InMed Pharmaceuticals Completes Closing of Merger with Mentari Therapeutics

Shares expected to trade on Nasdaq under the ticker symbol "MTRI" commencing November 9, 2026

VANCOUVER, BC, Nov. 6, 2026 /PRNewswire/ -- InMed Pharmaceuticals Inc. (which has changed its name to Mentari Therapeutics, Inc.) (NASDAQ: INM) ("Mentari" or the "Company") today announced the completion of the previously disclosed merger between the Company and the privately held Mentari Therapeutics, Inc. ("pre-merger Mentari"). The combined company will continue to operate under the name Mentari Therapeutics, Inc., and its shares are expected to begin trading on the Nasdaq Capital Market at market open on Monday, November 9, 2026, under the name "Mentari Therapeutics, Inc.," the ticker symbol "MTRI" and the new CUSIP number 587157108.

Immediately prior to the closing of the merger, the Company completed its redomestication from British Columbia, Canada to the State of Nevada, and pre-merger Mentari completed its previously announced private financings totaling approximately $490 million in gross proceeds. The proceeds include the conversion of $50.0 million of previously issued convertible notes, plus accrued interest thereon. Pursuant to the terms of the previously disclosed merger agreement, each outstanding share of pre-merger Mentari common stock was converted into the right to receive approximately 0.20065 shares of common stock of the combined company, as adjusted for the 1-for-10 reverse stock split of the Company's common shares effected on November 4, 2026.

Holders of record of the Company's common shares as of the close of business on November 5, 2026 received one non-transferable contingent value right for each such share held.

Mentari Therapeutics is a clinical-stage biotechnology company developing next-generation therapies for the prevention of migraine, a condition affecting more than 1 billion people globally. Mentari's lead programs are MT-001, an anti-PACAP monoclonal antibody, and MT-002, an anti-PACAP and anti-CGRP bispecific antibody with the potential to deliver greater efficacy for people with incomplete response to existing therapies. Mentari is advancing a robust portfolio of potentially best-in-class therapies that target validated pathways in migraine biology. The company's programs were discovered by Paragon. Mentari Therapeutics is based in Waltham, MA.

Certain statements in this press release, other than purely historical information, may constitute "forward-looking statements" within the meaning of the federal securities laws, including for purposes of the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to Mentari's expectations, hopes, beliefs, intentions or strategies regarding the future of its pipeline and business including, without limitation, Mentari's ability to achieve the expected benefits or opportunities with respect to MT-001 and MT-002, including whether MT-001 and MT-002 will achieve clinical proof of concept, demonstrate superior efficacy or potency, achieve convenient dosing or achieve regulatory approval; the potential of MT-001 and MT-002 to become best-in-class therapies; and the timing of the combined company's trading on the Nasdaq Capital Market under a new ticker symbol and CUSIP number. The words "opportunity," "potential," "milestones," "pipeline," "can," "goal," "strategy," "target," "anticipate," "achieve," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "plan," "possible," "project," "should," "will," "would" and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Mentari will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Mentari's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to those uncertainties and factors more fully described in Mentari's most recent filings with the Securities and Exchange Commission (the "SEC") (including the registration statement on Form S-4 (File No. 333-297234) filed by InMed Pharmaceuticals Inc. (now Mentari Therapeutics, Inc.), as most recently amended on September 29, 2026 and declared effective by the SEC on October 1, 2026, as well as Mentari's subsequent filings with the SEC, including Current Reports on Form 8-K), as well as risk factors associated with companies, such as Mentari, that operate in the biopharma industry. Should one or more of these risks or uncertainties materialize, or should any of Mentari's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Mentari does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements. This press release does not purport to summarize all the conditions, risks and other attributes of an investment in Mentari.