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
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, and Emyria approached us, as a
trauma focussed clinic, to develop a PAT program.
Meet our Clinical Specialist
Dr Annette Mackereth
Psychiatrist and Psychotherapist, Empax Centre
From your perspective, what makes
the Empax model unique compared to
traditional approaches to trauma and
treatment-resistant conditions?
There are many approaches to trauma and
treatment resistant conditions, and success
results from enabling the body to dismantle
its psychological defences against processing
the traumatic experience; to move through the
shock and overwhelming negative emotions,
such as fear, shame and grief, allowing them to
be experienced and therefore processed and
resolved. The greater the number of traumatic
experiences, (and many can be from early
childhood and therefore pre-verbal/pre-narrative
memory) the more impenetrable these
defences become.
The psychedelics act in specific ways to allow
the recollection of trauma without the intense
negative emotions that shut down adaptive
processing, enhance self-compassion, and cut
through rigidly held defences and negative self
beliefs. The Empax model is a dedicated treatment
where we pay close attention to our client’s mind-
set (“set”), the treatment environment (“setting”)
and the ongoing integration of the dosing
day experience. We have the ability to tailor a
treatment program for each specific individual.
Emyria Limited 2025 Annual Report | Page 21
Psychedelic-assisted therapy is still
new to many patients. How do you help
people prepare for these experiences
therapeutically?
We understand that PAT is very new to many
patients and their families, and thorough
preparation is an essential part of PAT. We
spend a long time on education about what
to expect on the day. We have two sessions of
psychiatric/medical screening, and two sessions
of preparation with the allocated therapist
pair. There are certain practicalities to consider,
such as some psychiatric medications which,
if taken during PAT, pose risk in terms of either
side effects or attenuation of the therapeutic
effects of psychedelics and so we devise a
medication tapering program and attend to any
other practical issues/concerns. We also temper
expectations, when appropriate. For example,
some patients with very chronic and severe
trauma will not have a miraculous recovery, but
PAT will allow them to go deeper through their
defences into their trauma so that integration
therapy will need to be ongoing for months
not weeks.
What are you observing in terms of
patient transformation or recovery
that feels particularly significant?
Many patients report a life changing and
transformative experience after years of trying
other therapies. I am particularly excited
about the potential for psilocybin-AT for early
attachment trauma that is notoriously difficult to
treat with other therapeutic modalities. Patient
numbers for psilocybin are few so far, however the
results are very promising.
PAT can be interwoven with other psychotherapy
treatments as necessary. We can provide PAT to
patients who are engaged in long term therapy
outside of Pax Centre and Empax Centre to
address specific treatment resistant issues, so it
has broad and exciting applications.
What inspires you most about being
part of Emyria’s clinical team and
the future of this field?
I am extremely excited that PAT is once again
available as a psychological treatment after
decades of only being available in a very limited
way in research settings. As a result of TGA
rescheduling, we are not limited to the research
model of three dosing days, each followed by
three integration sessions. We are finding that
some patients only need two dosing sessions, or
some need between four and six. We are able to
modify the basic protocol – for example, to use
a combination of MDMA-AT and psilocybin-AT
sessions, or increase the number of integration
sessions per “round” - in order to better target
each individual patient’s trauma in a tailor-made
way. Empax clinicians are experienced trauma
focussed and trauma informed clinicians who are
thoughtful and keen to learn from each patient we
treat, making it an inspiring working environment.
Meet our Clinical Specialist
Dr Annette Mackereth
Psychiatrist and Psychotherapist, Empax Centre
Emyria Limited 2025 Annual Report | Page 22
When 47-year-old Mathew (Mat)
McLaughlin talks about his mental
health, he is compelled to start at
the very beginning.
He explains that his childhood was a
pleasant, safe and secure chapter –
but slows, as he unravels the repeated
trauma he experienced as an adult.
Patient Perspectives
In Conversation with Mathew McLaughlin
His career started in the army, where he was
deployed to East Timor for six months on war-like
service. He went on to study and work as an
exercise physiologist, but has since settled into
a career as a firefighter for the past 20-years. His
employment on the frontline exposed him to
death, destruction and repeated pressure on his
nervous system. All while he navigated family life
with three kids.
“I got my first diagnosis of post-traumatic stress
disorder (PTSD) in 2011. At the time, I just thought
I was depressed after a few breakdowns. I went
and spoke to a psych – the first time ever – as I
started having flashbacks to a couple of jobs that
were particularly intense. When she said I had
PTSD I didn’t really believe it,” he recalls.
Flashbacks were the biggest warning sign of his
declining mental health. Mat recalls attending
a job that involved two kids dying in a house
fire – scenes that started crossing into his own
experiences parenting his kids. When he was out
walking the dog, a road traffic trauma that he
had attended would come back into clear view at
the site where it occurred. Another example was
seeing scenes of suicide that he had dealt with on
the job, in everyday settings.
“Your body reacts like you have seen a dead
person and your heart rate goes up. Eventually
my mood started to decline, it was innocuous
creeping in, but I started risk taking and doing
things to try and get a bit of a rush or escapism.
I started filling my life up so I didn’t have to think
or feel too much about what was going on in my
mind and body,” he said.
He found it difficult to cope with the ebbs and
flows of family life, with little to no buffer – over
time, his marriage started to break down which
culminated in divorce. He sought help from
psychologists a few times a year, or more when he
was experiencing difficulty with his mental health.
He struggled with the death of his father in 2016,
but was able to manage with psychological help
through his Employee Assistance Program (EAP).
But after attending the death of a young person
on Fathers Day in 2022, whose parents were on
scene, he knew he was was not right. He tried to
get help but the wait was up to six weeks. By that
stage, Mat had tried various kinds of talk therapy
and EMDR, but access to care was becoming
a major issue – even with support from his
workplace mental health program.
“I just lost the capacity to cope with traumatic
experiences. I was at my end,” he says.
After being exposed to a series of other distressing
jobs in quick succession, he started having panic
attacks where he froze at incidents, on occasion
not even being able to get out of the fire truck
when he arrived at the scene. He mostly managed
to conceal his struggles at work, but it had reached
crisis point.
“To complicate matters, I was diagnosed with
ADHD as well as PTSD and panic disorder, which
prompted me to start studying psychology
during the COVID-19 pandemic – it was definitely
‘research as me-search’. I started taking
medication for memory and attention, which
helped, but it made other things worse – the
flash backs, the nightmares.”
He started having regular panic attacks and even
suicide ideation, which he explains as giving him
a sense of momentary relief from anxiety. But
concurrently, through his study, he started to
learn more about emerging therapies. He started
seeing one of the therapists at Empax Centre, and
found the trauma-focussed approach particularly
helpful. It prompted him to re-think the value
of his ADHD medication and instead, started
exploring avenues for self-funded MDMA-assisted
therapy (MDMA-AT) for PTSD under Australia’s
Authorised Prescriber Scheme.
Emyria Limited 2025 Annual Report | Page 23
“My therapist told me that action was required,
and I could either look to change to a
non-operational career taking SSRI’s [Selective
Serotonin Reuptake Inhibitors] or consider one
of the new protocols that were being developed
at Empax.”
Mat took steps to access the program available
at the Empax Centre, which started with three
90-minute screening sessions. After he was
accepted, he had a first round of treatment in
December 2024 and another course in
February 2025.
The Empax Centre delivers a structured model of
care that includes medical screening, preparatory
therapy sessions, supervised dosing sessions,
and integration therapy. Each patient is closely
supported by a dedicated team, including a
psychiatrist and trained therapists, with safety and
personalised care at the centre of the process.
“In my experience, this therapy provided a way to
access memories to create a better connection
with my therapist and to talk through them
with self-compassion and self-empathy. The
environment where it is administered is like your
Nanna’s living room – it is so calm,” he recalls.
Mat journaled heavily after the session, taking
notes about what he had experienced during
the therapy. He recalls putting headphones and
a black-out mask on, with music playing – and
being immediately taken back to childhood. In
a calm setting, he was able to revisit each of the
traumatic experiences that had caused him such
immense distress.
“When I closed my eyes, I woke up in the house I
grew up in. It started in black and white and then
everything came into colour until it was full HD. I
was walking around the house, and it was in full
detail, with people and scenes from 40 years ago.
It was a full sensory experience, I could even smell
my Dad’s leather briefcase, it was so clear.
“My memories were organised into a sort of juke
box that played records – each representing,
visually, a traumatic incident. As each one played,
I would get taken back to the scene, in full HD –
accident scenes, fire scenes, suicides and more.
When I was there, things would re-wind until the
person was ok, their loved ones were with them
and happy, and it would re-frame my perceptions
of the death. I helped to correct my internal
dialogue and negative perceptions of my role
in helping too – everything had a positive vibe
again,” he explains.
Mat said each incident was peaceful. After each
record would play and resolve, the people involved
would come back to his family home, where they
were all together and happy. With each record in
the juke box, he worked through each traumatic
memory and managed to come out the other
side – stronger and clearer.
Recalling the night his Dad died from a heart
attack was particularly vivid, as he had not had
time to deal with his sudden passing. The therapy
gave him an alternative course of events and
delivered immense relief.
“In my mind it was a terrible night, but in this
version of events it was just a really nice time.
We had been there for dinner and left the kids
for a sleepover, but in my MDMA-experience of
the night, I stayed and watched – him and mum
cleaned up after dinner, he spent time with my
kids read them a book and tucked them in, and
he was really happy. An alternative version that
wasn’t all doom and gloom,” he says.
Mat says each trauma now carries a new set of
memories with a different emotional charge. He
says the therapy helped to re-frame death and
dying, and provided a new way to process what
he has experienced on the frontline. He says
it allowed him to re-frame his self-esteem and
mental health, entirely.
I now feel like I am a good
person, and I am good at
my job. After two doses, I
just feel like my internal
coil has unravelled, like I
am tension-free for the
first time in forever.
Mat McLaughlin
Emyria Limited 2025 Annual Report | Page 24
What does it feel like to live in a
body that never feels safe?
Most mornings, my body remembered something
my mind didn’t want to face. I’d wake in panic,
heart racing, breath short, muscles tensed as
if danger were waiting just outside my door. It
wasn’t from nightmares. It was the residue of
trauma, replayed on a loop. For years, that was my
normal. An alarm clock of trauma, set off by grief,
courtrooms, and the loss no parent should endure.
In 2017, I experienced the tragic and devastating
loss of my 17-year-old son, Wesley, who died in a
preventable workplace incident. What followed
was almost seven years and four separate criminal
court cases relating to his death. The drawn-out
legal process meant I couldn’t mourn. I was
constantly retraumatised, forced to relive Wesley’s
death through court appearances, testimonies,
and legal proceedings that stretched on year after
year. Every time I tried to process my grief, the
system pulled me back into that nightmare. It
was relentless and soul-destroying.
During that same period, I stepped into the public
arena and led a successful campaign to overhaul
WA’s workplace health and safety laws and
introduce industrial manslaughter legislation.
But behind the public fight was a private collapse.
I was battling the symptoms of complex PTSD
(C-PTSD), the clinical term for trauma that occurs
when the nervous system is trapped in a prolonged
state of threat. My anxiety was constant. I avoided
people. I froze at sudden sounds. I regularly woke
Healing, Advocacy, and the Promise of
Psychedelic Medicine
up soaked in sweat, heart racing, adrenaline spiking.
I felt unsafe in the world and uncomfortable in
my own body. Living like this was unbearable, so I
threw everything I had at finding a way out.
I spent nearly $40,000 on trauma-informed talk
therapy and EMDR with my psychologist, which
helped considerably - but only up to a point.
Beneath the surface my body was stuck on high
alert, my nervous system in overdrive. The anxiety
was often crippling. It shrank my world, made
ordinary things feel impossible and left me
feeling trapped inside my own skin. The loneliness
of this experience compounded the loss I was
already experiencing.
I threw everything at it - somatic practices,
meditation, acupuncture, neurofeedback, CBD
oil - hoping that something might break the cycle.
But nothing touched the feeling of fright that
lived in my body.
A quiet desperation took hold, but I kept
searching for healing.
I had been following the emerging science on
psychedelics in Australia - watching, waiting
and hoping it might offer a way out. So when I
learned that the treatment had become available
through the Empax Centre, and given everything
I understood about the clinical evidence, I didn’t
hesitate and I became part of the first fee paying
patients to receive this treatment, in the world.
From Survival to Stability
This treatment offered a genuine beacon of hope.
The clinical data from phase 3 trials showed that
67% of participants no longer met the diagnostic
criteria for PTSD, pointing to the possibility of real
healing, not just symptom management.
For me, I have been lucky enough to experience that.
Before I began the treatment at Empax Centre
I had been in survival mode. Gradually I began
to reclaim parts of my life that I had lost. Those
moments of waking up in terror simply
eroded away.
Following the loss of her teenage son,
Regan was diagnosed with complex
PTSD. After years of conventional
therapy, she turned to MDMA-assisted
treatment at Emyria’s Empax Centre.
In this personal account, she shares
her experience and the impact it has
had on her recovery.
Words by Regan Ballantine.
Emyria Limited 2025 Annual Report | Page 25
Nothing will ever erase
the grief. But this
treatment gave me the
internal capacity to face
it. I no longer fear my own
emotional landscape.
I am able to live and
function alongside my
loss, and I am no longer
haunted by feelings I was
afraid to face - and that
has given me something I
hadn’t felt in years: peace.
Regan Ballantine
Life feels different now. I am no longer destabilised
by PTSD triggers multiple times a week. And I
now live in a body that isn’t constantly bracing or
locked in panic.
The external changes followed quickly. Three
months after treatment, I returned to work four
days a week - after nearly 20 months away. Friends
and family noticed the change before I did. Now
the transformation is undeniable.
I still experience challenges and get taken out
with the tide from time to time. I am human. But
the difference now is I can find my way back to
the shore.
Nothing will ever erase the grief. But this treatment
gave me the internal capacity to face it. I no longer
fear my own emotional landscape. I am able to
live and function alongside my loss, and I am no
longer haunted by feelings I was afraid to face -
and that has given me something I hadn’t felt
in years: peace.
From Patient to Advocate
I carry a deep sense of privilege, not just for
having discovered this treatment, but for being
in a position to afford it. That privilege has never
sat lightly with me. The care I received changed
my life yet, access to that care reserved for
the fortunate few. That didn’t feel right. This
is why I chose to bring a patient voice to this
groundbreaking therapy.
I know firsthand the power of a human story,
how giving voice to lived experience can shift
perspectives, open minds, and make change
possible. I saw it during my campaign for
workplace safety reform. So when The Australian
asked me to be the patient voice in a full-length
feature about the treatment at Emyria’s
Empax clinic, I didn’t hesitate.
The story gained traction. It led to an interview on
ABC Radio National, and then to an international
podcast. I kept saying yes. In a tightly regulated
environment where clinics aren’t allowed to speak
publicly about what they offer, patient voices
become essential at broadcasting the availability
of these treatments.
Patient advocacy drives public acceptance,
educates potential patients, and demonstrates
real-world outcomes to stakeholders like insurers
and regulators. In an emerging field, authentic
patient stories are the bridge between clinical
data and broader adoption.
Image supplied by NewsCorp / The Australian.
A Market Turning Point
The landscape changed dramatically with
Medibank’s decision to fully fund screened and
eligible members’ MDMA-assisted therapy. It was
a bold and courageous move - one that marked a
turning point in both accessibility and validation of
these proven care models.
I feel deep admiration for the trailblazers who
made that possible, the innovators pushing this
treatment forward, despite decades of stagnation
in PTSD care, and decision-makers willing to say
‘Yes’. It is no small thing to stand at the edge of a
new frontier in mental health and choose to lead.
We are at the beginning of something that could
transform lives for generations. I feel hope when
I imagine what the world could look like twenty
years from now: a world where healing is possible,
accessible, and no longer the exception.
The Integration Opportunity
MDMA-assisted therapy holds extraordinary promise,
but my experience taught me that long-term
impact depends on more than what happens in
the treatment room. It’s the integration of insights
and experiences into daily life that determines
whether transformation takes root or withers.
The scientific literature supports this: patients who
receive ongoing integration support experience
more durable outcomes. This represents the
next frontier for the field. Clinics that recognise
integration as core to the therapeutic process will
not only deliver superior patient outcomes, they’ll
lead in an evolving market.
The future lies in comprehensive wraparound
integration services that support patients through
the crucial months following treatment. When
healing is sustained rather than temporary,
everyone benefits: patients, families, healthcare
systems, and society at large.
This approach acknowledges what we’re learning:
that breakthrough moments in treatment are
just the beginning. The real work happens in the
weeks and months that follow, as patients learn to
live differently in the world.
Healing, Advocacy, and the Promise of
Psychedelic Medicine
Lasting Recovery and Market Promise
While I still carry grief, I now experience
something I thought was out of reach: stability
and joy. I am rebuilding a life no longer ruled by a
body trapped in a state of fear.
My transformation represents more than personal
healing. It is evidence of a treatment modality that
can restore human potential once lost to trauma.
As more healthcare providers acknowledge the
limitations of conventional PTSD treatments,
they are seeking training and certification in
psychedelic-assisted therapies. This growing
clinical adoption, combined with insurance
coverage milestones like Medibank’s decision,
signals a clear market inflection point.
We are only beginning to understand what real
recovery from trauma can look like. The next wave
of investment will go to those building that future
- with science, compassion, scalable access, and
wraparound integration programs at the heart
of treatment.
My greatest hope is that this kind of healing
won’t remain rare, that it will become the
standard, not the exception. And that the
organisations leading the way now will help
shape a future where recovery is truly possible
for all who need it.
Emyria Limited 2025 Annual Report | Page 26
Emyria Limited 2025 Annual Report | Page 27
If you ask Emyria Chairman Greg Hutchinson what the most important piece of the
puzzle is for facilitating accessible pathways to innovative mental health care, he
says it is all about the people.
People – a Vital Puzzle Piece
For more information about joining the Emyria Limited or
Empax Centre teams, visit emryia.com
In a climate where the Empax Centre and its
collaborating network of clinical providers
have now secured support from the TGA
and Australia’s largest private health insurer,
Medibank Private, the goal is to ramp up –
quickly, strategically and with great care.
