Recent developments focus on InMed’s merger with Mentari Therapeutics, associated financing, and corporate actions including share sales and AGM results.

• InMed announced a merger with Mentari Therapeutics, which was accompanied by a surge in share price and amendments to preferred investment options [N3][N4].
• Mentari Therapeutics secured $200 million in financing ahead of the merger, supporting the combined company’s capital structure [N1].
• InMed filed to sell 3 million common shares for holders in late 2024, indicating capital raising activities [N7].
• The company announced its 2024 Annual General Meeting results in early 2026 [N5].
• Industry news includes regulatory approvals and acquisitions relevant to the pharmaceutical sector, providing context for InMed’s operating environment [N2].

InMed’s lead candidate INM-901 shows promising preclinical data with multiple mechanisms of action addressing neuroinflammation and neuronal protection in Alzheimer’s disease, a major unmet medical need. The small molecule nature of INM-901 offers potential advantages in administration and blood-brain barrier penetration compared to antibody therapies. The company’s merger with Mentari Therapeutics and associated financing could provide significant capital to advance clinical development. Positive Phase 2 results for INM-755 in Epidermolysis Bullosa and ongoing development of INM-089 for dry AMD add to the pipeline’s potential. The experienced management team and proprietary manufacturing capabilities support execution [S1][N1][N3][N4].

InMed faces significant risks including its current financial position with a current ratio below 1 and ongoing net losses, which may constrain its ability to fund development without additional financing. The company has wound down its only revenue-generating commercial operations, increasing reliance on successful financing and merger completion. Clinical development risks remain high given the early-stage status of its pipeline, and there is no assurance of regulatory approvals or commercial viability. The Nasdaq listing is at risk due to shareholders' equity below minimum requirements, and failure to regain compliance could lead to delisting. The assignment for the benefit of creditors process related to BayMedica may expose the company to liabilities or reputational harm [S1][S2].

InMed’s moat is based on its proprietary small molecule drug candidates targeting the CB1 and CB2 receptors with multifactorial mechanisms of action, including neuroprotection and anti-inflammatory effects, which differentiate its pipeline from other therapies focused primarily on amyloid-beta or tau proteins in Alzheimer’s disease. The company’s integrated manufacturing approach, including traditional chemical synthesis and proprietary IntegraSyn technology, provides flexibility in producing high-quality drug candidates. The management team’s extensive pharmaceutical industry experience supports the company’s ability to advance its pipeline through preclinical and clinical stages. However, the company currently lacks commercial products and has wound down its revenue-generating commercial operations, which limits near-term competitive advantages [S1].

• Financial and Liquidity Risks: The company reported a current ratio of 0.65 as of September 30, 2026, indicating current liabilities exceed current assets. Net losses and negative EPS reflect ongoing funding needs for development activities [S2].
• Nasdaq Listing Compliance Risk: In September 2026, InMed received a notice from Nasdaq for shareholders' equity below the minimum required for continued listing. The company submitted a compliance plan linked to a merger and financing, but there is no assurance of acceptance or successful compliance [S2].
• Clinical and Regulatory Risks: The drug candidates are in preclinical or early clinical stages, with inherent risks of failure in clinical trials, regulatory approval, and commercialization [S1].
• Reputational and Operational Risks from BayMedica Wind-Down: The assignment for the benefit of creditors process for BayMedica may result in liabilities, reputational damage, and adverse effects on InMed’s business and financial condition [S2].

• InMed Pharmaceuticals Inc. is a pharmaceutical drug development company focused on proprietary small molecule drug candidates targeting CB1 and CB2 receptors and other receptor targets linked to human disease [S1].
• The company’s pipeline includes three main programs targeting Alzheimer’s disease (INM-901), dry Age-related Macular Degeneration (INM-089), and Epidermolysis Bullosa (INM-755 cannabinol cream) [S1].
• INM-901 is a small molecule drug candidate with multiple mechanisms of action including preferential signaling agonism of CB1 and CB2 receptors and impact on PPAR signaling, showing neuroprotective effects and reduction of neuroinflammation in preclinical studies [S1].
• INM-089 shows potential neuroprotective effects in dry AMD, an area of unmet medical need [S1].
• INM-755 completed a Phase 2 clinical trial showing positive anti-itch activity in Epidermolysis Bullosa; the company is open to strategic partnerships for this candidate [S1].
• The company wound down its commercial operations segment (BayMedica) by mid-2026 and now focuses on preclinical development [S1].
• Management team has extensive pharmaceutical and biotech experience covering drug discovery, clinical trials, regulatory submissions, and commercialization [S1].
• Financial snapshot as of 2026-09-30 includes cash and equivalents of approximately $5.16 million, short-term investments of about $40,000, current assets of $1.26 million, current liabilities of $1.96 million, resulting in a current ratio of 0.65 and a cash ratio of 2.66 [S2].
• Revenue reported was $820,188 for the year ended 2025-12-31; net loss was $2,330,778 for the quarter ended 2026-09-30; basic and diluted EPS were -$0.42 per share for the same quarter [S2].
• The company received a Nasdaq notice in September 2026 for non-compliance with minimum shareholders' equity requirements but submitted a compliance plan linked to a merger with Mentari Therapeutics, which includes a $490 million financing [S2].
• Recent news highlights include the announced merger with Mentari Therapeutics, Mentari's $200 million financing ahead of the merger, and amendments to preferred investment options [N1][N3][N4].
• The company filed to sell 3 million common shares for holders in late 2024 [N7].
• The company’s website is https://www.inmedpharma.com but is not incorporated into SEC filings [S1].