Emyria Ltd (EMD) AI Stock Analysis

• Market Cap: AU$42.75M
• Dividend Yield: N/A
• Average Volume (3M): 4.06M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.71
• Revenue Growth: -36.68%
• EPS Growth: 79.41%
• Country: AU
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): >-0.01
• Shares Outstanding: 806,556,500
• 10 Day Avg. Volume: 2,903,931
• 30 Day Avg. Volume: 4,056,978
• PEG Ratio: 0.05
• Price to Book (P/B): 2.37
• Price to Sales (P/S): 9.01
• P/FCF Ratio: -4.62
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): >-0.01
• Revenue Forecast (FY): AU$5.90M

• Rating: 49 Neutral
• Price Target: AU$0.05 ▼(-11.67% Downside)
• Action: Reiterated Date: 01/10/26
• Date: Action: Reiterated 01/10/26

The score is held back primarily by weak financial performance (declining revenue, persistent negative margins, and negative operating/free cash flow). Technical indicators are moderately positive and provide some offset, but valuation is constrained by loss-making earnings (negative P/E) and no provided dividend yield.

Positive Factors

Low leverage and equity-funded balance sheet

A low debt-to-equity ratio (0.12) and a relatively healthy equity financing mix provide durable financial flexibility, lowering default risk and supporting the ability to fund clinical programs or absorb setbacks without immediate debt refinancing pressure.

Diversified revenue streams: clinics and research

Having both clinical services and research-related income gives structural diversification: clinic cashflows can steady operations while research contracts can fund trials or create partnership revenues, reducing reliance on a single revenue source over coming months.

Niche specialization in mental health and psychedelic research

Emyria's specialized focus on mental health, neuropsychiatry and psychedelic-assisted therapy places it in a growing, structurally supportive area of healthcare research and services, which can drive long-term demand for clinical sites and expertise.

Negative Factors

Declining revenue and persistent negative margins

A 21.26% revenue decline and sustained negative gross, EBITDA and net margins indicate structural operational weakness. Continued top-line contraction undermines scalability and makes it harder to achieve breakeven without meaningful improvements to demand or cost structure.

Negative operating and free cash flow

Persistent negative operating and free cash flows constrain runway and force reliance on external financing to support trials and clinic operations. This reduces strategic optionality and increases execution risk over the medium term if cash deficits persist.

Negative return on equity and weak profitability returns

A negative return on equity signals the company is not generating shareholder returns from invested capital. Over months this can pressure capital raising, dilute existing holders, and limit the firm's ability to reinvest in growth-generating activities.

Emyria Ltd Business Overview & Revenue Model

Company Description

Emyria Limited, a clinical-stage biotech company, engages in the development of treatments for unmet medical needs. The company develops cannabinoid-based medicines, as well as MDMA drug discovery program. Its drug development program includes EMD-RX5 for treatment of psychological distress and irritable bowel syndrome; and EMD-RX7 for multiple medical conditions. The company was formerly known as Emerald Clinics Limited and changed its name to Emyria Limited in September 2020. Emyria Limited was founded in 2018 and is headquartered in Leederville, Australia.

How the Company Makes Money

Emyria generates revenue primarily through the development and commercialization of its therapeutic products, which include psychedelic and cannabinoid-based treatments. The company engages in clinical trials and research partnerships, which can lead to funding from grants or collaborations with other pharmaceutical firms. Additionally, Emyria may monetize its intellectual property through licensing agreements. Key revenue streams include sales of approved therapies, clinical trial services, and collaborations with healthcare providers and research institutions that focus on the mental health sector.

Emyria Ltd Financial Statement Overview

Summary

Weak operating fundamentals: revenues declined 21.26% and profitability remains negative across gross, EBIT/EBITDA, and net margins. Cash flows are also negative (operating and free cash flow), raising sustainability risk despite low leverage (debt-to-equity 0.12) and a relatively healthy equity financing mix.

