Mentari Therapeutics details merger terms, CVR for InMed's legacy assets

Mentari Therapeutics, Inc. completed its merger with InMed Pharmaceuticals on November 6, 2026, with the combined firm beginning to trade on Nasdaq as "MTRI" on November 9, 2026, as previously reported. A pair of SEC filings now lay out the mechanics of the deal.

The merger used an exchange ratio of 0.20065 shares of InMed common stock for each share of Mentari common stock.¹ On a fully diluted basis, InMed securityholders will hold about 1.0% of the combined company, former Mentari securityholders excluding new financing shares will hold about 25.7%, and investors in the Mentari pre-closing financing will hold about 73.4%.¹ Among specific holders, Fairmount is set to own approximately 26.4% of the combined company's stock, with Paragon at 0.8% and Paratari at 1.0%, after the merger and related financing.¹

The transaction will be booked as a reverse recapitalization, with Mentari treated as the accounting acquirer for financial reporting purposes.¹

InMed's pre-merger shareholders also received contingent value rights tied to any future disposition of InMed's prior pipeline. The legacy assets covered by the CVR consist mainly of InMed's cannabinoid product candidates INM-901, INM-089 and INM-755, along with related intellectual property and other associated assets.¹ The combined company does not expect to keep developing those legacy programs and instead plans to pursue other options for them through the CVR structure.¹

The merger agreement was originally signed May 19, 2026 and amended July 6, 2026, with the associated financing round amended July 22, 2026, according to the filings. Mentari's pipeline, board appointment, and financing details match the company's November 9 announcement.