Or as Greg says, “Operation Clinical Expansion.”
At the heart of this, is engaging and training
the right clinical, operations and support staff in
collaborating private hospital and community
care facilities. A goal which Greg says is
surprisingly linear.
“We have leading clinical providers and advocates
in multiple corners of the country who are eager
to deliver care under our Empax model,” says
Greg. “Whilst we have strong roots in Western
Australia, the beauty of our collaboration with
Medibank is that we can now deliver care with
ease in private hospital facilities – which removes
some of the challenges and investment required
to scale in purpose-built community clinics.”
The first Empax Clinic evolved from the Pax Centre,
an established and respected community mental
health and trauma care clinic in Perth, which was
acquired by Emyria. Now, we are working with
funders to cater to the preferences and financial
agency of different customer cohorts and their
preferred models of care.
“We talk a lot about the clinical data, which is
compelling, but the anecdotal evidence that
we collect from patients is profound – many
are describing it as a factory reset on their
brains. 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,” explains Greg.
As an experienced healthcare executive with
focused expertise in shaping and scaling clinical
services, Greg is an advocate for following this
same formula for expanding the reach of the
Empax model – and says it is on course, now
gaining momentum.
“The first thing that we’ve done is to make sure
our systems are stable, replicable and robust. We
are now selecting key locations on the Eastern
seaboard. Obviously, we need to make sure
we have the right personnel in place, capable
of responding to the demands of a scaling
enterprise,” says Greg.
A goal which is well on track. Greg says
Empax is already starting to look and feel like
a scaled enterprise.
“We have a light-capital framework now in
motion – which has been a blessing from the
Medibank model. Rather than having to establish
clinics in our own right – fit them out, get them
up and running – we can utilise much of the
infrastructure that’s already there from a hospital’s
perspective. So really, we’re just training and
deploying the right people.”
Alongside expanding access, Emyria is committed
to learning with their patients by collecting and
analysing real-world data. Every clinic is both
a place of care and a source of insight, where
patient experiences help refine treatment models
and inform the next generation of therapies. This
continuous feedback loop ensures each step
forward is grounded in evidence and
lived experience.
“While our current priority is to get each clinic
flourishing and delivering care safely and
effectively, the deeper play, which has always been
part of Emyria’s DNA, is to learn with our patients
in real time. By paying close attention to what’s
happening in the clinics today, we can anticipate
where the field is heading tomorrow. That’s how we
ensure we’re not just keeping pace with innovation,
but shaping it. Our data is a foundation that we
believe will support even more transformative care
in the future in the form of new treatment models
and new drug therapies entirely.”
Very special people, and patients, are vital
parts of the end goal to transform
mental healthcare.
Emyria Limited 2025 Annual Report | Page 27
Emyria Limited 2025 Annual Report | Page 28
The FHRI Seed Fund provides Western Australian
innovators with non-dilutive funding to facilitate
projects with high commercial potential. This
grant will advance Emyria’s novel MDMA analogue
drug discovery pipeline with UWA over the next
18 months to help validate our drug optimisation
pipeline and potentially identify a drug candidate
for development and commercialisation.
The grant recognises the commercial potential
of Emyria’s drug discovery platform, which has
produced a patented library of MDMA analogues.
These compounds are structurally related to
MDMA but designed to be non-psychoactive,
more targeted and potentially suitable for broader
clinical use.
The funds will be used to advance screening
and preclinical testing across two core
development programs:
•
Development of next-generation compounds
for use in psychedelic-assisted therapy, with
the aim of achieving the therapeutic benefits
of MDMA while reducing session times and
potential risks.
•
Enhancement of Parkinson’s disease therapy
by extending and improving levodopa’s
effect, while reducing involuntary
movement side effects.
Emyria’s collaboration with UWA, led by
Professor Matt Piggott, has already produced
several promising candidates, including UWA-121,
a non-psychoactive analogue that outperforms
current treatments in laboratory models.
The grant also supports international collaboration
and progression toward clinical trials, reinforcing
Emyria’s growing leadership in MDMA-related
treatment innovation.
Innovation Grant to Advance Emyria’s
MDMA Analogue Program
Emyria and the
University of Western Australia
(UWA) were awarded a
$499,411 grant
from the Future Health
Research and Innovation
(FHRI) Seed Fund,
strengthening the joint
development of novel
MDMA-inspired compounds
with therapeutic potential
for neurological and
psychiatric conditions.
Emyria Limited 2025 Annual Report | Page 29
Emyria Limited
ABN 96 625 085 734
Annual Report - 30 June 2025
Emyria Limited 2025 Annual Report | Page 29
Emyria Limited 2025 Annual Report | Page 30
Emyria Limited
Corporate directory
30 June 2025
Directors
Gregory Hutchinson - Executive Chairman (previously, Non-Executive Chair
until 22 January 2025)
Dr Michael Winlo - Executive Director (previously, Managing Director until 22
January 2025)
Dr Karen Smith - Non-Executive Director
Professor Sir John Tooke - Non-Executive Director
Dr Mohit Kaushal - Non-Executive Director
Company secretary
Susan Park
Registered office and principal
D4, 661 Newcastle Street, Leederville WA 6007
place of business
Telephone: 08 6559 2800
Website: www.emyria.com
Email: info@emyria.com
Share register
Automic Pty Ltd
Level 5, 191 St Georges Terrace
Perth, Western Australia 6000
Auditor
Stantons
Level 2, 40 Kings Park Road
West Perth, Western Australia 6005
Bankers
National Australia Bank
Level 14, 100 St Georges Terrace
Perth, Western Australia 6000
Stock exchange listing
Emyria Limited shares are listed on the Australian Securities Exchange (ASX
code: EMD)
Emyria Limited 2025 Annual Report | Page 31
Emyria Limited
Directors' report
30 June 2025
The directors present their report, together with the financial statements, on the consolidated entity (referred to
hereafter as the 'Group') consisting of Emyria Limited (referred to hereafter as the 'Company' or 'parent entity') and
the entities it controlled at the end of, or during, the year ended 30 June 2025.
Directors
The following persons were directors of Emyria Limited during the whole of the financial year and up to the date of
this report, unless otherwise stated:
Mr Gregory Hutchinson - Executive Chairman (previously, Non-Executive Chair until 22 January 2025)
Dr Michael Winlo - Executive Director (previously, Managing Director until 22 January 2025)
Dr Karen Smith - Non-Executive Director
Professor Sir John Tooke - Non-Executive Director
Dr Mohit Kaushal - Non-Executive Director
Principal activities
The principal activity of the Group is delivering and developing new treatments for mental health and selected
neurological conditions. The Group’s activities are informed by Real-World Data collected with patients across its
wholly-owned, clinical service subsidiaries.
Significant changes in the state of affairs
During the reporting period, the Group significantly expanded its focus on delivering innovative mental health
treatments through its clinical service subsidiary, the Empax Centre. This expansion included the successful launch
and scale-up of the Group’s unique therapy programs for post-traumatic stress disorder (PTSD) and treatment-
resistant depression.
These programs were enabled by the Group’s unique regulatory position and experience with newly rescheduled
medicines, following the Therapeutic Goods Administration’s decision to allow the prescribing of MDMA and
psilocybin from July 1, 2023.
A major milestone was achieved through a funding agreement with Medibank, making Emyria the first provider in
Australia to deliver regulated psychedelic-assisted therapy supported by a major health insurer. This has been
followed by a strategic partnership with Avive Health, allowing the Group to expand its Empax Centre model into
Queensland and plan further growth into other Australian states.
While the Group continues to develop its innovation pipeline of proprietary medicines, including MDMA analogues
and Ultra-Pure CBD, priority during the period was placed on revenue-generating clinical services, underpinned by
an integrated real-world data platform.
These developments position the Group as a leader in the delivery and evaluation of advanced, data-driven mental
health care in Australia and globally.
There were no other significant changes in the state of affairs of the Group during the financial year.
Review of operations
The loss for the Group after providing for income tax amounted to $3,142,758 (30 June 2024: $11,455,754).
Emyria Limited 2025 Annual Report | Page 32
Emyria Limited
Directors' report
30 June 2025
Key Milestones for Emyria:
Clinical Expansion and Research
- October 2024: Ethics endorsement received for Psilocybin-assisted therapy
Emyria received Human Research Ethics Committee approval for its psilocybin-assisted therapy program, enabling
the initiation of a second authorised treatment pathway for treatment-resistant depression.
- February 2025: Early data from PTSD program shows 3-month improvements
Clinical results showed rapid and meaningful symptom reduction in treated patients, with no serious adverse events,
reinforcing the safety and efficacy of the care model.
- April 2025: Emyria opens a second Empax Centre in Perth Clinic
To meet growing demand and improve access for insured patients, Emyria launched its second Empax Centre within
the Perth Clinic. The expansion increased clinical capacity by 50% and strengthened the Group’s partnerships with
hospitals and third-party payers.
- May 2025: Long-term treatment gains reported; Emyria and ANU sign MOU;
Six-month follow-up data confirmed sustained clinical gains from Emyria’s MDMA-assisted therapy program. Emyria
also signed a Memorandum of Understanding with the Australian National University to advance research into
psychedelic therapies.
- June 2025: Medibank to fund MDMA-assisted therapy at Perth Clinic
In a national first, Medibank announced it would fund treatment at Emyria’s Perth Clinic Empax Centre, validating the
Group’s intensive care model and expanding access for eligible patients.
Strategic Funding
- November 2024: Emyria raises $2.525M in strongly supported placement
Proceeds from the capital raise were allocated to expanding clinical infrastructure and supporting core R&D
programs.
Drug Development Progress
- July 2024: Emyria and UWA secure $499K grant for MDMA analogue program
Grant funding supported preclinical development of novel MDMA analogues under Emyria and UWA’s research
collaboration.
- October 2024: Emyria and UWA sign license agreement for serotonin-based therapies
The agreement secures access to novel drug candidates and reinforces Emyria’s long-term commitment to next-
generation neurological and mental health treatments.
Board and Key Management Changes
- January 2025:
Mr Gregory Hutchinson assumed role of Executive Chairman.
Dr. Michael Winlo transitioned from Chief Executive Officer to Chief Scientific Officer.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect
the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
Future developments, prospects and business strategy
Emyria will continue scaling its Empax Centre model to meet growing demand for advanced mental health treatments,
including psychedelic-assisted therapy. Supported by strong clinical outcomes and insurer funding, the Group is
expanding to the eastern states of Australia through partnerships with private hospitals and funders.
A key focus is enhancing clinical service efficiency and real-world data capture to improve care, inform payer
engagement, and support future innovation.
While clinical services remain the priority, Emyria will continue progressing its MDMA analogue and Ultra-Pure CBD
programs through targeted, non-dilutive funding opportunities.
Emyria Limited 2025 Annual Report | Page 33
Emyria Limited
Directors' report
30 June 2025
Business risks
Access to Capital: Emyria's business model necessitates ongoing investment in clinical trials and other areas of
research and development. While we anticipate generating revenue from our clinical services, these earnings may
not be sufficient to cover the full scope of business expenses and required investments. As such, Emyria will continue
to depend on external financing through equity or debt to sustain the business. Any limitations on our ability to secure
the necessary funding could adversely impact our operational sustainability and delay our path to profitability.
Clinical trials: Clinical trials inherently come with elements of risk, including the potential for negative, inconclusive,
or non-efficacious results. These factors can significantly impact the commercial potential and profitability of our
MDMA—assisted therapy trials as well as our evaluation of our drug assets comprising Ultra-Pure CBD capsules
(EMD-RX7, and EMD-RX9) and proprietary MDMA analogues. The enrolment of patients into trials is susceptible to
delays due to various challenges such as the supply chain disruptions, economic downturns, and difficulties in hiring
qualified staff. Regulatory approvals, importation, and customs requirements can further delay the progression of
clinical trials.
Data obtained from clinical trials can also be interpreted differently by different stakeholders, including regulatory
authorities. This could potentially delay, limit, or prevent the receipt of regulatory approvals. Moreover, Phase 3
clinical trial data may not necessarily be indicative of the results obtained upon completion or in future stages.
Interpreting masked data is subject to further analysis once unmasked, and negative outcomes at any stage could
inhibit further development, limit commercial potential, or impede marketing approval.
Lastly, our Ultra-Pure CBD capsules and MDMA analogues are subject to stringent safety and efficacy assessments.
Failure to demonstrate a strong safety profile or sufficient therapeutic efficacy in future clinical studies could hinder
their ongoing clinical development and market release. Delays in patient recruitment or challenges in securing clinical
locations may also impact the timeline of our clinical programs.
Clinical Data: Emyria holds sensitive clinical data that is susceptible to cybersecurity risks, including potential attacks
or breaches from both internal and external parties. These breaches could occur whether access to the data is
authorised or unauthorised. Consequently, there's a risk that sensitive information may be publicly exposed or
permanently lost. Any such cybersecurity attack or data breach could impact Emyria's compliance with relevant data
protection or privacy legislation. Non-compliance with such legislation could lead to penalties, attract negative
publicity, and adversely affect the company's brand and reputation.
Research and Development: The future success of Emyria is closely tied to the outcomes of clinical trials for our
medication-assisted programs as well as our proprietary MDMA analogues, and their eventual approval as safe and
effective treatments. These programs are currently in various stages of clinical development, and the possibility of
commercialisation, which would generate sales and revenue, remains uncertain and potentially years away.
Continued progress requires further research and development, including ongoing evaluation of safety and efficacy
in clinical trials, followed by regulatory approval prior to marketing authorisation and payer coverage for clinical
services.
Drug development is an inherently high-risk endeavour. Until Emyria can provide further clinical evidence supporting
the efficacy of its treatments in improving patient outcomes, the success of these products remains speculative. Risks
associated with research and development include, but are not limited to, uncertain outcomes, delays in
development, and general scientific uncertainties surrounding the development of novel pharmaceutical products.
Materialisation of any of these risks could significantly impede Emyria's progress and adversely affect its future
financial performance.
Patient Safety in Clinical Services: Emyria provides comprehensive clinical care to patients with severe mental
health issues, including the provision of emerging treatments such as psychedelic-assisted therapy. The vulnerable
nature of this patient population elevates the importance of maintaining stringent safety protocols. There is an
inherent risk associated with any medical intervention and thorough patient evaluations and informed consent are
crucial. Despite these precautions, there can be no assurance that adverse events will not occur. Such events could
have legal repercussions, attract negative publicity, and harm Emyria’s brand and financial standing.
Ensuring the competence and suitability of clinicians is crucial. All clinicians must be rigorously vetted, trained in the
specialised treatments offered, and supervised to maintain the highest standards of care. Failure to adequately vet
and train clinicians could result in suboptimal treatment outcomes and potentially, legal ramifications.
Emyria Limited 2025 Annual Report | Page 34
Emyria Limited
Directors' report
30 June 2025
Regulatory Approval: Emyria operates in a highly regulated sector concerning the manufacture, distribution, and
supply of pharmaceutical products as well as the use of experimental treatments like psychedelic-assisted therapies.
Achieving and maintaining the necessary approvals, licences, and registrations from relevant regulatory authorities
across various jurisdictions is not guaranteed. There may be instances where agencies like the Therapeutic Goods
Administration (TGA) or Food and Drug Administration (FDA) identify deficiencies requiring resolution or request
additional studies or approvals beyond what is currently planned. This could result in delays and increased costs for
our clinical trials as well as our care programs. Emyria also faces the risk of policy, regulation, and legislative changes
in all jurisdictions where it operates. Failure to secure or sustain required approvals or adapt to regulatory changes
could adversely impact Emyria's ability to commercialise and manufacture its treatments.
Commercial Risk: Emyria may explore various corporate opportunities, such as acquisitions, licensing, or
partnerships to advance its reach in mental health care delivery and drug development programs. There is no
guarantee that any such opportunities can be finalised on commercially acceptable terms. Even if terms for licensing
and partnerships are agreed upon, unforeseen factors related to the environment, technology, or market conditions
may impede the performance of distributors and collaborators in delivering contracted outcomes. Moreover, the future
success of Emyria hinges on market acceptance and client retention. This involves convincing prospective clients
and partners of the efficacy of Emyria's products and services.
Information Technology: Emyria is dependent on robust information technology, software, data centres, and
communication systems for its operations. The systems are susceptible to various risks, including disruptions,
failures, service outages, or data corruption, which could occur due to computer viruses, malware, internal or external
misuse, cyber-attacks, or other disruptions like natural disasters and power outages. A disruption to any of these
platforms or systems could have a significant adverse impact on Emyria's operations.
Competition: The healthcare, biotechnology and pharmaceutical sectors are highly competitive and subject to rapid
technological changes, both in Australia and internationally. Emyria faces competition from existing alternative
treatments as well as from companies developing new products and services targeting similar medical conditions.
There is no assurance that Emyria will be able to successfully compete in this landscape. Some of these competing
companies may possess or develop technologies that are superior to Emyria's, or have substantially greater financial,
technical, and human resources. As a result, Emyria's services, expertise, or products could be rendered obsolete,
less attractive, or uneconomical due to advances in technology or alternative approaches developed by Emyria's
competitors.
Intellectual Property (IP): The acquisition and maintenance of intellectual property rights are crucial for
safeguarding the potential value generated from biotechnology research and development. Emyria's success partially
hinges on its capacity to secure patents, maintain trade secret protection, and operate without violating the intellectual
property rights of third parties. However, the biotechnology sector is often fraught with complex and uncertain legal
and factual questions surrounding patent positions. As such, there is no guarantee that Emyria's existing or future
patents will provide commercially significant protection or that they will not infringe upon the rights of others.
Additionally, patent disputes can arise due to the complex nature of the technologies involved. The issuance of a
patent is not an assurance against the competitive technologies that may bypass Emyria's patented technology.
Furthermore, Emyria's patent strategies may not offer global coverage, leaving room for generic competition in some
markets.
