InMed Pharmaceuticals reported a net loss of $12.9 million for its fiscal year ended June 30, 2026, compared with a net loss of $8.2 million in the prior year, as the biotechnology company continued preparing for its proposed merger with Mentari Therapeutics.
Research and development expenses increased to $3 million from $2.8 million, while general and administrative expenses increased to $6.7 million from $5.4 million, primarily because of higher corporate legal and personnel costs.
InMed ended fiscal 2026 with approximately $2.2 million in cash, cash equivalents, and short-term investments.
The company entered into a definitive merger agreement with Mentari Therapeutics in May. Mentari is developing next-generation therapies for migraine prevention.
Following completion, the combined company is expected to operate as Mentari Therapeutics and trade on the Nasdaq Capital Market under the ticker MTRI.
Mentari initially announced a $290 million private placement in connection with the transaction and subsequently added another $200 million financing in July. The aggregate expected gross proceeds from the pre-closing financings are approximately $490 million.
The financing is expected to extend the combined company’s cash runway into 2029 and through Phase 2a readouts for Mentari’s two lead programs targeting PACAP, while supporting broader development of its migraine prevention pipeline.
The transaction remains on track to close during the fourth quarter of 2026, subject to shareholder approvals, effectiveness of the Form S-4, and other closing conditions.
InMed is separately pursuing potential strategic transactions involving its legacy pharmaceutical programs. These include INM-901 for Alzheimer’s disease, INM-089 for dry age-related macular degeneration, and INM-755 for dermatology.
Legacy InMed shareholders are expected to receive contingent value rights tied to potential future monetization of those programs.
KEY QUOTES:
“This has been an important year for InMed as we position InMed for its next phase through the proposed merger with Mentari Therapeutics, Inc. The additional $200 million private placement announced by Mentari brings the expected aggregate pre-closing financing to approximately $490 million and further strengthens the combined company as we work toward completing the transaction by the end of the calendar year 2026. In parallel, we remain focused on maximizing the potential value of our legacy pharmaceutical programs for InMed shareholders through a Contingent Value Rights structure, including pursuing strategic opportunities for INM-901, INM-089 and INM-755.”
Eric A. Adams, President and Chief Executive Officer of InMed Pharmaceuticals
