InMed Closes Mentari Merger After $490 Million Raise, Ticker MTRI

InMed Pharmaceuticals has completed its merger with Mentari Therapeutics, a privately held biotech company working on migraine prevention drugs, the company said in a press release on Nov. 6. Just before closing, private Mentari raised financing with gross proceeds of approximately $490 million.

The combined business now carries the Mentari Therapeutics name. Its shares are expected to start trading on the Nasdaq Capital Market at the open on Monday, Nov. 9, 2026, under the new ticker MTRI and CUSIP number 587157108. The stock currently trades under InMed’s old symbol, INM.

How the InMed and Mentari deal was structured

The transaction is what Wall Street calls a reverse merger: a private company combines with a company that is already listed, and the private company’s business and name take over. That gives Mentari a public listing without a traditional initial public offering.

Several steps happened right before closing, according to the release:

• InMed moved its legal home from British Columbia, Canada, to Nevada, a process known as redomestication.
• Pre-merger Mentari finished its previously announced private financings, totaling about $490 million in gross proceeds.
• That total includes $50.0 million of convertible notes Mentari had issued earlier, plus accrued interest, which were converted into equity.
• InMed carried out a 1-for-10 reverse stock split on Nov. 4, 2026, combining every 10 existing shares into one.

Under the merger agreement, each share of pre-merger Mentari common stock was converted into the right to receive approximately 0.20065 shares of the combined company. That ratio already reflects the reverse split.

What InMed shareholders received

Holders of record of InMed common shares at the close of business on Nov. 5, 2026 received one contingent value right for every share they held. A contingent value right, or CVR, is a separate entitlement that can pay out later if certain conditions are met. These CVRs cannot be transferred. The release did not describe what events would trigger a payment.

The deal was registered with the Securities and Exchange Commission on Form S-4 (File No. 333-297234). That registration statement was last amended on Sept. 29, 2026 and was declared effective by the SEC on Oct. 1, 2026.

What Mentari is developing

Mentari is a clinical-stage biotech, meaning its drug candidates are being tested in people but none has been approved. Its lead programs are two antibody drugs for preventing migraine, a condition the company says affects more than 1 billion people worldwide:

• MT-001, a monoclonal antibody aimed at PACAP, one of the biological pathways the company targets in migraine.
• MT-002, a bispecific antibody that targets both PACAP and CGRP. The company says it could work better for patients who respond only partly to current treatments.

The programs were discovered by Paragon, according to the company. Mentari is based in Waltham, Massachusetts. In its forward-looking statements, the company lists risks including whether the two drugs reach clinical proof of concept or win regulatory approval.

What it means for shareholders and the company

For former InMed investors, the company they own has a new business, a new name and, from Nov. 9, a new ticker. After the 1-for-10 split they hold fewer shares, and they also hold the non-transferable CVRs. Former Mentari shareholders now own stock in a Nasdaq-listed company instead of a private one.

The roughly $490 million in financing gives the combined company money to run its migraine programs. The release did not say how long that cash is expected to last or when the next clinical results are due.

What to watch next

The next step is the start of trading as MTRI at market open on Nov. 9, 2026. After that, the company’s Current Reports on Form 8-K with the SEC will be the place to look for updates on the merger and on the MT-001 and MT-002 programs.

Source: PR Newswire