Manufacturing: The scaling up of manufacturing processes to support Phase 3 clinical studies requires ongoing
validation and Process Performance Qualification (PPQ). There is a risk that PPQ may reveal technical issues that
could affect the project's timeline and feasibility. These difficulties may include failure to produce materials meeting
regulatory specifications for human administration or insufficient product yield to support both clinical studies and
planned commercialisation. Any unforeseen challenges in the manufacturing process, such as changes in
manufacturing methods, disruptions in supply chains, shortages of input materials, or changes in arrangements with
third-party manufacturers, could negatively impact Emyria's profitability in the future.
Emyria Limited 2025 Annual Report | Page 35
Emyria Limited
Directors' report
30 June 2025
Commercialisation: While Emyria's products such as our Ultra-Pure CBD capsules (EMD-RX7, and EMD-RX9)
and proprietary MDMA analogues have shown promise in preclinical assays and clinical trials, they have not yet been
approved for commercial sale. We anticipate that it may take several years for these products to gain regulatory
approval, if they do at all. If approval is granted, there will be a significant increase in commercialisation expenses.
These costs will be associated with setting up sales channels, marketing initiatives, distribution networks,
manufacturing capabilities, and supply chain management. Moreover, the success of these products is not
guaranteed and will depend on market acceptance by healthcare professionals, patients, and payors within the
medical community.
Reliance on Key Personnel: The success of Emyria is highly dependent on the expertise and commitment of its
key personnel. These individuals possess unique skills and knowledge crucial to the development of our intellectual
property, the progression of our clinical trials and the provision of mental health care services. As Emyria advances
towards drug registration, the company will require additional specialists in clinical development, as well as key
financial and administrative staff. Additionally, as Emyria broadens its scope in the provision of emerging mental
health care services the company will require sufficiently trained clinicians and support staff. There is no guarantee
that Emyria will succeed in attracting and retaining qualified personnel. Failure to do so could significantly hinder our
clinical development operations and could have a material adverse impact on our financial performance.
Product and Program Safety and Efficacy: The reputation and commercial success of Emyria hinge on the health,
safety, and efficacy of its products and care programs, including our Ultra-Pure CBD capsules (EMD-RX7, and EMD-
RX9), proprietary MDMA analogues and psychedelic-assisted therapy programs. Serious or unforeseen health,
safety, or efficacy concerns could result in reduced market acceptance, reputational damage, product recalls, and
potential product liability claims. While Emyria plans to obtain product liability insurance to mitigate such risks, there
is no assurance that adequate coverage will be available at a commercially acceptable cost. Any concerns regarding
the health, safety, or efficacy of our products are likely to diminish customer demand and adversely affect Emyria's
profitability.
Litigation: Emyria operates in a sector where the potential for litigation is high. This includes but is not limited to,
claims related to breaches of agreements, intellectual property infringement, and employment issues such as
personal injuries and occupational health and safety. The financial ramifications of defending against a lawsuit can
be substantial, even if the defence is ultimately successful. An unsuccessful defence could result in significant
financial damages and costs levied against Emyria, thereby impacting its financial stability. Legislative changes, for
instance in antitrust and intellectual property laws, can further elevate the risks associated with litigation. Additionally,
Emyria may find it necessary to initiate legal proceedings to defend its intellectual property rights. The pharmaceutical
industry is particularly known for extensive litigation, including class actions initiated by end-users or purchasers of
pharmaceutical products. As such, Emyria must be prepared to navigate a complex legal landscape that poses
various risks to its operations.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Emyria Limited 2025 Annual Report | Page 36
Emyria Limited
Directors' report
30 June 2025
Information on directors
Name:
Mr Gregory Hutchinson
Title:
Executive Chairman (appointed on 21 November 2023 - Non-Executive Chair
moving to Executive Chairman on 22 January 2025)
Experience and expertise:
Mr. Hutchinson's professional background includes founding, commercialising
and scaling of innovative clinical delivery care models.
Mr. Hutchinson has held leadership roles in rapidly scaling clinical services
delivery for over 30 years, including 15 years in his immediate past role as as the
CEO of Sonic HealthPlus and Deputy CEO of Sonic Clinical Services, subsidiaries
of Sonic Healthcare Limited (ASX: SHL) an S&P/ASX 100 company
Mr. Hutchinson co-founded and is a director of 5D Clinics, a national radiation
oncology business specialising in dedicated radiosurgical treatment using
CyberKnife technology.
In December 2024, Mr. Hutchinson completed nine years tenure as a director of
Tennis Australia.
Other current directorships:
None.
Former directorships (last 3
years):
None.
Interests in shares:
35,071,429
Interests in options:
8,000,000
Interests in rights:
2,500,000
Name:
Professor Sir John Tooke
Title:
Non-Executive Director (appointed 10 February 2020)
Experience and expertise:
Sir John is Chairman of Academic Health Solutions, a start-up Group offering
expert advice to clients internationally on medical research and innovation
strategy and health service transformation. He is Senior Independent Director at
BUPA Chile and was until 2019 non-executive director of the BUPA main Board
and the Chair of the Medical Advisory Council. He chaired the Oversight Group
for the Academy of Medical Sciences project ‘How we best use scientific evidence
to judge the benefits and harms of medicines’. He also served as an Independent
Review Board Member for Google DeepMind Health (UK). Sir John was Head of
the School of Life and Medical Sciences at University College London (UCL) as
Vice Provost (Health) and Academic Director of UCL Partners from 2010 - 2015.
He is the Past President of the Academy of Medical Sciences in the UK
Sir John is a clinician scientist with 30 years’ experience as a consultant physician
specialising in diabetes, endocrinology, vascular medicine and internal medicine
with broad research experience (basic biomedical, experimental medicine, and
applied health research including improvement science) recognised through
Fellowship of the Academy of Medical Sciences. He held a Board position at the
Francis Crick Institute (2011 -2015) and was a Member of the Council for Science
& Technology (2011-2015) reporting to the Prime Minister (UK).
Other current directorships:
None.
Former directorships (last 3
years):
None.
Interests in shares:
Nil.
Interests in options:
Nil.
Interests in rights:
Nil.
Emyria Limited 2025 Annual Report | Page 37
Emyria Limited
Directors' report
30 June 2025
Name:
Dr Mohit Kaushal
Title:
Non-Executive Director (appointed 21 August 2023)
Experience and expertise:
Dr Mohit Kaushal is a Senior Advisor at General Atlantic, providing strategic
support and advice to the firm’s investment teams and portfolio companies in the
Healthcare sector, drawing on his extensive career in investing, clinical medicine,
academia, and public policy. Mohit served as a member of the White House
Health IT task force during the Obama Administration and built and led the first
dedicated healthcare team at the Federal Communications Commission. He
served on the Food and Drug Administration Safety and Innovation Act
Workgroup of the Health IT Policy Committee and the National Committee on Vital
and Health Statistics, advising Health and Human Services on data access and
use. Mohit is also an ER physician, an Adjunct Professor of Biomedical Data
Science at Stanford University and continues to be active within public policy as
a Scholar in Residence at the newly created Duke Margolis Center for Health
Policy. Earlier in his career, he was a Visiting Scholar at the Brookings Institution.
Other current directorships:
The Oncology Institute (NASDAQ).
Former directorships (last 3
years):
Oak Street Health.
Interests in shares:
Nil.
Interests in options:
Nil.
Interests in rights:
2,000,000
Name:
Dr Michael Winlo
Title:
Executive Director (appointed on 8 November 2019 - Managing Director
moving to Executive Director on 22 January 2025 )
Experience and expertise:
Michael has a Bachelor of Medicine and Bachelor of Surgery with Honours from
the University of Western Australia as well as a Master of Business Administration
from Stanford University. Prior to Emyria, Michael was CEO and a Director at
Linear Clinical Research Ltd (Linear) providing clinical trial services for US- and
Asia-based biotech companies. Linear was the first site in Australia and one of
only a few in the world to successfully adopt electronic data capture technology.
Under Michael's leadership, Linear’s revenues grew over 300% in just over three
years (to over $23 million per year). Prior to Linear, Michael was Health Lead at
Palantir Technologies – a Big Data company based in Silicon Valley California.
Other current directorships:
None.
Former directorships (last 3
years):
None.
Interests in shares:
1,115,897
Interests in options:
5,343,259
Interests in rights:
Nil.
Emyria Limited 2025 Annual Report | Page 38
Emyria Limited
Directors' report
30 June 2025
Name:
Dr Karen Smith
Title:
Non-Executive Director (appointed 29 November 2021 – Executive Director,
moving to Non-Executive Director on 13 November 2023)
Experience and expertise:
Karen Smith, M.D., Ph.D., MBA., LLM, is a Biotech/Pharmaceutical Executive,
Board Director and Clinical/Scientific Advisor in the US, Europe, Canada and
Australia. Her breadth of experience covers 100+ clinical trials and 20+ major
regulatory approvals in multiple jurisdictions including FDA (USA), EMA (Europe),
TGA (Australia), ANVISA (Brazil), and PMDA (Japan); leading to product
launches across diverse therapeutic areas including oncology (Herceptin,
Vyxeos), rare disease (Defitelio), cardiology (Irbesartan), dermatology (Voluma,
Botox, Aczone), neuroscience (Abilify, Solriamfetol), and anti-infectives
(Teflaro). In addition to growth and creation of R&D pipelines, Dr Smith’s
successful record of business development includes acquisitions, divestitures,
and partnership deals.
Dr. Smith has held various executive roles over the past 20 years, including
President, CEO, Global Head of R&D, and Chief Medical Officer. Earlier in her
career, she held senior leadership roles at Allergan, AstraZeneca, and Bristol
Myers Squibb. Dr. Smith currently serves on the Board of Sangamo Therapeutics
(SGMO), Skye Therapeutics (SKYE), and Context Therapeutics (CNTX).
Previously, Dr. Smith served on the Board of Forward Pharma (FWD), Sucampo
Pharma (SCMP), Acceleron Pharma (XLRN), Antares Pharma (ATRS), Marianna
Oncology (Private), Talaris Therapeutics (TALS), and Capstan Therapeutics
(Private) – all were successfully exited.
Dr. Smith holds several degrees, including an MD, a PhD in Oncology, an MBA
(Masters in Business), and an LLM (Masters in Law).
Other current directorships:
None.
Former directorships (last 3
years):
Aurinia Pharma (AUPH).
Interests in shares:
633,333
Interests in options:
41,667
Interests in rights:
Nil.
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships
of all other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and
excludes directorships of all other types of entities, unless otherwise stated.
Company secretary
Ms Susan Park (appointed 1 March 2023)
Ms Park is a governance professional with over 25 years’ experience in the corporate finance industry and extensive
experience in Company Secretary and Non-Executive Director roles in ASX, AIM and TSX listed companies. Ms Park
holds a Bachelor of Commerce degree from the University of Western Australia majoring in Accounting and Finance,
is a Member of the Australian Institute of Chartered Accountants, a Fellow of the Financial Services Institute of
Australasia and a Member of the Australian Institute of Company Directors. She is also a Fellow of the Institute of
Chartered Secretaries and Administrators and Chartered Secretaries Australia. She is currently Company Secretary
of several ASX listed companies.
Emyria Limited 2025 Annual Report | Page 39
Emyria Limited
Directors' report
30 June 2025
Meetings of directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2025,
and the number of meetings attended by each director were:
Full Board
Risk Committee
Attended
Held
Attended
Held
Mr Gregory Hutchinson - Executive Chairman
6
6
-
-
Dr Michael Winlo - Executive Director
6
6
1
1
Dr Karen Smith - Non-Executive Director
6
6
1
1
Professor Sir John Tooke - Non-Executive Director
6
6
1
1
Dr Mohit Kaushal - Non-Executive Director
5
6
-
-
Held: represents the number of meetings held during the time the director held office.
Mr. Gregory Hutchinson and Dr Mohit Kaushal are not members of the Risk Committee.
Shares under option and subject to performance rights
Unissued ordinary shares of Emyria Limited under option at the date of this report are as follows:
Exercise
Number
Grant date
Expiry date
price
under option
07/10/2021
07/10/2025
$0.316
75,000
01/11/2021
01/11/2025
$0.360
300,000
08/06/2022
07/06/2026
$0.384
200,000
17/08/2022
16/08/2026
$0.365
625,000
25/10/2022
23/11/2026
$0.296
3,000,000
24/11/2022
23/11/2026
$0.296
2,000,000
31/10/2023
10/11/2026
$0.120
8,500,000
22/11/2022
22/11/2025
$0.350
10,333,328
31/10/2023
10/11/2026
$0.120
13,333,333
05/10/2023
05/10/2026
$0.120
7,854,778
07/05/2024
07/05/2027
$0.100
26,380,000
02/08/2024
04/03/2029
$0.064
450,000
05/08/2024
04/03/2029
$0.064
600,000
15/08/2024
04/03/2029
$0.064
600,000
15/07/2024
04/03/2029
$0.064
4,000,000
14/02/2025
04/03/2028
$0.051
2,000,000
11/02/2025
04/03/2028
$0.051
3,000,000
19/03/2025
28/03/2028
$0.051
7,000,000
90,251,439
Unissued ordinary shares of Emyria Limited under performance rights at the date of this report are as follows:
Number under
Grant date
Expire date
Performance rights
18/08/2023
17/08/2027
2,000,000
19/03/2025
28/03/2029
2,500,000
4,500,000
For details of options and performance rights issued to directors and other key management personnel, please refer
to the Remuneration Report.
Shares issued on the exercise of options
No shares were issued due to the exercise of options or performance rights during the year.
Emyria Limited 2025 Annual Report | Page 40
Emyria Limited
Directors' report
30 June 2025
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the Group, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
●
Principles used to determine the nature and amount of remuneration
●
Details of remuneration
●
Service agreements
●
Share-based compensation
●
Additional information
●
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the Group's executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic
objectives and the creation of value for shareholders, and it is considered to conform to the market best practice for
the delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key
criteria for good reward governance practices:
●
competitiveness and reasonableness
●
acceptability to shareholders
●
performance linkage / alignment of executive compensation
●
transparency
Non-executive directors remuneration
Remuneration to Non-Executive Directors reflects the demands which are made on, and the responsibilities of, the
Non-Executive Directors. The maximum aggregate for remuneration of Non-Executive Directors is set by
shareholders and is currently $500,000. For the year ended 30 June 2025, exclusive of superannuation guarantee
the annual cash remuneration paid to Non-Executive Directors was $50,000 per annum each.
Executive remuneration
Remuneration to Executive Directors reflects the demands which are made on, and the responsibilities of, the
Executive Directors. Executive Directors’ remuneration is reviewed to ensure it is appropriate and in line with the
market. Other than notice periods, there are no other benefits paid to Executive Directors other than superannuation
guarantee amounts as required.
The executive remuneration and reward framework has four components:
●
base pay and non-monetary benefits
●
short-term performance incentives
●
share-based payments
●
other remuneration such as superannuation and long service leave
The combination of these comprises the executive's total remuneration.
Short-term incentives
The Company’s approach in regard to the use of short-term cash incentives will be assessed by the board on an
ongoing basis as the Company evolves.
Long-term incentives
To align the board and management with shareholder’s interests and with market practices of peer companies and
to provide a competitive total remuneration package, the Board introduced a long-term incentive (“LTI”) plan to
motivate and reward Executives and Non-Executive Directors. The LTI is provided as options over ordinary shares
of the Group under the rules of the Securities Incentive Plan. During the year ended 30 June 2025 there were
2,500,000 Performance Rights issued to an Executive Director and a total 7,000,000 options issued to two Executive
Directors.
Use of remuneration consultants
No remuneration consultants were engaged or used for the Group during the year ended 30 June 2025.
Emyria Limited 2025 Annual Report | Page 41
Emyria Limited
Directors' report
30 June 2025
Voting and comments made at the Company's 2024 Annual General Meeting ('AGM')
At the November 2024 AGM, 98.8% of the votes received supported the adoption of the remuneration report for the
year ended 30 June 2024. The Company did not receive any specific feedback at the AGM regarding its remuneration
practices.
Share trading policy
The trading of shares issued to participants under any of the Group’s employee equity plans is subject to, and
conditional upon, compliance with the Group’s security trading policy as per the Group’s Corporate Governance
Policy. Directors and executives are prohibited from entering into any hedging arrangements over unvested options
under the Group’s employee securities incentive plan.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the Group are set out in the following tables.
The key management personnel of the Group consisted of the following directors of Emyria Limited:
●
Mr Gregory Hutchinson
●
Dr Michael Winlo
●
Dr Karen Smith
●
Professor Sir John Tooke
●
Dr Mohit Kaushal
Changes since the end of the reporting period:
Mr. Gregory Hutchinson - Executive Chairman (previously, Non-Executive Chair until 22 January 2025)
Dr Michael Winlo - Executive Director (previously, Managing Director until 22 January 2025)
Short-term benefits
Non-monetary
Post-
employment
benefits
Share-
based
payments
Cash salary
and fees
Cash bonus
Annual leave
entitlement
movement
Super-
annuation
Equity-
settled
Total
2025
$
$
$
$
$
$
Non-Executive Directors:
Dr Karen Smith
50,000
-
-
-
-
50,000
Dr Mohit Kaushal
50,000
-
-
-
44,047
94,047
Prof. Sir John Tooke
50,000
-
-
-
-
50,000
Executive Directors:
Mr Gregory Hutchinson
121,641
-
5,966
8,919
41,598
178,124
Dr Michael Winlo
335,737
-
(23,582)
37,685
52,066
401,906
607,378
-
(17,616)
46,604
137,711
774,077
Emyria Limited 2025 Annual Report | Page 42
Emyria Limited
Directors' report
30 June 2025
Short-term benefits
Non-monetary
Post-
employment
benefits
Share-
based
payments
Cash
salary and
fees
Cash
bonus
Annual leave
entitlement
movement
Super-
annuation
Equity-
settled
Total
2024
$
$
$
$
$
$
Non-Executive Directors:
Mr Gregory Hutchinson
48,639
-
-
-
37,000
85,639
Dr Karen Smith
116,305
-
-
-
-
116,305
Prof. Sir John Tooke
50,000
-
-
-
-
50,000
Dr Mohit Kaushal
43,174
-
-
-
137,366
180,540
Dr Stewart Washer
75,333
-
-
-
-
75,333
Mr Matthew Callahan
7,241
-
-
-
-
7,241
Executive Directors:
Dr Michael Winlo
380,000
-
6,154
41,800
114,112
542,066
Prof. Dr Alistair Vickery *
503,732
-
(27,987)
9,625
-
485,370
1,224,424
-
(21,833)
51,425
288,478
1,542,494
*
A Vickery received exemption on superannuation and received the balance of his superannuation contribution
as an additional payment. A Vickery received $341,023 in 2024 as part of the termination payment.
