The Australian psychedelic-assisted therapy provider has reported record quarterly revenue of $1.42 million, expanded its national clinic network and received its first Department of Veterans’ Affairs treatment approvals.
Australian mental healthcare company Emyria Limited (ASX: EMD) has received its first treatment approvals through the Department of Veterans’ Affairs (DVA), marking progress in establishing funded access to psychedelic-assisted therapy for eligible Australian veterans.
In its September 2026 quarterly activities report, released on 29 October, Emyria confirmed that its Empax clinical network had received more than 40 veteran referrals nationally, with the company now preparing to deliver its first DVA-funded treatments.
The ASX-listed company also reported record quarterly revenue of approximately $1.42 million, expanded clinical operations across four Australian states and further developments in its international pharmaceutical partnerships.
First DVA Approvals Support Veteran Treatment Access
The first DVA approvals, received after the September quarter ended, represent a significant step for Emyria’s efforts to improve access to specialist mental healthcare for Australian veterans.
Since July 2023, authorised psychiatrists in Australia have been permitted to prescribe MDMA for post-traumatic stress disorder (PTSD) and psilocybin for treatment-resistant depression under the Therapeutic Goods Administration’s (TGA) Authorised Prescriber framework.
However, the cost of psychedelic-assisted therapy remains a major barrier for many patients, with treatment involving psychiatric assessments, psychological preparation, supervised medicine administration and follow-up care.
DVA funding approvals may help eligible veterans access treatment without bearing the full costs themselves.
Emyria confirmed that its Empax centres have received more than 40 DVA referrals and are progressing patients through screening and funding applications.
The approvals relate to individual patient applications and do not represent a broader commitment by DVA to fund psychedelic-assisted therapy for all veterans.
Empax Network Expands to Four States
Emyria’s clinical network continued to grow during the quarter, with the opening of its first Sydney Empax clinic in September.
The new facility extends the company’s operations across Western Australia, Victoria, Queensland and New South Wales.
National treatment bed capacity has increased from 14 to 18, providing infrastructure for up to 90 supervised dosing sessions per week.
While this represents potential treatment capacity rather than current patient numbers, the expansion provides Emyria with additional infrastructure to accommodate referrals.
The company also reported several workforce developments:
- Two additional Authorised Prescribers commenced in Perth, providing weekday prescriber coverage.
- Fifteen therapists underwent further training in Perth.
- Three additional Authorised Prescribers began onboarding in Brisbane.
- The Mornington Peninsula clinic is preparing to onboard a second Authorised Prescriber during the December quarter.
These additions are intended to improve appointment availability and increase the number of patients able to access treatment across the network.
Quarterly Revenue Reaches Record $1.42 Million
Emyria reported approximately $1.42 million in revenue for the September quarter, compared with $470,000 in the corresponding quarter of 2025.
The company also recorded approximately $1.6 million in customer cash receipts, with a further $725,000 in earned revenue yet to be received as cash.
Despite the revenue growth, Emyria reported net operating cash outflows of approximately $2.28 million and finished the quarter with $4.75 million in cash.
The company attributed the expenditure to investment in clinical workforce capacity, national operations and medication reserves associated with the opening of its Sydney clinic.
Increasing patient numbers and utilisation of its existing treatment facilities will be important as Emyria works towards improving its operating performance.
International Partnerships and US Expansion
Alongside its Australian clinical operations, Emyria is pursuing opportunities in the United States and progressing discussions with international pharmaceutical companies.
The company reported late-stage discussions with a prospective second international pharmaceutical sponsor under its Empax Global Partnership Program, although no further agreement has been finalised.
In September, Emyria also participated in a US Food and Drug Administration public hearing examining the future therapeutic applications of psychedelic medicines.
Executive Chair Greg Hutchinson presented the company’s experience delivering psychedelic-assisted therapy within Australia’s regulated clinical framework, including considerations around patient safety, clinician training and treatment access.
Emyria has also appointed former US Secretary of Veterans Affairs Dr David Shulkin as a strategic adviser to assist with evaluating partnerships and commercial opportunities in the American healthcare sector.
Shulkin’s appointment is particularly relevant to Emyria’s interest in veterans’ mental healthcare, an area receiving increasing attention as researchers investigate alternative treatments for PTSD.
Looking Ahead
Emyria’s immediate priorities include commencing its first DVA-funded treatments, increasing patient numbers at its Sydney clinic and improving utilisation across the wider Empax network.
The company is also working to expand prescriber availability and progress its international pharmaceutical discussions.
While the latest quarterly results demonstrate growth in revenue and clinical capacity, the next important measures will be how many referred patients progress into treatment and whether increased clinic activity can support more sustainable operating performance.
The first DVA approvals provide an encouraging development for veteran access, although the number of funded treatments delivered and their clinical outcomes will become clearer as the programme progresses.
Source: Emyria Limited (ASX: EMD), September 2026 Quarterly Activities Report and Appendix 4C, released 29 October 2026.
