InMed Pharmaceuticals Completes Closing of Merger with Mentari Therapeutics

The approximately $490 million financing total includes conversion of previously issued notes, not solely new cash.

Rhea-AI Summary

InMed Pharmaceuticals (NASDAQ: INM) completed its merger with privately held Mentari Therapeutics and changed its name to Mentari Therapeutics.

The combined company's shares are expected to begin trading on the Nasdaq Capital Market as MTRI on November 9, 2026. Immediately before closing, InMed completed its redomestication from British Columbia to Nevada, and pre-merger Mentari completed private financings totaling approximately $490 million in gross proceeds, including conversion of $50.0 million of previously issued convertible notes plus accrued interest.

Each pre-merger Mentari common share converted into the right to receive approximately 0.20065 combined-company shares, adjusted for the 1-for-10 reverse split effected November 4, 2026. InMed holders of record at the November 5, 2026 close received one non-transferable contingent value right per common share.

2 points · 2 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

• Major pointCompleted merger combines InMed with privately held Mentari Therapeutics.
• Major pointApproximately $490 million in gross proceeds from pre-merger Mentari's completed financings includes note conversion. 68× market cap

Negative

• Minor pointMerger share issuance exchanges each pre-merger Mentari common share for rights to approximately 0.20065 combined-company shares, diluting holders.

Key Figures

Private financing proceeds: approximately $490 million Convertible notes: $50.0 million Merger exchange ratio: approximately 0.20065 shares +2 more

Private financing proceeds

approximately $490 million

Pre-merger Mentari financings; gross proceeds

Convertible notes

$50.0 million

Previously issued notes converted; included in the financing proceeds

Merger exchange ratio

approximately 0.20065 shares

Combined-company shares per pre-merger Mentari common share, adjusted for the 1-for-10 reverse stock split

Contingent value rights

1 per eligible common share

Non-transferable CVR distributed to holders of record

Trading commencement

November 9, 2026

Expected Nasdaq trading under ticker MTRI

Previous Acquisition Reports

4 past events · Latest: Nov 02

Same Type 4 events

1. Nov 02

   Share consolidation

   24h Move

   +3.1%

   Announced a 1-for-10 consolidation in connection with the proposed Mentari merger.

2. Oct 26

   CVR record date

   24h Move

   +0.0%

   Set the record date for one contingent value right per eligible common share.

3. Jul 06

   Merger amendment

   24h Move

   +3.7%

   Amended merger terms to clarify financing effects on the exchange ratio and transaction sequencing.

4. May 19

   Merger announcement

   24h Move

   +135.1%

   Announced the all-stock merger and a concurrent private placement to fund development.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible notes, reverse stock split, contingent value right, cusip

4 terms

convertible notes financial

"conversion of $50.0 million of previously issued convertible notes"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

reverse stock split financial

"as adjusted for the 1-for-10 reverse stock split"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

contingent value right financial

"received one non-transferable contingent value right for each such share held"

A contingent value right is a special security that gives its holder the right to receive one or more future payments only if specified events happen, such as a product reaching a sales target or getting regulatory approval. It matters to investors because it offers potential extra payout tied to uncertain outcomes—like a bet that a project will succeed—so it can add upside to a deal while also carrying extra risk and valuation uncertainty.

cusip financial

"and the new CUSIP number 587157108"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

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Shares expected to trade on Nasdaq under the ticker symbol "MTRI" commencing November 9, 2026

VANCOUVER, BC, Nov. 6, 2026 /PRNewswire/ -- InMed Pharmaceuticals Inc. (which has changed its name to Mentari Therapeutics, Inc.) (NASDAQ: INM) ("Mentari" or the "Company") today announced the completion of the previously disclosed merger between the Company and the privately held Mentari Therapeutics, Inc. ("pre-merger Mentari"). The combined company will continue to operate under the name Mentari Therapeutics, Inc., and its shares are expected to begin trading on the Nasdaq Capital Market at market open on Monday, November 9, 2026, under the name "Mentari Therapeutics, Inc.," the ticker symbol "MTRI" and the new CUSIP number 587157108.

Immediately prior to the closing of the merger, the Company completed its redomestication from British Columbia, Canada to the State of Nevada, and pre-merger Mentari completed its previously announced private financings totaling approximately $490 million in gross proceeds. The proceeds include the conversion of $50.0 million of previously issued convertible notes, plus accrued interest thereon. Pursuant to the terms of the previously disclosed merger agreement, each outstanding share of pre-merger Mentari common stock was converted into the right to receive approximately 0.20065 shares of common stock of the combined company, as adjusted for the 1-for-10 reverse stock split of the Company's common shares effected on November 4, 2026.

Holders of record of the Company's common shares as of the close of business on November 5, 2026 received one non-transferable contingent value right for each such share held.

About Mentari Therapeutics

Mentari Therapeutics is a clinical-stage biotechnology company developing next-generation therapies for the prevention of migraine, a condition affecting more than 1 billion people globally. Mentari's lead programs are MT-001, an anti-PACAP monoclonal antibody, and MT-002, an anti-PACAP and anti-CGRP bispecific antibody with the potential to deliver greater efficacy for people with incomplete response to existing therapies. Mentari is advancing a robust portfolio of potentially best-in-class therapies that target validated pathways in migraine biology. The company's programs were discovered by Paragon. Mentari Therapeutics is based in Waltham, MA. 

Forward-Looking Statements

Certain statements in this press release, other than purely historical information, may constitute "forward-looking statements" within the meaning of the federal securities laws, including for purposes of the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to Mentari's expectations, hopes, beliefs, intentions or strategies regarding the future of its pipeline and business including, without limitation, Mentari's ability to achieve the expected benefits or opportunities with respect to MT-001 and MT-002, including whether MT-001 and MT-002 will achieve clinical proof of concept, demonstrate superior efficacy or potency, achieve convenient dosing or achieve regulatory approval; the potential of MT-001 and MT-002 to become best-in-class therapies; and the timing of the combined company's trading on the Nasdaq Capital Market under a new ticker symbol and CUSIP number. The words "opportunity," "potential," "milestones," "pipeline," "can," "goal," "strategy," "target," "anticipate," "achieve," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "plan," "possible," "project," "should," "will," "would" and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Mentari will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Mentari's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to those uncertainties and factors more fully described in Mentari's most recent filings with the Securities and Exchange Commission (the "SEC") (including the registration statement on Form S-4 (File No. 333-297234) filed by InMed Pharmaceuticals Inc. (now Mentari Therapeutics, Inc.), as most recently amended on September 29, 2026 and declared effective by the SEC on October 1, 2026, as well as Mentari's subsequent filings with the SEC, including Current Reports on Form 8-K), as well as risk factors associated with companies, such as Mentari, that operate in the biopharma industry. Should one or more of these risks or uncertainties materialize, or should any of Mentari's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Mentari does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements. This press release does not purport to summarize all the conditions, risks and other attributes of an investment in Mentari.

Contacts

Investors:
investors@mentaritx.com

Media:
media@mentaritx.com

View original content:https://www.prnewswire.com/news-releases/inmed-pharmaceuticals-completes-closing-of-merger-with-mentari-therapeutics-302932393.html

SOURCE InMed Pharmaceuticals

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will InMed shares trade under the Mentari Therapeutics ticker MTRI?

Shares of the combined company are expected to begin trading as MTRI on the Nasdaq Capital Market at market open on November 9, 2026.

What did InMed shareholders receive in the Mentari merger?

Holders of record of InMed common shares at the close of business on November 5, 2026 received one non-transferable contingent value right for each share held.