Announcement PDF Emyria Limited 2025 Annual Report | Page 1 ASX: EMD ABN 96 625 085 734 2025 ANNUAL REPORT The impacts we are seeing on individuals afflicted with serious mental illnesses is positively changing the lives of patients and everyone in their circle. There is a human part of this mission, which always drives us. Greg Hutchinson Executive Chairman Emyria Limited 2025 Annual Report | Page 3 From the Chairman .......................................................................................................................................................... 4 Company Snapshot ......................................................................................................................................................... 5 Our Programs ....................................................................................................................................................................... 6 Our Team .................................................................................................................................................................................. 7 FY25 Key Milestones ....................................................................................................................................................... 8 Clinical Data Overview ................................................................................................................................................. 9 Emyria’s Model on the Global Stage ............................................................................................................... 13 Emyria Making Headlines ........................................................................................................................................ 15 Medibank Private Funds PTSD Program ..................................................................................................... 16 New Empax Centre Opens at Perth Clinic ................................................................................................. 18 Meet our Clinical Specialist - Dr Annette Mackereth ....................................................................... 19 Patient Perspectives - In Conversation with Mathew McLaughlin ..................................... 22 Healing, Advocacy, and the Promise of Psychedelic Medicine .............................................. 24 People – a Vital Puzzle Piece ................................................................................................................................ 27 Innovation Grant to Advance Emyria’s MDMA Analogue Program .................................... 28 Emyria Limited 2025 Annual Report .............................................................................................................. 29 Corporate Directory ..................................................................................................................................................... 30 Directors’ report ............................................................................................................................................................... 31 Auditor’s independence declaration ............................................................................................................ 48 Consolidated statement of profit or loss and other comprehensive income ............... 49 Consolidated statement of financial position ....................................................................................... 50 Consolidated statement of changes in equity ..................................................................................... 51 Consolidated statement of cash flows ........................................................................................................ 52 Notes to the consolidated financial statements ............................................................................... 53 Consolidated entity disclosure statement ............................................................................................... 87 Directors’ declaration ................................................................................................................................................. 88 Independent auditor’s report to the members of Emyria Limited ..................................... 89 ASX Additional Information .................................................................................................................................. 