TGA Expands Therapist Pool – Emyria Empax Ramp Targets H2 2026

Emyria (ASX: EMD) is positioned to accelerate therapist recruitment and clinic utilisation after the Therapeutic Goods Administration (TGA) updated the eligibility criteria for the Authorised Prescriber scheme in psychedelic-assisted psychotherapy. The change broadens the range of trained professionals who can serve as the non-prescribing therapist in the required two-person dyad. This structural bottleneck had limited clinic throughput since the scheme launched.

For Emyria, which operates the Empax national clinical network, the update directly addresses a capacity constraint. The company now expects faster recruitment and improved utilisation across its existing footprint. Operational benefits are expected from the second half of 2026 after final TGA endorsement and Emyria's internal workforce planning, recruitment and training phases are completed.

What the TGA Changed – and Why It Matters for Empax

Under the updated guidelines, the eligible therapist pool now includes:

• Nursing and midwifery professionals
• Occupational therapy practitioners
• Registered psychology practitioners
• Psychotherapists, counsellors, and social workers (via Authorised Prescriber professional discretion)
• Aboriginal and Torres Strait Islander health workers (via professional discretion)

Previously, the non-prescribing role was effectively limited to a narrower set of mental health professionals. Recruitment bottlenecks constrained clinic hours and prevented Emyria from fully utilising its clinic infrastructure. The TGA views this regulatory adjustment as a pragmatic response to growing real-world evidence in the field, according to the source text.

Emyria must still update its care models and submit them for ethics committee review before final endorsement. The directional shift is clear: the available pool of qualified staff is larger. This lowers the marginal cost of adding clinic slots.

Emyria's Empax Network – 100 Clinicians as a Base

Emyria's existing Empax network already comprises over 100 clinicians, giving it a scale advantage over peers without a national footprint. The company's first Victorian clinic was activated and commenced patient treatments in Q2 CY2026, meeting its stated launch target for that period. That activation provides a recent proof point: Emyria can execute clinic rollouts under current conditions.

Domestically, Emyria has started targeted recruitment for psychiatrists and therapists in New South Wales, setting up its fourth state-based clinical operation. The Authorised Prescriber count across active clinics:

These numbers remain small in absolute terms. The TGA change could accelerate the pace at which those authorisations translate into active clinician hours. Emyria's existing infrastructure gives it a lead over competitors that lack a national network.

H2 2026 Ramp – Timeline, Revenue, and the Global Partnership Program

The operational benefits from the TGA updates are expected to take effect in the second half of 2026, following final TGA endorsement. The timeline depends on Emyria completing workforce planning, recruitment, and training – execution steps that carry their own risks.