Nov 10, 4:45 PM ET
InMed completes merger with Mentari, renamed Mentari Therapeutics, Inc.
InMed Pharmaceuticals completed its merger with Mentari Therapeutics on November 6, 2026, and InMed changed its name to Mentari Therapeutics, Inc. InMed securityholders before the merger are expected to own approximately 1.0% of the combined company on a fully diluted basis, while Mentari securityholders, including pre-closing financing investors, are expected to own approximately 99.0%. Pre-merger InMed legacy cannabinoid assets were moved to a contingent value rights arrangement, and the company stated it does not expect to continue material development of those programs.
- Merger closed November 6, 2026, after a 1-for-10 reverse stock split of InMed common stock, with an Exchange Ratio of 0.20065 shares per Mentari common share.
- Mentari pre-closing financing raised aggregate gross proceeds of approximately $490.0 million, including $52.7 million of principal and accrued interest on convertible notes.
- InMed securityholders are expected to own approximately 1.0% of the combined company on a fully diluted basis.
- Holders of record of InMed common stock as of November 5, 2026 received one contingent value right per share tied to net proceeds from legacy assets.