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration
At risk - STI
At risk - LTI
Name
2025
2024
2025
2024
2025
2024
Non-Executive Directors:
Dr Karen Smith
100%
100%
-
-
-
-
Prof. Sir John Tooke
100%
100%
-
-
-
-
Dr Mohit Kaushal
53%
24%
-
-
47%
76%
Dr Stewart Washer
-
100%
-
-
-
-
Mr Matthew Callahan
-
100%
-
-
-
-
Executive Directors:
Mr Gregory Hutchinson
77%
57%
-
-
23%
43%
Dr Michael Winlo
87%
79%
-
-
13%
21%
Prof. Dr Alistair Vickery
-
100%
-
-
-
-
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements.
Details of these agreements are as follows:
Name:
Dr Michael Winlo
Title:
Managing Director / Executive Director
Agreement commenced:
26 November 2019 / as Managing Director/CEO to Chief Scientific Officer on 22
January 2025.
Term of agreement:
- Dr Winlo was paid a base salary of $380,000 per annum plus statutory
superannuation as Managing Director/CEO prior to January 2025. Dr Winlo is
paid a base salary of $260,000 per annum plus statutory superannuation as Chief
Scientific Officer.
- Under the general termination of employment provision, either Party may
terminate the Agreement by giving one months’ notice.
- All other terms of Dr. Winlo’s Executive Employment Agreement remain
unchanged.
- The Company may terminate the Agreement at any time without notice if serious
misconduct has occurred. On termination with cause, the Executive is not entitled
to any payment other than entitlements accrued.
Emyria Limited 2025 Annual Report | Page 43
Emyria Limited
Directors' report
30 June 2025
Name:
Dr Karen Smith
Title:
Non-Executive Director
Agreement commenced:
13 November 2023
Term of agreement:
- Dr Karen Smith was paid a remuneration package of $50,000 per annum.
- Termination of this Agreement will be upon the date provided by either party.
There is no notice period applicable to this Agreement.
Name:
Prof Sir John Tooke
Title:
Non-Executive Director
Agreement commenced:
4 November 2019
Term of agreement:
- Professor Tooke was paid a remuneration package of $50,000 per annum base
salary.
- Termination of this Agreement will be upon the date provided by either party.
There is no notice period applicable to this Agreement.
Name:
Dr Mohit Kaushal
Title:
Non-Executive Director
Agreement commenced:
21 August 2023
Term of agreement:
Dr Mohit Kaushal will be paid a base fee of $50,000 per annum.
Name:
Mr Gregory Hutchinson
Title:
Executive Chairman
Agreement commenced:
7 September 2023 / as Non-Executive Chair to Executive Chair on 22 January
2025.
Term of agreement:
- Prior 22 January 2025, Mr Hutchinson was paid an hourly rate $418 per hour
plus GST for his consultancy services and $80,000 per annum as Non-Executive
Chair.
- Mr Hutchinson is paid $190,000 per annum (inclusive of superannuation).
- Under the general termination of employment provision, either Party may
terminate the Agreement by giving three months’ notice.
- The Company may terminate the Agreement at any time without notice if serious
misconduct has occurred. On termination with cause, the Executive is not entitled
to any payment other than entitlements accrued.
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
Share-based compensation
Issue of shares
There were no shares issued to directors and other key management personnel as part of compensation during the
year ended 30 June 2025.
Options
The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other
key management personnel in this financial year or future reporting years are as follows:
Name
Number of
options
granted
Grant date
Vesting and
exercisable date
Expiry date
Exercise
price
Fair value per
option at grant
date
Mr Gregory Hutchinson
2,500,000
19/03/2025
19/03/2025
28/03/2028
$0.051
$0.0124
Mr Gregory Hutchinson
2,500,000
19/03/2025
18/03/2026
28/03/2028
$0.051
$0.0124
Dr Michael Winlo
1,000,000
19/03/2025
19/03/2025
28/03/2028
$0.051
$0.0124
Dr Michael Winlo
1,000,000
19/03/2025
18/03/2026
28/03/2028
$0.051
$0.0124
Options granted carry no dividend or voting rights.
Emyria Limited 2025 Annual Report | Page 44
Emyria Limited
Directors' report
30 June 2025
Details of options over ordinary shares granted, vested and lapsed for directors and other key management personnel
as part of compensation during the year ended 30 June 2025 are set out below:
Number of
Value of
Value of
Number of
Value of
options
options
options
options
options
Name
Grant date
Vesting date
granted
granted
vested
lapsed
lapsed
$
$
$
Dr Michael Winlo
25/10/2022
24/11/2024
-
-
36,167
-
-
Mr Gregory Hutchinson 19/03/2025
19/03/2025
2,500,000
31,000
31,000
-
-
Mr Gregory Hutchinson 19/03/2025
18/03/2026
2,500,000
31,000
-
-
-
Dr Michael Winlo
19/03/2025
19/03/2025
1,000,000
12,400
12,400
-
-
Dr Michael Winlo
19/03/2025
18/03/2026
1,000,000
12,400
-
-
-
Professor Sir John
Tooke
13/11/2020
13/11/2022
-
-
-
1,000,000
-
Dr Michael Winlo
13/11/2020
13/11/2022
-
-
-
4,000,000
-
Performance rights
The terms and conditions of each grant of performance rights over ordinary shares affecting remuneration of directors
and other key management personnel in this financial year or future reporting years are as follows:
Name
Number of
rights granted
Grant date
Vesting and
exercisable date Expiry date
Share price
hurdle for
vesting
Fair value
per right at
grant date
Mr Gregory Hutchinson *
500,000
19/03/2025
28/03/2029
28/03/2029
$0.015
$0.0166
Mr Gregory Hutchinson **
1,000,000
19/03/2025
28/03/2029
28/03/2029
$0.025
$0.0111
Mr Gregory Hutchinson ***
1,000,000
19/03/2025
28/03/2029
28/03/2029
$0.040
$0.0070
*
The following vesting condition applies:
Performance rights granted with $0.0166 fair value -> The Company’s VWAP being at least $0.15 over 10
consecutive trading days in which trades in the Company’s shares occur.
**
The following vesting condition applies:
Performance rights granted with $0.0111 fair value -> The Company’s VWAP being at least $0.25 over 10
consecutive trading days in which trades in the Company’s shares occur.
***
The following vesting condition applies:
Performance rights granted with $0.0070 fair value -> The Company’s VWAP being at least $0.40 over 10
consecutive trading days in which trades in the Company’s shares occur.
Performance rights granted carry no dividend or voting rights.
Details of performance rights over ordinary shares granted, vested and lapsed for directors and other key
management personnel as part of compensation during the year ended 30 June 2025 are set out below:
Number of
Value of
Value of
Number of
Value of
rights
rights
rights
rights
rights
Name
Grant date
Vesting date
granted
granted
vested
lapsed
lapsed
$
$
$
Mr Gregory Hutchinson 19/03/2025
28/03/2029
500,000
8,300
-
-
-
Mr Gregory Hutchinson 19/03/2025
28/03/2029
1,000,000
11,100
-
-
-
Mr Gregory Hutchinson 19/03/2025
28/03/2029
1,000,000
7,000
-
-
-
Dr Mohit Kaushal
18/08/2023
17/08/2025
-
-
44,047
-
-
Emyria Limited 2025 Annual Report | Page 45
Emyria Limited
Directors' report
30 June 2025
Additional information
The earnings of the Group for the five years to 30 June 2025 are summarised below:
2025
2024
2023
2022
2021
$
$
$
$
$
Loss after income tax
(3,142,758) (11,455,754)
(5,131,117)
(7,327,691)
(4,906,234)
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
2025
2024
2023
2022
2021
Share price at financial year end (cents per
share)
2.80
4.10
12.50
19.00
18.50
Basic earnings per share (cents per share)
(0.70)
(3.19)
(1.79)
(2.75)
(2.24)
Diluted earnings per share (cents per share)
(0.70)
(3.19)
(1.79)
(2.75)
(2.24)
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each director and other members of key
management personnel of the Group, including their personally related parties, is set out below:
Balance at
Received
Balance at
the start of
as part of
Disposals/
the end of
the year
remuneration Additions (*)
other
the year
Ordinary shares
Mr Gregory Hutchinson
500,000
-
34,571,429
-
35,071,429
Dr Michael Winlo
646,519
-
469,378
-
1,115,897
Dr Karen Smith
633,333
-
-
-
633,333
1,779,852
-
35,040,807
-
36,820,659
*
Participation on placement of shares approved by shareholders at a General Meeting held 21 August 2024:
Mr Gregory Hutchinson - 6,000,000 shares
Dr Michael Winlo - 400,000 shares
Participation on placement of shares approved by shareholders at a General Meeting held 19 March 2025:
Mr Gregory Hutchinson - 28,571,429 shares
Dr Michael Winlo also purchased on the market 69,378 shares.
Dr Kaushal performance rights vested, but shares have not been issued.
Option holding
The number of options over ordinary shares in the Company held during the financial year by each director and other
members of key management personnel of the Group, including their personally related parties, is set out below:
Balance at
Expired/
(***)
Balance at
the start of
forfeited/
the end of
the year
Granted (**)
Exercised
other (*)
the year
Options over ordinary shares
Mr Gregory Hutchinson
-
5,000,000
-
3,000,000
8,000,000
Dr Michael Winlo
7,143,259
2,000,000
(4,000,000)
200,000
5,343,259
Dr Karen Smith
41,667
-
-
-
41,667
Prof Sir John Tooke
1,000,000
-
(1,000,000)
-
-
8,184,926
7,000,000
(5,000,000)
3,200,000
13,384,926
*
Free attached options as part of a placement which was approved by shareholders at a General Meeting held
21 August 2024.
**
Options granted to directors were approved by shareholders at a General Meeting held 19 March 2025. Refer
to details of options granted disclosed on note 34 'Share-based payments'.
***
Options expired on 13 November 2024.
Emyria Limited 2025 Annual Report | Page 46
Emyria Limited
Directors' report
30 June 2025
Performance rights holding
The number of performance rights over ordinary shares in the Company held during the financial year by each director
and other members of key management personnel of the Group, including their personally related parties, is set out
below:
Balance at
Expired/
Balance at
the start of
forfeited/
the end of
the year
Granted (*)
Exercised
other
the year
Performance rights over ordinary shares
Mr Gregory Hutchinson
-
2,500,000
-
-
2,500,000
Dr Mohit Kaushal (**)
2,000,000
-
-
-
2,000,000
2,000,000
2,500,000
-
-
4,500,000
*
Performance rights granted to directors were approved by shareholders at a General Meeting held 19 March
2025. Refer to details of performance rights granted disclosed on note 34 'Share-based payments'.
**
1,250,000 performance rights vested but they were not exercised.
This concludes the remuneration report, which has been audited.
Indemnity and insurance of officers
During the financial year, the Company has paid a premium of $115,213 excluding GST (2024: $115,856) to insure
the Directors and secretary of the Company. The liabilities insured are legal costs that may be incurred in defending
civil or criminal proceedings that may be brought against the officers in their capacity as officers of the Company,
and any other payments arising from liabilities incurred by the officers in connection with such proceedings. This
does not include such liabilities that arise from conduct involving a wilful breach of duty by the officers or the improper
use by the officers of their position or of information to gain advantage for themselves or someone else or to cause
detriment to the Company. It is not possible to apportion the premium between amounts relating to the insurance
against legal costs and those relating to other liabilities.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor
of the Company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the
Company or any related entity.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings
on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of
taking responsibility on behalf of the Company for all or part of those proceedings.
Auditor
Stantons continues in office in accordance with section 327 of the Corporations Act 2001.
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set
out immediately after this directors' report.
Emyria Limited 2025 Annual Report | Page 47
Emyria Limited
Directors' report
30 June 2025
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations
Act 2001.
On behalf of the directors
___________________________
Mr Gregory Hutchinson
Executive Chair
27 August 2025
Emyria Limited 2025 Annual Report | Page 48
Liability limited by a scheme approved under Professional Standards Legislation
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons Is a member of the Russell
Bedford International network of firms
27 August 2025
Board of Directors
Emyria Limited
D2, 661 Newcastle
Leederville, WA, 6007
Dear Directors
RE:
EMYRIA LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Emyria Limited.
As Audit Director for the audit of the financial statements of Emyria Limited for the year ended 30 June
2025, I declare that to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Eliya Mwale
Director
Emyria Limited 2025 Annual Report | Page 49
Emyria Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2025
Consolidated
Note
2025
2024
$
$
Revenue
Revenue from provision of services
5
1,394,747
2,202,717
Operating costs
(1,370,262)
(2,370,265)
Gross profit
24,485
(167,548)
Other income
6
138,085
109,233
Research and Development grant received
1,461,770
2,527,317
Expenses
Research and Development expenses
(612,837)
(2,086,890)
Employee wages and director fees
7
(1,391,311)
(1,617,736)
Corporate compliance costs
(616,326)
(1,044,320)
Finance costs
(134,561)
(253,306)
Share based payments
34
(406,391)
(356,625)
Other expenses
8
(1,103,461)
(934,651)
Depreciation and amortisation expense
9
(466,052)
(694,908)
Impairment of intangible asset
15
-
(6,935,740)
Write off of assets
14
(36,159)
(580)
Loss before income tax expense
(3,142,758) (11,455,754)
Income tax expense
10
-
-
Loss after income tax expense for the year attributable to the owners of
Emyria Limited
(3,142,758) (11,455,754)
Other comprehensive income for the year, net of tax
-
-
Total comprehensive income for the year attributable to the owners of
Emyria Limited
(3,142,758) (11,455,754)
Cents
Cents
Basic loss per share
33
(0.70)
(3.19)
Diluted loss per share
33
(0.70)
(3.19)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes
Emyria Limited 2025 Annual Report | Page 50
Emyria Limited
Consolidated statement of financial position
As at 30 June 2025
Consolidated
Note
2025
2024
$
$
Assets
Current assets
Cash and cash equivalents
11
3,570,045
1,566,211
Trade and other receivables
12
37,848
30,664
Prepayments
198,343
331,124
Total current assets
3,806,236
1,927,999
Non-current assets
Other financial assets
53,933
150,058
Right-of-use assets
13
580,503
901,568
Property, plant and equipment
14
239,289
362,473
Intangibles
15
1,938,537
2,083,514
Total non-current assets
2,812,262
3,497,613
Total assets
6,618,498
5,425,612
Liabilities
Current liabilities
Trade and other payables
16
595,064
1,048,769
Borrowings
17
-
813,675
Lease liabilities
18
131,958
217,671
Provisions
19
74,463
160,799
Total current liabilities
801,485
2,240,914
Non-current liabilities
Lease liabilities
18
481,541
687,338
Provisions
19
30,000
72,000
Total non-current liabilities
511,541
759,338
Total liabilities
1,313,026
3,000,252
Net assets
5,305,472
2,425,360
Equity
Issued capital
20
41,892,781
36,261,053
Reserves
21
1,449,345
1,514,617
Accumulated losses
(38,036,654) (35,350,310)
Total equity
5,305,472
2,425,360
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
Emyria Limited 2025 Annual Report | Page 51
Emyria Limited
Consolidated statement of changes in equity
For the year ended 30 June 2025
Issued
Accumulated
capital
Reserves
Losses
Total equity
Consolidated
$
$
$
$
Balance at 1 July 2023
29,803,915
2,407,841
(25,418,141)
6,793,615
Loss after income tax expense for the year
-
-
(11,455,754) (11,455,754)
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive income for the year
-
-
(11,455,754) (11,455,754)
Transactions with owners in their capacity as owners:
Proceeds from issued capital
7,008,228
-
-
7,008,228
Exercise of options
6,264
(6,264)
-
-
Transaction costs from issued capital
(557,354)
-
-
(557,354)
Options and performance rights issued / vested
-
636,625
-
636,625
Reclassification of lapsed options
-
(1,523,585)
1,523,585
-
Balance at 30 June 2024
36,261,053
1,514,617
(35,350,310)
2,425,360
Issued
Accumulated
capital
Reserves
losses
Total equity
Consolidated
$
$
$
$
Balance at 1 July 2024
36,261,053
1,514,617
(35,350,310)
2,425,360
Loss after income tax expense for the year
-
-
(3,142,758)
(3,142,758)
Other comprehensive income for the year, net of tax
-
-
-
-
Total comprehensive income for the year
-
-
(3,142,758)
(3,142,758)
Transactions with owners in their capacity as owners:
Contributions of equity (note 20)
5,849,465
-
-
5,849,465
Transaction costs from issued capital
(217,737)
-
-
(217,737)
Options and performance rights issued / vested
-
391,142
-
391,142
Reclassification of lapsed options
-
(456,414)
456,414
-
Balance at 30 June 2025
41,892,781
1,449,345
(38,036,654)
5,305,472
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
Emyria Limited 2025 Annual Report | Page 52
Emyria Limited
Consolidated statement of cash flows
For the year ended 30 June 2025
Consolidated
Note
2025
2024
$
$
Cash flows from operating activities
Receipts from customers
1,468,690
2,282,455
Payments to suppliers and employees
(5,527,565)
(8,970,693)
Interest received
15,334
21,563
Interest and other finance costs paid
(122,907)
(145,416)
R&D refund received
1,461,770
2,527,317
Net cash used in operating activities
32
(2,704,678)
(4,284,774)
Cash flows from investing activities
Payment for purchase of business, net of cash acquired
-
(139,500)
Payments for property, plant and equipment
(13,888)
(159,097)
Payments for intangibles
-
(1,079,116)
Payments for loan to other entities
(1,170)
-
Proceeds from term deposit withdrawal
96,125
-
Net cash from/(used in) investing activities
81,067
(1,377,713)
Cash flows from financing activities
Proceeds from issue of shares and exercised options
5,729,965
5,158,231
Transaction costs paid from the issue of shares
(160,737)
(139,360)
Proceeds from borrowings
-
1,803,197
Repayment of borrowings
(813,675)
(2,083,051)
Repayment of lease liabilities
18
(128,108)
(243,845)
Net cash from financing activities
4,627,445
4,495,172
Net increase/(decrease) in cash and cash equivalents
2,003,834
(1,167,315)
Cash and cash equivalents at the beginning of the financial year
1,566,211
2,733,526
Cash and cash equivalents at the end of the financial year
11
3,570,045
1,566,211
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
Emyria Limited 2025 Annual Report | Page 53
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
1. General information
The financial statements cover Emyria Limited as a Group consisting of Emyria Limited and the entities it controlled
at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Emyria
Limited's functional and presentation currency.
