InMed reports Q1 fiscal 2027 results as Mentari merger vote nears

InMed Pharmaceuticals reported financial results for its first fiscal quarter of 2027, ended September 30, 2026, on November 3, 2026. CEO Eric A. Adams said the company is approaching an important milestone in its proposed merger with Mentari Therapeutics, with an annual general and special meeting scheduled for November 4, 2026.¹

Mentari is described in the filing as a privately held biotechnology company developing therapies for migraine prevention¹. If the merger closes, the combined company is expected to operate under the Mentari Therapeutics name and seek to trade on the Nasdaq Capital Market under the ticker symbol "MTRI," subject to Nasdaq approval.¹ Mentari has announced private placements expected to raise roughly $490 million gross tied to the deal, and InMed said this financing is expected to support operations into 2029, including through Phase 2a readouts for both of Mentari's two lead programs targeting PACAP.¹ The merger is expected to close in the fourth quarter of calendar 2026, subject to remaining closing conditions including required shareholder approvals.¹

On the regulatory side, InMed disclosed that on September 16, 2026, Nasdaq notified the company that its shareholders' equity of $1,075,007, reported in its fiscal 2026 10-K, fell below the $2.5 million minimum under Nasdaq Listing Rule 5550(b)(1)¹, though the notice did not immediately affect the listing, and Nasdaq gave the company 45 days to submit a compliance plan.¹ On October 30, 2026, InMed submitted its plan, which Nasdaq accepted, giving the company until March 15, 2027 to regain compliance.¹ InMed said it expects completion of the Mentari merger and associated pre-closing financing to enable it to regain compliance¹, but cautioned there is no assurance Nasdaq will accept the plan or that compliance will be regained within any granted extension.¹

On its legacy pipeline, InMed said it completed a pre-IND meeting with the FDA and reached alignment on next steps for INM-901 in Alzheimer's disease¹ during the quarter, and continues to seek divestiture, licensing and other strategic opportunities for INM-901, INM-089 for dry age-related macular degeneration, and INM-755 for dermatological indications.¹ The proposed merger also includes a contingent value rights structure intended to let eligible InMed shareholders participate in potential proceeds from future monetization of these assets.¹

As of September 30, 2026, cash and cash equivalents were $1.0 million, compared with $2.2 million as of June 30, 2026.¹ InMed said based on current forecasts, available cash is expected to fund planned operating expenses and capital expenditures into mid-November, depending on spending levels and the timing of the merger's completion.¹