Emyria has expanded its Empax clinic network across four states, reporting a 210% revenue increase in FY26 and early clinical success in treatment-resistant depression.
- FY26 revenue rises to ~$4.3m, up 210%
- Victorian clinic activated, NSW clinic on track
- 25 therapists and 6 psychiatrists trained in NSW
- Early depression program shows significant symptom reduction
- TGA broadens therapist eligibility, boosting clinic capacity
National Clinic Network Expansion Hits Key Milestones
Emyria Limited (ASX:EMD) has rapidly scaled its Empax network, now operating clinics in Victoria, Western Australia, Queensland, and preparing to open in New South Wales in Q3 CY2026. The recent activation of the Mornington Peninsula clinic in Victoria marks the company’s third operational site, with a fifth clinic at Matilda Nepean Private Hospital in NSW set to extend its footprint to five locations across four states.
This expansion is underpinned by a capital-light, hospital-integrated model, reflecting Emyria’s growing reputation in complex mental health treatments. The NSW clinic’s strategic location in Kingswood aims to serve broader regional areas including Dubbo and Tamworth, supported by a newly trained workforce of 25 therapists and six psychiatrists, pushing the total clinical team beyond 100 trained professionals nationwide.
Financial Growth Reflects Clinic Momentum
Emyria reported quarterly revenue of approximately $1.53 million, contributing to a full-year FY26 revenue of around $4.3 million, an impressive 210% increase compared to FY25. This growth reflects increased patient demand and insurer-funded treatments, despite a temporary disruption at the Brisbane clinic due to the unavailability of an Authorised Prescriber.
Operating cash outflows of $1.43 million for the quarter were primarily driven by workforce expansion, medication inventory buildup, and the Victorian clinic launch. The company ended the quarter with $7.29 million in cash and equivalents, providing a runway of just over five quarters at current burn rates.
Early Clinical Data Shows Promise in Depression Program
Emyria’s treatment-resistant depression program delivered encouraging early results from its initial cohort of 10 patients. These patients demonstrated statistically significant improvements across all four mental health measures, with average depression scores dropping from 16.8 to 10.0, a clinically meaningful 6.8-point reduction. This follows earlier success in the company’s PTSD treatment program and underlines the potential of Empax’s evidence-based therapies.
Regulatory Changes Enhance Workforce Flexibility
The Therapeutic Goods Administration (TGA) has broadened the eligibility criteria for therapists participating in psychedelic-assisted psychotherapy. The updated Authorised Prescriber scheme now includes registered nurses, occupational therapists, and other mental health professionals, beyond the previous restriction to clinical psychologists and medical practitioners. This regulatory shift is expected to accelerate recruitment, expand clinical capacity, and improve patient access across the Empax network.
Global Partnership Program Opens New Revenue Streams
Emyria launched its Global Partnership Program, creating a high-margin, capital-light revenue stream by offering its established clinical infrastructure to international drug sponsors and clinical research organisations. This dual-revenue model combines reimbursed patient treatments with sponsor-funded services, positioning Emyria as a potential partner for late-stage clinical trials and commercial rollout of psychedelic therapies worldwide.
Growing pharmaceutical sector interest in psychedelics, highlighted by multi-billion-dollar acquisitions by Eli Lilly, AbbVie, and Otsuka, validates Emyria’s delivery model and underscores the demand for scalable, credentialed clinical platforms.
Bottom Line?
Emyria’s expanding clinic network and early clinical success position it well to capitalize on growing demand for advanced mental health treatments, though execution risks remain as new sites ramp up.
Questions in the middle?
- Will the NSW clinic meet its Q3 opening and patient throughput targets?
- How will the broader therapist eligibility impact clinic utilisation and revenue growth?
- Can Emyria’s Global Partnership Program attract significant international sponsor contracts?