EMD unlocks treatment capacity at QLD and WA clinics

Our psychedelic and mental health Investment Emyria (ASX: EMD) runs "Empax" clinics delivering psychedelic-assisted therapy - MDMA for PTSD and psilocybin for treatment-resistant depression.

Australia was the first country in the world to legalise these treatments, and EMD is the first mover, treating patients across four clinics in WA, QLD and VIC, with a fifth due to open in NSW this quarter.

Today, EMD announced it has resolved the Authorised Prescriber capacity constraints across its Perth and Queensland operations.

(Authorised Prescribers are the TGA-approved psychiatrists who can prescribe psychedelic treatments - which until now were the key bottleneck to treating more patients.)

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With prescriber capacity sorted, therapist availability now becomes the next lever.

So EMD has today announced recruited 15 new therapists, who start training in Perth this Friday.

13 of the 15 already meet the revised TGA Lead Therapist requirements - clinical psychologists, mental health occupational therapists and mental health nurses.

Those revised requirements come from the TGA rule changes we covered back in May, which broadened who can deliver the therapy and deepened EMD's hiring pool.

You can read that here: EMD: Australia leading the way in next major global health breakthrough?

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The target from this is additional Perth dosing days in Q4 2026, once training, onboarding and scheduling are done.

Perth's existing capacity is substantially utilised, with patient waitlists - so more therapists means more treatments through clinics EMD already runs, a capital-efficient way to grow revenue. (source)

Today's news also lands at a time of accelerating big pharma interest in psychedelics.

Last month ~US$1.5 trillion Eli Lilly agreed to acquire psychedelic drug developer AtaiBeckley for up to US$3.8BN (we covered what that means for EMD here).

And this month US-listed Definium Therapeutics reported positive Phase 3 results for its psychedelic treatment for generalised anxiety disorder. (source)

To read the full story on why we are Invested in EMD, check out our most recent deep dive: EMD: Australia leading the way in next major global health breakthrough?

What we want to see next from EMD

EMD execute its national rollout in Australia

We want to see EMD open more clinics around Australia.

Here are the milestones we are tracking:

• ✅ WA, QLD and VIC clinics - operational
• ✅ NSW recruitment completed
• 🔄 NSW clinic opened (expected this quarter, source)

🔲 Revenue growth from existing clinics

With clinics now running in three states and NSW on the way, we want to see patient throughput and revenue building.

🔲 New payer deals

EMD has both Medibank Private (~$12BN market cap) and DVA (government program) as current “payers” for its treatment protocol.

A big win for EMD would be to get new payers into its network.

We note EMD is already working with Workcover Australia (including the Australian Federal Police's cohort, one of the highest PTSD-burden groups in the country).

The BIG new one would ofcourse be out of the US.

🔲 Expansion into new indications

We also want to see EMD expand its therapy programs to new indications and drug therapies over time to broaden its addressable market beyond PTSD and treatment-resistant depression.

Here is the image we shared in a recent note which helps visualise the impact this would have on EMD’s business.

What we want to see over the coming months is that more of those circles move from the “scoping” stage into the “active” stage, this is where EMD gets the revenue…

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