InMed Pharmaceuticals Inc.

InMed Pharmaceuticals Inc. and Mentari Therapeutics, Inc. entered into Amendment No. 1 to their Agreement and Plan of Merger and Reorganization, originally dated May 19, 2026. The amendment clarifies the sequencing of the contemplated transactions, including InMed's name change to Mentari Therapeutics, Inc. and redomestication to Nevada, and introduces a mechanism for potential additional private placement financing for Mentari. Additionally, the amendment clarifies the intended tax treatment of the merger. A joint press release announced the amendment and the filing of a Form S-4 registration statement on July 2, 2026, with the merger still expected to close in Q4 2026.

InMed Pharmaceuticals Inc. announced it has regained compliance with Nasdaq's minimum bid price requirement for continued listing. The company was previously notified on March 27, 2026, for failing to maintain a $1.00 bid price for 30 consecutive trading days. On June 3, 2026, Nasdaq confirmed that InMed's common shares traded at or above $1.00 for 10 consecutive business days, from May 19, 2026, to June 2, 2026, thereby closing the matter.

InMed Pharmaceuticals Inc. announced a definitive merger agreement with Mentari Therapeutics, Inc., an all-stock transaction aimed at advancing migraine prevention therapies. The merger is coupled with an oversubscribed US$290 million private placement for Mentari, expected to fund the combined company's operations through 2028. Upon closing, pre-merger Mentari stockholders will own approximately 98.49% of the combined entity, which will operate as Mentari Therapeutics and trade on Nasdaq under a new ticker symbol. The transaction, valued at a pro forma equity of approximately US$421.4 million, is anticipated to close in the second half of 2026, pending shareholder and regulatory approvals.

InMed Pharmaceuticals Inc. has amended its preferred investment option agreement with Armistice Capital Master Fund Ltd., drastically reducing the exercise price for up to 278,761 common shares. The exercise price was changed from $16.60 to $0.80 per share. These options were originally issued in October 2023 and were subject to adjustment following a 1-for-20 share consolidation, which had previously set the price at $16.60.

InMed Pharmaceuticals reported a net loss of $3.0 million for the third quarter of fiscal year 2026, an increase from $2.1 million in the prior year, primarily due to higher pharmaceutical research and development expenses. The Company also announced positive preclinical data for its drug candidate INM-901, showing significant reduction in neuroinflammation in human brain organoid models for Alzheimer's disease. Concurrently, InMed's board approved the wind-down of BayMedica's commercial operations, which was the Company's sole revenue-generating segment.

InMed Pharmaceuticals Inc. reported a net loss of $(2.97) million for the three months ended March 31, 2026, and a net loss of $(6.72) million for the nine-month period. The company issued a going concern warning, stating that its current cash and short-term investments are expected to fund operations only into the fourth quarter of calendar year 2026. Additionally, the board approved the winding down of BayMedica's commercial operations, which was the company's sole revenue-generating segment.

InMed Pharmaceuticals Inc. has amended its preferred investment options with Sabby Volatility Warrant Master Fund, Ltd. and affiliates of H.C. Wainwright & Co., LLC. The exercise price for both sets of options was significantly reduced to $0.80 per common share. Previously, Sabby's options had an exercise price of $2.436, and Wainwright Parties' options ranged from $3.2013 to $82.50.