Emyria Limited (ASX: EMD) presented full-year 2026 results on September 8, 2026, reporting revenue of A$4.05 million, a 191% increase from A$1.39 million in FY 2025. The company said its clinic network expanded from one operational clinic in FY 2025 to five by the end of FY 2026, with operational bed capacity rising from four to 18 beds. Shares traded down 2.17% to A$0.05, near the lower end of the 52-week range of A$0.04 to A$0.08.
During FY 2026, Emyria treated 138 patients, a 475% increase from 24 patients in the prior year. At full utilization across the 18-bed network, the company said it can generate 90 dosing days per week. Management estimated revenue of approximately A$10,000 per dosing day, with total treatment costs ranging from A$22,000 for treatment-resistant depression to A$33,000 for PTSD. The company cited annualized revenue potential of about A$46.8 million at full network utilization.
The presentation outlined a clinic setup timeline of 9–12 months to break-even, with the first six months focused on investment, setup and screening, and the period from month 6 to month 12 and beyond focused on revenue generation and scaling dosing days. The treatment protocol described by the company includes 6–12 weeks of screening and preparation, 4–6 weeks of active treatment, and a 12-month follow-up period.
Workforce growth was also highlighted. Emyria said trained clinicians increased 333% from approximately 30 in FY 2025 to 145 in FY 2026, while authorized prescribers rose 183% from six to 17. Management described hospital partnerships as a capital-light scaling approach and said the company was further ahead than it had imagined, adding that this was just the beginning.
The presentation also included payer spending and market-size context. It said Medibank spent more than A$2 billion on mental health hospitalizations over the past decade, with A$219 million projected for 2024 alone. The Department of Veterans’ Affairs spends about A$300 million annually on veteran mental health, while life insurers paid more than A$2.2 billion in retail mental health claims in 2024.
Emyria said the Australian addressable market includes approximately 1.1 million adults with major depression and 1.5 million adults with PTSD. It noted that only 26% of insured adults have mental health coverage and that nearly three in four veterans are estimated to have met criteria for a mental disorder at some stage in their lifetime. The company also referenced Eli Lilly’s A$3.8 billion acquisition in the psychedelic space and said it was well positioned to leverage momentum while creating infrastructure for psychedelic drug delivery.
