InMed and Mentari Join Forces to Reshape Migraine Prevention

InMed Pharmaceuticals (NASDAQ: INM) and Mentari Therapeutics announced today that they have signed a definitive all-stock merger agreement, uniting Mentari’s differentiated migraine pipeline with InMed’s public market platform. Once the deal closes, the combined entity will operate as Mentari Therapeutics and trade on the Nasdaq Capital Market under a new ticker symbol.

Alongside the merger, Mentari secured an oversubscribed US$290 million private placement, which Fairmount led with backing from Commodore Capital, Deep Track Capital, Janus Henderson Investors, a16z Bio + Health, Venrock Healthcare Capital Partners, Wellington Management, TCGX, Blackstone Multi-Asset Investing, BB Biotech, Farallon Capital, RTW Investments, Vivo Capital, Perceptive Advisors, and several other leading investment firms. Together, the financing and the merger should carry the company’s operations through 2028 — well past the readouts of its two lead clinical programs.

Why the Pipeline Matters

Migraine affects more than one billion people worldwide, yet today’s anti-CGRP therapies leave many patients behind. In fact, roughly 40 to 50 percent of treated patients never achieve even a 50 percent reduction in monthly migraine days, and fewer than one-third reach a 75 percent reduction. Mentari’s two lead programs aim squarely at that gap.

First, MT-001, an anti-PACAP monoclonal antibody, targets a newly validated pathway that operates independently of CGRP. The company expects to file for first-in-human studies in mid-2026, with Phase 2a proof-of-concept data anticipated in 2028. Second, MT-002, a potentially first-in-class anti-CGRP and anti-PACAP bispecific antibody, attacks both pathways simultaneously. Mentari plans to file for MT-002’s first-in-human studies in the first quarter of 2027, followed by Phase 1 healthy volunteer data in 2027.

Importantly, Paragon Therapeutics discovered both programs, and both have already shown equal or superior in vitro potency relative to benchmark antibodies. Moreover, their pharmacokinetic profiles in non-human primates suggest they will support convenient subcutaneous dosing in humans.

Leadership Weighs In

Eric A. Adams, President and CEO of InMed, framed the deal as a strong outcome for InMed shareholders. “This merger with Mentari represents an excellent opportunity for InMed shareholders to participate in the development of an exciting new drug pipeline with significant therapeutic and commercial potential,” he said. He added that Mentari’s balance sheet positions the new company to execute on its migraine prevention plans and ultimately reshape the treatment market.

Meanwhile, Julie Bruno, Chair of Mentari’s board, emphasized the competitive runway the transaction creates. “This transaction provides us with the capital and public market infrastructure to aggressively compete in what we believe will be the next era of migraine prevention,” she said. She also pointed to recent anti-PACAP clinical studies, which have energized headache specialists and validated the mechanism Mentari is pursuing. Beyond that, she noted, MT-001 and MT-002 were engineered for best-in-class convenience through subcutaneous delivery and for enhanced efficacy through rational dual-pathway inhibition.

Deal Mechanics

Under the merger agreement, pre-merger InMed shareholders will hold approximately 1.51 percent of the combined company, which carries a pro forma equity value of roughly US$421.4 million inclusive of the private placement. That percentage may shift depending on InMed’s net cash position immediately before closing.

In addition, InMed shareholders of record at closing will receive further consideration. Specifically, they may receive a distribution or dividend tied to any pre-closing sale, license, divestiture, or royalty transaction involving InMed’s legacy research and development programs, as well as any amount by which closing net cash exceeds certain thresholds. On top of that, they will hold a contingent value right entitling them to proceeds from any post-closing legacy transaction.

Both boards have already approved the deal, and the companies expect to close in the second half of 2026, pending shareholder approvals, SEC registration of the new securities, and other customary closing conditions. Once the merger closes, Mentari’s current board will take the helm — chaired by Julie Bruno of Fairmount and including Michelle Pernice, Operating Partner at Fairmount, and Laura Sandler, Chief Operating Officer at Oruka Therapeutics.

Advisors

Lucid Capital Markets serves as financial advisor to InMed, with Norton Rose Fulbright LLP and Norton Rose Fulbright Canada LLP acting as legal counsel. On the other side, Wedbush Securities serves as exclusive strategic financial advisor to Mentari, while Gibson, Dunn & Crutcher LLP provides legal counsel. Jefferies, TD Cowen, Stifel, UBS Investment Bank, and Wedbush & Co. are placement agents on the financing, with Cooley LLP advising the placement agents.

About InMed Pharmaceuticals

InMed is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed’s pipeline consists of three separate programs in the treatment of Alzheimer’s, ocular and dermatological indications. For more information, visit www.inmedpharma.com.

About Mentari Therapeutics

Mentari Therapeutics is a biotechnology company developing therapies for the prevention of migraine to deliver freedom from this debilitating and undertreated neurological condition that affects more than 1 billion people globally. Mentari’s lead programs target PACAP, a newly validated target that is mechanistically independent from CGRP, one of the first migraine targets to yield clinical and commercial success. Mentari’s pipeline includes MT-001, an anti-PACAP monoclonal antibody designed for convenient subcutaneous dosing, and MT-002, an anti-CGRP and anti-PACAP bispecific antibody designed to inhibit these complementary pathways with potential to deliver superior outcomes for people with incomplete response to CGRP-targeted therapies. The company’s programs were discovered by Paragon Therapeutics. Mentari is based in Waltham, MA. For more information, visit mentaritx.com.

Conference Call

InMed will host a conference call today, May 19, 2026, at 8:30 a.m. ET to walk through the merger. Participants can dial (888) 880-3330 in the U.S. or (800) 715-9871 in Canada, and a replay will be archived afterward in the Investors section of InMed’s website.  For more investor relations information about Inmed Pharmaceuticals please visit www.inmedpharma.com/investors