Emyria Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered
office and principal place of business is:
D4, 661 Newcastle St
Leederville, Western Australia 6007
Telephone: 1300 436 363
A description of the nature of the Group's operations and its principal activities are included in the directors' report,
which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 27 August 2025.
The directors have the power to amend and reissue the financial statements.
2. Material accounting policy information
The accounting policies that are material to the Group are set out below. The accounting policies adopted are
consistent with those of the previous financial year, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption of the
Standards and Interpretations did not have a material impact on the financial statements.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
Going concern
The financial report has been prepared on a going concern basis, which contemplates the continuity of normal
business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business.
As of 30 June 2025, the Group had net working capital of $3,004,751 (2024: deficit of $312,915), cash and cash
equivalents of $3,570,045 (2024: $1,566,211) and cash outflow from operating activities of $2,704,678 (2024:
$4,284,774). The Group incurred a loss after tax of $3,142,758 (2024: $11,455,754) for the year. The Group did not
have any material capital commitments as of 30 June 2025.
The Directors have prepared projected cash flow information for the twelve months from the date of approval of these
financial statements. In response to the uncertainty arising from this, the Directors have considered severe but
plausible downside forecast scenarios.
These forecasts indicate that, taking account of reasonably possible downsides, the Group is expected to continue
to operate, with headroom and within available cash levels. Key to the forecasts are relevant assumptions regarding
the business, business model, any legal or regulatory restrictions and shareholder support, in particular:
• Details of the results of the key scenario modelling on the entity’s ability to meet its obligations over the
forecast period.
• Mitigating actions undertaken or planned by directors and group to manage and respond to cash flow
uncertainties or potential risks of shortfall in financing and the implementation status and uncertainties that arise from
them.
The Directors are satisfied they will be able to raise additional funds as required and thus it is appropriate to prepare
the financial statements on a going concern basis. The Directors are confident that the operations of the Group will
continue to grow with the assistance of raising additional funds.
Emyria Limited 2025 Annual Report | Page 54
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
2. Material accounting policy information (continued)
If necessary, the Group can delay research and development expenditures and Directors can also institute cost
saving measures to further reduce corporate and administrative costs or explore other opportunities to sell data
and/or its clinics.
In the event that the Group is unable to obtain sufficient funding for ongoing operating and capital requirements, there
is a material uncertainty that may cast significant doubt as to whether the Group will continue as a going concern and
therefore proceed with realising its assets and discharging its liabilities in the normal course of business at the
amounts stated in the financial report. The consolidated financial statements do not include any adjustment relating
to the recoverability or classification of recorded asset amounts or to the amounts or classification of liabilities that
may be necessary should the Group not be able to continue as a going concern.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations
Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International
Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').
Historical cost convention
The consolidated financial statements have been prepared under the historical cost convention, except for, where
applicable, the revaluation of financial assets, financial assets and liabilities at fair value through profit or loss,
investment properties, certain classes of property, plant and equipment and derivative financial instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to
the financial statements, are disclosed in note 3.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only.
Supplementary information about the parent entity is disclosed in note 29.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Emyria Limited
('Company' or 'parent entity') as at 30 June 2025 and the results of all subsidiaries for the year then ended. Emyria
Limited and its subsidiaries together are referred to in these financial statements as the 'Group'.
Where controlled entities have entered or left the Group during the year, the financial performance of those entities
is included only for the period of the year that they were controlled. A list of controlled entities is contained in note 28
to the financial statements.
In preparing the consolidated financial statements, all intragroup balances and transactions between entities in the
consolidated Group have been eliminated in full on consolidation.
Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the
same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is
responsible for the allocation of resources to operating segments and assessing their performance.
Foreign currency translation
The financial statements are presented in Australian dollars, which is Emyria Limited's functional and presentation
currency.
Emyria Limited 2025 Annual Report | Page 55
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
2. Material accounting policy information (continued)
Foreign currency transactions and balances
Foreign currency transactions are translated into Australian dollars using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are
generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and
qualifying net investment hedges or are attributable to part of the net investment in a foreign operation.
Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within
finance costs. All other foreign exchange gains and losses are presented in the consolidated statement of profit or
loss on a net basis within other income or other expenses.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchanges rates
at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value
are reported as part of the fair value gain or loss. For example, translation difference on non-monetary assets and
liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair
value gain or loss and translation differences on non-monetary assets such as equities classified as financial assets
are recognised in other comprehensive income.
Group companies
The results and financial position of foreign operations (none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the presentation currency are translated into the presentation
currency as follows:
• assets and liabilities for each statement of financial position presented are translated at the closing rate at the date
of that statement of financial position,
• income and expenses for each statement of profit or loss and statement of comprehensive income are translated
at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates
prevailing on the transaction dates, in which case income and expenses are translated at the dates of the
transactions), and
• all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of
borrowings and other financial instruments designated as hedges of such investments, are recognised in other
comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are
repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and
liabilities of the foreign operation and translated at the closing rate.
Revenue recognition
The Group recognises revenue as follows:
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in
exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies
the contract with a customer; identifies the performance obligations in the contract; determines the transaction price
which takes into account estimates of variable consideration and the time value of money; allocates the transaction
price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct
good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a
manner that depicts the transfer to the customer of the goods or services promised.
Emyria Limited 2025 Annual Report | Page 56
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
2. Material accounting policy information (continued)
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as
discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events.
Such estimates are determined using either the 'expected value' or 'most likely amount' method. The measurement
of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent
that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur.
The measurement constraint continues until the uncertainty associated with the variable consideration is
subsequently resolved. Amounts received that are subject to the constraining principle are recognised as a refund
liability.
Sales of service (Revenue from patients and research projects and data deals)
Revenue from rendering of service is recognised upon the delivery of service to the customers.
Revenue from medical consultations facilitated by Mind Body Consulting Pty Ltd is recognised when services are
provided. The entity only recognises its share of revenue earned, with the remainder paid directly to consulting
doctors.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating
the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective
interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Government grants
Government grants are assistance by the government in the form of transfers of resources to the Group in return for
past or future compliance with certain conditions relating to the operating activities of the entity. Government grants
include government assistance where there are no conditions specifically relating to the operating activities of the
Group other than the requirement to operate in certain regions or industry sections. Government grants relating to
income are recognised as income over the periods necessary to match them with the related costs and grants relating
to assets are regarded as a reduction in asset. Government grants that are receivable as compensation for expenses
or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related
costs are recognised net of expenses.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the
applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities
attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where
applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied
when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively
enacted, except for:
●
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability
in a transaction that is not a business combination and that, at the time of the transaction, affects neither the
accounting nor taxable profits; or
●
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures,
and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse
in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will
be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to
the extent that it is probable that there are future taxable profits available to recover the asset.
Emyria Limited 2025 Annual Report | Page 57
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
2. Material accounting policy information (continued)
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets
against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same
taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term,
highly liquid investments with original maturities of three months or less that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value.
Property, plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment
(excluding land) over their expected useful lives as follows:
Fixtures and fittings
20% - 40%
Leasehold improvements
20%
Computer equipment and software
20% - 40%
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each
reporting date.
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the
assets, whichever is shorter.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit
to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost,
which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or
before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except
where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing
the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated
useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset
at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to
impairment or adjusted for any remeasurement of lease liabilities.
The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases
with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to
profit or loss as incurred.
Intangible assets
Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair
value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite
life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life
intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses
recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between
net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life
intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted
for prospectively by changing the amortisation method or period.
Emyria Limited 2025 Annual Report | Page 58
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
2. Material accounting policy information (continued)
Goodwill
Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for
impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried
at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not
subsequently reversed.
Goodwill is carried at cost less any accumulated impairment losses. Goodwill is calculated as the excess of the sum
of:
i. the consideration transferred at fair value;
ii. any non-controlling interest (determined under either the fair value or proportionate interest method); and
iii. the acquisition date fair value of any previously held equity interest; over the acquisition date fair value of any
identifiable assets acquired and liabilities assumed.
The acquisition date fair value of the consideration transferred for a business combination plus the acquisition date
fair value of any previously held equity interest shall form the cost of the investment in the separate financial
statements.
Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the
subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-
controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference
between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid
or received is recognised directly in equity and attributed to owners of the Company.
When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the
difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained
interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and
any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that
subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary
(i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable
Accounting Standards). The fair value of any investment retained in the former subsidiary at the date when control is
lost is regarded as the fair value on initial recognition for subsequent accounting under AASB 9: Financial
Instruments, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.
The amount of goodwill recognised on acquisition of each subsidiary in which the Group holds less than 100% interest
will depend on the method adopted in measuring the non-controlling interest. The Group can elect in most
circumstances to measure the non-controlling interest in the acquiree either at fair value (full goodwill method) or at
the non-controlling interest’s proportionate share of the subsidiary’s identifiable net assets (proportionate interest
method). In such circumstances, the Group determines which method to adopt for each acquisition and this is stated
in the respective note to the financial statements disclosing the business combination.
Under the full goodwill method, the fair value of the non-controlling interest is determined using valuation techniques
which make the maximum use of market information where available.
Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill on acquisition of associates is
included in investments in associates.
Goodwill is tested for impairment annually and is allocated to the Group’s cash-generating units or groups of cash-
generating units, representing the lowest level at which goodwill is monitored and not larger than an operating
segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity
disposed of.
Emyria Limited 2025 Annual Report | Page 59
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
2. Material accounting policy information (continued)
Research and development
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an
intangible asset when the Group can demonstrate:
· the technical feasibility to complete the intangible asset so that the asset will be available for use or sale,
· its intention to complete and its ability and intention to use or sell the asset,
· how the asset will generate future economic benefits,
· the availability of resources to complete the development of the asset, and
· the ability to measure reliably expenditure during development.
Directly attributable costs that are capitalised include employee costs and an appropriate portion of relevant
overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which
the asset is ready for use.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any
accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development
is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation
is recorded in cost of sales. During the period of development, the asset is tested annually for impairment.
Patents and trademarks
Significant costs associated with patents and trademarks are deferred and amortised on a straight-line basis over
the period of their expected benefit, being their finite life of 10 years.
Software
Costs associated with maintaining software programmes are recognised as an expense as incurred. Development
costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised if, and only if, all of the following have been demonstrated: where the following criteria are
met:
· it is technically feasible to complete the software so that it will be available for use,
· management intends to complete the software and use or sell it,
· there is an ability to use or sell the software,
· it can be demonstrated how the software will generate probable future economic benefits,
· adequate technical, financial and other resources to complete the development and to use or sell the software
are available, and
· the expenditure attributable to the software during its development can be reliably measured.
The Group amortises software with a limited useful life using the straight-line method between 2-5 years.
Intangible assets acquired separately
Intangible assets acquired separately are recorded at cost less accumulated amortisation and impairment.
Amortisation is charged on a straight-line basis over their estimated useful lives when available for use. The estimated
useful life and amortisation method is reviewed at the end of each annual reporting period, with any changes in these
accounting estimates being accounted for on a prospective basis.
Impairment of non-financial assets
Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested
annually for impairment, or more frequently if events or changes in circumstances indicate that they might be
impaired. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which
the asset's carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use
is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to
the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are
grouped together to form a cash-generating unit.
Emyria Limited 2025 Annual Report | Page 60
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
2. Material accounting policy information (continued)
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year
and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted.
The amounts are unsecured and are usually paid within 30 days of recognition.
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs.
They are subsequently measured at amortised cost using the effective interest method.
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the
present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit
in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments
comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index
or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when
the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease
payments that do not depend on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are
remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate
used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability
is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying
amount of the right-of-use asset is fully written down.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and
a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision
to be reimbursed the reimbursement is recognised as a separate asset but only when the reimbursement is virtually
certain. The expense relating to any provision is presented in the Statement of Profit or Loss and Other
Comprehensive Income net of any reimbursement.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle
the present obligation at the reporting date. The discount rate used to determine the present value reflects current
market assessments of the time value of money and the risks specific to the liability.
The increase in the provision resulting from the passage of time is recognised in finance costs.
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to
be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the
liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date
are measured at the present value of expected future payments to be made in respect of services provided by
employees up to the reporting date using the projected unit credit method. Consideration is given to expected future
wage and salary levels, experience of employee departures and periods of service. Expected future payments are
discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and
currency that match, as closely as possible, the estimated future cash outflows.
Emyria Limited 2025 Annual Report | Page 61
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
2. Material accounting policy information (continued)
Termination benefits
Termination benefits are payable when employment is terminated before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits
when it is demonstrably committed to either terminating the employment of current employees according to a detailed
formal plan without possibility of withdrawal or to providing termination benefits as a result of an offer made to
encourage voluntary redundancy. Benefits falling due more than 12 months after the end of the reporting period are
discounted to present value.
Share-based payments
The Group operates equity-settled share-based payment employee share and option schemes. The fair value of the
equity to which employees become entitled is measured at grant date and recognised as an expense over the vesting
period, with a corresponding increase to an equity account. The fair value of shares is ascertained as the market bid
price. The fair value of options is ascertained using a Black–Scholes pricing model which incorporates all market
vesting conditions. The number of shares and options expected to vest is reviewed and adjusted at each reporting
date such that the amount recognised for services received as consideration for the equity instruments granted shall
be based on the number of equity instruments that eventually vest.
Share-based compensation benefits are provided to directors, employees and consultants via the option terms and
conditions set out by the Group.
The fair value of options granted under the option terms and conditions set out by the Group is recognised as a
share-based payments expense with a corresponding increase in equity. The total amount to be expensed is
determined by reference to the fair value of the options granted, which includes any market performance conditions
and the impact of any non-vesting conditions but excludes the impact of any service and non-market performance
vesting conditions.
Non-market vesting conditions are included in assumptions about the number of options that are expected to vest.
The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that
are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original
estimates, if any, in profit or loss, with a corresponding adjustment to equity.
When the options are exercised, the Group transfers the appropriate number of shares to the director, employee or
consultant. The proceeds received net of any directly attributable transaction costs are credited directly to equity.
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes,
the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date; and assumes that the transaction will take place
either: in the principal market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability,
assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on
its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data
are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the
use of unobservable inputs.
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects
the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date
and transfers between levels are determined based on a reassessment of the lowest level of input that is significant
to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is
either not available or when the valuation is deemed to be significant. External valuers are selected based on market
knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to
another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation
and a comparison, where applicable, with external sources of data.
Emyria Limited 2025 Annual Report | Page 62
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
2. Material accounting policy information (continued)
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net
of tax, from the proceeds.
Business combinations
The acquisition method of accounting is used to account for business combinations regardless of whether equity
instruments or other assets are acquired.
The consideration transferred is the sum of the acquisition-date fair values of the assets transferred, equity
instruments issued or liabilities incurred by the acquirer to former owners of the acquiree and the amount of any non-
controlling interest in the acquiree. For each business combination, the non-controlling interest in the acquiree is
measured at either fair value or at the proportionate share of the acquiree's identifiable net assets. All acquisition
costs are expensed as incurred to profit or loss.
On the acquisition of a business, the Group assesses the financial assets acquired and liabilities assumed for
appropriate classification and designation in accordance with the contractual terms, economic conditions, the Group's
operating or accounting policies and other pertinent conditions in existence at the acquisition-date.
Where the business combination is achieved in stages, the Group remeasures its previously held equity interest in
the acquiree at the acquisition-date fair value and the difference between the fair value and the previous carrying
amount is recognised in profit or loss.
Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent
changes in the fair value of the contingent consideration classified as an asset or liability is recognised in profit or
loss. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for
within equity.
The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling
interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing
investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value
is less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the
difference is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a
reassessment of the identification and measurement of the net assets acquired, the non-controlling interest in the
acquiree, if any, the consideration transferred and the acquirer's previously held equity interest in the acquirer.
Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the
provisional amounts recognised and also recognises additional assets or liabilities during the measurement period,
based on new information obtained about the facts and circumstances that existed at the acquisition-date. The
measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the
acquirer receives all the information possible to determine fair value.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Emyria Limited, excluding
any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares and the weighted average number of shares assumed to have been issued for no consideration in relation to
dilutive potential ordinary shares.
Emyria Limited 2025 Annual Report | Page 63
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
2. Material accounting policy information (continued)
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is
not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset
or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement
of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2025. The
Group has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts in the financial statements. Management continually evaluates its judgements and
estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its
judgements, estimates and assumptions on historical experience and on other various factors, including expectations
of future events, management believes to be reasonable under the circumstances. The resulting accounting
judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to
the respective notes) within the next financial year are discussed below.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the
equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or
Black-Scholes model taking into account the terms and conditions upon which the instruments were granted. The
accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the
carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and
equity. Refer to note 34.
Allowance for expected credit losses
The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is based on
the lifetime expected credit loss, grouped based on days overdue, and makes assumptions to allocate an overall
expected credit loss rate for each group. These assumptions include recent sales experience and historical collection
rates.
Goodwill and other indefinite life intangible assets
The Group tests annually, or more frequently if events or changes in circumstances indicate impairment, whether
goodwill and other indefinite life intangible assets have suffered any impairment, in accordance with the accounting
policy stated in note 2. The recoverable amounts of cash-generating units have been determined based on value-in-
use calculations. These calculations require the use of assumptions, including estimated discount rates based on the
current cost of capital and revenue growth rates of the estimated future cash flows.