94 Contents Emyria Limited 2025 Annual Report | Page 4 As the 2025 Financial Year (FY25) closes, I would like to take a moment to share my gratitude with Emyria Limited (ASX:EMD) shareholders and supporters. Thank you – for your trust, patience and tangible support – in backing our mission to transform the treatment landscape for mental health in Australia and abroad. With this comes risk, reward, and an urgent need to innovate. A call to arms that our team is responding to. Evidence-based care and ethical innovation is what we do best. In the past financial year, it has become abundantly clear that Emyria is leading the way in offering psychedelic-assisted therapy for people who have tried and failed to treat Post-Traumatic Stress Disorder (PTSD) and Treatment-Resistant Depression (TRD). These are harrowing mental illnesses, with vast social and economic impacts. Emyria, in partnership with our clinical arm Empax Clinics, is privileged to be operating within Australia’s established legal pathways, while clinicians in other jurisdictions are waiting for regulatory clearance or policies to change. We are at the forefront of the global opportunity – responding to expanding cohorts of the community who are ready to explore and test the merits of this class of treatment. The most significant validation of our Empax model in FY25 was a commitment from Medibank Private Limited, Australia’s largest private health insurer, to fund eligible customers to access our Empax PTSD care program in association with Perth Clinic. This was the first time a major private health insurance funded a psychotherapy-led PTSD program in Australia. An achievement which made headlines in May, marking a pivotal moment for mental health care. Our payer engagement strategy has established international validation of our integrated approach to care, which combines psychiatrist-supervised therapy, care coordination, and real-world data capture. All while serving as a scalable blueprint that paves the way for our national expansion strategy, beyond Western Australia. All eyes are on our program. Later in this report we share the international response to our work. At leading global industry conferences, we have attracted applause, curiosity, and requests for meetings with researchers, policy leaders, and prospective site partners from around the world. The world is watching, listening and learning from us. In this climate, commercial sustainability remains key, and I am pleased that we successfully closed a Placement of $4M in recent months. Proceeds from the Placement will be used to support the rollout of Emyria’s expanding suite of treatments, including those funded under the Medibank agreement, and to provide general working capital. Our immediate goal is to scale the reach, impact and accessibility of our Empax Clinic treatments that we know can support compelling patient outcomes. From a commercial perspective, the building blocks for our Empax model are now well and truly established. From the clinical side, the results speak for themselves. This is a truly exciting time. I would like to thank our dedicated teams at Emyria, and Empax Clinics, together with the truly remarkable group of advocates and allies that we have collaborated with and nurtured on our path to progress in FY25. And of course, our valued shareholders, who make our work possible and sustainable. Kind regards, Greg Hutchinson Emyria Limited Executive Chairman From the Chairman Greg Hutchinson Greg Hutchinson Emyria Limited 2025 Annual Report | Page 5 Emyria Limited develops and delivers new treatments for mental health and select neurological conditions through an integrated model of direct clinical services and treatment development. Our current focus is Post-Traumatic Stress Disorder (PTSD) and Treatment-Resistant Depression (TRD). Company Snapshot Unmet needs in mental health Mental health disorders affect over 1 in 5 Australians each year, with conditions like PTSD and TRD causing profound personal and economic impact. Traditional treatment approaches often fall short, leaving millions of patients without effective, long-term care solutions. There is strong demand for safe, regulated and outcome-driven alternatives to conventional treatments, particularly those supported by insurers and backed by real-world data. PTSD affects approximately 1 in 11 Australians, with significantly higher prevalence amongst frontline workers and veterans. TRD affects up to 30% of people with depression, with high relapse rates and few personalised options. The economic burden of mental illness in Australia is estimated at over $70 billion annually, including lost productivity and care costs. Emyria Healthcare Leading the development of innovative, evidence-based treatments for PTSD and TRD, while partnering with payers to improve funded access for patients. Emyria Data Robust and ethically sourced real-world data gathered with patients to improve Emyria’s unique therapy and drug development programs. Emyria Pipeline New psychedelic-assisted therapies and drug treatments for mental health and select neurological diseases. Generates Informs supporting healthier minds MDMA-Assisted Therapy for Post-Traumatic Stress Disorder (PTSD) Emyria is delivering one of the world’s first real-world, psychiatrist-led treatment programs using MDMA-assisted therapy for PTSD, operating under the TGA’s authorised prescriber framework. Our program is fully