EMD set to open first Sydney clinic this month

Our psychedelic and mental health Investment Emyria (ASX: EMD) just confirmed its first Sydney clinic is on track to open this month.

EMD runs legally authorised clinics delivering psychedelic-assisted therapy - for post traumatic stress disorder (PTSD) and treatment-resistant depression (TRD).

Australia was the first country in the world to allow psychedelic assisted therapies.

Which means EMD is actually a first mover in the space (globally).

At the moment EMD has clinics two clinics in Perth, one in Brisbane and one in Melbourne already operating:

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After this month - EMD’s Sydney clinic will be its fifth clinic and the first in Australia's most populous state.

We have covered some of the details as to why this prior when EMD announced that it had its eyes set on NSW.

NSW, being the highest population of any state in Australia is naturally the largest addressable market in the country.

For some context, psychological injury claims in the state increased 64% between 2019-20 and 2023-24. (source)

NSW Police alone had approximately $1.75BN in psychological injury compensation costs in the five years prior to June 2024. (source)

As a reminder, EMD as market leader has also signed up payer deals with ~$14BN Medibank (private health insurer) and indirectly through the Department Of Veteran Affairs (the world's first government payer).

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We Invested in EMD because we think it can build the leading national network of psychedelic-assisted therapy clinics in Australia, with a clear first mover advantage in this space.

And we think that first mover advantage, not just in Australia but globally, will put EMD in a strong position as the broader psychedelics assisted therapy space develops around the world.

Especially in the US where there is a lot happening in the psychedelics space.

Recently $1.4TN pharmaceuticals giant Eli Lilly moved into the psychedelics space, with the acquisition of psychedelic drug developer AtaiBeckley for up to US$3.8BN:

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Eli Lilly is the company behind weight loss drugs - Zepbound, Mounjaro and more recently Foundayo (with Retatrutide set to be filed for FDA approval this year).

Now Lilly is deploying the billions of dollars they have made there into the psychedelic medicine space which is pretty big news, we covered that here

And there is that Executive Order that US President Trump signed earlier this year to accelerate access to psychedelic based treatments for patients with serious mental health conditions:

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The next thing we are watching is the FDA public hearing coming up next week in the US for psychedelic therapies:

We did notice EMD’s Chief Scientific Officer Dr Michael Winlo submit this document and said:

"Emyria would welcome the opportunity to present this experience at the hearing on 14 September 2026, and would be glad to make our operating protocols, outcome instruments, data dictionary and de-identified aggregate outcomes available to the Agency and its federal partners in whatever form is most useful."

(Check out the full submission here - source)

Hopefully the FDA reads that submission and gives EMD a slot.

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 month, 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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