with that becoming what our partners are known for and their experience set As those two things come in alignment, we're seeing an increase in our win rate there. as those two things come in alignment we're seeing an increase in our win rate there I think it's still a bit of a moving target, but something that's quite productive at the moment. i think it's still a bit of a moving target but something that's quite productive at the moment

Speaker 5: Okay. With that, Brad, over to you to conclude. Okay. okay With that, Brad, over to you to conclude. with that brad over to you to conclude

Speaker 1: Thank you everyone. Thanks for your attention. The recording of this will be up on our investor page shortly. Just a reminder of those dates. Wednesday, 8th of July is the next market release. Thank you very much for your attention. We feel really confident in terms of the business, its current state and the growth profile, and the opportunities that we see in front of us. We look forward to reporting you on that shortly. Thanks for your time. Thank you everyone. thank you everyone Thanks for your attention. thanks for your attention The recording of this will be up on our investor page shortly. the recording of this will be up on our investor page shortly Just a reminder of those dates. just a reminder of those dates Wednesday, 8th of July is the next market release. wednesday 8th of july is the next market release Thank you very much for your attention. thank you very much for your attention We feel really confident in terms of the business, its current state and the growth profile, and the opportunities that we see in front of us. we feel really confident in terms of the business its current state and the growth profile and the opportunities that we see in front of us We look forward to reporting you on that shortly. we look forward to reporting you on that shortly Thanks for your time. thanks for your time

Speaker 4: Thank you all Thank you all thank you all