supervised, ethics-approved and now supported by major private health insurance, making it Australia’s first insurer-funded model of psychedelic-assisted care. Six-month outcome data has shown ongoing symptom reduction and improved quality of life, positioning the program as a scalable and clinically robust treatment option for complex trauma. Company Snapshot Our Programs Psilocybin-Assisted Therapy for Treatment Resistant Depression (TRD) Emyria’s psilocybin-assisted therapy program is designed for patients with TRD and is delivered within a tightly governed clinical setting by specialist teams. The program is informed by global research, local clinical expertise and early real-world patient data. Operating under the same regulatory pathway as the MDMA program, it forms part of Emyria’s broader strategy to make advanced mental health treatments accessible and scalable. Emyria Limited 2025 Annual Report | Page 6 Heading 1 Heading 2 Sub heading Sub heading in body text Body text. Emyria Limited 2025 Annual Report | Page 7 Emyria was founded by a team of researchers, clinicians and innovators to build a new kind of health company. Our Team Board Mr Greg Hutchinson Executive Chairman Dr Michael Winlo Executive Director Dr Karen Smith Non-Executive Director Professor Sir John Tooke Non-Executive Director Dr Mohit Kaushal Non-Executive Director Clinical Advisory Board Professor Sir John Tooke Chair of Clinical Advisory Dr Jon Laugharne Lead Psychiatrist Claire Kullack Lead Therapist Professor Matt Piggot Leads Emyria’s Medicinal Chemistry Program Leadership Team Dr Michael Winlo Chief Scientific Officer Mary-Ann Rennie Chief Operating Officer Dr Jon Laugharne Medical Director Clare Kullack Lead Therapist Claudia Sullivan Head of Clinical Governance Dr Tatjana Heinrich Head of Preclinical Drug Development Adrienne Smith Project Manager Emyria Limited 2025 Annual Report | Page 7 Health Insurer Partnership Secured • Medibank began funding Emyria’s Post-Traumatic Stress Disorder (PTSD) program in June 2025—the first private insurer-backed psychotherapy program for PTSD in Australia. • Fully subsidised care now available for screened and eligible Medibank customers at Perth Clinic. Clinical Program Expansion • Treatment-Resistant Depression (TRD) program launched in February 2025, extending Emyria’s clinical offering. • Second Empax Centre opened at Perth Clinic in April 2025, expanding treatment capacity by 50%. • Over 30 patients treated across Empax Centres, with zero dropouts and sustained improvements in PTSD and quality-of-life scores. Real-World Data Validated • Six-month follow-up data showed 63% of PTSD patients no longer met diagnostic criteria, with a 121% average quality-of-life improvement. • ANU partnership signed to independently evaluate outcomes and develop new care models. R&D and Drug Development • Global commercial licence signed with UWA for MDMA-inspired compounds. • $499K FHRI grant to support development of novel mental health treatments. • Rx7 cannabinoid formulation progressed through Tier 3 of NIH’s fully funded PSPP program for pain. Strategic Capital Raisings • Raised over $6.5 million across two placements to support care program expansion and national scale-up. FY25 Key Milestones Emyria Limited 2025 Annual Report | Page 8 Emyria Limited 2025 Annual Report | Page 9 Six-month data confirms sustained benefits of PTSD Program Six-month follow-up data from Emyria’s program for Post-Traumatic Stress Disorder (PTSD) has confirmed sustained and clinically meaningful improvements for patients participating in Australia’s first fully supervised, ethics-approved psychedelic-assisted therapy model. The data, collected from Emyria’s first patient cohort, shows that: 63% of patients no longer met the diagnostic criteria for PTSD six months after completing treatment. Patients experienced a 55.5% reduction in PTSD symptoms, on average, as measured by the validated CAPS-5 scale. Quality of life scores improved by an average of 121.5% indicating meaningful benefits beyond symptom relief. Clinical Data Overview Emyria Limited 2025 Annual Report | Page 10 Sustained and Significant Reduction in PTSD Symptoms At the six-month follow-up, patients recorded an average 55.5% reduction in PTSD symptoms, as measured by the PCL-5 scale. Notably, mean scores continued to decline post-treatment below the clinical threshold of 32, indicating significant and sustained improvement. Figure 1 Sustained Reduction in PTSD Symptoms at 6 Months Average PTSD symptom scores (PCL-5) for patients treated under Emyria’s program, shown from Baseline to six months post-treatment. X-axis reflects visit type, spaced by average time between visits. The PCL-5 is a self-administered, 20-item self-report tool used to measure PTSD symptoms according to diagnostic DSM-5 criteria. Higher scores indicate more severe symptoms. Days from Baseline (mean per patient) Baseline PCL-5 Score 60 50 40 30 20 10 0 Average PCL-5 Scores by Visit (up to 6 months