Income Statement

Emyria Ltd has faced significant challenges in its income statement, with declining revenues and negative profit margins. The company experienced a revenue decline of 21.26% in the most recent year, and both gross and net profit margins are negative, indicating ongoing operational difficulties. The EBIT and EBITDA margins are also negative, reflecting poor profitability and efficiency.

Balance Sheet

The balance sheet shows a moderate level of stability with a debt-to-equity ratio of 0.12, indicating manageable leverage. However, the return on equity is negative, suggesting that the company is not generating sufficient returns on shareholders' investments. The equity ratio is relatively healthy, showing that a significant portion of the company's assets is financed by equity.

Cash Flow

Cash flow analysis reveals significant challenges, with negative operating and free cash flows. Despite a high free cash flow growth rate of 179.21%, the company is still experiencing cash flow deficits, which could impact its ability to sustain operations without additional financing. The operating cash flow to net income ratio is negative, indicating inefficiencies in converting income into cash.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	2.18M	1.39M	2.20M	1.59M	1.82M	1.98M
Gross Profit	-1.23M	24.48K	-167.55K	-3.32M	-4.41M	-1.58M
EBITDA	-4.27M	-2.39M	-13.03M	-6.69M	-8.03M	-4.49M
Net Income	-4.55M	-3.14M	-11.46M	-5.13M	-7.33M	-4.91M
Balance Sheet
Total Assets	13.66M	6.62M	5.43M	10.16M	8.25M	9.06M
Cash, Cash Equivalents and Short-Term Investments	10.50M	3.57M	1.57M	2.73M	3.88M	6.53M
Total Debt	1.06M	613.50K	1.72M	1.27M	632.70K	949.70K
Total Liabilities	1.56M	1.31M	3.00M	3.37M	1.93M	1.88M
Stockholders Equity	12.10M	5.31M	2.43M	6.79M	6.32M	7.18M
Cash Flow
Free Cash Flow	-3.77M	-2.72M	-4.44M	-7.01M	-7.46M	-4.60M
Operating Cash Flow	-3.72M	-2.70M	-4.28M	-3.77M	-5.43M	-3.94M
Investing Cash Flow	-15.56K	81.07K	-1.38M	-3.23M	-2.03M	-661.39K
Financing Cash Flow	12.68M	4.63M	4.50M	5.86M	4.81M	7.44M

Emyria Ltd Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.06
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EMD, the sentiment is Neutral. The current price of 0.06 is above the 20-day moving average (MA) of 0.06, above the 50-day MA of 0.06, and above the 200-day MA of 0.05, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.29 is Neutral, neither overbought nor oversold. The STOCH value of -42.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:EMD.

Emyria Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IME	58 Neutral	AU$24.32M	-7.55	-27.84%	―	6.77%	-8.45%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
EMD	49 Neutral	AU$42.75M	-6.46	-81.30%	―	-36.68%	79.41%
RHT	46 Neutral	AU$21.37M	28.13	-17.05%	―	28.91%	-1050.00%
PCK	45 Neutral	AU$35.53M	-3.57	-8647.54%	―	25.98%	22.10%
SHG	43 Neutral	AU$83.66M	-10.86	―	―	―	―

Emyria Ltd Corporate Events

Emyria posts record half-year as payer support fuels national Empax clinic rollout

Emyria reported a record half-year to 31 December 2025, with revenue rising 136% to $1.55 million, driven by the expansion of its Empax mental health clinic network and the start of insurer-funded treatments in multiple states. The company remains loss-making as it invests in national expansion and clinical workforce, but expects per-clinic costs to moderate as scale and operational leverage improve.

