EMD trains staff training ahead of NSW clinic opening in Q3-2026

Our Investment Emyria (ASX: EMD) just finished training its team of psychiatrists and therapists in NSW.

EMD already has clinics operating in Perth (WA) (at full capacity), in Brisbane (QLD) and in Victoria.

The next state EMD’s had as a target for its next clinic was NSW.

And yesterday EMD completed all of its staff training ahead of a planned opening in Q3-2026.

(source)

We think the NSW expansion is the logical next step for EMD because it is the most populous state in Australia.

It's also got one of the biggest addressable markets as a result.

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)

We think that market is big enough to fill capacity in multiple EMD clinics in the state.

We have shared the following image before - which shows EMD’s “near-term potential sites” (the green pins):

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.

Now, we wait to see those opportunities get converted into open, fully operating clinics. (source)

Something that caught our eye from overnight is this from US listed Definium Therapeutics, up ~50% on results from late stage trials using psychedelic treatment in major depressive disorders:

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

⬜ 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.

Especially after the recent Trump Executive Order: Fact Sheet: President Donald J. Trump is Accelerating Medical Treatments for Serious Mental Illness The White House April 18, 2026

(source)

This is the catalyst we were previously only hoping for - now we think it's a "when" more than an "if."

Here are some articles since the news broke:

• Forbes, April 19 - What Trump’s Psychedelics Executive Order Means For Veterans With PTSD
• Fierce Biotech, April 20 - Trump orders FDA to fast-track reviews of psychedelic drugs after lobbying by podcaster
• Reuters, April 22 - Psychedelic therapies cited by Trump: What you need to know
• Reuters, April 24 - US FDA moves to fast-track psychedelic drugs after Trump order
• CNBC, May 31- Why Trump reversed course to fast-track psychedelic drugs for mental healthcare

⬜ 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:

(source)

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…