aibioInMed cuts exercise price on preferred investment options to $0.80
Tickers INM
InMed agreed to amend the exercise prices on preferred investment options held by Sabby Volatility Warrant Master Fund, Ltd. and affiliates of H.C. Wainwright & Co., LLC to $0.80 per share.
Key facts
- Company
- InMed Pharmaceuticals Inc. (NASDAQ: INM)
- News type
- Financings
- Primary source
- InMed Pharmaceuticals Inc. 8-K (2026-04-27)
InMed Pharmaceuticals Inc. (Nasdaq: INM) said on April 27, 2026 that it has entered into amending agreements for preferred investment options it issued earlier to Sabby Volatility Warrant Master Fund, Ltd. (Sabby) and to certain affiliates of H.C. Wainwright & Co., LLC (the Wainwright Parties). The amendments set the exercise price of the Sabby options and of the Wainwright options at $0.80 per common share. The company's press release says no assurance can be given that any of the options will be exercised.
The options before the amendment
The Sabby options were issued under agreements dated October 26, 2023 and June 26, 2025. Together they gave Sabby the right to subscribe for up to 2,151,478 common shares, on a post-consolidation basis, at an exercise price of $2.436 per share, subject to adjustment. The Wainwright options were issued under agreements dated November 21, 2022, October 26, 2023 and June 26, 2025. Together they gave the Wainwright Parties the right to subscribe for up to 153,236 common shares at exercise prices of $82.50, $20.75 and $3.2013 per share, each on a post-consolidation basis.
Both sets of options were offered in private placements under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D thereunder. The release says the company has entered into amending agreements with Sabby and with the Wainwright Parties.
What the amendment changes
The release does not say how many options have been exercised, or how many shares will be issued if they are. Under the amendments, the exercise price for the Sabby options and for the Wainwright options is $0.80 per share. Before the amendments, the Sabby exercise price was $2.436 per share, and the Wainwright exercise prices were $82.50, $20.75 and $3.2013 per share, as listed above.
The release says its forward-looking information includes statements about the exercise of the Preferred Investment Options before their expiration. It does not state the expiration dates of the options.
The release carries a cautionary note on forward-looking information. It says InMed made assumptions about obtaining all necessary regulatory approvals on a timely basis, or at all, and about continued economic and market stability. It also says the company's stand-alone business faces risks described in its annual report on Form 10-K, its quarterly report on Form 10-Q and other filings, and that InMed disclaims any obligation to update forward-looking statements except as required by law.
Advisers and structure
The release does not name an underwriter, placement agent or financial advisor for the amendments. H.C. Wainwright & Co., LLC appears only through its affiliates, the Wainwright Parties, which hold the Wainwright options. The release refers readers to the company's filings with the Securities and Exchange Commission, including its Current Reports on Form 8-K, for further information.
About InMed
InMed describes itself as a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1 and CB2 receptors. Its pipeline consists of three separate programs in the treatment of Alzheimer's, ocular and dermatological indications. The release says that, together with its subsidiary BayMedica, InMed is a global leader in the manufacturing, development and commercialization of products based on rare cannabinoids and their proprietary small molecule drug analogs.
Dilution and what it signals
The amendment cuts the Sabby exercise price from $2.436 to $0.80 and the Wainwright prices from $82.50, $20.75 and $3.2013 to the same $0.80. Options covering up to 2,151,478 and 153,236 common shares now cost far less to exercise, so any exercise brings in less cash per share and adds shares for existing holders. The release does not say how much money the company expects, and it states that no assurance can be given that any option will be exercised. It gives no timetable for exercise and does not state expiration dates.