Emyria Limited 2025 Annual Report | Page 64
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
3. Critical accounting judgements, estimates and assumptions (continued)
Impairment of non-financial assets other than goodwill and other indefinite life intangible assets
Impairment exists when the carrying value of an asset or cash generating unit (“CGU”) exceeds its recoverable
amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of
disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar
assets or observable market prices less incremental costs for disposing of the asset.
The value in use calculation is based on a Discount Cash Flow (“DCF”) model. The cash flows are derived from the
projected cash flow for the next five years and do not include restructuring activities that the Group is not yet
committed to or significant future investments that will enhance the asset’s performance of the CGU being tested.
The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-
inflows and the growth rate used for extrapolation purposes.
Impairment of property, plant and equipment
The Group assesses impairment of property, plant and equipment at each reporting date by evaluating conditions
specific to the Group and to the particular asset that may lead to impairment. If an impairment trigger exists, the
recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use
calculations, which incorporate a number of key estimates and assumptions.
Determining the lease term of contract with renewal and termination options – Group as lessee
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered
by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to
terminate the lease, if it is reasonably certain not to be exercised. The Group has a lease contract that includes an
extension option. The Group applies judgement in evaluating whether it is reasonably certain whether or not to
exercise the option to renew the lease. That is, it considers all relevant factors that create an economic incentive for
it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant
event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the
option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customisation
to the leased asset).
Lease make good provision
A provision has been made for the present value of anticipated costs for future restoration of leased premises. The
provision includes future cost estimates associated with closure of the premises. The calculation of this provision
requires assumptions such as application of closure dates and cost estimates. The provision recognised for each
site is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the
estimated future costs for sites are recognised in the statement of financial position by adjusting the asset and the
provision. Reductions in the provision that exceed the carrying amount of the asset will be recognised in profit or
loss.
Capitalisation of internally developed project development
Distinguishing the research and development phases of a new project development and determining whether the
recognition requirements for the capitalisation of development costs are met requires judgement. After capitalisation,
management monitors whether the recognition requirements continue to be met and whether there are any indicators
that capitalised costs may be impaired.
Deferred Tax Assets and Liabilities
The Group recognises deferred tax assets in respect of tax losses to the extent that it is probable that taxable profit
will be available against which the losses can be utilised. Judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon likely timing and level of future taxable profits, together with future tax
planning strategies. Deferred tax liabilities are recognised when it is considered probable that there will be a future
outflow of funds to a taxing authority. A change in estimate of the likelihood of a future outflow and/or in the expected
amount to be settled would be recognised in profit or loss in the period in which the change occurs. This requires the
application of judgment as to the ultimate outcome, which can change over time depending on facts and
circumstances.
Emyria Limited 2025 Annual Report | Page 65
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
4. Operating segments
AASB 8 ‘Operating Segments’ requires a “management approach” under which segment information is presented on
the same basis as that useful for internal reporting purposes by the chief operating decision maker (“CODM”).
For management purposes, since 1 July 2025, the Group is organised into 3 main operating segment, being the
Clinical Services (Mind Body Consulting), Clinical Services Other and Corporate Services. The chief operating
decision makers of the Group are the Executive Directors and Officers. Up to 30 June 2024, the Group was organised
into one main operating segment, for management purposes, being the research and development where the Group
is a health care technology and clinical research company focused on generating high quality real-world evidence
(RWE) data.
All of the Group’s activities are interconnected and all significant operating decisions are based on analysis of the
Group as one segment. The financial results of the segment are the equivalent of the financial statements as a whole.
At 30 June 2025, all revenues and material assets are considered to be derived and held in one geographical area
being Australia.
Operating segment information
Clinical
Clinical
Services
Services
Corporate
Elimination
Mind Body
Consulting
(Pax Centre)
Other
Services
Entries
Total
Consolidated - 2025
$
$
$
$
$
Revenue
Sales to external customers
661,911
647,316
-
-
1,309,227
Other revenue
-
-
85,520
-
85,520
Research and Development grant received
-
-
1,461,770
-
1,461,770
Total revenue
661,911
647,316
1,547,290
-
2,856,517
Other income
46,715
29,706
46,330
-
122,751
Interest revenue
1
2,136
13,197
-
15,334
Depreciation and amortisation
(182,606)
(53,765)
(229,681)
-
(466,052)
Share based payments
-
-
(406,391)
-
(406,391)
Fixed asset written off
-
(34,828)
(1,331)
-
(36,159)
Finance costs
(55,192)
(31)
(79,338)
-
(134,561)
Other expenses
(475,628)
(1,165,148)
(3,453,421)
-
(5,094,197)
Loss before income tax expense
(4,799)
(574,614)
(2,563,345)
-
(3,142,758)
Income tax expense
-
Loss after income tax expense
(3,142,758)
Assets
Segment assets
2,454,133
155,715
6,327,556
(2,318,906)
6,618,498
Total assets
6,618,498
Liabilities
Segment liabilities
820,123
678,707
431,706
(617,510)
1,313,026
Total liabilities
1,313,026
Emyria Limited 2025 Annual Report | Page 66
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
5. Revenue from provision of services
Consolidated
2025
2024
$
$
Revenue from patients
1,309,227
2,202,717
Other revenue
85,520
-
1,394,747
2,202,717
All revenue from contract with customers are generated in Australia.
Revenue from contracts with customers are transferred in a point in time.
6. Other income
Consolidated
2025
2024
$
$
Interest income
15,334
21,563
Gain on modification of lease
47,528
36,455
Other income
75,223
51,215
Other income
138,085
109,233
7. Employee wages and director fees
Consolidated
2025
2024
$
$
Salaries and directors' fees
1,544,960
1,480,845
Superannuation
127,369
79,929
Salary reallocation
(221,222)
(108,347)
Payroll tax
(59,796)
165,309
1,391,311
1,617,736
8. Other expenses
Consolidated
2025
2024
$
$
Travel and conference expenses
49,727
61,516
Administration costs
332,399
408,279
IT consultancy fees
189,243
183,655
Consultancy fees
518,931
253,784
Other expenses
13,161
27,417
1,103,461
934,651
Emyria Limited 2025 Annual Report | Page 67
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
9. Depreciation and amortisation expense
Consolidated
2025
2024
$
$
Depreciation expense on right-of-use assets
157,663
288,814
Depreciation expense on plant and equipment
100,912
113,618
Amortisation expense on intangible assets
207,477
292,476
466,052
694,908
10. Income tax
Consolidated
2025
2024
$
$
Income tax expense
temporary deferred tax differences
(61,112)
(156,158)
Net deferred tax assets not brought to account
61,112
156,158
Aggregate income tax expense
-
-
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense
(3,142,758) (11,455,754)
Tax at the statutory tax rate of 25%
(785,690)
(2,863,939)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible expenses
102,570
1,817,401
Effect of tax losses and timing differences not recognised as deferred tax
1,048,561
1,678,367
Other non-assessable income
(365,441)
(631,829)
Income tax expense
-
-
Amounts recognised in equity
Aggregate current and deferred tax arising in the reporting period and not recognised in statement of profit or loss
and other comprehensive income but directly debited or credited to equity.
Consolidated
2025
2024
$
$
Amounts recognised in equity
Current tax
-
-
Net deferred tax
40,184
30,000
40,184
30,000
Emyria Limited 2025 Annual Report | Page 68
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
10. Income tax (continued)
Consolidated
2025
2024
$
$
Deferred tax assets not recognised
Deferred tax assets not recognised comprises temporary differences attributable to:
Prior year tax losses not recognised
4,859,203
4,581,665
Capital raising costs and transaction costs in equity
85,051
98,375
Plant and equipment
137,552
183,240
Right-of-use asset lease liability
153,375
226,252
Intangible assets
74,274
139,813
Other temporary differences
62,624
108,903
Off-set deferred tax liabilities
(280,346)
(347,811)
Total deferred tax assets not recognised
5,091,733
4,990,437
Deferred tax assets have not been brought to account at 30 June 2025 because the directors do not believe it is
appropriate to regard realisation of the future tax benefit as probable. These benefits will only be obtained if:
(i) the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the
deduction for the loss to be realised;
(ii) the Group complies with the conditions for the deductibility imposed by law including the continuity of ownership
and/or business tests; and
(iii) no changes in tax legislation adversely affect the Group in realising the benefit from the deduction for the loss.
11. Cash and cash equivalents
Consolidated
2025
2024
$
$
Cash at bank
3,570,045
1,566,211
Notes to the consolidated statement of cash flows:
For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash on hand and
at bank and term deposits that have an original maturity of less than 3 months.
12. Trade and other receivables
Consolidated
2025
2024
$
$
Trade receivables
18,955
27,258
Accrued income
10,393
3,406
Other receivables
8,500
-
37,848
30,664
Emyria Limited 2025 Annual Report | Page 69
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
12. Trade and other receivables (continued)
Allowance for expected credit losses
The ageing of the trade receivables and expected credit losses are as follows:
Expected credit loss rate
Carrying amount
Allowance for expected
credit losses
2025
2024
2025
2024
2025
2024
Consolidated
%
%
$
$
$
$
Less than 3 months overdue
-
-
18,955
27,258
-
-
3 to 6 months overdue
-
-
-
-
-
-
Over 6 months overdue
-
-
-
-
-
-
18,955
27,258
-
-
The Group applies the simplified approach in providing for expected credit losses (ECL) prescribed by AASB 9. The
expected credit losses on trade receivables are estimated using a provision matrix by reference to past defaults
experience and analysis of the debtors’ current financial position. There has been no change in the estimation
process used during the current reporting period.
13. Right-of-use assets
Consolidated
2025
2024
$
$
Land and buildings - right-of-use
816,182
1,599,054
Less: Accumulated depreciation
(235,679)
(697,486)
580,503
901,568
Refer to note 18 for further details on associated lease liabilities.
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set
out below:
Land and
buildings -
right-of-use
Consolidated
$
Balance at 1 July 2023
371,905
Additions through business combinations (note 30)
963,964
Lease modified
(145,487)
Depreciation expense
(288,814)
Balance at 30 June 2024
901,568
Lease modified
(163,402)
Depreciation expense
(157,663)
Balance at 30 June 2025
580,503
Emyria Limited 2025 Annual Report | Page 70
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
13. Right-of-use assets (continued)
Consolidated
2025
2024
$
$
Gain on modification of lease
Reduction in carrying value of the ROU asset as at 30 June
(163,402)
(145,487)
Less: Lease liability
168,930
142,942
Less: Make good provision
42,000
39,000
47,528
36,455
Consolidated
2025
2024
$
$
AASB 16 related amounts recognised in Consolidated Statement of Profit or Loss and
Other Comprehensive income
Interest expense
(53,180)
(80,715)
Depreciation
(157,663)
(288,814)
Other income – gain on modification of lease
47,528
36,455
Options to extend or terminate
The Group uses hindsight in determining the lease term where the contract contains options to extend or terminate
the lease.
14. Property, plant and equipment
Consolidated
2025
2024
$
$
Leasehold improvements - at cost
568,388
765,470
Less: Accumulated depreciation
(378,600)
(477,438)
189,788
288,032
Office furniture and equipment - at cost
159,648
194,384
Less: Accumulated depreciation
(110,147)
(119,943)
49,501
74,441
239,289
362,473
Emyria Limited 2025 Annual Report | Page 71
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
14. Property, plant and equipment (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set
out below:
Leasehold
improvements
Office furniture
and equipment
Total
Consolidated
$
$
$
Balance at 1 July 2023
86,587
37,473
124,060
Additions
101,670
57,427
159,097
Additions through business combinations (note 30)
188,306
5,208
193,514
Disposals
-
(580)
(580)
Depreciation expense
(88,531)
(25,087)
(113,618)
Balance at 30 June 2024
288,032
74,441
362,473
Additions
-
18,541
18,541
Disposals
-
(4,654)
(4,654)
Write off of assets
(29,481)
(6,678)
(36,159)
Depreciation expense
(68,763)
(32,149)
(100,912)
Balance at 30 June 2025
189,788
49,501
239,289
15. Intangibles
Consolidated
2025
2024
$
$
Goodwill - at cost
1,561,471
1,561,471
Development costs - at cost
797,568
7,733,307
Less: Accumulated amortisation
(421,352)
(284,460)
Less: Impairment
-
(6,935,740)
376,216
513,107
Patents and trademarks - at cost
57,242
57,242
Less: Accumulated amortisation
(57,242)
(57,242)
-
-
Software - at cost
189,868
189,868
Less: Accumulated amortisation
(189,018)
(180,932)
850
8,936
1,938,537
2,083,514
Emyria Limited 2025 Annual Report | Page 72
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
15. Intangibles (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set
out below:
Goodwill
Development
costs (i, ii)
Patents and
trademarks
Software
Total
Consolidated
$
$
$
$
$
Balance at 1 July 2023
-
6,569,123
57,242
44,778
6,671,143
Additions
-
1,079,116
-
-
1,079,116
Additions through business combinations
(note 30)
1,561,471
-
-
-
1,561,471
Impairment of assets
-
(6,935,740)
-
-
(6,935,740)
Amortisation expense
-
(199,392)
(57,242)
(35,842)
(292,476)
Balance at 30 June 2024
1,561,471
513,107
-
8,936
2,083,514
Additions
-
62,500
-
-
62,500
Amortisation expense
-
(199,391)
-
(8,086)
(207,477)
Balance at 30 June 2025
1,561,471
376,216
-
850
1,938,537
The Group started capitalising development costs relating to Openly and EMD-003 projects during the financial year
ended 30 June 2021.
The Board assesses each project (development cost) at the balance sheet date:
i. Openly: The Company received TGA approval for its clinical management support web-based application software
in September 2020. Costs associated with further development of this device have been capitalised. The costs are
currently being amortised.
ii. EMD-RX5: Relates to the use of cannabidiol for the treatment of psychological distress. During the prior year,
Emyria commenced a phase III study for the use of cannabidiol for the treatment of psychological distress. During
routine stability assessments, an issue with the dissolution rates of the capsules was identified, leading to a pause
in the trial. As a result, the associated project costs for EMD-RX5 have been conservatively impaired.
Impairment testing
Goodwill acquired through business combinations have been allocated to the following cash-generating unit.
Consolidated
2025
2024
$
$
Pax Centre
1,561,471
1,561,471
The recoverable amount of the consolidated entity's goodwill has been determined by a value-in-use calculation
using a discounted cash flow model, based on a 1 year projection period approved by management given it is a
stable trading business, the nature of the service offering and extrapolated for a further 4 years using a steady growth
rate, together with a terminal value.
Key assumptions are those to which the recoverable amount of an asset or cash-generating units is most sensitive.
The following key assumptions were used in the discounted cash flow model for the clinical services operation:
● 9.8% pre-tax discount rate;
● 4.0% per annum average projected revenue growth rate;
● 4.0% terminal value rate.
Emyria Limited 2025 Annual Report | Page 73
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
15. Intangibles (continued)
Pre-tax discount rate
The discount rate of 9.8% pre-tax reflects managements estimate of the time value of money and the consolidated
entity’s weighted average cost of capital adjusted for the health sector, the risk free rate and the volatility of the share
price relative to market movements.
Revenue growth rate
Management believes the average projected 4.0% revenue growth rate is prudent and justified, based on the stable
trading activities for the centre and clinical service offering.
Terminal value rate
The weighted average growth rate used to extrapolate beyond the five years.
Sensitivity Analysis
As disclosed in note 2, the directors have made judgements and estimates in respect of impairment testing of
goodwill. Should these judgements and estimates not occur the resulting goodwill carrying amount may decrease.
The following combined changes in key assumptions would result in the carrying amount exceeding the recoverable
amount:
● Increase in pre-tax discount of 3.2% to 13%
● Decrease in projected revenue growth rate of 4.0% to 3%
● Decrease in Terminal value of 4.0% to 2%
Management believes that other reasonable changes in the key assumptions on which the recoverable amount of
Pax Centre’s goodwill is based would not cause the cash-generating unit’s carrying amount to exceed its recoverable
amount.
If there are any negative changes in the key assumptions on which the recoverable amount of goodwill is based, this
would result in a further impairment charge.
16. Trade and other payables
Consolidated
2025
2024
$
$
Trade payables
369,910
504,033
Accrued expenses and other payables
225,154
544,736
595,064
1,048,769
Trade and other payables are measured at amortised cost. None of the outstanding balance are past due at reporting
date.
Emyria Limited 2025 Annual Report | Page 74
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
17. Borrowings
Consolidated
2025
2024
$
$
Current liabilities
Borrowings
-
813,675
The balance at 30 June 2024 related to a loan obtained from Radium Capital with the key terms:
· Interest rate of 15% pa
· Extension interest rate: 19%
· Default rate: 22%
· Repayment to be the earlier of:
i. The date of the R&D refund is paid; and
ii. The applicable maturity date
· Maturity date of 31 December 2024.
· Secured against the proceed of R&D refund and any other asset necessary to enable this benefit.
The loan was repaid in December 2024.
18. Lease liabilities
Consolidated
2025
2024
$
$
Current liabilities
Lease liability
131,958
217,671
Non-current liabilities
Lease liability
481,541
687,338
613,499
905,009
Refer to note 23 for further information on financial instruments.
Consolidated
2025
2024
$
$
Opening balance
905,009
358,407
Add: leases entered into during the financial year
-
933,964
Less: Principal repayments
(128,108)
(243,845)
Less: Lease modification
(163,402)
(143,517)
Add: Unwinding of interest expense on lease liability
53,180
80,715
Less: Interest payment
(53,180)
(80,715)
Carrying value as at 30 June
613,499
905,009
Emyria Limited 2025 Annual Report | Page 75
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
18. Lease liabilities (continued)
At initial recognition, the lease liabilities were measured at the present value of minimum lease payment using the
Group’s incremental borrowing rate of 7.85%. The incremental borrowing rate was based on the unsecured interest
rate that would apply if finance was sought for an amount and time period equivalent to the lease requirements of
the Group.
The Company elected not to renew an office lease with the termination date of 24 October 2023 but agreed to pay
the lease till 31 October 2023. The lease was initially accounted for until October 2025. The carrying value of the
lease liability was written off in the 2024 financial year.
