EMD's first Victorian psychedelics clinic to open next quarter

Our Investment Emyria (ASX: EMD) just confirmed its first Victorian psychedelic mental health clinic is on track to start treating patients in Q2 2026.

EMD confirmed today that ~31 therapists had been contracted and trained.

And 4 psychiatrists had been trained (with 2 more scheduled for next quarter).

So EMD has the team ready to go before its even opened the doors to the Vic clinic.

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For anyone new to the EMD story - EMD operates “Empax” clinics that deliver psychedelic-assisted therapy (MDMA and psilocybin) for PTSD and treatment-resistant depression.

EMD already has clinics running in Perth (at full capacity) and in Brisbane.

The focus now for EMD is on building out a national network of psychedelic-assisted therapy clinics.

Here is the image from EMD’s most recent presentation showing where EMD has clinics operating right now and the “near term opportunities” for expansion:

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We are Invested in EMD because its positioned itself as a first mover - building out a network of private clinics providing psychedelic‐assisted treatments for mental health - globally…

Australia became the first country in the world to legalise the medical use of MDMA and psilocybin for mental health conditions in 2023.

Regulation change in Australia is a big part of why a small cap company in Australia can call itself the first mover and specialist operator in a small (but very fast growing) market for psychedelic mental health care.

We think its also why EMD has been able to attract major “payer” groups for its services (basically the people who pay for the treatments on behalf of a group of patients).

EMD has agreements in place with major private health insurer Medibank and the Department of Veterans’ Affairs (DVA).

(The DVA deal is actually the world's first government-payer reimbursement for psychedelic treatments, and it’s part of a broader $739M funding package for veterans).

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That means EMD doesn't need to rely on self-funded patients to get the clinic to revenue - which is a pretty good position to be in for a ~$32M capped company.

It also means, EMD can focus more of its time on scaling up (which we hope leads to more demand for its services) - a little bit of a “build it and they will come” approach, which we like from a first mover in an industry.

What we want to see next from EMD

The two big wildcards for how fast EMD’s expansion plays out are:

1. How many “payers” emerge for EMD’s treatment protocol - EMD’s already got Medibank and the Department of Veterans’ Affairs onboard as payers... EMD just needs to convince more institutions (e.g. insurance and/or government organisations) to fund the treatment for patients who need it.
2. The indications that get legalised for psychedelic treatments - at the moment EMD can treat PTSD and Treatment Resistant Depression... the more indications that get legalised, the more EMD’s addressable market grows...

The payers ultimately create demand, and the “new indications” point towards blue sky upside - the more conditions EMD can treat, the bigger the market becomes for the company.

The following slide from EMD’s most recent presentation illustrated those two points pretty well:

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What we want to see over the coming months are more of those circles move from the “scoping” stage into the “active” stage...

Clinic rollout in Australia 🔄

EMD has flagged further East Coast sites under consideration as part of its national expansion strategy.

Here are the milestones we are tracking for EMD's clinic rollout:

• ✅ Victorian clinic deal signed with Avive Health (source)
• ✅ Clinical workforce contracted and trained (31 therapists, 4+ psychiatrists) (source)
• ✅ Medibank and DVA reimbursement pathways confirmed (source)
• 🔄 Fit-out works and pharmacy agreements being finalised
• 🔲 First Victorian patients treated (targeted Q2 2026) (source)