Support from payers strengthened as Medibank expanded funding for Emyria’s treatment-resistant depression and PTSD programs nationally and the Department of Veterans’ Affairs agreed to fund eligible veterans, creating dual reimbursement pathways. With $10.5 million in cash following an institutional placement, national awards for clinical excellence, strong early patient demand and promising long-term PTSD outcomes, Emyria says it is well positioned to accelerate its Empax rollout and build a data-driven innovation pipeline in 2026.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria lifts revenue but posts wider half-year loss

Emyria Limited reported a strong increase in revenue from customer sales and clinical services for the half-year ended 31 December 2025, with income rising 136% to $1.55 million compared with the prior corresponding period. Despite this top-line growth, the company’s net loss widened significantly to $2.37 million, reflecting higher expenses as it scales operations and invests in its service platform.

Net tangible assets per ordinary security improved markedly to 1.28 cents from 0.31 cents a year earlier, indicating a stronger underlying balance sheet. The board did not declare or pay any dividends and has no dividend reinvestment plan in place, underscoring the company’s focus on reinvestment and capital retention as it continues to build out its clinical and commercial activities.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Seeks Quotation for Additional Ordinary Shares on ASX

Emyria Ltd has applied to the ASX for quotation of 2,834 new fully paid ordinary shares under code EMD, following the exercise or conversion of existing options or other convertible securities. The modest increase in quoted securities slightly expands the company’s issued capital base, reflecting incremental shareholder participation but without indicating any major change to Emyria’s operations, strategy or market positioning based on the information disclosed.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria underscores cautious path for psychedelic-assisted therapies

The company outlines its strategy to expand access to psychedelic-assisted psychotherapy, emphasizing rigorous clinical oversight and safety considerations, while acknowledging risks associated with MDMA and psilocybin compounds and the absence of TGA-approved products, highlighting the speculative nature of its therapeutic development pathway and regulatory hurdles ahead.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Applies for Quotation of Additional Ordinary Shares on ASX

Emyria Ltd has applied to the ASX for quotation of 36,250 new fully paid ordinary shares (code: EMD), which were issued on 30 January 2026 following the exercise or conversion of existing options or other convertible securities. The modest increase in quoted securities slightly expands Emyria’s share base and signals ongoing utilisation of equity-linked incentives or financing structures, though it does not, on its own, indicate a material change to the company’s operations or strategic direction for investors and other stakeholders.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Schedules Investor Webinar to Outline Quarterly Progress and Outlook

Emyria Limited has invited investors to a quarterly webinar on 3 February 2026, where Executive Chairman Greg Hutchinson and COO Mary-Ann Rennie will present the company’s December quarter activities and outline the outlook for the coming quarter. The event underscores Emyria’s ongoing efforts to engage the market on its mental health treatment pipeline, clinical programs and integrated data-driven model, providing shareholders and prospective investors with updated visibility on operational progress and strategic direction in the emerging field of psychedelic-assisted therapies.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Seeks ASX Quotation for Additional 50,000 Shares

Emyria Ltd has applied to the ASX for quotation of 50,000 new fully paid ordinary shares under its ticker code EMD, following the exercise or conversion of existing options or other convertible securities. The modest increase in quoted securities, effective 23 January 2026, marginally expands the company’s issued capital base and indicates ongoing utilisation of equity-based instruments by investors or holders, but the filing provides no further detail on use of funds, strategic rationale, or operational impact for shareholders.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Seeks Quotation for Additional 158,972 Ordinary Shares on ASX

Emyria Ltd has applied to the ASX for quotation of 158,972 new fully paid ordinary shares under its existing EMD ticker. The additional securities, issued on 19 January 2026 following the exercise or conversion of existing instruments, modestly expand the company’s listed share capital and may provide incremental funding flexibility and liquidity for shareholders without materially altering its capital structure.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Director Converts 2 Million Performance Rights Into Ordinary Shares

Emyria Limited has disclosed a change in the interests of director Mohit Kaushal, who has converted 2,000,000 performance rights into 2,000,000 fully paid ordinary shares under the company’s Employee Securities Incentive Plan. The conversion, which involved no cash consideration, increases Kaushal’s direct holding in ordinary shares and reflects ongoing use of equity-based incentives to align executive interests with shareholders, without any indication of trading during a closed period or changes in contractual interests.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Seeks ASX Quotation for 2 Million New Shares

