Summer Sale - Claim 70% Off TipRanks
- Unlock powerful investing tools with TipRanks Premium to make smarter, more confident investment decisions
- Subscribe to TipRanks Smart Investor Newsletter, and discover new investing opportunities with data-backed stock picks
InMed Pharmaceuticals ( (INM) ) has issued an update.
On July 22, 2026, Mentari Therapeutics announced a $200 million private placement of common stock and pre-funded warrants to leading healthcare investors, including Blackstone, RTW Investments and others. The financing, arranged alongside a previously announced $290 million private placement, is structured to close immediately before Mentari’s merger with InMed Pharmaceuticals.
Based on current plans, the new capital extends Mentari’s cash runway into 2029 and funds Phase 2a readouts for its two PACAP-targeted lead migraine prevention programs, including MT-002, while supporting broader pipeline development. Following completion of the merger and both financings, the combined company, to be named Mentari Therapeutics and listed on Nasdaq, is expected to have about 601.2 million common shares outstanding on an as-converted, as-exercised basis, significantly shaping ownership and capital structure for existing and new stakeholders.
Spark’s Take on INM Stock
According to Spark, TipRanks’ AI Analyst, INM is a Neutral.
INM scores as higher-risk: severe cash burn and ongoing losses outweigh the low-leverage balance sheet, keeping the financial performance score low. Technicals are a key offset with a clear uptrend and supportive momentum. Corporate actions (Mentari reverse-merger progress and Nasdaq compliance) improve the outlook, but dilution/funding-related items temper the benefit, and valuation remains weak due to negative earnings.
To see Spark’s full report on INM stock,
click here.
More about InMed Pharmaceuticals
Mentari Therapeutics is a privately held biotechnology company based in Waltham, Mass., focused on developing preventive therapies for migraine, a debilitating neurological condition affecting more than 1 billion people globally. Its pipeline centers on PACAP-targeted biologics, including MT-001, an anti-PACAP monoclonal antibody for subcutaneous dosing, and MT-002, a bispecific antibody targeting both CGRP and PACAP for patients with incomplete response to existing CGRP therapies.
Mentari’s programs were discovered by Paragon Therapeutics and position the company at the intersection of next-generation biologics and migraine prevention, targeting mechanisms independent from earlier CGRP-based treatments. The company is preparing to become publicly traded via a merger with InMed Pharmaceuticals, after which the combined entity will operate under the Mentari Therapeutics name and list on the Nasdaq Capital Market under a new ticker symbol.
Average Trading Volume: 1,681,242
Technical Sentiment Signal: Sell
Current Market Cap: $5.04M
Learn more about INM stock on TipRanks’ Stock Analysis page.