During the 2024FY, the Company acquired Mind and Body Consulting Pty Ltd. As part of the acquisition, the Group
acquired right-of-use assets and liabilities of $963,964 respectively. Further details are mentioned in note 30.
During 2025FY, the lease modification is due to changes in the lease payments.
19. Provisions
Consolidated
2025
2024
$
$
Current liabilities
Employee benefits (1)
65,795
145,531
Fringe benefits tax
8,668
15,268
74,463
160,799
Non-current liabilities
Lease make good (2)
30,000
72,000
104,463
232,799
(1) The current provision for employee benefits includes all unconditional entitlements where employees have
completed the required period of service and also those where employees are entitled to pro-rata payments in certain
circumstances. The entire amount is presented as current as the Group expects all employees to take the full amount
of accrued leave or require payment within the next 12 months.
(2) Relates to the estimated cost of making good the premises in relation to the leases entered into by the Group.
Movements in lease make good provision
Movements in each class of provision during the current financial year, other than employee benefits, are set out
below:
Lease make
good
Consolidated - 2025
$
Carrying amount at the start of the year
72,000
Unused amounts reversed
(42,000)
Carrying amount at the end of the year
30,000
Emyria Limited 2025 Annual Report | Page 76
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
20. Issued capital
Consolidated
2025
2024
2025
2024
Shares
Shares
Amount $
Amount $
Ordinary shares - fully paid
611,451,030
408,989,396
41,892,781
36,261,053
Movements in ordinary share capital
Details
Date
Shares
Issue price
Amount $
Balance
1 July 2023
308,349,313
29,803,915
Shares issued
13/09/2023
20,000,000
$0.075
1,500,000
Shares issued
13/09/2023
10,236,220
$0.127
1,300,000
Shares issued
13/09/2023
5,000,000
$0.075
375,000
Rights issue
05/10/2023
15,709,711
$0.075
1,178,228
Exercise of options
10/10/2023
167,485
$0.000
6,264
Shares issued
10/11/2023
6,666,667
$0.075
500,000
Shares issued to director
20/11/2023
500,000
$0.074
37,000
Shares issued
07/05/2024
42,360,000
$0.050
2,118,000
Capital raising cost
-
(557,354)
Balance
30 June 2024
408,989,396
36,261,053
Shares issued
20/09/2024
6,400,000
$0.050
320,000
Shares issued
12/12/2024
45,200,000
$0.035
1,582,000
Shares issued
04/03/2025
2,083,333
$0.030
62,500
Shares issued
28/03/2025
28,571,429
$0.035
1,000,000
Shares issued
26/06/2025
120,206,872
$0.024
2,884,965
Capital raising cost
-
(217,737)
Balance
30 June 2025
611,451,030
41,892,781
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in
proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value
and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll
each share shall have one vote.
Capital risk management
The Group manages its capital to ensure that it will be able to continue as a going concern while maximising the
potential return to shareholders. The capital structure of the Company consists of equity attributable to equity holders,
comprising issued capital and reserves.
21. Reserves
Consolidated
2025
2024
$
$
Options reserve
1,266,082
1,377,251
Performance rights reserve
183,263
137,366
1,449,345
1,514,617
Emyria Limited 2025 Annual Report | Page 77
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
21. Reserves (continued)
Share-based payments reserve
The share based payments reserve relates to share options and performance rights granted by the Company to its
employees, consultants and Directors under the option terms and conditions issued by the Company. Further
information about share based payments granted during the year, refer to note 34.
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Options
Options
Performance
rights
Performance
rights
$
Number
$
Number
Opening balance 1 July 2023
2,407,841
36,005,000
-
-
Issue of options / performance rights
280,000
10,500,000
137,366
2,000,000
Vested options / performance rights
219,259
-
-
-
Options / performance rights exercised (cashless)
(6,264)
(167,485)
-
-
Lapsed options reclassified to accumulated losses
(1,135,369) (19,537,515)
-
-
Options expired on prior years reclassified to
accumulated losses
(388,216)
-
-
-
Closing balance 30 June 2024
1,377,251
26,800,000
137,366
2,000,000
Issue of options / performance rights
244,816
17,650,000
1,850
2,500,000
Vested options / performance rights
100,429
-
44,047
-
Lapsed options reclassified to accumulated losses
(326,234)
(9,950,000)
-
-
Options expired on prior years reclassified to
accumulated losses
(130,180)
-
-
-
Closing balance 30 June 2025
1,266,082
34,500,000
183,263
4,500,000
22. Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
23. Financial instruments
Financial risk management objectives
The Group’s financial instruments consist mainly of deposits with banks and accounts receivable and payable, lease
liabilities and borrowings.
The Group’s activities expose it to a variety of financial risks: market risk (ie. interest rate risk), credit risk and liquidity
risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to
measure different types of risk to which it is exposed.
The Group’s Risk Committee (“the Committee”) performs the duties of risk management in identifying and evaluating
sources of financial and other risks. The Committee provides written principles for overall risk management which
balance the potential adverse effects of financial risks on Group’s financial performance and position with the “upside”
potential made possible by exposure to these risks and by considering the costs and expected benefits of the various
methods available to manage them.
Emyria Limited 2025 Annual Report | Page 78
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
23. Financial instruments (continued)
Market risk
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of
changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily
to the Group’s Australian Dollar current and non-current debt obligations with floating interest rates. The Group is
also exposed to interest rate risk on its cash and short term deposits.
2025
Floating
Interest rate
Fixed
interest rate
maturing in 1
year or less
Fixed
interest rate
maturing
greater than
1 year
Non-interest
bearing
Total
Weighted
average
effective
interest rate
$
$
$
$
$
Financial assets
Cash and cash equivalents
657,945
-
-
2,912,100
3,570,045
0.2%
Trade and other receivables
-
-
-
37,848
37,848
-
Restricted cash
-
-
53,933
-
53,933
4.0%
657,945
-
53,933
2,949,948
3,661,826
Financial liabilities
Trade and other payables
-
-
-
595,064
595,064
-
Lease liabilities
-
131,958
481,541
-
613,499
7.8%
-
131,958
481,541
595,064
1,208,563
2024
Floating
Interest rate
Fixed
interest rate
maturing in 1
year or less
Fixed
interest rate
maturing
greater than
1 year
Non-interest
bearing
Total
Weighted
average
effective
interest rate
$
$
$
$
$
Financial assets
Cash and cash equivalents
1,084,216
273
-
481,722
1,566,211
0.9%
Trade and other receivables
-
-
-
30,664
30,664
-
Restricted cash
-
-
150,058
-
150,058
4.0%
1,084,216
273
150,058
512,386
1,746,933
Financial liabilities
Trade and other payables
-
-
-
1,048,769
1,048,769
-
Borrowings
-
813,675
-
-
813,675
15.0%
Lease liabilities
-
217,671
687,338
-
905,009
7.7%
-
1,031,346
687,338
1,048,769
2,767,453
Sensitivity Analysis – Interest Rate Risk
The Group has performed a sensitivity analysis relating to its exposure to interest rate risk (variable) at the reporting
date. This sensitivity analysis demonstrates the effect on the current period results and equity which could result from
a change in interest rates.
Consolidated
2025
2024
$
$
Change in loss and equity:
Increase on interest by 1%
6,579
10,842
Decrease on interest by 1%
(6,579)
(10,842)
Emyria Limited 2025 Annual Report | Page 79
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
23. Financial instruments (continued)
Credit risk
The Group has no significant concentrations of credit risks.
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit
exposures to customers. The maximum exposure to credit risk at the reporting date is the carrying amount of the
financial assets as summarised above of this note.
As at 30 June 2025, all cash and cash equivalents were held with National Australia Bank and Westpac Banking
Corporation with an A (Standard and Poor’s) credit rating. In relation to trade receivables, management assesses
the credit quality of the customer, taking into account its financial position, past experience and other factors.
The credit risk on other receivables is limited as it is comprised of GST recoverable from the Australian Taxation
Office.
The credit risk on liquid funds is limited because the counter party is a bank with high credit rating.
Liquidity risk
Prudent liquidity risk management involves the maintenance of sufficient cash, committed credit facilities and access
to capital markets. It is the policy of the Board to ensure that the Group is able to meet its financial obligations and
maintain the flexibility to pursue attractive investment opportunities through keeping committed credit lines available
where possible, ensuring the Group has sufficient working capital. The Group manages liquidity risk by continuously
monitoring forecast and actual cash flows.
Remaining contractual maturities
The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables
have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which
the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as
remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of
financial position.
Weighted
average
interest rate
1 year or
less
Between 1
and 2 years
Between 2
and 5 years Over 5 years
Consolidated - 2025
%
$
$
$
$
Non-derivatives
Non-interest bearing
Trade and other payables
-
595,064
-
-
-
Interest-bearing - variable
Lease liability
7.85%
128,131
87,229
290,980
309,618
Total non-derivatives
723,195
87,229
290,980
309,618
Weighted
average
interest rate
1 year or
less
Between 1
and 2 years
Between 2
and 5 years Over 5 years
Consolidated - 2024
%
$
$
$
$
Non-derivatives
Non-interest bearing
Trade and other payables
-
1,048,769
-
-
-
Interest-bearing - variable
Borrowings
15.00%
813,675
-
-
-
Lease liability
7.70%
219,055
137,311
306,693
457,425
Total non-derivatives
2,081,499
137,311
306,693
457,425
Emyria Limited 2025 Annual Report | Page 80
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
23. Financial instruments (continued)
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually
disclosed above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
24. Fair value measurement
The carrying amounts of financial assets and liabilities are assumed to approximate their fair values.
The Group does not have assets and liabilities measured or disclosed at fair value as at 30 June 2025 and 2024
25. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by Stantons, the auditor of the
Company:
Consolidated
2025
2024
$
$
Audit services - Stantons
Audit or review of the financial statements
81,395
78,000
26. Contingent assets and liabilities
There are no contingent assets or liabilities outstanding for the Group or the Company on the current and previous
financial year.
27. Commitments
At the reporting date, the Company had agreed to provide $87,070 to the University of Western Australia to expand
the MDMA analogue program (2024: 15,000).
28. Related party transactions
Parent entity
Emyria Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out below:
Name of the entity
Country of
incorporation
Class of shares
2025
2024
%
%
Emerald Clinical Network Pty Ltd
Australia
Ordinary
100%
100%
Emerald Clinical Research Pty Ltd
Australia
Ordinary
100%
100%
Emerald Data Management Pty Ltd
Australia
Ordinary
100%
100%
Emerald IP Holdings Pty Ltd
Australia
Ordinary
100%
100%
Mind Body Consulting Pty Ltd
Australia
Ordinary
100%
100%
Emyria Limited 2025 Annual Report | Page 81
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
28. Related party transactions (continued)
Key management personnel
Key Management Personnel Compensation
The aggregated compensation paid to Directors and Key Management Personnel of the Group is as follows:
Consolidated
2025
2024
$
$
Short term employee benefits
607,378
1,224,424
Post-employment benefits
46,604
51,425
Non-monetary benefits (annual leave)
(17,616)
(21,833)
Share based payment
137,711
288,478
774,077
1,542,494
Transactions with related parties
There were no transactions with related parties during the current and previous financial year.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
29. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
2025
2024
$
$
Loss after income tax
(2,648,865) (11,298,920)
Total comprehensive income
(2,648,865) (11,298,920)
Emyria Limited 2025 Annual Report | Page 82
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
29. Parent entity information (continued)
Statement of financial position
Parent
2025
2024
$
$
Total current assets
3,588,381
1,368,604
Total assets
6,327,557
4,250,188
Total current liabilities
431,706
1,715,343
Total liabilities
431,706
1,728,343
Net assets
5,895,851
2,521,845
Equity
Issued capital
41,892,760
36,261,032
Options reserve
1,266,082
1,377,250
Performance rights reserve
183,263
137,366
Accumulated losses
(37,446,254) (35,253,803)
Total equity
5,895,851
2,521,845
Emyria Limited 2025 Annual Report | Page 83
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
30. Business combinations
On 1 July 2023, Emyria Ltd acquired 100% of the ordinary shares of Mind Body Consulting Pty Ltd trading as Pax
Centre for a total consideration of $1,700,563, while completion of the acquisition was announced in September
2024, the Group took control of the operation from 1 July 2023.
The Pax Centre is a multidisciplinary clinical service specialising in comprehensive psychological trauma care. In
2023, the Therapeutic Goods Administration rescheduled MDMA as a controlled medicine from 1 July 2023 which
broadens the clinical treatment of mental health conditions such as post-traumatic stress disorder and treatment-
resistant depression.
The acquisition of the Pax Centre complements the Emerald Clinics which has treated thousands of patients with
pharmaceutical-grade cannabinoids. The business intention is to generate stronger and broader clinical service
revenue synergies while also establishing a global centre of excellence in the delivery and development of new and
innovative therapies for complex mental health and neuropsychiatric conditions such as psychedelic-assisted
therapy.
Details of the acquisition are as follows:
Fair value
$
Cash and cash equivalents
261,063
Trade receivables
37,802
Leasehold improvements
188,306
Plant and equipment
5,208
Right-of-use assets
963,964
Security deposits
5,475
Trade and other payables
(294,434)
Provisions
(49,821)
Borrowings
(44,507)
Lease liability
(933,964)
Net assets acquired
139,092
Goodwill
1,561,471
Acquisition-date fair value of the total consideration transferred
1,700,563
Representing:
Cash paid or payable to vendor
400,563
Emyria Limited shares issued to vendor
1,300,000
1,700,563
31. Events after the reporting period
No matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect
the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
Emyria Limited 2025 Annual Report | Page 84
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
32. Reconciliation of loss after income tax to net cash used in operating activities
Consolidated
2025
2024
$
$
Loss after income tax expense for the year
(3,142,758) (11,455,754)
Adjustments for:
Depreciation and amortisation
466,052
694,908
Impairment of intangibles
-
6,935,740
Write off of property, plant and equipment
36,159
580
Share-based payments
406,391
356,625
Other income – gain on lease modification
(47,528)
(36,455)
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
(7,184)
54,818
Decrease/(increase) in prepayments
132,781
(297,864)
Decrease in trade and other payables
(420,255)
(500,150)
Decrease in other provisions
(128,336)
(37,222)
Net cash used in operating activities
(2,704,678)
(4,284,774)
33. Earnings per share
Consolidated
2025
2024
$
$
Loss after income tax attributable to the owners of Emyria Limited
(3,142,758) (11,455,754)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per
share
448,622,373 358,968,879
Weighted average number of ordinary shares used in calculating diluted earnings per
share
448,622,373 358,968,879
Cents
Cents
Basic loss per share
(0.70)
(3.19)
Diluted loss per share
(0.70)
(3.19)
Emyria Limited 2025 Annual Report | Page 85
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
34. Share-based payments
Share based payment expenses recognition during the year are as follow:
Consolidated
2025
2024
$
$
Share based payment expense
391,142
356,625
Share based payment expense - GBA Capital
15,249
-
Intangible assets acquired with shares
62,500
-
Capital raising costs
57,000
418,000
525,891
774,625
On 4 March 2025, 2,083,333 shares were issued at an issue price of $0.03 per share and a total transactional value
of $62,500 to the University of Western Australia in consideration of the Commercialisation Licence with the University
of Western Australia.
On 12 December 2024, 1,628,571 shares were issued at an issue price of $0.035 per share and a total transactional
value of $57,000 for the services rendered by the Lead Manager on the capital raising completed in December 2024.
On 4 March 2025, the Company issued 5,650,000 unlisted options to employees exercisable at $0.064 each and
expiring on 4 March 2029 with the following terms:
(a) 33.33% on the date of the issue of the Options;
(b) 33.33% one year from the date of the issue of the Options; and
(c) the balance two years from the date of the issue of the Options.
On 4 March 2025, the Company issued 2,000,000 unlisted options to contractors exercisable at $0.051 each and
expiring on 4 March 2028, vesting immediately.
On 4 March 2025, the Company issued 3,000,000 unlisted options to contractors exercisable at $0.051 each and
expiring on 4 March 2028 with the following terms:
1,000,000 vest on the date of the issue of the Options;
1,000,000 vest one year from 22/01/25; and
1,000,000 vest two year from 22/01/25.
On 28 March 2025, the Company issued 7,000,000 unlisted options to directors exercisable at $0.051 each and
expiring on 28 March 2028 with the following terms:
3,500,000 vest on the date of issue; 3,500,000 vest 12 months after commencement date.
On 18 June 2025, the Company announced that it would issue 2,500,000 unquoted options to GBA Capital, Lead
Manager, as part consideration for their role in the placement. The options are exercisable at $0.05 each and expiring
18 months from date of issue. These options were granted and vested on 26 June 2025 (when the placement was
completed) and they have not been issued before 30 June 2025. The respective accrued liability and share based
payment expense have been recognised on 26 June 2025.
On 28 March 2025, the Company issued 2,500,000 performance rights (PRs) to the Executive Chair Gregory
Hutchinson as approved by shareholders on 19 March 2025. These PRs have the following conditions:
- 500,000 PRs vest when the Company’s VWAP reaches at least $0.15 over 10 consecutive trading days in which
trades in the Company’s shares occur.
- 1,000,000 PRs vest when the Company’s VWAP reaches at least $0.25 over 10 consecutive trading days in which
trades in the Company’s shares occur.
- 1,000,000 PRs vest when the Company’s VWAP reaches at least $0.40 over 10 consecutive trading days in which
trades in the Company’s shares occur.
Emyria Limited 2025 Annual Report | Page 86
Emyria Limited
Notes to the consolidated financial statements
30 June 2025
34. Share-based payments (continued)
Set out below are summaries of options granted under the plan:
Number of
options
Weighted
average
exercise
price
Number of
options
Weighted
average
exercise
price
2025
2025
2024
2024
Outstanding at the beginning of the financial year
26,800,000
$0.160
36,005,000
$0.320
Granted
17,650,000
$0.055
10,500,000
$0.120
Exercised
-
$0.000
(167,485)
$0.110
Expired
(9,950,000)
$0.114 (19,537,515)
$0.420
Outstanding at the end of the financial year
34,500,000
$0.121
26,800,000
$0.160
Exercisable at the end of the financial year
16,350,000
18,675,000
*
The total granted options above does not include 2,500,000 options granted to GBA Capital, Lead Manager, as
part consideration for their role in the placement that was completed in June 2025. These options have not been
issued at 30 June 2025. These options are disclosed as accrued liability instead of reserve until they are issued.
