No real insight to offer, unfortunately. We will get results...

No real insight to offer, unfortunately. We will get results soon so that should provide much more clarity.

I remain very confident on the trials opportunity and this is where the all of the real value sits but as the landscape is starting to be shaped with respect to the healthcare opportunity there is a question mark developing over where Cognigram fits and this might be what is weighing on the share price. Here I am talking only about the cognitive testing landscape not other aspects of the diagnostic process such a blood biomarkers which despite some speculation will not have any significant impact on the position of cognitive testing. Clearly none of this would effect the minimum royalty payments from Eisai but there are questions about when or even if there might be upside to those numbers.

It should be stressed that it is very early days but so far it seems that GPs are not embracing digital tests as triage tool, which was always the position Cognigram was supposed to occupy. The major problem is that there is no reimbursement in place for digital cognitive tests and as such, it currently cost a medical facility to run them and that is a cost cannot be recovered. The next step in the pathway is a referral to a Neuropsychologist or Neurologist they will run traditional cognitive tests (at least for the timebeing) to supplement scans, blood tests or CSF draws when making a formal diagnosis. This was never going to be a target market for Cognigram. I think it is somewhat telling that despite Leqmbi being on the market for some period now we have not yet seen a roll out of Cognigram in the US. I also note that Cambridge Cognition is taking a different approach to this market and they are focusing on quality control support for the Neuropsychologist or Neurologist rather than offering a broader triage tool. This focus comes despite having (on a relatively small scale) operated CANTAB as digital triage tool for years in some regions of the UK's NHS. So in summary I think the diagnostic pathways have not fallen in to place as quickly as everyone had expected and it remains unclear that there is a SIGNIFICANT commercial opportunity for Cognigram even if it were to be widely adopted.

On the positive side the CNS trials and AD trials work in particular is going to proliferate and it is more and more clear that we are going to see a huge number of trials over the next 3 or 4 years, both new dugs, revisiting old drugs and also combination trials. On this basis alone Cogstate is very significantly undervalued.