follow-up) n=23 n=22 n=18 n=11 n=8 n=30 End of 1st Cycle End of 2nd Cycle End of 3rd Cycle 3 months after end of treatment 6 months after end of treatment Typical last treatment Mean PCL-5 95% CI PCL-5 < 32 Patients continue to improve after active treatment has ended. Clinical Data Overview Emyria Limited 2025 Annual Report | Page 11 Significant Quality-of-Life Improvement At six-month follow-up, patients reported an average 121.5% improvement in quality of life, as measured by the ReQoL-20 scale. Mean scores increased by over 20 points from baseline, with most patients reaching levels consistent with the general population, underscoring broad and sustained benefits. Figure 2 Mean Percentage Improvement in ReQoL Scores Average ReQoL-20 scores from Baseline to six months post-treatment, reflecting changes in mental health-related quality of life following MDMA-assisted therapy. The ReQoL is a patient-reported outcome measure covering domains such as well-being, functioning, and personal recovery, allowing patients to express how their mental health impacts their daily lives and overall quality of life. Higher scores indicate better well-being. These outcomes reflect Emyria’s commitment to delivering real-world evidence in a tightly governed, psychiatrist-led clinical setting. Importantly, the program has maintained zero dropouts, reinforcing the accessibility and tolerability of the treatment model for participants living with complex trauma. The six-month data builds on the three-month interim analysis released earlier in the year and will help inform health economics studies, payer negotiations, and national rollout plans. It also supports Emyria’s broader mission to establish data-driven, funder-aligned models of care that can be scaled across Australia. Baseline ReQoL-20 Score 65 60 55 50 45 40 35 30 25 Days from Baseline (mean per patient) Average ReQoL Scores by Visit (up to 6 months follow-up) n=23 n=22 n=18 n=11 n=8 End of 1st Cycle End of 2nd Cycle End of 3rd Cycle 3 months after end of treatment 6 months after end of treatment Mean ReQoL-20 95% CI Patients maintain improvement after active treatment has ended. Typical last treatment Clinical Data Overview Emyria Limited 2025 Annual Report | Page 12 These results confirm that the improvements we observed early appear significant and durable. For patients with chronic, treatment-resistant PTSD, this level of durable impact is rare and highly encouraging. Dr Michael Winlo Chief Scientific Officer Emyria Limited 2025 Annual Report | Page 13 In FY25, Emyria was invited to present at several leading national and international conferences, reflecting its growing influence in the evolving fields of trauma, addiction, and psychedelic-assisted care. These appearances underscore the Company’s role in shaping a new generation of evidence-based, patient-centred mental health models grounded in clinical rigour, real-world outcomes and collaborations that support access and impact. Emyria’s Model on the Global Stage Psychedelic Science 2025 In June 2025, Emyria’s Chief Scientific Officer, Dr Michael Winlo, was invited to present at Psychedelic Science 2025 in Denver, the world’s largest psychedelic medicine conference. The event brought together more than 8,000 global leaders across healthcare, research, and investment to explore the future of psychedelic-assisted therapy. Dr Winlo delivered two feature presentations, spotlighting Emyria’s pioneering care models and real-world treatment results. At a time when many international teams are waiting on regulatory shifts, Australia is already moving forward. Emyria is operating within established legal pathways and delivering fully compliant, clinically supervised psychedelic-assisted care. The conference also provided a platform to share the landmark news of Emyria’s agreement with Medibank, Australia’s largest private health insurer, to fund care programs for PTSD. Announcing this world-first arrangement on a global stage generated significant interest from several potential partners eager to understand how Emyria’s rigorous real-world evidence, ethical care delivery, and payer collaborations are enabling sustainable, scalable access to transformative therapies. Dr Winlo also presented Emyria’s longitudinal outcome data from its first PTSD patient cohorts, which drew strong praise and sparked follow-up from researchers, health policy leaders and clinical operators worldwide. Emyria’s participation in Psychedelic Science 2025 reinforced our growing reputation as a leader in evidence-based, fundable models of care. With momentum building in Australia, along with increasing global interest, Emyria is well positioned to lead the way in the global evolution of mental health treatment. Emyria Limited 2025 Annual Report | Page 14 Emyria’s Model on the Global Stage Frontline Mental Health Conference In March 2025, Dr Jon Laugharne and Dr Michael Winlo presented at the Frontline Mental Health Conference (FMHC25), joining