Mentari Closes InMed Merger After $490 Million in Private Financing

InMed Pharmaceuticals (INM ), now Mentari Therapeutics, announced in a November 6, 2026 closing release that it had completed its all-stock merger with privately held Mentari Therapeutics after pre-merger Mentari closed private financings totaling approximately $490 million in gross proceeds. The combined company continues under the Mentari name with a focus on migraine-prevention therapies.

The company expects its shares to begin trading on the Nasdaq Capital Market at market open on November 9, 2026, under the ticker MTRI. The transaction combines Mentari’s migraine pipeline with InMed’s public-market infrastructure, the strategic rationale presented when the merger agreement was announced.

InMed shareholders approved the merger-related Nasdaq share issuance and resulting change of control on November 4, 2026. The company also completed a 1-for-10 share consolidation that day and redomesticated from British Columbia to Nevada immediately before the merger closed. Each outstanding pre-merger Mentari common share converted into the right to receive approximately 0.20065 shares of the combined company, adjusted for the consolidation.

Financing Supports the Development Plan

The gross total includes the conversion of $50 million of previously issued convertible notes plus accrued interest, meaning the figure does not consist entirely of new cash investment. The financing plan developed through a $290 million private placement announced with the merger agreement on May 19, 2026, and an additional $200 million placement of common stock and pre-funded warrants announced on July 22, 2026.

Mentari projected in July that the additional financing would extend its cash runway into 2029 and through Phase 2a readouts for both PACAP-targeted lead programs, while supporting development of its broader migraine-prevention pipeline. That projection connects the financing directly to the company’s planned clinical work rather than treating the transaction solely as a route to a public listing.

Mentari’s lead candidates are MT-001, an anti-PACAP monoclonal antibody, and MT-002, a bispecific antibody targeting PACAP and CGRP. The programs were discovered by Paragon Therapeutics, and the company is based in Waltham, Massachusetts. Mentari describes migraine as affecting more than 1 billion people globally and MT-002 as having the potential to deliver greater efficacy for people with incomplete responses to existing therapies.

When the merger agreement was announced, the company targeted Phase 2a proof-of-concept data for MT-001 in 2028 and Phase 1 healthy-volunteer data for MT-002 in 2027. Those expectations define the development schedule that the expanded financing is intended to support.

Greg Divis became Mentari’s chief executive officer and a director on July 20, 2026. The former Avadel Pharmaceuticals CEO led that company through the development, FDA approval and commercial launch of narcolepsy treatment Lumryz, as well as Avadel’s subsequent sale to Alkermes.

Legacy InMed Holders Receive Contingent Rights

Legacy InMed shareholders of record at the close of business on November 5, 2026 received one non-transferable contingent value right for each share held. The original merger terms entitle holders to proceeds, if any, from a post-closing sale, license, divestiture or other monetization of InMed research-and-development programs. The structure keeps any such future legacy-asset proceeds tied to those rights while Mentari’s operating business centers on migraine prevention.

With the transaction and financings complete, Mentari’s next phase depends less on deal execution than on producing clinical evidence for MT-001 and MT-002. The central question for subsequent updates is whether those programs meet the development timetable that the expanded financing was designed to support.