The weighted average remaining contractual life of options outstanding at the end of the financial year was 0.53
years (2024: 1.43 years).
For the options granted during the current financial year, the valuation model inputs used to determine the fair value
at the grant date, are as follows:
Share price
Exercise
Expected
Dividend
Risk-free
Fair value
Grant date
Expiry date
at grant date
price
volatility
yield
interest rate
at grant date
15/07/2024
04/03/2029
$0.048
$0.064
85.94%
-
4.05%
$0.0301
02/08/2024
04/03/2029
$0.042
$0.064
85.94%
-
3.70%
$0.0251
05/08/2024
04/03/2029
$0.039
$0.064
85.94%
-
3.59%
$0.0220
15/08/2024
04/03/2029
$0.035
$0.064
85.94%
-
3.52%
$0.0195
11/02/2025
04/03/2028
$0.034
$0.051
86.01%
-
3.80%
$0.0164
14/02/2025
04/03/2028
$0.036
$0.051
86.01%
-
3.83%
$0.0178
19/03/2025
28/03/2028
$0.033
$0.051
71.00%
-
3.72%
$0.0124
26/06/2025
18/12/2026
$0.025
$0.050
90.95%
-
3.19%
$0.0061
For the performance rights granted during the current financial year, the valuation model inputs used to determine
the fair value at the grant date, are as follows:
Share price
Exercise
Expected
Dividend
Risk-free
Fair value
Grant date
Expiry date
at grant date
price
volatility
yield
interest rate
at grant date
19/03/2025
28/03/2029
$0.033
$0.000
70.00%
-
3.76%
$0.0166
19/03/2025
28/03/2029
$0.033
$0.000
70.00%
-
3.76%
$0.0111
19/03/2025
28/03/2029
$0.033
$0.000
70.00%
-
3.76%
$0.0070
*
Vesting condition: Company’s VWAP reaches at least $0.15 over 10 consecutive trading days in which trades
in the Company’s shares occur
**
Vesting condition: Company’s VWAP reaches at least $0.25 over 10 consecutive trading days in which trades
in the Company’s shares occur
***
Vesting condition: Company’s VWAP reaches at least $0.40 over 10 consecutive trading days in which trades
in the Company’s shares occur
Emyria Limited 2025 Annual Report | Page 87
Emyria Limited
Consolidated entity disclosure statement
As at 30 June 2025
Place formed /
Entity name
Entity type
Country of
incorporation
Ownership
interest
Tax residency
Emyria Limited
Body corporate
Australia
-
Australia
Emerald Clinical Network Pty Ltd
Body corporate
Australia
100%
Australia
Emerald Clinical Research Pty Ltd
Body corporate
Australia
100%
Australia
Emerald Data Management Pty Ltd
Body corporate
Australia
100%
Australia
Emerald IP Holdings Pty Ltd
Body corporate
Australia
100%
Australia
Mind Body Consulting Pty Ltd
Body corporate
Australia
100%
Australia
Basis of preparation
Key assumptions and judgements
Determination of Tax Residency
Section 295 (3A) of the Corporation Acts 2001 requires that the tax residency of each entity which is included in the
Consolidated Entity Disclosure Statement (CEDS) be disclosed. For the purposes of this section, an entity is an
Australian resident at the end of a financial year if the entity is:
a) an Australian resident (within the meaning of the Income Tax Assessment Act 1997) at that time; or
b) a partnership, with at least one partner being an Australian resident (within the meaning of the Income Tax
Assessment Act 1997) at that time; or
c) a resident trust estate (within the meaning of Division 6 of Part III of the Income Tax Assessment Act 1936) in
relation to the year of income (within the meaning of that Act) that corresponds to the financial year.
The determination of tax residency involves judgment as the determination of tax residency is highly fact dependent
and there are currently several different interpretations that could be adopted, and which could give rise to a different
conclusion on residency. In determining tax residency, the consolidated entity has applied the following
interpretations:
o Australian tax residency
The consolidated entity has applied current legislation and judicial precedent, including having regard to the
Commissioner of Taxation’s public guidance in Tax Ruling TR 2018/5.
o Foreign tax residency
The consolidated entity has applied current legislation and where available judicial precedent in the determination of
foreign tax residency. Where necessary, the consolidated entity has used independent tax advisers in foreign
jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been
complied with. At the reporting date, the Company did not have any consolidated entities with foreign residency.
Emyria Limited 2025 Annual Report | Page 88
Emyria Limited
Directors' declaration
30 June 2025
In the directors' opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards,
the Corporations Regulations 2001 and other mandatory professional reporting requirements;
●
the attached financial statements and notes comply with International Financial Reporting Standards as issued
by the International Accounting Standards Board as described in note 2 to the financial statements;
●
the attached financial statements and notes give a true and fair view of the Group's financial position as at 30
June 2025 and of its performance for the financial year ended on that date;
●
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable; and
●
the information disclosed in the attached consolidated entity disclosure statement is true and correct.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Mr Gregory Hutchinson
Executive Chair
27 August 2025
Emyria Limited 2025 Annual Report | Page 89
Liability limited by a scheme approved under Professional Standards Legislation
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons Is a member of the Russell
Bedford International network of firms
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
EMYRIA LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Emyria Limited (“the Company”), and its subsidiaries (“the Group”),
which comprises the consolidated statement of financial position as at 30 June 2025, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity
and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including material accounting policy information, the consolidated entity disclosure statement and
the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its financial
performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the APES 110: Code of Ethics for Professional
Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards
Board (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our
other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given
to the directors of the Company, would be in the same terms if given to the directors as at the time of this
auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Relating to Going Concern
We draw attention to Note 2 of the financial statements, which indicates that the Group incurred a loss after
tax of $3,142,758 and net cash outflows from operating activities of $2,704,678 for the year ended 30 June
2025. The Group had cash and cash equivalents of $3,570,045. As stated in Note 2, these events or
conditions, along with other matters, as set forth in Note 2, indicate that a material uncertainty exists that may
cast significant doubt on the Group’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
Emyria Limited 2025 Annual Report | Page 90
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial report of the current period. These matters were addressed in the context of our audit of the
financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. In addition to the matter described in the Material Uncertainty Related to Going Concern
section, we have determined the matter described below to be Key Audit Matter to be communicated in our
report.
Key Audit Matters
How the matter was addressed in the audit
Impairment of intangible assets
At 30 June 2025, the Group’s consolidated
statement
of
financial
position
included
intangible assets amounting to $1,938,537
(refer to Note 15). The intangible assets relate
to:
-
Goodwill;
-
Developments costs;
-
Patents and trademarks; and
-
Software.
AASB 136 Impairment of Assets (AASB 136)
requires an entity to assess at the end of each
reporting period whether there is any indication
that an asset may be impaired. If any indication
exists, the entity shall estimate the recoverable
amount of the asset. Goodwill and indefinite life
intangible assets are required to be assessed
for impairment annually.
Management
performed
impairment
assessments relating to intangible assets and
determined the recoverable amount exceeds
the
carrying
amount,
and
therefore
no
impairment has been recognised.
We identified the impairment of intangible
assets as a key audit matter due to the
significance
of
these
balances
in
the
consolidated financial statements and the
estimation of recoverable amount of each cash
generating unit (“CGU”) involves complex and
subjective management estimates based on
management’s judgement of key variables and
market conditions such as future performance,
timing of cashflows (revenues and operating
expenditure), and the discount rate.
Inter alia, our audit procedures included the
following:
i.
Obtaining
an
understanding
of
and
evaluating
management’s
processes
related to the assessment of the existence
of impairment indicators;
ii. Assessing the appropriateness of the
Group’s determination of the CGUs and
whether the CGUs included all assets,
liabilities and cash flows attributable to the
respective CGUs, including the reasonable
allocation of corporate overheads;
iii. Assessing the valuation methodologies
used
by
the
Group,
including
the
reasonableness of the cash flow forecast in
comparison to historical data and key
inputs,
to
determine
the
recoverable
amount;
iv. Testing the mathematical accuracy of the
Group’s discounted cashflow model used to
measure the recoverable amount;
v. Assessing the impact of a range of
sensitivities
to
the
assumptions
underpinning
the
Group’s
impairment
assessment; and
vi. Assessing the adequacy of the relevant
disclosures in the notes to the financial
statements.
Measurement of share-based payments
During the financial year, the Group recognised
a share-based payment expense of $406,391 in
the consolidated statement of profit or loss and
other comprehensive income and $57,000
directly in equity (refer to Note 34).
The Group awarded share-based payments in
the form of options and performance rights to
directors, employees and service providers.
The awards vest subject to the achievement of
certain vesting conditions.
Inter alia, our procedures included the following:
i.
Reviewing the relevant agreements to
obtain an understanding of the contractual
nature and terms and conditions of the
share-based payment arrangements;
ii. Assessing the assumptions used in the
Group’s valuation of share options being the
share price of the underlying equity, interest
rate, volatility, dividend yield, time to
maturity (expected life) and grant date.
Emyria Limited 2025 Annual Report | Page 91
Measurement of share-based payments was a
key audit matter due to the complex and
judgmental estimates used in determining the
fair value of the share-based payments.
iii. Recalculation of the estimated fair value of
the share options using the valuation
methodology selected;
iv. Assessing the allocation of the share-based
payment expense over the relevant vesting
period; and
v. Assessing the adequacy of the related
disclosures in the notes to the financial
statements.
Other Information
The directors are responsible for the other information. The other information comprises the information included in
the Group’s annual report for the year ended 30 June 2025 but does not include the financial report and our auditor’s
report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance opinion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of
a)
the financial report that gives a true and fair view in accordance with Australian Accounting Standards and
the Corporations Act 2001 (other than the consolidated entity disclosure statement); and
b)
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and for such internal control as the directors determine is necessary to enable the preparation
of
i)
the financial report that gives a true and fair view and is free from material misstatement, whether
due to fraud or error; and
ii)
the consolidated entity disclosure statement that is true and correct and is free from misstatement
whether due to fraud and error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
Emyria Limited 2025 Annual Report | Page 92
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the
Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity's internal control.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue
as a going concern.
We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and
whether the financial report represents the underlying transactions and events in a manner that achieves fair
presentation.
We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial report. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in Internal control that we identify during our audit.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most significance in
the audit of the financial report of the current period and are therefore key audit matters. We describe these matters
in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Emyria Limited 2025 Annual Report | Page 93
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report of the directors’ report for the year ended 30 June 2025.
In our opinion, the Remuneration Report of Emyria Limited for the year ended 30 June 2025 complies with section
300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in
accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Eliya Mwale
Director
West Perth, Western Australia
27 August 2025
Emyria Limited 2025 Annual Report | Page 94
The Shareholder information set out below was applicable as at 5 September 2025.
Additional information required by the ASX Limited Listing Rules not disclosed elsewhere in this
Annual Report is set out below.
Shareholdings
The issued capital of the Company as at 5 September 2025 was 664,160,825 ordinary fully paid shares.
1. Top 20 Shareholders
The names of the twenty largest holders of fully paid ordinary shares (ASX:EMD) as at 5 September 2025 are:
Position
Holder Name
Holding
% Issued
Share Capital
1
Mr Gregory Ross Hutchinson
42,654,762
6.42%
2
Dr Stewart James Washer & Dr Patrizia Derna Washer
28,400,000
4.28%
3
HSBC Custody Nominees (Australia) Limited
25,249,839
3.80%
4
Mr Craig Lawrence Darby
22,889,910
3.45%
5
Mal Washer Nominees Pty Ltd
19,933,333
3.00%
6
Mercator Shipwrights Pty Ltd
19,655,556
2.96%
7
BNP Paribas Noms Pty Ltd
11,858,119
1.79%
8
S3 Consortium Pty Ltd
10,986,110
1.65%
9
Mr David Dominic Pevcic
10,650,000
1.60%
10
Emyria Limited
9,124,870
1.37%
11
Cooper (Aust) Pty Ltd
8,391,667
1.26%
12
Certane Ct Pty Ltd
6,964,851
1.05%
13
Mr Pak Lim Kong
6,818,890
1.03%
14
Citicorp Nominees Pty Limited
6,750,905
1.02%
15
Dr Stewart James Washer & Dr Patrizia Derna Washer
6,455,361
0.97%
16
Parkes Trading Co Pty Ltd
6,337,973
0.95%
17
Mr Steve John Benrnard Grimley
6,000,000
0.90%
18
Libert Pty Ltd
5,781,111
0.87%
19
Mr John Colin Loosemore & Mrs Susan Marjory Loosemore
5,480,000
0.83%
20
Jayleaf Holdings Pty Ltd
5,351,433
0.81%
Totals
265,734,690
40.01%
Total Issued Capital
664,160,825
100.00%
ASX Additional Information
Emyria Limited 2025 Annual Report | Page 95
2. Distribution Schedule
The distribution schedule and number of holders of listed fully paid ordinary shares (ASX:EMD) as at
5 September 2025 is below:
Holding Ranges
Holders
Total Units
% Issued
Share Capital
1 – 1,000
24
3,649
0.00%
1,001 – 5,000
118
333,913
0.05%
5,001 – 10,000
86
711,508
0.11%
10,001 – 100,000
1,245
51,593,172
7.77%
100,001 and over
590
611,518,583
92.07%
2,063
664,160,825
100.00%
The number of holders with less than a marketable parcel of fully paid ordinary shares (ASX:EMD) as at
5 September 2025 was 228.
3. Substantial Shareholders
Substantial shareholders in and the number of equity securities over which the substantial shareholder has
a relevant interest as disclosed in substantial holding notices provided to the company are listed below:
Name of
substantial holder
Total holding
% of total shares
Date of notice
Dr S. Washer & Dr P. Washer
and associates
54,788,694
8.25%
5 September 2025
Gregory Hutchinson
35,071,429
7.14%
31 March 2025
Mercator Shipwrights Pty Ltd
19,655,556
5.47%
23 October 2023
ASX Additional Information
Emyria Limited 2025 Annual Report | Page 96
4. Unlisted Securities
Unlisted securities range and number of holders as at 5 September 2025 are below:
Security
1 – 1,000
1,001 –
5,000
5,001
–
10,000
10,001 –
100,000
100,001
and over
Total
Total on
Issue
Option, $0.051,
expiring 28-Mar-2028
0
0
0
0
2
(100%)
2
(100%)
7,000,000
Option, $0.296,
expiring 23-Nov-2026
0
0
0
0
3
(100%)
3
(100%)
5,000,000
Option, $0.051,
expiring 04-Mar-2028
0
0
0
0
2
(100%)
2
(100%)
5,000,000
Option, $0.064,
expiring 04-Mar-2029
0
0
0
0
5
(100%)
5
(100%)
5,650,000
Option, $0.384,
expiring 7-Jun-2026
0
0
0
2
(100%)
0
2
(100%)
200,000
Option, $0.12,
expiring 10-Nov-2026
0
0
0
11
(3.66%)
20
(96.34%)
31
(100%)
21,833,333
Option, $0.12,
expiring 05-Oct-2026
130
(0.69%)
119
(3.97%)
44
(4.06%)
72
(28.65%)
15
(62.63%)
380
(100%)
7,854,778
Option, $0.316,
expiring 07-Oct-2025
0
0
0
1
(100%)
0
1
(100%)
75,000
Option, $0.35,
expiring 22-Nov-2025
0
0
0
16
(7.93%)
15
(92.07%)
31
(100%)
10,333,328
Option, $0.36,
expiring 1-Nov-2025
0
0
0
0
1
(100%)
1
(100%)
300,000
Option, $0.365,
expiring 16-Aug-2026
0
0
0
10
(100%)
0
10
(100%)
625,000
Option, $0.10,
expiring 7-May-2027
0
0
0
11
(3.03%)
35
(96.97%)
46
(100%)
26,380,000
Option, $0.05,
expiring 1-Mar-2027
0
0
1
(0.02%)
17
(1.80%)
104
(98.19%)
122
(100%)
60,138,889
Performance Rights
0
0
0
0
2
(100%)
2
(100%)
4,500,000
ASX Additional Information
Emyria Limited 2025 Annual Report | Page 97
The performance were issued under an employee incentive scheme.
The holders holding more than 20% of a given class of unquoted securities as at 5 September 2025,
which were not issued under an employee incentive scheme are as follows:
Holder Name
Security
Number Held
% Holding
Mr Sufian Ahmad
Option, $0.35,
expiring 22-Nov-2025
4,777,778
46.24%
Mr Sufian Ahmad
Option, $0.12,
expiring 10-Nov-2026
6,000,000
27.48%
5. Voting Rights
Ordinary Shares
On a show of hands, every member present in person or by proxy shall have one vote and upon a poll
each share shall have one vote.
Options
Options carrying no voting rights. Options convert to one fully paid ordinary share upon exercise.
Performance rights
Performance rights carrying no voting rights. Performance rights convert to one fully paid ordinary share
upon exercise.
6. On-Market Buy Back
There is currently no on-market buyback program for any of the Company’s listed securities.
7. Corporate Governance
The Board of Emyria Limited is committed to achieving and demonstrating the highest standards of
Corporate Governance. The Board is responsible to its Shareholders for the performance of the Company
and seeks to communicate extensively with Shareholders. The Board believes that sound Corporate
Governance practices will assist in the creation of Shareholder wealth and provide accountability.
In accordance with ASX Listing Rule 4.10.3, the Company has elected to disclose its Corporate Governance
policies and its compliance with them on its website, rather than in the Annual Report. Accordingly,
information about the Company’s Corporate Governance practices is set out on the Company’s website at
https://emyria.com/.
ASX Additional Information
Emyria Limited 2025 Annual Report | Page 98
Heading 1
Heading 2
Sub heading
Sub heading in body text
Body text.
emyria.com