Emyria (ASX:EMD) Limited, an Australian mental health care company that delivers psychedelic-assisted therapy, has released its report for the quarter ended 30 September 2026. The company said quarterly revenue reached a record A$1.42m, up from A$0.47m in the September 2025 quarter, and that it opened its first New South Wales clinic in Sydney in September, taking its network to a fourth state.

Revenue and cash

Cash receipts for the quarter were about A$1.6m, and the company said roughly A$725,000 of earned revenue remained to be collected. Cash at quarter end was A$4.745m, down from A$7.290m at the end of the previous quarter.

Net operating outflow was A$2.282m, which Emyria attributed to building out its workforce and to higher medication reserves for the Sydney clinic. Investing outflow was A$224,000, including A$250,000 of property, plant and equipment, and financing outflow was A$40,000, mainly lease repayments. Payments to related parties for director fees and remuneration were A$156,000. No debt facilities are drawn or available.

Clinic network expansion

The Sydney clinic raised network treatment beds from 14 to 18, which the company said supports up to 90 dosing sessions a week. In Victoria, the Mornington Peninsula clinic opened in late May 2026, and a second Authorised Prescriber is due to onboard in the December 2026 quarter.

In Western Australia, two new Authorised Prescribers were added to the Perth clinic, giving weekday prescriber coverage. Further therapist training is expected in November 2026, with throughput gains anticipated from the first quarter of 2027. In Queensland, prescriber availability at the Brisbane clinic was inconsistent during the quarter. Three new prescribers began onboarding late in the period, and the company expects dosing capacity to stabilise over the fourth quarter of 2026 and the first quarter of 2027.

Veterans' pipeline and partnerships

After the quarter ended, Emyria received first patient approvals under the Department of Veterans' Affairs programme, and it said more than 40 referrals are in the screening pipeline. The company is also in late-stage discussions with an international pharmaceutical drug sponsor under its Empax Global Partnership Program. If finalised, this would be the programme's second sponsor, and a further update is expected next quarter. That remains a discussion rather than a signed agreement.

On the United States, Executive Chair Greg Hutchinson presented at the US FDA Psychedelic Medicines Public Hearing on 14 September 2026. Emyria also appointed Dr David Shulkin, a former US Secretary of Veterans Affairs, as a Strategic Advisor to support US partnership and commercial opportunities.

Funding runway and other risks

The most prominent caveat is funding. The company's own calculation puts cash at about 2.08 quarters at the current rate of spending. Appendix 4C item 8.6 asks for a capital-raising plan when estimated runway falls below two quarters, and Emyria's answers on those questions are marked not applicable, so the report does not describe a specific funding plan.

Operational dependencies also matter. Brisbane capacity has been inconsistent, and Perth throughput depends on further therapist training. The report states that no MDMA, psilocybin or MDMA-inspired products have been evaluated by the Therapeutic Goods Administration for quality, safety and efficacy, and it lists adverse effects of those substances, including blood pressure changes and, rarely, psychosis in predisposed individuals. Forward-looking statements may differ materially from outcomes.

Next milestones

Confirmed upcoming items include the second Victorian prescriber in the December 2026 quarter, Perth therapist training in November 2026, stabilisation of Brisbane dosing capacity across the next two quarters, conversion of the veterans' referrals into treatment, and an update on the Empax partnership next quarter. How quickly revenue grows relative to spending will determine the company's funding needs.