leaders from emergency services, defence, healthcare, and community support to explore new ways of embedding mental health into the culture of frontline work. The program tackled complex challenges such as trauma recovery and moral injury with Emyria’s presentation focusing on our innovative PTSD care programs and their potential to deliver scalable, evidence-based support for frontline workers, who experience PTSD at more than twice the rate of the general population. AddictionZ Conference In May 2025, Dr Michael Winlo delivered a keynote presentation at AddictionZ 2025, the region’s leading conference on trauma, addiction and recovery. Under the theme “Embracing the Hope and Healing Journey,” the conference brought together professionals across treatment, prevention, and mental health innovation. Dr Winlo’s presentation focused on Emyria’s real-world evidence model and the outcomes achieved by its clinical team across programs for PTSD and other complex conditions. Emyria Limited 2025 Annual Report | Page 15 Throughout FY25, Emyria gained national attention for its pioneering work, securing high-impact coverage across top-tier business and mainstream outlets. Emyria Making Headlines A full-page feature in The Australian profiled Regan Ballantine, one of the first fee-paying patients at our Empax Centre. The story shared her lived experience with complex PTSD, her journey through treatment, and the life-changing outcomes made possible with MDMA-assisted therapy. Regan’s story was amplified further through interviews on ABC Radio National and other broadcast outlets, underscoring the role of patient advocacy in building awareness and public understanding. Emyria’s clinical and commercial milestones also drew attention from leading business and health journalists. Following Medibank’s announcement that it would fund the use of MDMA-assisted therapy, Australian Financial Review (AFR) journalist Tom Rabe interviewed Chief Scientific Officer Dr Michael Winlo on the significance of this decision. The Australian’s Stephen Lunn also covered the announcement, further validating the therapy’s growing acceptance and accessibility. Emyria was also featured in an AFR in-depth piece by Michael Smith, which examined the surge of investor interest in psychedelic medicine. The article highlighted the growing recognition of MDMA-assisted therapy as both a clinical breakthrough and a frontier for healthcare investment, with Dr Winlo contributing expert insights. Further coverage in Business News and The West Australian, along with specialist industry outlets including Stockhead and Biotech Dispatch, reinforced Emyria’s leadership in psychedelic-assisted care. This broad engagement across national, local, and sector-specific media cemented Emyria’s position at the forefront of innovative mental health treatments. Emyria Limited 2025 Annual Report | Page 16 Delivered in partnership with Perth Clinic, the program offers patients a highly structured and personalised treatment journey. The Empax model integrates psychiatrist-supervised psychotherapy, specialist care coordination, and rigorous real-world data capture. It is guided by strong clinical governance and tailored to each patient’s needs through careful screening and planning. With no out-of-pocket costs for screened and eligible Medibank customers, the agreement demonstrates how funders and clinical innovators can work together to address long-standing gaps in mental health care access. The agreement reinforces the strength of Emyria’s care model, which has already demonstrated durable clinical outcomes in previous patient cohorts. Its approval by Medibank also reflects a growing recognition of the need for innovative, evidence-informed treatments that are both scalable and economically sustainable. The initiative is expected to pave the way for national expansion. Emyria is actively progressing the rollout of additional Empax Centres in key Eastern states, while also broadening its clinical offering to include Treatment-Resistant Depression and other high-need conditions. The Company’s integrated real-world data platform will continue to support health economics validation, regulatory engagement, and further insurer partnerships. Medibank Private Funds PTSD Program As part of the program, Emyria is working with Australian National University (ANU) to independently assess its impact. Under the leadership of Professor Paul Fitzgerald, the evaluation will examine both clinical outcomes and economic benefits, providing valuable evidence to support broader adoption across the healthcare system. “This agreement demonstrates that the private health system can play a key role in unlocking access to promising, evidence-informed therapies,” said Emyria Executive Director, Dr Michael Winlo. “We believe this is just the beginning of a wider shift in how mental health care is supported in Australia, and we’re proud to be leading it.” The Medibank agreement marks a major step forward in