EMD’s treatment shows benefits for ~76% of patients, 12 months post-treatment…

ASX:EMD

Published 02-FEB-2026 12:40 P.M.

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Our psychedelics Investment Emyria (ASX: EMD) just put out long-term results for its PTSD treatment protocol.

Which showed ~67% of patients showed durable remission 12+ months post-treatment…

And clinically significant benefits for ~76% of patients (compared with ongoing standard treatments).

EMD is currently operating out of the company's first clinic in Perth (which is at full capacity) and has recently been expanding across the east coast of Australia…

EMD opened a clinic in Brisbane and just recently signed a deal to open its first clinic in Victoria, with treatments expected to begin in Q2 this year.

EMD, since November 2023 had had more than 40 patients completing its PTSD treatment program.

As at 31 December 2025, over 100 patients had completed screening and were either actively receiving treatment or waiting for commencement.

That doesn't include a further 67 patients that are booked for screening in Q1-2026…

So a ~167 patient strong pipeline… for a treatment that costs ~A$20,000 to $30,000 per patient…

EMD recently signed a deal with Medibank - which agreed to cover full costs of treatments for Medibank members.

What Medibank (or any other payer’s) are looking for from EMD’s treatment is long lasting improvements in the quality of life and symptoms of its members.

Basically, any improvement means lower treatment costs out into the future for members suffering from treatment resistant PTSD.

Today, EMD put out results showing that ~67% of patients showed durable remission 12+ months post-treatment and ongoing clinically significant benefits for ~76% of patients (compared with ongoing standard treatments).

Remission means PTSD symptoms dropped below diagnostic clinical thresholds (a score of 32 or less on the PCL-5 scale).

(source)

Basically, to see improvement, the PCL-5 score needs to be reducing (which it is post EMD’s treatment).

PCL-5 is a 20-question self-assessment - the higher the score, the worse the symptoms are.

Today’s data improves on the last batch of results EMD put out a few months ago, which showed ~63% of patients no longer met the PTSD criteria:

(Source)

And Recovering Quality of Life (ReQoL) scores improving by 121.5%:

(Source)

We think all of the data coming out of EMD so far has been strong.

Which we hope means existing payers (and potential new payers) continue funding EMD’s treatments.

Here is how we see EMD’s rollout strategy playing out:

Because EMD is in the fortunate position of securing a “payer” for its services, its main focus is on scaling up its operations.

We have Invested in EMD to see it not only become the market leader in the Australian psychedelics care, but build a monopoly on delivering these services.

At the same time, we recognise that there is no guarantee of success here, this is small cap investing and there are risks involved.

We think EMD has a very defensible market position because it has:

Authorisation from the TGA to deliver MDMA-assisted care to patients (this is not easy to get)
A Payer Agreement with Medibank to cover the cost of these therapies to its members (years in the making).
Data that shows it works and continues to work months after the patient is treated.
A means to deliver therapies through physical clinics that it owns and operates (EMD is now looking to expand its footprint by licensing hospital space).
Scale potential with an approved protocol from the TGA that it can “franchise” out to other clinics looking to deliver assisted therapies.

What’s next for EMD?

Revenues from Medibank deal increasing🔄

According to EMD’s recent quarterly, the Brisbane site as of late December has now started receiving revenue from the Medibank deal. So we wait to see how much will be booked in the next full quarter. So we could start to see increasing revenues in upcoming quarterly reports.

More new sites opened🔄

Now that EMD has signed on with Avive Health we want to see other potential sites that it can scale up its clinics to, Victoria has been announced as the next site planned to be opened.

Expand care offering to new indications and/or new drug therapies🔄

We want to see EMD expand its assisted therapy programs to psilocybin and ketamine, also for different mental health conditions like anxiety, treatment resistant depression etc...