InMed sets November 5 record date for CVRs tied to Mentari merger

InMed Pharmaceuticals (NASDAQ: INM) said on October 26, 2026 that it fixed the close of business on November 5, 2026 as the record date for distributing contingent value rights, or CVRs, tied to its proposed merger with Mentari Therapeutics, Inc. The two companies signed the merger agreement on May 19, 2026.

The distribution depends on InMed shareholders approving Proposal No. 2, a return of capital proposal, at the annual general and special meeting on November 4, 2026. The Form S-4 describing the proposal was declared effective on October 1, 2026. The filing describes Mentari only as a Delaware corporation and does not describe its programs.

The deal runs in two steps. Indigo Merger Sub Corp., a Delaware subsidiary of InMed, merges into Mentari, which survives as a wholly owned subsidiary. Mentari then merges into Indigo Merger Sub II, LLC, another Delaware subsidiary.

What the CVRs would be

If the merger closes, InMed would issue one CVR for each common share held on the record date. Each CVR would carry the right to contingent payments if certain events occur. Those events are set out in a CVR agreement that has not yet been signed and must be entered into on or before the closing. The filing does not say what triggers a payment or how large one could be.

Shares issued when in-the-money stock options are surrendered carry no CVR. InMed said investors who buy shares on Thursday, November 5 are not expected to be holders of record. Odyssey Transfer and Trust Company is the rights agent. Holders in book-entry form or through brokers need not act.

The business behind the CVR

The annual report, filed September 9, 2026, describes a company that has largely stopped commercial activity. BayMedica, its subsidiary, was the only revenue-generating operation. On March 4, 2026, the board ratified a decision to wind that business down and exit it. By June 30, 2026, BayMedica had stopped all operating activities, and two employees remained until July 31, 2026.

The financial position is thin. Revenue was $4.9 million in the fiscal year ended June 30, 2025. For the year ended June 30, 2026, the company reported a net loss of $12.6 million, up from $8.2 million. Research and development expense was $3.0 million, up from $2.8 million. Cash used in operations was $8.6 million, compared with $8.1 million a year earlier. Cash and cash equivalents were $2.2 million at June 30, 2026.

Pipeline

The pipeline is preclinical. INM-901, for Alzheimer's disease, is described as a disease-modifying small molecule. InMed says its studies showed statistically significant effects in ex vivo and in vivo models, and that brain organoid results showed significant dose-dependent reductions in pro-inflammatory markers. The company says these data "meaningfully de-risk the program," a claim about early work that has not been tested in people. The annual report says the program is still heading toward a pre-IND meeting and later human trials. If the merger is not completed, the priorities include a pre-IND meeting with the FDA scheduled for the third quarter of calendar 2026, with an IND and Phase 1 trial targeted for calendar 2027, subject to financing and regulatory feedback.

The annual report also says that, if the merger is not completed, InMed does not currently intend to devote significant resources to these candidates, and further development would require financing that cannot be assured.

INM-089, for dry age-related macular degeneration, is also preclinical. The company says earlier work points to potentially promising neuroprotective effects, but dose-ranging studies come first, and a pre-IND meeting is planned for early calendar 2027.

INM-755, a cannabinol cream, finished a Phase 2 trial in epidermolysis bullosa. The company describes a positive indication of enhanced anti-itch activity against a control cream, in what it calls an exploratory clinical evaluation. It says previous business development efforts have been unsuccessful and that it remains open to partnerships.

What comes next

The filing lists risks that the merger may not close on the expected timeline or at all, that shareholder and stockholder approvals may not be obtained, and that the outcome of preclinical studies and clinical trials is uncertain. It also lists whether any CVR payments are ever made.

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