expanding access to effective, evidence-based mental health care. It affirms Emyria’s ability to deliver scalable, fundable care models that respond to the growing needs of patients, clinicians, and the wider health system. In June 2025, Emyria secured a landmark agreement with Medibank, Australia’s largest private health insurer, to fund access to its Empax care program for eligible patients with Post-Traumatic Stress Disorder (PTSD). This multi-year agreement represents the first time a major Australian insurer has backed a psychotherapy-led PTSD treatment program, removing a significant financial barrier to care for those living with complex trauma. Emyria Limited 2025 Annual Report | Page 17 We commend Medibank for their leadership in funding new mental health initiatives, support that will expand access to promising therapies for more Australians suffering with complex and persistent mental health challenges. Greg Hutchison Emyria Executive Chairman Emyria Limited 2025 Annual Report | Page 18 In April 2025, Emyria opened its second Empax Centre, located within Perth Clinic, one of Western Australia’s leading private mental health hospitals. This expansion increases Emyria’s treatment capacity by 50 per cent and marks an important milestone in the Company’s strategy to deliver high-quality, funder-aligned care for patients living with complex mental health conditions. New Empax Centre Opens at Perth Clinic The decision to embed the new site within a licensed hospital environment reflects a deliberate move to meet the requirements of major private health insurers and public payers. It positions Emyria to deliver its psychiatrist-led, data-informed care model in a setting that satisfies compliance, governance, and infrastructure expectations of prospective funders. The site became operational on 14 April 2025, with the first two Medibank customers commencing treatment that day. The Perth Clinic-based Empax Centre delivers both of Emyria’s flagship treatment programs for Post-Traumatic Stress Disorder (PTSD) and Treatment-Resistant Depression (TRD). The launch of the Treatment-Resistant Depression program represents a broadening of Emyria’s care footprint to address more of the unmet need in mental health, while also enhancing the Company’s ability to gather longitudinal, real-world evidence across multiple patient groups. Emyria Limited 2025 Annual Report | Page 19 Meet our Clinical Specialist Dr Annette Mackereth Psychiatrist and Psychotherapist, Empax Centre Annette has worked as a consultant psychiatrist in WA for more than twenty years. She has always held a strong interest in psychotherapy and the relief of psychological suffering, understanding that many psychiatric and psychological conditions, particularly those that have appeared treatment resistant, have a basis in unresolved traumatic experiences that continue to negatively influence the way that a person thinks, behaves and experiences the world. As a result, Annette has become a highly trained psychotherapist who has gained expertise in a wide range of therapies including the individual, long-term depth therapies (Insight Oriented Therapy, Gestalt Therapy), as well as the newer, more focussed techniques (Eye Movement Desensitisation and Reprocessing (EMDR), Deep Brain Reorienting, and Internal Family Systems Therapy). Annette is an accredited psychotherapy supervisor of the Australian and New Zealand College of Psychiatrists, teaching trainee psychiatrists. She also supervises psychiatrists and other allied health professionals in their psychotherapy practice. Annette was excited to be offered the opportunity to work in Psychedelic-Assisted Therapy and become an Authorised Prescriber. Emyria Limited 2025 Annual Report | Page 19 Emyria Limited 2025 Annual Report | Page 20 Tell us about your background and what led you to join Emyria’s clinical team at the Empax Centre. I am a passionate psychodynamic psychotherapist, with a special interest in chronic and complex conditions. After witnessing the profound gains, but also some limitations of traditional psychotherapeutic techniques, particularly for patients with significant trauma and entrenched conditions, I devoted the last 10 years to gaining proficiency in various contemporary, trauma focused techniques to complement my practice. I joined Pax Centre in 2018 to work in a trauma informed setting with like-minded colleagues, and so I was lucky enough to be here at the conception of the Empax Centre. How did you first become involved in psychedelic-assisted therapy (PAT), and what made you see its potential for trauma care? I have a long-held interest in PAT and had engaged in online webinars and seminars on PAT prior to TGA approval of MDMA and Psilocybin, and the conception of the Empax Centre. However, I thought it unlikely that I would be able to work in this field without joining a research program overseas. It was luck that found me working at Pax Centre when TGA approved the use of PAT,