Emyria Limited has applied to the ASX for quotation of 2,000,000 new fully paid ordinary shares under code EMD, following the exercise or conversion of existing options or other convertible securities. The additional shares, issued on 9 January 2026, will expand the company’s quoted capital base, potentially improving liquidity in its stock and modestly strengthening its balance sheet, with implications for existing shareholders’ dilution and the company’s funding capacity.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Seeks ASX Quotation for Additional Ordinary Shares

Emyria Limited has applied to the ASX for quotation of 23,595 new ordinary fully paid shares under the code EMD, with an issue date of 9 January 2026. The additional securities, resulting from the exercise or conversion of existing options or other convertible securities, represent a modest capital expansion and incremental increase in Emyria’s free float, offering slightly enhanced liquidity for shareholders without materially altering the company’s capital structure.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Options Lapse Reduces Potential Future Equity Overhang

Emyria Ltd has notified the ASX that a series of listed options (EMDAS), exercisable at $0.35 and due to expire on 22 November 2025, have lapsed. The lapse of 10,333,328 options, due to conditions not being satisfied, reduces the company’s pool of potential future equity from these instruments but does not affect its existing issued capital, providing investors with updated clarity on its capital structure.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Issues New Shares on Option Exercise and Lodges Cleansing Notice

Emyria Limited has issued 82,785 new fully paid ordinary shares at $0.05 per share following the exercise of an equal number of options exercisable at the same price before March 2027. The company has lodged a cleansing notice under section 708A(5)(e) of the Corporations Act, confirming the shares were issued without a prospectus and that it is in compliance with its continuous disclosure and reporting obligations, enabling the new shares to be traded immediately on the ASX.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Seeks ASX Quotation for 82,785 New Ordinary Shares

Emyria Ltd has applied to the ASX for quotation of 82,785 new fully paid ordinary shares under the code EMD. The additional securities, issued following the exercise or conversion of existing options or other convertible instruments, will modestly increase the company’s free float and share capital, providing incremental flexibility for existing holders and marginally broadening its investor base.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Issues 10 Million Unlisted Options at $0.12 Exercise Price

Emyria Ltd has issued 10 million unlisted options exercisable at $0.12 each, expiring on 27 November 2027, as part of previously announced transactions. The options, which will not be quoted on the ASX, represent a fresh tranche of unquoted equity that may provide additional capital to the company if exercised, potentially affecting its capital structure and dilution profile for existing shareholders over the medium term.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Expands National Clinic Platform with First Victorian Empax Clinic

Emyria has secured its first Victorian Empax clinic at the Mornington Peninsula, marking a significant milestone in its East Coast expansion and national clinic platform development. This expansion demonstrates Emyria’s ability to deploy its Empax clinic model consistently across jurisdictions using a capital-light, hospital-integrated framework, and active reimbursement pathways, thereby reducing execution risks and supporting revenue growth as new sites come online.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Expands Perth Operations to Drive National Clinical Growth

Emyria Ltd has announced significant progress in its Perth Clinic network, anticipating increased reimbursed clinical activity in 2026. The company has expanded its clinical capacity, with new treatment rooms and increased therapist numbers, to meet growing demand. The Perth model is set to serve as a scalable template for national expansion, particularly on the East Coast. The company is also enhancing its operations in Brisbane, with the successful onboarding of new clinical teams and the completion of initial treatments, positioning itself for substantial clinical and operational growth throughout 2026.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.

Emyria Ltd Announces Quotation of New Securities on ASX

Emyria Ltd has announced the application for the quotation of 76,443 fully paid ordinary securities on the Australian Securities Exchange (ASX). This move is part of the company’s strategic efforts to enhance its financial positioning and operational capabilities, potentially impacting its market presence and stakeholder interests.

The most recent analyst rating on (AU:EMD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Emyria Ltd stock, see the AU:EMD Stock Forecast page.